KKR & Co. Inc.

KKR has signed definitive agreements for funds managed by the firm to make a majority investment in Cisternina Logistics Private Limited, a bulk liquid and gas storage and logistics business in India. The investment will support Cisternina's proposed acquisition of the liquid storage terminal and rail business of Ganesh Benzoplast Limited, which will serve as the platform's anchor asset, as well as expansion through further acquisitions and new storage infrastructure across India. GBL's liquid storage terminal business operates one of India's leading privately owned tank farms, established at the Jawaharlal Nehru Port in the early 1990s, and today has a portfolio of approximately 500,000 KL of operating and under-construction storage capacity across strategic ports like JNPT, Cochin and Goa. Cisternina, established in 2024, is building a network of roughly 1.5 million KL of static tank capacity alongside gas distribution networks, and has signed MoUs with Chennai Port, Goa Port and Cochin Port to develop liquid and gas storage terminals. KKR is making the investment through its Asia Pacific infrastructure strategy, and the transaction remains subject to customary closing conditions and regulatory approvals, with financial terms not disclosed.

Integer Holdings Corporation has entered into a definitive agreement to be acquired by affiliates of Kohlberg Kravis Roberts & Co. L.P., with each eligible share convertible into the right to receive $127 in cash at closing. The transaction, announced on Aug. 2, 2026, is not subject to a financing condition, and the buyer has obtained equity and debt financing commitments; completion remains subject to customary conditions, including approval by holders of a majority of outstanding shares and required regulatory clearances. The agreement provides for a $307 million parent termination fee in certain circumstances involving a buyer breach or failure to complete the transaction when required, and if completed, Integer Holdings would become a wholly owned subsidiary of the buyer and its shares would be delisted from the NYSE. The medical device outsourcing manufacturer, which has a market capitalization of $4.3 billion, reported mixed second-quarter 2026 results, with revenues declining 2.6% year over year to $464.1 million and adjusted earnings per share rising 3.2%. Cardio & Vascular sales fell 2% to $280.3 million on lower-than-expected adoption of two new electrophysiology products, while Cardiac Rhythm Management & Neuromodulation sales rose 1% to $173.7 million, and gross margin declined to 24.3% from 27.1% a year earlier. The Zacks Consensus Estimate for third-quarter 2026 revenues is $457.3 million, indicating a 2.2% decline from the year-ago quarter, with earnings pegged at $1.65 per share, implying a 7.8% decline.

US President Donald Trump has denied an Axios report that his administration offered to ease sanctions on Iran, including allowing access to frozen funds, in exchange for Iranian concessions on its nuclear program. Trump also announced plans to build the largest steel plant in US history, with an investment of about 15 billion dollars. Australia's central bank voted to raise interest rates by 0.25% to 4.6%, the highest level in 15 years and in line with analyst expectations. OpenAI announced it is scrapping plans to launch its new AI model GPT-6.1 Astra, originally scheduled for release in October, after internal testing found the system did not meet the company's safety and human-alignment standards. Anthropic, meanwhile, launched its latest AI model Claude Sonnet 5.5, the second model in the Claude 5.5 family, as it expands its product line ahead of an initial public offering. Samsung Electronics and five affiliated companies plan to invest a combined 1 billion US dollars in Helix Digital Infrastructure, an AI infrastructure company established by KKR, expanding from semiconductors into data centers, power systems, and connectivity networks.

Samsung Electronics and its affiliates will jointly invest $1B in Helix Digital Infrastructure, the AI infrastructure company launched by KKR with backing from Nvidia. Samsung Electronics said Tuesday it will put in $500M, with Samsung C&T, Samsung SDS, Samsung SDI, Samsung Life Insurance, and Samsung Fire & Marine Insurance contributing the remainder. The deal lets Samsung draw on capabilities across its affiliates, from semiconductors and cooling systems to data center construction and batteries, as the group looks to expand its role in the global AI infrastructure buildout. Helix, launched in June, is led by Adam Selipsky, the former CEO of Amazon Web Services, and counts KKR, the Kuwait Investment Authority, Nvidia, and U.S. power company Vistra as founding investors. KKR said the new investment comes on top of the more than $10B of funds already committed to the company. Samsung Electronics shares rose 2.13% Tuesday morning, while the benchmark Kospi index fell 0.53%.

