Private equity firm KKR & Co has reached an agreement to buy retirement and life insurance company Global Atlantic in a deal valued at around $4.4 bn.

The deal is part of the KKR’s strategy to boost its asset under management and gain a stronger foothold in the insurance industry. It currently manages $26bn of assets on behalf of insurance firms.

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Following the completion of the deal, Global Atlantic will continue to operate as a separate business.

It will be run by its existing senior leadership team led by chairman and CEO, Allan Levine.

Commenting on the development, Levine said: “We are thrilled to have a new, long-term partner in KKR.

“With its global presence, investment acumen and long-term focus, we believe we will be even better positioned – financially and strategically – both to help Americans address the financial challenges they face today and to help our institutional channel clients achieve their strategic, risk, and capital management goals.”

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The private equity firm plans to fund the acquisition from a combination of cash on hand, proceeds from potential minority co-investors and the issuance of new debt or equity, or a combination of both.

KKR co-chairmen and Co-CEOs Henry Kravis and George Roberts said: “This is a transformative event for KKR. Global Atlantic is a best-in-class business with a like-minded entrepreneurial management team. Our businesses are complementary and our partnership will benefit all of our collective stakeholders.”

Subject to regulatory approvals, the transaction is expected to close at the start of next year.