Canada Pension Plan Investment Board To Buy Stake In Enstar From First Reserve

(RTTNews) - Enstar Group Ltd. (ESGR) said Friday that Canada Pension Plan Investment Board has entered into an agreement to buy about 1.9 million voting and non-voting ordinary shares of Enstar from private equity firm First Reserve.

The shares represent an economic ownership interest in Enstar of about 9.9%.

The deal is expected to be completed next week.

In connection with the deal, Canada Pension Plan Investment Board will be granted contractual shareholder rights, including a board representation right, that are substantially the same as those rights currently held by First Reserve, and First Reserve will waive or terminate its existing contractual shareholder rights, including its board representation right.

Ken Moore, Managing Director of First Reserve and a member of Enstar's board of directors, will step down from Enstar's board upon completion of the deal.

Enstar said it expects to appoint a new director affiliated with Canada Pension Plan Investment Board at a future date.