KKR announced income from monetization activity in excess of $750 million for the period from July 1, 2026 through September 25, 2026, based on information currently available. The quarter-to-date monetization activity is made up of approximately 80% realized performance income and approximately 20% realized investment income, driven by a combination of public secondary sales and strategic transactions, as well as dividends and interest income. These figures do not reflect the USI transaction, which KKR announced on August 31, 2026 as the sale of USI Insurance Services to Aon plc for $17 billion in an all-cash transaction expected to close in the fourth quarter of 2026. Subject to closing, KKR expects to receive after-tax proceeds of approximately $3.3 billion from the USI sale, generating approximately $2.0 billion of Adjusted Net Income and over $2.00 of ANI per share. KKR cautioned that the monetization estimate is not intended to predict total realized performance income, total realized investment income or total revenues for the full quarter ending September 30, 2026, and that the closing of the USI transaction remains subject to closing conditions.

KKR announced that funds managed by the firm have completed the sale of a portfolio of 16 hotels across Japan operating under the Four Points Flex by Sheraton brand to a leading global institutional investor. The portfolio spans 11 cities in major tourist destinations including Greater Tokyo, Osaka, Kyoto, and Fukuoka. KKR acquired the portfolio from Unizo Holdings in 2024 and subsequently carried out a comprehensive renovation and repositioning program, launching the Four Points Flex by Sheraton brand in Asia Pacific in strategic partnership with Marriott International. KJRM, which KKR acquired in 2022, acted as asset manager from acquisition through renovation and repositioning and will continue in that role after the transaction, while K+ Hospitality Management, KKR's dedicated hotel operating platform in Japan, will keep operating the hotels. David Cheong, Head of Acquisitions for KKR's Asia Real Estate team, said Japan remains one of the most important markets for the firm's real estate strategy.

Realty Income agreed a large euro-denominated joint venture with KKR for European net lease assets, contributing a portfolio of 54 properties and 140 units across Spain, Ireland, Poland and the Netherlands that generated an estimated year 1 cash net operating income of €67.7 million. In return, the US-based retail REIT, which carries a market cap of $53.6b, receives about €528 million of gross proceeds while retaining a 51% interest and management control, with KKR taking a 49% stake as a long term capital partner. The deal fits Realty Income's focus on growing a private capital and joint venture platform alongside its balance sheet, using third party equity to scale European exposure while still earning fees and seeking to limit reliance on public share issuance. Closing is currently expected on 30 September 2026, after which investors can watch how quickly Realty Income redeploys the roughly €528 million of proceeds into new deals and whether similar joint ventures take a larger share of its planned US$10b 2026 investment pipeline.

Realty Income Corporation announced on September 14 a European property venture in which capital accounts advised by KKR & Co. Inc. intend to invest €528 million for a 49% interest, with closing expected September 30 subject to customary conditions. Realty Income would receive approximately €528 million in gross proceeds while retaining 51% ownership and day-to-day asset management, and the contributed portfolio carries a 5.9% effective initial capitalization rate after recurring management fees. The structure gives Realty Income an option to redeem the partner's interest after year 10 and through year 17 at a capped internal rate of return expected at 6.3% to 6.5% and finalized at closing, and rating agencies are expected to treat the investment as 100% permanent equity. Insider Monkey's database showed 34 hedge funds holding Realty Income at the end of 2Q2026, up from 32 funds three months earlier. The company said the deal's value depends on execution, with closing terms, reinvestment returns, and fee profitability determining whether private capital improves shareholder economics beyond the initial cash proceeds.

Aon Plc confirmed on August 31 that it will buy USI Insurance Services from KKR & Co. Inc. for $17.0 billion in an all-cash deal funded by new debt. Aon expects $395 million in annual run-rate synergies, with the deal accretive to adjusted earnings per share in 2028, and CEO Greg Case said the combination creates the "premier U.S. middle-market platform." KKR, USI's largest shareholder, expects to book about $3.3 billion in after-tax proceeds plus about $2 billion in adjusted net income; under KKR's ownership USI nearly tripled its revenue and completed more than 90 acquisitions. Aon plans to fund the entire $17 billion purchase with new debt and does not expect near-term share buybacks as it prioritizes debt repayment, and the acquisition builds on Aon's 2024 purchase of NFP. Aon shares fell in premarket trading on the news, Reuters reported.

