NEW YORK (AP) -- Kohlberg Kravis Roberts & Co. LP plans to buy specialty insurer Alliant Insurance Services Inc. from fellow private equity firm Blackstone Group LP, in a deal expected to close in the fourth quarter.
The companies did not disclose terms of the deal in a brief statement issued Friday.
Alliant Insurance is based in Newport Beach, Calif., and provides property and casualty and workers' compensation coverage and employee benefits services, among other products.
New York-based KKR invests in companies and, in general, hopes to profit by selling them a few years later. KKR also has an asset management business, which invests in debt and equities, and a capital markets business, which arranges debt financing for deals and underwrites stock sales for other companies.
Shares of KKR added 9 cents in Friday morning trading to $13.96, while Blackstone stock rose 10 cents to $14.90.