Ambac closes acquisition of 60% of Beat Capital for $277.9M

OCTAVE SPECIALTY GROUP INC

Total consideration ~$277.9M: $248.6M cash plus 2,216,023 shares of AMBC common stock.
Beat's FY2023 continuing ops turnover £46.2M, profit before tax £14.5M (UK GAAP).
Beat net assets at Dec 31, 2023: £21.1M; paid £8M dividends in FY2023.
Beat launched two new businesses in 2024: credit insurance and accident & health insurance.

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