Funding firm Sixth Avenue has accomplished the acquisition of re/insurance coverage firm Enstar Group for $338 per peculiar share, representing a complete fairness worth of $5.1bn.
This acquisition was first introduced in July 2024.
The deal noticed participation from Liberty Strategic Capital, J.C. Flowers & Co., and different institutional buyers.
Enstar shareholders authorized the acquisition on 6 November 2024.
Enstar CEO Dominic Silvester remarked, “It is a main second for Enstar as we start our subsequent chapter as a non-public firm.
“Along with Sixth Avenue, we’ll construct on our place as a number one world (re)insurance coverage group, delivering revolutionary options to our companions and sustaining our aggressive benefit.
“I’d prefer to thank our workers, previous and current, whose contributions have been instrumental to reaching this milestone.”
Sixth Avenue co-founder and companion Michael Muscolino said, “Enstar is a compelling firm with a sturdy enterprise mannequin and an distinctive administration workforce.
“We’re thrilled to succeed in this milestone and stay up for partnering with Dominic and the remainder of the Enstar workforce to assist them execute on their present technique.”
Following the acquisition, Enstar notified NASDAQ of its intention to voluntarily delist its depositary shares and deregister them underneath Part 12(b) of the Securities Alternate Act of 1934.
Enstar plans to file a Kind 25 Notification of Delisting with the SEC round 14 July 2025.
The corporate doesn’t intend to checklist or register the depositary shares on one other nationwide securities trade.
Enstar will proceed as a privately held, standalone firm, working underneath its present identify.
Goldman Sachs acted as monetary advisor to Enstar, with Paul, Weiss, Rifkind, Wharton & Garrison and Hogan Lovells US serving as authorized advisors.
Ardea Companions, Barclays, and J.P. Morgan Securities suggested Sixth Avenue, with authorized counsel from Simpson Thacher & Bartlett, Debevoise & Plimpton, and Cleary Gottlieb Steen & Hamilton.
