Blue Owl Capital rises after $750 mln deal to buy insurer Kuvare

AViC Co

03/04/2024 11:49

** Shares of alternative asset manager Blue Owl Capital
 OWL.N  rise 5.35% to $19.5 premarket
    ** OWL agrees to buy life insurer Kuvare Insurance Services
for $750 mln in a cash-and-stock deal
    ** Deal will be financed via $325 mln in cash and $425 mln
of Blue Owl's shares
    ** Deal will add up to $20 bln in assets under management
for OWL and support the launch of Blue Owl Insurance Solutions
    ** Potential for up to $250 mln earnout payable in cash
between 2026 to 2028, subject to the achievement of certain
revenue milestones - OWL
    ** Deal expected to close in the second or third quarter of
2024
    ** Separately, OWL also invested $250 mln in annuity
insurance platform Kuvare UK Holdings
    ** As of last close, OWL shares up 24.2% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))