05:46 PM EDT, 07/23/2024 (MT Newswires) -- KKR (KKR) said Tuesday that investment funds it manages will acquire Janney Montgomery Scott, a financial services firm with $150 billion in assets under management, from Penn Mutual Life Insurance.

The transaction, which requires regulatory approvals, is expected to close in Q4, KKR said.

Financial terms weren't disclosed.

KKR said Janney will operate independently as a standalone private company.

Price: 118.00, Change: +0.04, Percent Change: +0.03