Enstar Ventures Private with Sixth Street’s $5.1 Billion Acquisition
Deal News | Jul 02, 2025 | EIN
Sixth Street, a private equity firm based in San Francisco, has finalized its acquisition of Bermuda legacy specialist Enstar Group for $5.1 billion. As a result of this acquisition, Enstar’s ordinary shares have ceased public trading, and it has become a privately held entity. The transaction included contributions from Liberty Strategic Capital, led by former Treasury Secretary Steven Mnuchin, alongside J.C. Flowers and other institutional investors. Dominic Silvester, CEO of Enstar, declared the deal a significant milestone that positions the company to enhance its standing as a global re/insurance group. Sixth Street’s Michael Muscolino highlighted the robust nature of Enstar's business model, expressing excitement to support Enstar in executing its strategy. Notable advisors included Goldman Sachs for Enstar, with legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison LLP and Hogan Lovells US LLP. Sixth Street was advised financially by Ardea Partners, Barclays, and J.P. Morgan Securities LLC, while legal counsel was provided by Simpson Thacher & Bartlett LLP, Debevoise & Plimpton LLP, and Cleary Gottlieb Steen & Hamilton LLP. Enstar shareholders were compensated with $338.00 per share, summing up to a total equity value of $5.1 billion. The deal was first announced on July 29, 2024, and approved on November 6, 2024.
Sectors
- Private Equity
- Insurance
- Legal Advisory
- Financial Advisory
Geography
- United States – Sixth Street, the acquiring private equity firm, is based in San Francisco, indicating a geographical focus on the U.S.
- Bermuda – Enstar Group, the company acquired, is described as a Bermuda legacy specialist, highlighting Bermuda's relevance.
Industry
- Private Equity – The article details the involvement of Sixth Street, a private equity firm, acquiring Enstar Group, marking a significant transaction within the private equity sector.
- Insurance – Enstar Group operates as a re/insurance group, making the insurance industry relevant in the context of its acquisition by Sixth Street.
- Legal Advisory – The article mentions the involvement of several legal advisory firms like Hogan Lovells US LLP, which played a crucial role in the acquisition process.
- Financial Advisory – Various financial advisory companies, such as Goldman Sachs & Co. LLC, were involved in facilitating the acquisition transaction.
Financials
- $5.1 billion – The amount paid by Sixth Street to acquire Enstar Group.
- $338.00 per share – The cash compensation received by each Enstar shareholder.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enstar Group | Target | Company | A Bermuda-based legacy specialist operating in the insurance sector. |
| Sixth Street | Buyer | Company | A San Francisco-based private equity firm that acquired Enstar Group. |
| Liberty Strategic Capital | Investor | Company | A private equity company led by Steven Mnuchin that participated in the acquisition. |
| J.C. Flowers & Co. | Investor | Company | An institutional investor involved in the acquisition of Enstar Group. |
| Goldman Sachs & Co. LLC | Financial Advisor | Company | Acted as financial adviser to Enstar during the acquisition. |
| Paul, Weiss, Rifkind, Wharton & Garrison LLP | Legal Advisor | Company | One of the legal advisors to Enstar Group. |
| Hogan Lovells US LLP | Legal Advisor | Company | Another legal advisor to Enstar. |
| Ardea Partners LP | Financial Advisor | Company | Financial advisor to Sixth Street for the acquisition. |
| Barclays PLC | Financial Advisor | Company | Provided financial advisory services to Sixth Street. |
| J.P. Morgan Securities LLC | Financial Advisor | Company | Participated as a financial advisor to Sixth Street. |
| Simpson Thacher & Bartlett LLP | Legal Advisor | Company | Provided legal advisory services to Sixth Street. |
| Debevoise & Plimpton LLP | Legal Advisor | Company | Supported Sixth Street with legal advice. |
| Cleary Gottlieb Steen & Hamilton LLP | Legal Advisor | Company | Provided legal services to Sixth Street. |
| Dominic Silvester | CEO | Person | Chief Executive Officer of Enstar Group. |
| Michael Muscolino | Co-Founder and Partner | Person | Co-founder and partner at Sixth Street, commented on the acquisition. |