Sixth Street Finalizes $5.1 Billion Enstar Acquisition
Sixth Street, a global investment powerhouse, has officially closed its acquisition of Enstar Group Limited, a leading player in the legacy re/insurance sector. The all-cash deal, completed on July 2, 2025, is valued at approximately $5.1 billion, with each Enstar share purchased at $338.00.
Originally announced in July 2024, the transaction was backed by major institutional investors, including Liberty Strategic Capital and J.C. Flowers & Co. LLC. Shareholder approval was secured during Enstar’s Special General Meeting held on November 6, 2024, paving the way for the legacy reinsurer to transition into private ownership.
Sixth Street Empowers Enstar’s Transition to Private Company
Following the acquisition, Enstar CEO Dominic Silvester emphasized the transformative nature of the deal, describing it as a pivotal point in the company’s journey.
“This is a milestone for Enstar as we mark this new chapter in the company’s history as a private business,” Silvester said. “With Sixth Street, we will further enhance our leadership position as an international (re)insurance group, delivering innovative solutions to our partners and continuing to deliver competitive advantage.”
He credited Enstar’s employees—past and present—for their enduring commitment and excellence, attributing the successful acquisition to their dedication and resilience.
Sixth Street’s Strategic Interest in Re/Insurance Legacy Markets
For Sixth Street, the acquisition marks a deliberate entry into the legacy insurance and reinsurance domain. The investment firm identified Enstar as an ideal partner due to its proven track record, diverse portfolio, and seasoned management team.
Michael Muscolino, Co-Founder and Partner at Sixth Street, remarked:
“Enstar is an excellent business with an excellent model and an excellent management team. We are looking forward to reaching this milestone and joining Dominic and the rest of the team to help them implement their current strategy.”
The transaction aligns with Sixth Street’s investment philosophy of deploying long-term, flexible capital in high-performing sectors, including insurance, financial services, and asset management.
Sixth Street Facilitates Enstar’s Delisting from Nasdaq
As part of its move to private ownership, Enstar notified Nasdaq of its intention to voluntarily delist its depositary shares under Section 12(b) of the Securities Exchange Act of 1934. The filing of Form 25 with the Securities and Exchange Commission (SEC) is scheduled for around July 14, 2025.
The company has made it clear that it will not seek listing on another national securities exchange nor pursue quotation in any public trading market. This delisting enables Enstar to focus on operational agility without the compliance burdens of public company status.
Sixth Street’s Acquisition Backed by Leading Advisors
The high-profile nature of the Enstar–Sixth Street deal brought together top-tier financial and legal advisors on both sides.
Advisors to Enstar:
Financial Advisor: Goldman Sachs & Co. LLC
Legal Counsel:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Hogan Lovells US LLP
Advisors to Sixth Street:
Financial Advisors:
Ardea Partners LP
Barclays PLC
J.P. Morgan Securities LLC
Legal Advisors:
Simpson Thacher & Bartlett LLP
Debevoise & Plimpton LLP
Cleary Gottlieb Steen & Hamilton LLP
The involvement of such elite firms underscores the scale, complexity, and strategic significance of this high-value transaction.
Sixth Street Bolsters Enstar’s Strategic Flexibility
This acquisition is a major development in the global re/insurance legacy sector, where companies like Enstar specialize in acquiring and managing discontinued or run-off portfolios. Enstar has long maintained a leading position in this space, offering capital efficiency and claims resolution expertise.
Under private ownership with Sixth Street, Enstar is expected to benefit from greater freedom to pursue large-scale deals, invest in innovation, and expand into new and emerging markets without public-market restrictions. The move provides the agility needed to accelerate growth and navigate evolving risk landscapes more effectively.
Sixth Street Ushers in a Forward-Looking Future for Enstar
Now under Sixth Street’s ownership, Enstar begins a promising new chapter, backed by deep financial resources and a strategic partner committed to long-term value creation. The deal not only validates Enstar’s operating model but also highlights sustained investor interest in insurance-linked opportunities.
As the re/insurance industry continues to evolve, the market will closely watch how Enstar leverages its new private status to drive innovation, portfolio growth, and global expansion. With Sixth Street’s capital and strategic insight, the future looks resilient and opportunity-rich for one of the industry’s most respected legacy re/insurance firms.
