Enstar completes $5.1bn acquisition by Sixth Street
Deal News | Jul 02, 2025 | Re-Insurance News
Global legacy re/insurance specialist Enstar Group Limited has been acquired by investment firm Sixth Street for a total equity value of $5.1 billion, equivalent to $338.00 per ordinary share in cash. The acquisition was announced initially in July 2024 with the participation of Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other institutional investors. The Special General Meeting of Enstar shareholders approved the deal on November 6, 2024. Enstar will now operate as a private company, and it plans to delist its depositary shares from NASDAQ. The deal was supported by financial advisors Goldman Sachs & Co. LLC for Enstar, and Ardea Partners LP, Barclays PLC, and J.P. Morgan Securities LLC for Sixth Street. The legal landscape was navigated by Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Hogan Lovells US LLP for Enstar and Simpson Thacher & Bartlett LLP, Debevoise & Plimpton LLP, and Cleary Gottlieb Steen & Hamilton LLP for Sixth Street.
Sectors
- Insurance
- Private Equity
Geography
- Global – Enstar is a global re/insurance group, and Sixth Street is an investment firm with international reach, indicating the global scope of this transaction.
Industry
- Insurance – Enstar Group is a global legacy re/insurance specialist and operates within the insurance industry.
- Private Equity – Sixth Street is an investment firm engaged in the acquisition of Enstar, an example of private equity involvement.
Financials
- $5.1 billion – Total equity value of the acquisition of Enstar by Sixth Street.
- $338.00 per ordinary share – Cash paid per ordinary share in the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enstar Group Limited | Target Company | Company | A global legacy re/insurance specialist. |
| Sixth Street | Buying Company | Company | An investment firm acquiring Enstar for $5.1 billion. |
| Liberty Strategic Capital | Investor | Company | An institutional investor participating in the acquisition. |
| J.C. Flowers & Co. LLC | Investor | Company | An institutional investor participating in the acquisition. |
| Goldman Sachs & Co. LLC | Financial Advisor to Enstar | Company | Provided financial advisory services to Enstar for the transaction. |
| Paul, Weiss, Rifkind, Wharton & Garrison LLP | Legal Advisor to Enstar | Company | Served as legal advisors to Enstar. |
| Hogan Lovells US LLP | Legal Advisor to Enstar | Company | Served as legal advisors to Enstar. |
| Ardea Partners LP | Financial Advisor to Sixth Street | Company | Provided financial advisory services to Sixth Street for the transaction. |
| Barclays PLC | Financial Advisor to Sixth Street | Company | Provided financial advisory services to Sixth Street for the transaction. |
| J.P. Morgan Securities LLC | Financial Advisor to Sixth Street | Company | Provided financial advisory services to Sixth Street for the transaction. |
| Simpson Thacher & Bartlett LLP | Legal Advisor to Sixth Street | Company | Served as legal advisors to Sixth Street. |
| Debevoise & Plimpton LLP | Legal Advisor to Sixth Street | Company | Served as legal advisors to Sixth Street. |
| Cleary Gottlieb Steen & Hamilton LLP | Legal Advisor to Sixth Street | Company | Served as legal advisors to Sixth Street. |