Alliant Insurance Services Inc., the specialty insurance brokerage firm being acquired by KKR & Co., is seeking a $680 million term loan to back the purchase, according to a person with knowledge of the transaction.
JPMorgan Chase & Co. is arranging the financing for the Newport Beach, California-based company, said the person, who asked not to be identified because the information is private. The bank will meet with lenders Nov. 28 at 11 a.m. in New York to discuss the deal, the person said.
KKR is acquiring Alliant for an undisclosed amount from Blackstone Group LP (BX:US) which purchased the company in 2007, according to data compiled by Bloomberg. The transaction is expected to be completed before year-end, according to a Nov. 23 company statement.
The management team and employees of Alliant own about 45 percent of the company and will roll over a substantial portion of their investment in the company, according to the statement.
Kristi Huller, a spokeswoman for KKR, declined to comment.
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