An announcement from Ambac Financial (AMBC) is now available.
Ambac Financial Group, Inc. has struck a deal to sell all shares of its subsidiary Ambac Assurance Corporation to American Acorn Corporation for $420 million in cash, subject to customary closing conditions and shareholder approval. They’ve made mutual commitments to work towards a swift closing, including obtaining necessary regulatory and governmental approvals. Additionally, the agreement outlines a non-solicitation clause, termination rights, and a termination fee structure. The deal is part of a strategic move that includes the company also entering into a separate agreement to acquire approximately 60% of Beat Capital Partners Limited. This multifaceted transaction showcases Ambac’s active repositioning within the financial markets.
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