Blue Owl Gains 6% On Announcement Of Agreement To Acquire Kuvare Insurance Services For $750 Mln

(RTTNews) - Shares of Blue Owl Capital Inc. (OWL) are climbing over 6 percent on Wednesday morning following the announcement of a definitive acquisition agreement to acquire Kuvare Insurance Services LPA for $750 million.

The alternative asset manager plans to fund the acquisition through a combination of $325 million in cash and $425 million in Blue Owl Class A common stock.

Upon closing of the deal in the second or third quarter of 2024, an additional $20 billion in asset will be added to Blue Owl, which will help the company to launch Blue Owl Insurance Solutions.

Currently, Blue Owl's stock is moving up 6.35 percent, to $19.68 over the previous close of $18.51 on the New York Stock Exchange.