Two competing private equity consortiums have emerged for GFL Environmental, setting up a bidding war over a target carrying $28 billion in combined equity value and debt, Bloomberg News reported Wednesday evening. KKR & Co., Energy Capital Partners, and Blackstone Inc. have formed one consortium, while Brookfield Asset Management and IFM Investors have teamed on a rival offer. GFL carries a market capitalization of roughly $18 billion alongside approximately $10 billion in debt, implying a total enterprise value approaching $28 billion. CEO Patrick Dovigi said on Bloomberg TV that he is open to taking the company private at a higher valuation than its current stock price and would roll his entire ownership stake into any transaction. GFL's special committee, formed in July after the company retained advisers following preliminary takeover interest, is expected to take time evaluating the competing proposals and could ask bidders to sharpen their offers, with a decision possible within weeks. At roughly $28 billion in enterprise value, a completed GFL transaction would rank just below the AES Corp. takeover, currently the largest announced North American LBO of 2026 at approximately $33 billion including debt.

NFP, the Aon-owned property and casualty broker and benefits consultant, has acquired Moores Insurance Management, a multi-disciplinary risk management company based in Minnesota, US. Established in 1987, Moores works with high-net-worth individuals and businesses across 43 states, offering P&C insurance services to both commercial and personal-risk clients. Under the agreement, Moores CEO Mark Moores will become senior vice-president of commercial P&C at NFP, reporting to Amanda Ruback, the company's managing director of P&C for the central region, while Moores president Jack Moores joins as senior vice-president of personal lines, reporting to Mary Mullen, senior vice-president of Personal Risk for NFP's central region. The terms of the transaction were not made public. The deal follows a string of recent acquisitions by NFP, including the retail cannabis insurance business of Frontier Risk Group last month and certain assets of Signature Personal Insurance in June, while NFP's parent company Aon agreed late last month to acquire insurance broker USI from private equity firm KKR and other shareholders in a deal valued at $17bn.

Apollo-managed funds and affiliates have closed a €3 billion capital solution for Bayer, first announced on July 10, with KKR joining as a significant minority participant. Under the transaction, Apollo and KKR invested equity capital into a newly established entity holding Bayer's long-acting reversible contraceptives business, while Bayer retains a majority stake and continues to exercise full operational control, with no changes to the LARC strategy. Apollo Partner Jamshid Ehsani said the firm originated and led the multi-billion-euro capital solution, adding that Apollo has committed to deploying more than $100 billion in Germany over the coming decade. Centerview Partners served as financial advisor to the Apollo Funds, with Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and NautaDutilh N.V. acting as legal counsel.

Realty Income and KKR plan to form a euro-denominated joint venture in which KKR will invest €528 million for a 49% stake, while Realty Income keeps 51% and continues managing the assets. The venture will hold 54 stabilized net lease properties across Spain, Ireland, Poland and the Netherlands, expected to generate €67.7 million of first-year cash net operating income, with 59% of base rent tied to investment-grade tenants and a 7.2-year weighted average remaining lease term. The portfolio is being contributed at a 5.9% initial cap rate after recurring management fees paid to Realty Income, KKR's return is expected to be capped at an internal rate of return of 6.3%-6.5%, and Realty Income can redeem KKR's stake between years 10 and 17. The deal extends a private-capital strategy that already reduced Realty Income's dependence on public equity, with public equity funding just 18% of investment volume in the first half of 2026 versus an average of 47% over the prior three years, and management fee income reaching $3.2 million in the second quarter. Realty Income raised its 2026 investment guidance to $10 billion from $9.5 billion after investing $5.3 billion in the first half, and the KKR venture is expected to close on Sept. 30.

Enbridge has announced three transactions in the past two weeks, including nearly $3.2 billion of acquisitions, as the Canadian energy infrastructure giant moves to strengthen its 5.8%-yielding dividend. On Aug. 26, Enbridge announced the acquisition of Salt Creek Midstream's crude oil gathering business for $600 million, adding 500 miles of crude oil gathering infrastructure in the core of the Delaware Basin. On Sept. 9, it unveiled a larger deal, agreeing to acquire Tallgrass Energy's crude oil business for $2.55 billion, which includes a 75% interest in the 1,050-mile Pony Express Pipeline, a 51% interest in the Powder River Gateway System, and 8.4 million barrels of storage capacity. Enbridge expects both acquisitions to be accretive to distributable cash flow per share within the first year, and the Tallgrass deal includes the PXP2 growth project, a $300 million expansion expected to enter service in late 2027. To help fund the deals, Enbridge announced a stock offering seeking to raise at least CA$2.6 billion, or $1.9 billion, while KKR and Apollo agreed on Aug. 27 to invest about CA$2.7 billion, or $2 billion, in a new joint venture supporting expansion of its Westcoast Pipeline System, with Enbridge receiving CA$700 million, or $505 million, in cash at closing.

