(By Balachander) Kohlberg Kravis Roberts & Co. (NYSE: KKR) has agreed to acquire Alliant Insurance Services Inc., an insurance brokerage firm, from Blackstone (NYSE: BX).
Financial terms of the acquisition were not disclosed.
"This transaction will enable Alliant to remain independent and maintain its market leading position," commented Alliant CEO Tom Corbett.
Newport Beach, California-based Alliant offers property and casualty, workers' compensation, employee benefits, surety, and financial products and services to some 20,000 clients nationwide.
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KKR said the management team and employees of Alliant own roughly 45 percent of the company and will roll over a substantial portion of their investment in the company.
As of September 30, 2012, investment firm KKR has $66.3 billion in assets under management.
JP Morgan Chase (JPM) and Blackstone Advisory Partners served as advisers to Blackstone and Alliant on the deal.
The deal is expected to be completed in the fourth quarter.
KKR shares added 0.72 percent to trade at $13.97 on Friday.