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

Blue Owl Capital Inc.'s (OWL) stocks are rising by over 6% this morning following the news of a definitive contract to purchase Kuvare Insurance Services LPA for a sum of $750 million.

The alternative asset manager intends to finance the purchase with $325 million in cash and $425 million in Blue Owl Class A common stock.

Once the deal concludes in the second or third quarter of 2024, Blue Owl's assets will see an increase of an additional $20 billion, thereby facilitating the launch of Blue Owl Insurance Solutions.

Currently, Blue Owl's stock is on the rise by 6.35%, standing at $19.68 from the previous closing of $18.51 on the New York Stock Exchange.