Form 4: Enstar Group Completes Acquisition by Sixth Street Partners, Shares Canceled at $338 Per Share

Enstar Group Limited has completed its previously announced merger with Sixth Street Partners, resulting in the cancellation of all ordinary shares for $338 cash per share.

Summary

• Enstar Group Limited completed its merger with Sixth Street Partners, LLC on July 2, 2025.
• The merger was pursuant to an Agreement and Plan of Merger dated July 29, 2024, by and among Elk Bidco Limited, Enstar Group Limited, and other parties.
• Each Ordinary Share of Enstar Group Limited was canceled and converted into the right to receive $338 in cash, without interest and less any applicable withholding taxes.
• Susan Lee Cross, a Director of Enstar Group Limited, reported the disposition of 1,929 Ordinary Shares at a price of $338 per share, resulting in 0 shares beneficially owned following the transaction.

Sentiment

Score: 7

Explanation: The sentiment is generally positive for shareholders who received a cash payout at a pre-agreed price, indicating a successful exit. However, it's neutral in terms of ongoing company performance as the company is now private.

Positives

• Shareholders received a cash consideration of $338 per share for their ordinary shares.
• The completion of the merger provides a definitive exit for shareholders at a pre-agreed price.

Negatives

• Enstar Group Limited's Ordinary Shares were canceled, meaning they are no longer publicly traded.
• Shareholders no longer have equity ownership in Enstar Group Limited.

Future Outlook

This Form 4 reports a completed transaction and does not provide forward-looking statements or guidance regarding the company's future operations, as it has been acquired and is no longer publicly traded.

Industry Context

The acquisition of a publicly traded insurance group like Enstar by a private equity firm such as Sixth Street Partners is consistent with a broader trend of private capital seeking opportunities in the insurance and financial services sectors, often driven by stable cash flows, asset management potential, and consolidation plays.

Comparison to Industry Standards

• The $338 per share merger consideration would need to be compared against the trading multiples (e.g., Price/Book, Price/Earnings) of comparable publicly traded insurance and reinsurance companies at the time of the merger agreement (July 29, 2024) to assess if the valuation was in line with or premium to industry standards.
• For example, comparisons could be made to companies like RenaissanceRe Holdings Ltd. (RNR), Everest Group, Ltd. (EG), or Arch Capital Group Ltd. (ACGL) in terms of their valuation metrics prior to their respective acquisition announcements or market valuations.
• The premium paid over Enstar's pre-announcement share price would also be a key metric for comparison against other public-to-private transactions in the financial services sector.

Stakeholder Impact

• Shareholders: Received a cash payout of $338 per share, ending their equity ownership in Enstar Group Limited.

Key Dates

Recommendation

Keywords

Enstar Group, ESGR, Sixth Street Partners, Merger, Acquisition, Share Cancellation, Form 4, SEC Filing, Private Equity, Insurance, Financial Services