secwatch.observer — SEC 8-K summary
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Issuer:     OCTAVE SPECIALTY GROUP INC (OSG)
CIK:        0000874501
Form:       8-K
Filed at:   2024-06-05T23:59:59+00:00
Accession:  0000874501-24-000131
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/874501/000087450124000131/0000874501-24-000131-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/874501/000087450124000131/ambc-20240604.htm
  HTML page:      https://secwatch.observer/filing/0000874501-24-000131

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