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Sixth Street, the San Francisco-based private equity firm, has completed its $5.1 billion acquisition of Bermuda legacy specialist Enstar Group.

Enstar’s ordinary shares will no longer be listed publicly, and Enstar will continue operations as a privately held, standalone company, operating under the Enstar name.

Liberty Strategic Capital (a private equity company led by former Treasury Secretary Steven Mnuchin), J.C. Flowers and other institutional investors also participated in the deal.

“This is a major moment for Enstar as we begin our next chapter as a private company,” said Dominic Silvester, chief executive officer of Enstar, in a statement.

“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,” Silvester added.

“Enstar is a compelling company with a robust business model and an exceptional management team,” said Michael Muscolino, co-founder and partner at Sixth Street. “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.”

The transaction was first was announced on July 29, 2024, and approved by Enstar shareholders at the company’s special general meeting of shareholders on Nov. 6, 2024. Enstar shareholders received a total of $338.00 per share in cash, representing a total equity value of $5.1 billion.

Goldman Sachs & Co. LLC acted as financial adviser to Enstar and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Hogan Lovells US LLP acted as legal advisers. Ardea Partners LP, Barclays PLC and J.P. Morgan Securities LLC acted as financial advisers to Sixth Street and Simpson Thacher & Bartlett LLP, Debevoise & Plimpton LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisers.

Topics Mergers & Acquisitions