New York —  KKR has agreed to buy Global Atlantic Financial  in a deal that gives it a major presence in the insurance industry and adds long-term capital.

The alternative-investment manager will acquire closely held Global Atlantic’s outstanding shares, according to a statement on Wednesday, in a transaction that could be valued at about $4.4bn. Global Atlantic, which was founded within Goldman Sachs in 2004 and became independent in 2013, had more than 2-million policyholders through its retirement and life insurance products and almost $70bn in invested assets as of March 31...

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