Nvidia is partnering with Apollo Global Management, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to raise over $500 billion in third-party capital for AI infrastructure, as Bank of America warns the sector may need about $1.2 trillion of external finance to support AI capital expenditures forecast to exceed $5 trillion between 2026 and 2030. Bank of America says major chip suppliers are taking on an unexpected role as credit intermediaries, helping remove financial risks that make massive AI data centers difficult or expensive to finance through minimum revenue commitments, take-or-pay contracts, and residual value guarantees. Broadcom's AI XPV Platform has secured senior notes and the remaining value of chips covering $31 billion of an initial $35 billion loan package arranged with Apollo and Blackstone, nearly 87% of the debt package, with the guaranteed portion priced at 5.75% against 8.5% for an unsecured second lien. In August, Nvidia said it would provide finance assistance for land, electricity, and construction at SB Energy's PORTS-Pike Technology Campus in Ohio, with a first rollout of 4.25 gigawatts of AI factory capacity expected to be used by OpenAI, and Nvidia also said it was investing $1.5 billion in SB Energy. Broadcom on Sept. 2 reported $16.7 billion in AI semiconductor sales for its fiscal third quarter, up 221% from a year earlier, and CEO Hock Tan said the company expects AI semiconductor revenue of about $21.7 billion in its fiscal fourth quarter, an increase of 236% year-over-year.

KKR & Co. Inc. has agreed to acquire A1 Garage Door Service, a Phoenix-based residential garage door repair and replacement company, for around $2 billion, according to Reuters, which cited sources familiar with the matter. A1 was founded in 2007 by CEO Tommy Mello and operates in roughly 20 states, having taken growth capital from private equity firm Cortec Group in 2022. The deal extends a wave of home services consolidation, following Oak Hill Capital's more than $800 million purchase of Guild Garage Group earlier this year, with valuations for scaled garage-door and overhead-access platforms reaching historic highs of 12 to 16 times EBITDA in 2026, driven by non-discretionary repair demand and target margins of 18% to 22%, according to industry data. The transaction builds on KKR's existing residential services footprint, which includes Neighborly, a franchiser of plumbing, pest control, electrical, and HVAC brands acquired in 2021, and a significant 2023 investment in Groundworks, a foundation and water-management services provider.

Vistra has signed 20-year power purchase agreements with Meta Platforms for more than 2,600 MW across its PJM nuclear fleet and with AWS for up to 1,200 MW of carbon-free power at Comanche Peak, anchoring its generation platform through mid-century. The deals sit atop a merchant fleet rebuilt for AI load growth: the Cogentrix close adds a 5,500-MW natural gas portfolio across the Midwest, Northeast and California, layered on the 2,600-MW Lotus portfolio closed in November 2025, plus two new Permian Basin gas units totaling 860 MW under construction. Q2 2026 Ongoing Operations Adjusted EBITDA rose more than 30% to $1.77 billion from $1.35 billion on revenue of $4.02 billion, with 2026 guidance reaffirmed at $6.80B to $7.60B and a 2027 midpoint opportunity of $7.40B to $7.80B that still excludes Cogentrix and Meta; CFO Chris Moldovan said those could add roughly $700 million to the midpoint. Vistra also committed up to $1.0 billion to Helix Digital Infrastructure alongside NVIDIA, KKR and the Kuwait Investment Authority, where it is the preferred power provider, with CEO Jim Burke saying milestones could trigger an additional $500 million. Risks remain: unrealized mark-to-market hedging losses of $472 million hit Q2 GAAP results, Moss Landing decommissioning costs sit in the Asset Closure segment, and Moldovan warned the 2027 range would trend toward the lower end on softer ERCOT forwards.

South Korean fashion retailer Musinsa has filed for a preliminary review by the Korea Exchange, advancing toward a Kospi main board listing. A spokesperson confirmed the submission on September 7, with the company backed by KKR. The IPO could value Musinsa at up to 10 trillion won ($7.42 billion), ranking among South Korea's largest listings in recent years. Musinsa plans to go public in late 2026 or early 2027, having posted revenue exceeding 5 trillion won last year. Co-CEO Nam Cho targets 3 trillion won in overseas sales by 2030, with China contributing a third. The company operates two online marketplaces, Musinsa and 29cm, and recently signed a distribution deal with ACX Holdings to enter the Philippines' offline retail market. A successful IPO would boost Seoul's primary listings market, which has slowed this year.

