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Stock Alert: KKR Up 7% On Global Atlantic Acquisition

KKR & Co. Inc. (KKR) shares are rising nearly 7 percent on Wednesday morning trade.

KKR agreed to acquire Global Atlantic, a retirement and life insurance company. Under the terms of the agreement, KKR will pay an amount equal to 1.0x Global Atlantic's Book Value. Global Atlantic's Book Value was approximately $4.4 billion as of March 31, 2020. KKR hopes that this transaction would help it to support Global Atlantic policyholders through global network and asset management and origination capabilities.

KKR is currently at $33.15, up 7.37 percent from its previous close of $30.80.

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