...April 3, 2024 NEW YORK (S&P Global Ratings) April 3, 2024--S&P Global Ratings today said Blue Owl Capital Inc.'s proposed $750 million acquisition of Chicago-based Kuvare Asset Management (KAM; not rated) will expand Blue Owl's investment capabilities and strengthen its capital-raising ability by creating a new insurance solutions offering. KAM currently manages $20 billion in assets under management (AUM) on behalf of life and annuities insurer Kuvare and other unaffiliated insurance companies. In addition to the $750 million to acquire Kuvare, Blue Owl will invest $250 million in a preferred equity stake in Kuvare U.K. Holdings. We do not expect this aggregate $1.0 billion of investments to change our ratings or outlook on Blue Owl Capital Inc. (###/Stable/--). Blue Owl intends to fund the KAM acquisition with $325 million of cash and $425 million of stock (the company will finance the preferred stock investment with cash). Additionally, the KAM transaction includes a potential earnout...
