We are advising Elliott on the sale

Davis Polk is advising Elliott Investment Management L.P. on its sale of Prosperity Life Group, LLC, which comprises the Prosperity Life Group Insurance Companies and Prosperity Asset Management, to JAB Holding Company S.à r.l. Financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions, including receipt of insurance regulatory approvals, and is expected to close in the second half of 2025.

Founded in 1977, Elliott is one of the oldest funds under continuous management, with approximately $69.7 billion of assets under management as of June 30, 2024. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high-net-worth individuals and families, and employees of the firm.

Prosperity is an innovative insurance, reinsurance and asset management company. Together, Prosperity Life’s underwriting companies have been helping individuals and their families for over a century by providing life insurance and asset accumulation to help them achieve their goals. Prosperity Asset Management is an insurance-focused asset manager specializing in private and public credit opportunities and origination platforms.

JAB is an investment holding company that invests in insurance and consumer-focused industries with attractive long-term dynamics, including strong growth prospects, attractive margin and cash flow characteristics, and proven resiliency. JAB is the anchor shareholder of Keurig Dr Pepper Inc., a leader in the North American beverage industry, and Krispy Kreme, Inc., a global leader in freshly delivered doughnuts. JAB is also the controlling shareholder of Coty Inc., a global leader in beauty, and JDE Peet’s, the world’s leading pure-play coffee and tea company.

The Davis Polk corporate team includes partners William H. Aaronson and Darren M. Schweiger and associates Steven Jaffe and Michael Allen Nakamura. Partner Jennifer S. Conway and associate Justin Alexander Kasprisin are providing executive compensation advice. Partner William A. Curran and associates Yueyu Yang and Richard P. Wang are providing tax advice. All members of the Davis Polk team are based in the New York office.  

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