Sixth Street to buy insurer Enstar in $5.1bn deal

Global insurance group Enstar said on Monday that it has agreed to be bought by investment firm Sixth Street in a $5.1bn deal.

Liberty Strategic Capital, JC Flowers & Co and other institutional investors have also agreed to participate in the deal, which will see Enstar shareholders receive $338 per share in cash.

Following the close of the transaction, Enstar will maintain its current operations and business strategy.

The company’s chief executive, Dominic Silvester, said: "Over the past 30 years, Enstar has built a strong position in the legacy market founded on our exceptional scale and track record, pricing and claims expertise, and entrepreneurial culture.

"This transaction provides a full liquidity event for shareholders and is a testament to the strength of our team. We believe this is the best next step for our shareholders and we look forward to this exciting new chapter."

Nasdaq-listed Enstar has a network of group companies in Bermuda, the US, the UK, Continental Europe, Australia and other international locations.

It has acquired more than 117 companies and portfolios since its formation in 2001.