Ambac Financial Group Advances Toward Completion of AAC and AUK Sale to Oaktree

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Ambac Financial Group Progresses on Sale of Ambac Assurance Corporation

Ambac Financial Group, Inc., a prominent insurance holding company, is on the verge of closing the sale of its subsidiaries, Ambac Assurance Corporation (AAC) and Ambac UK (AUK), to funds managed by Oaktree Capital Management, L.P.

This strategic transaction, valued at $420 million in cash, was initially revealed in June 2024 when Ambac formalized its agreement with Oaktree. The deal also includes an offer of warrants to Oaktree, granting them the option to acquire up to 9.9% of Ambac’s common stock at an exercise price of $18.50.

Currently, Oaktree is actively working to secure the last remaining regulatory approval, anticipated to be finalized in the second quarter. In accordance with the agreement’s provisions, the transaction deadline has been automatically extended from April 4, 2025, to July 3, 2025.

Claude LeBlanc, the President and CEO of Ambac, stated, “The regulatory review process between Oaktree and the regulator is progressing well. Ambac is ready to conclude the sale promptly upon obtaining the final regulatory approval.”