The deal includes $1.4bn of initial consideration, comprising $300m in cash and $1.1bn in equity subject to long-term vesting, plus up to $550m of additional equity tied to performance and KKR's share price. The transaction is expected to be accretive to earnings per share immediately after closing. Arctos, founded in 2019, manages about $15bn and is the largest institutional investor in professional sports franchise stakes. It is also a top-five provider of GP solutions through its Keystone platform, offering structured, non-dilutive capital to alternative asset managers. The firm is additionally active in secondaries, a market that reached about $226bn of LP-led and GP-led transaction volume in 2025, up 41% year on year. Following the acquisition, Arctos will become a fully integrated investment unit of KKR. Managing partners Ian Charles and Doc O'Connor will join KKR as Partners, and Charles will lead a newly formed business, KKR Solutions. The platform will house Arctos' sports...
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