Ambac to sell AAC to Oaktree for $420M cash; acquire 60% of Beat Capital for ~£222M

OCTAVE SPECIALTY GROUP INC

Sells Ambac Assurance (AAC) to Oaktree for $420M cash; Oaktree gets warrant for 9.9% of AMBC shares at $18.50.
Acquires ~60% of Beat Capital Partners for £221.6M plus £22.5K/day from Dec 31, 2023 to close; up to $40M paid in stock.
Beat management and Bain Capital each retain ~20% post-closing; Ambac enters shareholder agreement with put/call options from 2026.
Beat purchase funded via available cash, AAC proceeds (repaid at AAC close), and a $150M senior secured bridge loan from UBS.
AAC sale requires shareholder vote; both deals subject to regulatory approvals with end date of April 4, 2025 for AAC sale.

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