Ambac Financial Group (AMBC) said Monday it has met all of the necessary pre-closing conditions for the sale of its legacy financial guarantee business, Ambac Assurance Corporation and Ambac UK, to funds managed by Oaktree Capital Management.
The purchase agreement term has been extended to July 3 from April 4, Ambac said.
The final regulatory approval is expected in Q2, according to Ambac. CEO Claude LeBlanc said the company is ready to finalize the sale as soon as it receives final outstanding regulatory approval.
Ambac announced the divestment of the business in June 2024 for a consideration of $420 million in cash. Oaktree will also receive warrants to acquire up to 9.9% of Ambac common stock at a strike price of $18.50, according to an earlier statement.
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