Institutional investors are beginning to allocate capital to the evergreen private market funds that Blackstone and KKR originally built for wealthy individuals, according to the Financial Times. Evergreen funds allow investors to access capital at set intervals rather than locking it up for a decade-long private equity fund life. Blackstone's wealth business has seen institutions begin allocating to its evergreen products, though they currently make up only a small proportion of the capital raised, said Joan Solotar, who leads that business. KKR has separately raised the share of deals its evergreen K-Series funds can take from a longstanding 7.5% cap to as much as 20% in some cases, including its $8 billion European Fund VI. This institutional adoption could help Blackstone and KKR expand their wealth-management businesses beyond traditional individual investors, though institutional flows remain modest and may weaken if traditional private equity improves its ability to return capital.

Aon's largest-ever acquisition, the $17 billion purchase of USI Insurance Services from KKR, will add $17 billion in borrowed funds and delay earnings benefits, with the net purchase price coming to $16.7 billion after accounting for certain tax attributes. The deal, announced on August 31, 2026, is the second multibillion-dollar middle-market insurance acquisition Aon has pursued in three years, following its $13 billion purchase of NFP in 2024. Aon plans to issue $17.5 billion in new debt, including a $4 billion term loan and $13.5 billion in senior notes, which will push leverage to an estimated 4.8 times adjusted EBITDA at closing, nearly double the 2.8 times ratio before the announcement. S&P Global Ratings revised Aon's outlook to negative, while Moody's shifted to stable, citing leverage and integration concerns. The deal will freeze share buybacks, and Aon expects the acquisition to become accretive to adjusted earnings per share only in 2028, implying dilution through 2027. USI, the tenth-largest U.S. insurance broker with about $3 billion in annual revenue, gives Aon access to the middle-market commercial insurance segment, estimated at over $40 billion, and combined with NFP, the platform is expected to generate $6.5 billion in revenue.

Nvidia is investing billions across the AI industry that ultimately buys its chips, and prominent economist Tyler Cowen says that could make the boom more durable rather than proving it a bubble. Cowen told the Prof G Markets podcast that Nvidia acts as a kind of lender or buyer of last resort for the sector, with Microsoft, Alphabet, and Meta playing similar roles. He argued that new technologies often need help getting off the ground, and the huge capital flowing into AI gives it a better chance of succeeding. Nvidia has committed up to $10 billion to Anthropic and, in August, partnered with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR on platforms to mobilize over $500 billion for AI infrastructure. It also agreed to guarantee up to $105 billion of OpenAI-linked lease obligations at SB Energy's Ohio data-center campus and invest $1.5 billion in SB Energy, becoming the exclusive AI compute provider there. Cowen dismissed the bubble debate, comparing the boom to automobiles in the 1920s, and said investors should ask whether the product works, to which the answer is clearly yes. He cautioned that debt-financed data centers could cause bad macro consequences if the boom reverses, but the fallout would likely fall well short of the 2008 crisis.

Integer Holdings Corporation has entered a definitive agreement to be acquired by affiliates of Kohlberg Kravis Roberts & Co. L.P. in a transaction with an enterprise value of $5.7 billion. Under the deal, each eligible Integer share will be converted into the right to receive $127 in cash, without interest. The transaction requires approval by a majority of Integer's outstanding shares and applicable antitrust and foreign investment clearances, but it is not subject to a financing condition. The agreement includes a $307 million parent termination fee if Integer ends the deal under specified circumstances involving a buyer breach. Integer has withdrawn its financial outlook and canceled its second-quarter earnings call, as merger progress now takes precedence over operating targets. Second-quarter sales fell 2.6% year over year to $464.1 million, and gross margin contracted to 24.3% from 27.1%. If completed, Integer will become a wholly owned subsidiary of the buyer and its shares will be delisted from the NYSE.

