Enstar To Be Acquired By Sixth Street For $5.1 Bln In Cash To Form Private Entity

(RTTNews) - Enstar Group Ltd. (ESGR), an insurance provider, Monday announced a deal to be acquired by Sixth Street Specialty Lending, Inc. (TSLX), 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 per share in cash, representing a total equity value of $5.1 billion.

The per share consideration represents a premium of around 8.5 percent to the 90-day volume weighted average price of the company shares, and 6.9 percent to the 60-day VWAP as of July 26.

Upon the completion of the transaction, which is expected in mid-2025, Enstar will become a privately-held company. However, the company will continue to operate under the name, Enstar.

In addition, the deal includes a 35-day 'go-shop' period expiring on September 2, 2024.