United States $75 Billion Investment Firm Sixth Street-Led Investor Group to Buy Insurance Group Enstar for $5.1 Billion Representing 8.5% Premium to the Last 90-Day Volume Weighted Average Price on 26th July 2024, Investor Group Includes Liberty Strategic Capital, J.C. Flowers & Co and Other Institutional Investors
2nd August 2024 | Hong Kong
United States $75 billion investment firm Sixth Street-led investor group has announced to buy insurance group Enstar for $5.1 billion, representing 8.5% premium to the last 90-day Volume Weighted Average Price on 26th July 2024. The Sixth Street-led investor group includes Liberty Strategic Capital, J.C. Flowerss & Co and other institutional investors. Announcement (29/7/24): “Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced that it has entered into a definitive merger agreement under which Sixth Street will acquire Enstar, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors participating in the transaction. Enstar shareholders will receive a total of $338.00 in cash per ordinary share of Enstar payable upon closing of the transaction, representing a total equity value of $5.1 billion. The consideration represents a premium of approximately 8.5% to the 90-day volume weighted average price (“VWAP”) of the company shares as of July 26, 2024, the last trading day prior to the announcement of the transaction, and 6.9% to the 60-day VWAP as of the same date. Following the close of the transaction, Enstar will maintain its current operations and business strategy.” About Enstar – Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired more than 117 companies and portfolios since its formation in 2001. About Sixth Street – Sixth Street is a leading global investment firm with over $75 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has 600 team members including over 200 investment professionals operating around the world.
“ United States $75 Billion Investment Firm Sixth Street-Led Investor Group to Buy Insurance Group Enstar for $5.1 Billion Representing 8.5% Premium to the Last 90-Day Volume Weighted Average Price on 26th July 2024, Investor Group Includes Liberty Strategic Capital, J.C. Flowers & Co and Other Institutional Investors “
Transaction Details– The transaction, which has been unanimously approved and recommended to its shareholders by Enstar’s Board of Directors, is expected to close in mid-2025, subject to approval by Enstar’s shareholders, regulatory approvals, and other customary closing conditions. The definitive agreement provides that Enstar will undertake a series of transactions in which Enstar shareholders will receive $338.00 in cash per ordinary share of Enstar. The transaction is fully financed, with the full amount of equity being provided by Sixth Street, together with its co-investors, and Enstar agreeing to return approximately $500 million from its balance sheet to its shareholders as part of the total $338.00 in cash per ordinary share received by shareholders of Enstar. The agreement includes a 35-day “go-shop” period expiring on September 2, 2024, which permits Enstar’s Board of Directors and advisors to solicit alternative acquisition proposals from third parties. There can be no assurance that this “go-shop” will result in a superior proposal, and Enstar does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or is otherwise required. Enstar will have the right to terminate the merger agreement to enter into a superior proposal both during and after the “go-shop” period, subject to the terms and conditions of the merger agreement. Upon completion of the transaction, Enstar’s common stock will no longer be publicly listed, and Enstar will become a privately-held company. The Company will continue to operate under the Enstar name.
About Enstar – Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired more than 117 companies and portfolios since its formation in 2001. F
About Sixth Street – Sixth Street is a leading global investment firm with over $75 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has 600 team members including over 200 investment professionals operating around the world.
United States $75 Billion Investment Firm Sixth Street-Led Investor Group to Buy Insurance Group Enstar for $5.1 Billion Representing 8.5% Premium to the Last 90-Day Volume Weighted Average Price on 26th July 2024, Investor Group Includes Liberty Strategic Capital, J.C. Flowers & Co and Other Institutional Investors
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