By Mia MacGregor
April 7 - (The Insurer) - Ambac Financial Group has satisfied all required pre-closing conditions for the sale of its legacy financial guarantee business to funds managed by Oaktree Capital Management and has extended the deal timeline by three months pending final regulatory approval.
Oaktree is expected to receive approval to buy Ambac Assurance Corporation and Ambac UK in the second quarter of 2025, according to Ambac.
As a result, the term of the purchase agreement has been automatically extended from April 4 to July 3, 2025.
“The regulatory review process between Oaktree and the regulator continues to progress. Ambac is prepared to close the sale as soon as possible upon receipt of the final outstanding regulatory approval,” said Claude LeBlanc, president and CEO of Ambac.
Earlier this year, Ambac's share price dropped more than 20% following a fourth-quarter adjusted net loss of $1.1 million, despite LeBlanc stating that the broader excess and surplus market was “performing well”.
The quarterly result included a $570 million loss tied to the sale of the legacy financial guarantee business to Oaktree, a transaction Ambac described as “pivotal for positioning the company for long-term growth”.
The sale was approved by Ambac’s shareholders in October 2024.
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