KKR, a leading global investment firm, has entered into a definitive agreement to make a minority investment in Avisena Healthcare, a Malaysian healthcare provider, to support the expansion of its multi-specialty offerings and the development of new greenfield hospitals in the Klang Valley. Avisena, founded in 1996, operates two hospitals in Shah Alam with over 250 licensed beds, and plans to add more than 300 beds by 2029, bringing total capacity to nearly 600. KKR has invested over US$20 billion in global healthcare since 2004, with regional portfolio companies including Medical Saigon Group and Metro Pacific Hospital Holdings. The investment is subject to customary closing conditions.

NetSPI and Synack have announced a definitive agreement to merge, creating the industry's leading offensive cybersecurity platform. The combined company, which will have over $200 million in revenue, pairs elite white-hat hackers with agentic AI to deliver security validation at scale. Serving top cloud providers, major U.S. banks, MAMAA companies, the Fortune 100, and U.S. federal agencies, the merger brings together nearly 40 years of combined operating history and over 13 million hours of real-world offensive testing experience. KKR will support the combined company's growth plan, including investments in technology and product development. The transaction is expected to close in October 2026, subject to customary closing conditions and regulatory approvals.

Wella, the beauty company owned by KKR, has filed for an initial public offering in the United States. In its filing, Wella reported full-year fiscal 2026 net sales of $2.9 billion, up 9.2 percent, and net income of $62 million, compared with a loss of $7.7 million the prior year. Within its portfolio, the Wella brand generated over $1 billion in net revenue, while GHD brought in $478 million. Reuters has reported that the IPO could value the company at more than the $4.3 billion KKR paid for it. KKR recently appointed Calvin McDonald, former CEO of Lululemon, to lead Wella as it prepares to go public.

KKR announced the appointments of Jonty Edwards and Paula Weisshuber as Managing Directors in its Credit & Markets business, strengthening its European credit and capital markets capabilities. Weisshuber, based in Frankfurt, joins from Bank of America where she was Head of EMEA Corporate Debt Capital Markets, and will expand coverage across the DACH region. Edwards, based in London, joins from J.P. Morgan where he was a Managing Director in Mergers & Acquisitions, and will focus on capital solutions for UK and European businesses. KKR's global Credit platform manages approximately $293 billion in assets as of June 30, 2026.

STTGDC announced the completion of its acquisition by a KKR-led consortium comprising funds managed by global investment firm KKR and Singtel, and unveiled a refreshed global brand, marking the start of its next chapter as a global digital infrastructure platform. The transaction strengthens STTGDC's ability to scale AI-ready digital infrastructure, with long-term capital, increased financial flexibility, and the consortium's global infrastructure experience supporting continued growth. Customers will be served by the same leadership team and operating discipline that have underpinned the company's growth for over a decade. Since the end of 2025, operational capacity has increased by 25% to 780MW, contracted capacity has grown by 50%, and annualised EBITDA has risen by 30%. The company has close to 2GW of powered land secured for assets under construction and pipeline development, and in India operates 34 data centres across 10 cities with more than 613MW of IT capacity, while in Indonesia it is advancing a pipeline of over 360MW of AI-ready capacity. In Singapore, STTGDC was selected to develop 50MW of sustainable, AI-ready capacity, and 83.2% of its electricity consumption comes from renewable energy, surpassing its 2028 carbon intensity reduction target three years early.

KKR & Co. Inc. has agreed to sell USI Insurance Services to Aon plc for $17 billion, a deal that will generate $3.3 billion in after-tax proceeds and $2 billion in adjusted net income, or more than $2 per share. KKR first invested in USI in 2017 at a $4.3 billion valuation, and under its ownership, USI's revenues nearly tripled, with over 90 acquisitions expanding its reach. The sale price represents roughly six times KKR's original equity investment and 3.4 times the total balance-sheet capital invested. The transaction, expected to close in the fourth quarter of 2026, highlights KKR's Strategic Holdings strategy, which allows direct participation in investment appreciation. This deal follows similar divestitures by Deutsche Bank and Northern Trust, and KKR's shares have gained 16.2% in the past three months.

KKR, the alternative-asset manager and insurance investor, climbed about 1.6% to $110.38 Monday after striking a $17 billion deal to sell USI Insurance Services to Aon. KKR and its partners bought the insurance brokerage in 2017 before the firm expanded its stake. The payoff is enormous: KKR's official announcement estimates $3.3 billion in after-tax proceeds and roughly $2 billion in adjusted net income, worth more than $2 per share. The exit is expected to deliver six times KKR's original equity investment and 3.4 times the total balance-sheet capital deployed. Those cash proceeds represent roughly 3.2% of KKR's market capitalization, but the bigger win is the validation of Strategic Holdings, whose remaining portfolio generates approximately $3.5 billion in attributable adjusted revenue and $800 million in EBITDA, giving investors a clearer view of the earnings sitting beyond traditional fees and carried interest. At $110.38, the shares trade 17.25% below the $133.39 GF Value estimate, and the USI deal shows the capital-compounding engine works; the next exits will determine whether KKR can keep repeating it.

