Ambac Financial Group Inc. and Oaktree Capital Management LP announced Thursday they have extended their stock purchase agreement deadline from July 3, 2025, to Dec. 31, 2025, for the sale of Ambac’s legacy financial guarantee businesses.
The transaction involves Oaktree’s acquisition of Ambac Assurance Corporation and Ambac UK for $420 million in cash. According to a news release, the deal awaits final regulatory approval from the Wisconsin Office of the Commissioner of Insurance.
“We continue to await final regulatory approval for this strategic transaction and remain aligned with Oaktree and confident in completing the sale,” said Claude LeBlanc, president and CEO of Ambac. “This transaction remains the capstone to our transformation into a pure-play specialty P&C insurance platform, and we look forward to closing it as soon as practicable.”
Oaktree managing director Greg Share said the firm remains committed to obtaining regulatory approval. “Oaktree has been actively working towards, and is committed to, obtaining the final regulatory approval from the OCI to close on the acquisition of AAC and AUK,” Share said. “We look forward to closing this transaction once such approval is received.”
The extension comes as both companies work through remaining regulatory requirements. Oaktree said it continues coordination with Wisconsin insurance regulators to satisfy closing conditions and secure final approval for the acquisition.
As part of the amended agreement, Ambac and Oaktree established a conversion right for the warrant to purchase Ambac common stock that Oaktree will receive at closing. The companies also agreed to arrangements regarding Ambac’s existing lease obligations and treatment of certain expenses allocated to AAC before the transaction closes.
Ambac, headquartered in New York City, operates as an insurance holding company with a specialty property and casualty distribution and underwriting platform. The company’s common stock trades on the New York Stock Exchange under the symbol AMBC.
Oaktree manages $203 billion in assets as of March 31, 2025, specializing in alternative investments with a focus on credit, equity, and real estate. The firm employs more than 1,200 people across 25 cities worldwide.
Ambac plans to file a Current Report on Form 8-K with the Securities and Exchange Commission detailing the full amendment terms.
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