Enstar Completes Transition to Private Ownership under Sixth Street for $5.1 Billion
Deal News | Jul 02, 2025 | Sixth Street Partners
Enstar Group Limited has completed its transition from a public to a private company following its acquisition by investment vehicles managed by Sixth Street, securing a deal valued at $5.1 billion. The acquisition price of $338.00 per share in cash highlights Enstar's strategic importance and promise as a frontrunning global insurance entity. The move aligns with Enstar’s objectives to strengthen its market position while providing a platform for continued innovation in delivering insurance solutions. Sixth Street, alongside Liberty Strategic Capital, J.C. Flowers & Co. LLC, and other significant investors, facilitated this milestone transaction, affirming Enstar’s management and strategic direction. Post-acquisition, Enstar anticipates a delisting from NASDAQ and will continue its operations privately, with the guidance of major advisory firms like Goldman Sachs, Paul Weiss, and Hogan Lovells. This strategic shift poses various forward-looking considerations including the potential risks related to preferred shares and market engagements.
Sectors
- Insurance
- Private Equity
- Finance
- Legal Services
Geography
- Bermuda – The primary location of Enstar Group's operations, reinforcing the country’s role as a hub for insurance and financial services.
- United States – With major advisors and part of the participating investment entities based here, it showcases significant involvement from the U.S. financial sector in the transaction.
- Global – Enstar and Sixth Street operate on a global scale, with operations and a strategic presence across numerous international markets.
Industry
- Insurance – Enstar Group is a global insurance company, offering innovative solutions and actively engaging in legacy acquisitions within the insurance sector.
- Private Equity – Sixth Street, a leading investment firm in the private equity sector, spearheaded the acquisition, showcasing the firm's influence in strategic buyouts and management of portfolio companies.
- Finance – Involvement of financial advisors like Goldman Sachs underscores the sector's importance, with key financial services firms facilitating complex transactions.
- Legal Services – Legal advisory roles played by firms such as Paul Weiss and Hogan Lovells highlight the critical intersection of legal expertise in complex financial transactions.
Financials
- $338.00 – Acquisition price per ordinary share in cash.
- $5.1 billion – Total equity value of the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enstar Group Limited | Target Company | Companies | A global insurance group headquartered in Bermuda, transitioning to a private company post-acquisition. |
| Sixth Street Partners | Buyer | Companies | A global investment firm leading the acquisition, managing the transaction through its affiliates. |
| Liberty Strategic Capital | Investor | Companies | An institutional investor participating alongside Sixth Street in the acquisition. |
| J.C. Flowers & Co. LLC | Investor | Companies | Another institutional investor involved in the acquisition process. |
| Goldman Sachs & Co. LLC | Financial Advisor | Companies | Financial advisor to Enstar for the acquisition. |
| Paul, Weiss, Rifkind, Wharton & Garrison LLP | Legal Advisor | Companies | One of the legal advisors for Enstar during the transaction. |
| Hogan Lovells US LLP | Legal Advisor | Companies | Legal advisor involved in advising Enstar. |
| Ardea Partners LP | Financial Advisor | Companies | One of the financial advisors to Sixth Street. |
| Barclays PLC | Financial Advisor | Companies | Financial advisor assisting Sixth Street in the transaction. |
| J.P. Morgan Securities LLC | Financial Advisor | Companies | Served as a financial advisor to Sixth Street. |
| Simpson Thacher & Bartlett LLP | Legal Advisor | Companies | Legal advisor to Sixth Street during the acquisition. |
| Debevoise & Plimpton LLP | Legal Advisor | Companies | Part of the legal team advising Sixth Street. |
| Cleary Gottlieb Steen & Hamilton LLP | Legal Advisor | Companies | Legal advisor for Sixth Street in the acquisition process. |
| Dominic Silvester | Chief Executive Officer | People | CEO of Enstar Group, expressing optimism for the company’s future as a private entity. |
| Michael Muscolino | Co-Founder and Partner | People | Co-Founder and Partner at Sixth Street, leading the investment vehicle for the acquisition. |