Sixth Street completes $5.1bn acquisition of Enstar

Global legacy re/insurance specialist Enstar Group Limited has announced the completion of its acquisition by investment firm Sixth Street for $338.00 in cash per ordinary share, representing a total equity value of $5.1 billion.

The acquisition was initially announced in July 2024, with Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors participating in the transaction.

Enstar shareholders approved the deal at the company’s Special General Meeting of Shareholders on November 6, 2024.

Dominic Silvester, CEO of Enstar, said, “This is a major moment for Enstar as we begin our next chapter as a private company.

“Together with Sixth Street, we will build on our position as a leading global (re)insurance group, delivering innovative solutions to our partners and maintaining our competitive advantage. I’d like to thank our employees, past and present, whose contributions have been instrumental to achieving this milestone.”

Michael Muscolino, Co-Founder and Partner at Sixth Street, added, “Enstar is a compelling company with a robust business model and an exceptional management team.

“We are thrilled to reach this milestone and look forward to partnering with Dominic and the rest of the Enstar team to help them execute on their existing strategy.”

Following the closing of the acquisition, Enstar notified The Nasdaq Stock Market, LLC (NASDAQ) of its intention to voluntarily withdraw its depositary shares from listing on NASDAQ and registration pursuant to Section 12(b) of the Securities Exchange Act of 1934.

Enstar expects to file a Form 25 Notification of Delisting with the Securities and Exchange Commission on or around July 14, 2025. The company does not plan to list or register the depositary shares on another national securities exchange or for quotation of the depositary shares in a quotation medium.

Goldman Sachs & Co. LLC acted as financial advisor to Enstar, with Paul, Weiss, Rifkind, Wharton & Garrison LLP and Hogan Lovells US LLP serving as legal advisors.

Ardea Partners LP, Barclays PLC, and J.P. Morgan Securities LLC acted as financial advisors to Sixth Street, while Simpson Thacher & Bartlett LLP, Debevoise & Plimpton LLP, and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisors.

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