11:54 AM EDT, 04/03/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

Blue Owl Capital's (OWL) shares rose nearly 6% in recent Wednesday trading after the company signed a definitive purchase agreement to acquire Kuvare Insurance Services, doing business as Kuvare Asset Management, for $750 million.

The acquisition will be financed through a combination of $325 million in cash and the remaining $425 million in Blue Owl's class A common shares, the company added.

The deal is expected to be completed in Q2 or Q3, subject to customary closing requirements, according to the company.

Blue Owl also said it purchased $250 million of Kuvare's preferred equity, while the two companies also signed an agreement for Blue Owl to deploy up to $3 billion of assets throughout its current credit, GP strategic capital, and real estate investment platforms.

Blue Owl expects the transactions to be accretive this year.

Price: 19.59, Change: +1.07, Percent Change: +5.81