M&A · Financials · Fire, Marine & Casualty Insurance
Sixth Street to acquire Enstar Group Ltd
Announced Jul 29, 2024 · Closed Jul 2, 2025
Deal value$5.10B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$338.00 per share
Transaction
- Acquirer
- Sixth Street
- Target
- Enstar Group Ltd (ESGR)
- Buyer type
- Private equity
- Offer price per share
- $338.00
- Enterprise value
- —
- Status
- Closed Jul 2, 2025
Deal protections
- Break fee (target pays)
- $145M · 2.8%
- Reverse fee (buyer pays)
- $265M · 5.2%
- Go-shop
- Go-shop
- Financing
- Committed · Barclays, Goldman Sachs
Advisors
- To the acquirer
- Ardea Partners, Barclays, JPMorgan
- To the target
- Goldman Sachs
Sector context · Financials
- Comparable deals
- 59 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 2.8% vs. 3.2% sector median
Timeline
- AnnouncedJul 29, 2024
- Proxy filedSep 4, 2024
- Definitive proxyOct 11, 2024
- Shareholder voteNov 6, 2024
- ClosedJul 2, 2025
Valuation · fairness opinions
Premiums paid$334.00$434.00
Offer $338.00
Implied value per Enstar Group Ltd share by analysis, from Goldman Sachs · DCF discount rate 7.5%–9.75%.