Insurance broker Aon announced on the 31st that it will acquire USI Insurance Services, a U.S. peer, from private equity firm KKR for approximately $17 billion. This is one of the largest deals in the insurance industry in recent years. Through this acquisition, Aon will further strengthen its business foundation in the growing U.S. middle-market insurance sector. CEO Greg Case said that USI will significantly enhance its presence in the middle-market segment and expand opportunities in the excess and surplus lines business. The U.S. middle-market insurance market is estimated to be over $40 billion, accounting for more than one-third of U.S. commercial property and casualty direct premiums written. Aon previously acquired NFP, a middle-market insurance broker, for about $13 billion in 2024, and this acquisition will also bolster its health, talent, and human capital advisory businesses. USI, founded in 1994, is an insurance brokerage and consulting firm that has grown into the 10th largest insurance intermediary in the U.S. with annual revenue of about $3 billion. The insurance brokerage industry has seen a series of large deals recently, including Arthur J. Gallagher's acquisition of AssuredPartners for $13.5 billion and Brown & Brown's acquisition of Accession Risk Management for about $10 billion. The acquisition is expected to close in the fourth quarter and is projected to boost Aon's adjusted earnings by 2028. The deal will be financed with debt, and the company plans to suspend share buybacks for the time being to prioritize debt repayment. USI CEO Mike Sicard will become president of Aon and global CEO of its middle-market division upon completion of the acquisition. For KKR, the sale of USI represents a major investment exit, and KKR recorded its largest quarterly realized proceeds in the second quarter. USI was acquired by KKR and Canadian pension fund manager CDPQ in 2017 for about $4.3 billion, with KKR later increasing its stake to become the largest shareholder. During KKR's ownership, USI's revenue grew approximately threefold. According to KKR, the deal is expected to generate a return of about six times its initial 2017 investment and about 3.4 times on a total invested capital basis, with approximately $2 billion in adjusted earnings from the transaction.

KKR & Co. Inc. has made a roughly $9 billion takeover offer for natural-gas and electricity distributor UGI Corp at $42.50 a share, a 21% premium to UGI's $35.09 close, as reported by The Wall Street Journal on August 18, 2026. The offer values UGI well above its roughly $7.5 billion market value at August 17's close, but it's unclear whether UGI will be receptive to a deal. Surging demand for reliable power from AI data centers has turned previously overlooked natural-gas utilities into hot takeover targets, and KKR's bid follows a pattern of profitable deals in this sector, such as Energy Capital Partners' sale of Calpine to Constellation Energy. However, natural-gas prices have dropped recently due to strong US production and full storage tanks, which could limit near-term gains for a gas-focused company. The deal remains unconfirmed with no signed agreement, leaving investors exposed to the risk that it falls apart.

Enbridge Inc. has signed an agreement with KKR to establish a joint venture that will fund two major expansion projects on its Westcoast natural gas pipeline system, with KKR and Apollo providing approximately C$2.7 billion, including a $700 million cash payment to Enbridge at closing. In return, the investors will receive a 29% indirect interest in the aggregate Westcoast pipeline system after the Sunrise expansion comes online. The Aspen Point Expansion is expected to become operational in 2026, and the Sunrise Expansion is scheduled to enter service in 2028. Enbridge will maintain majority ownership and control, and it has an option to repurchase the investors' stake between the seventh and 14th year after the deal closes. The projects have regulatory approvals and are backed by long-term take-or-pay contracts, providing revenue visibility and aligning with Enbridge's capital-recycling strategy.

KKR has formed a new joint venture with Enbridge and Apollo to invest in the Westcoast Pipeline System in Canada, expanding its role in natural gas infrastructure. The partnership brings together energy, infrastructure, and investment specialists to commit significant long-term capital to Canadian midstream assets. Separately, KKR has closed the acquisition of Ci FLAVORS, a Japanese beauty and lifestyle company, adding a new consumer platform in Japan. These moves broaden KKR's exposure across energy infrastructure and consumer sectors in different regions.