Krispy Kreme owner JAB to buy Elliott-backed insurer Prosperity Life

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JAB Holding, the investment group behind Krispy Kreme, Pret A Manger and Coty, has struck its maiden US life insurance deal, buying a firm owned by hedge fund Elliott Management as part of a push into financial services.

The deal values Virginia-based Prosperity Life, which manages $25bn of assets, at more than $3bn, according to people familiar with the matter. It…