Nov 07, 2024 (MarketLine via COMTEX) --
Enstar Group has announced that its shareholders have approved the proposed acquisition by investment company Sixth Street, with additional backing from Liberty Strategic Capital, J.C. Flowers & Co. and other institutional investors.
The deal, which is due to be finalised by mid-2025, is subject to regulatory approvals and customary closing conditions.A
The final voting from the Special Meeting will be disclosed in a current report on Form 8-K to be filed with the US Securities and Exchange Commission.AA
Following the transaction's completion, Enstar common stock will be delisted from public trading as the company transitions to a privately held entity. However, it will retain its operations under the Enstar brand.A
Financial advisory services for Enstar are being provided by Goldman Sachs & Co., with legal guidance from Paul, Weiss, Rifkind, Wharton & Garrison and Hogan Lovells US.AA
Sixth Street has engaged Ardea Partners, Barclays and J.P. Morgan Securities for financial advice, while legal advice is being offered by Simpson Thacher & Bartlett, Debevoise & Plimpton, and Cleary Gottlieb Steen & Hamilton.A
The acquisition agreement values Enstar at $5.1bn. Upon the deal's closure, Enstar shareholders will receive $338 in cash for each ordinary share they hold.AA
This price represents an 8.5% premium over the 90-day volume-weighted average price and a 6.9% premium over the 60-day average as of 26 July 2024.A
Enstar, a NASDAQ-listed global insurance group, is known for its capital release solutions and has a history of acquiring more than 120 companies and portfolios since its inception in 2001.A
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COMTEX_459571106/2227/2024-11-07T13:58:11
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