OCTAVE SPECIALTY GROUP INC (OSG): M&A transaction — Ambac completes $278M acquisition of 60% stake in Beat Capital Partners; P&C platform doubles

OCTAVE SPECIALTY GROUP INC

Total consideration of ~$277.9M: $248.6M cash plus 2,216,023 shares of AMBC common stock.
Deal doubles P&C operation; expected to produce ~$1.4B annualized premiums for 2024.
Beat's London-based MGA incubation platform adds 16 MGAs to Cirrata Group; existing management continues under Chairman John Cavanagh.
Financed via $150M term loan facility (matures July 31, 2025) with SOFR+4.5% margin, stepping up to 7.5% by May 2025.
Rollover shareholders (Bain Capital and management) receive put/call options starting March 2026 for up to 25% of shares annually.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

OCTAVE SPECIALTY GROUP INC completed an acquisition involving Beat for approximately $277.9 million (closed 2024-08-01).

Action: acquisition
Counterparty: Beat
Consideration: approximately $277.9 million
Closing: 2024-08-01

Exact text from the filing

On August 1, 2024 (the "Closing Date") , the Company completed its previously announced acquisition of Beat pursuant to a share purchase agreement (the “ Beat Purchase Agreement ”), by and among the Company, the Purchaser, certain sellers set forth therein (the “ Sellers ”) and Beat, pursuant to which, and upon the terms and subject to the conditions set forth therein, effective July 31, 2024, the Purchaser purchased from the Sellers approximately 60% of the entire issued share capital of Beat; the total consideration as of the Closing Date was approximately $277.9 million, of which approximately $248.6 million was paid in cash and the remainder was satisfied through the issuance of 2,216,023 shares of Company Common Stock (the “ Beat Transaction ”).

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4 m&a transactions filed in the last 30 days. Browse all m&a transactions →

OCTAVE SPECIALTY GROUP INC filing history →

Source: SEC EDGAR

accession 0000874501-24-000166

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