In recent New York business news, the private equity firm Kohlberg Kravis Roberts & Co. (KKR) has agreed to buy Alliant Insurance Services Inc. from Blackstone Group L.P. (BX). The transaction terms were not disclosed, but Alliant employees own approximately 45% of the company and they will roll over “a substantial portion” of that investment to the new company.
As Alliant’s chief executive Tom Corbett explained, "We are pleased to be partnering with KKR and appreciate the positive role that private capital can play in helping us manage our business and execute a growth strategy.”
This is not the first time that Alliant has partnered with private equity investors. In August 2007, Blackstone bought Alliant for $1.2 billion and took over the stake from Lindsay Goldberg & Co. LLC, which is based in New York.
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