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Ambac Financial将传统财务担保业务出售给Oaktree管理的基金
2024-06-05 18:49
- Ambac Financial (NYSE:AMBC) to sell its legacy financial guarantee businesses, Ambac Assurance and Ambac UK, to funds managed by Oaktree Capital Management for $420 million in cash.
- Additionally, Oaktree will receive warrants to acquire up to 9.9% of Ambac common stock at a strike price of $18.50.
- “Three years ago, we announced our vision and strategy to transform Ambac into a specialty property and casualty insurance platform,” Ambac (AMBC) President and Chief Executive Officer Claude LeBlanc said.
- “The sale of our legacy financial guarantee business is the final step in that transition, and it enables us to focus solely on building a profitable P&C platform that will continue to deliver long-term value for our shareholders.”
- The transaction is expected to close in the fourth quarter of 2024 or first quarter of 2025.
- Separately, Ambac Financial (AMBC) said it would acquire a 60% controlling stake in Beat Capital, a London-based insurance underwriting and managing general agency incubation platform, for approximately $282 million.
- Ambac Chief Executive Officer Claude LeBlanc and Chief Financial Officer David Trick will hold a conference call for investors on Wednesday, June 5, 2024, at 8:30 a.m. ET.
- Source: Press Release
More on Ambac Financial Group
- Ambac: Finally Shaking Off The Great Financial Crisis
- Ambac Financial to acquire majority stake in Beat Capital partners
- Ambac Financial Group Non-GAAP EPS of $0.82 beats by $0.61, revenue of $103M beats by $26.03M
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