---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-24-000131"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2024-06-05T23:59:59+00:00"
generated_at: "2026-06-01T06:24:45.316148+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000874501-24-000131
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2024-06-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/874501/000087450124000131/0000874501-24-000131-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450124000131/ambc-20240604.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-24-000131
- JSON: https://secwatch.observer/filing/0000874501-24-000131.json
- Plain text: https://secwatch.observer/filing/0000874501-24-000131.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.