Ambac updates timing of legacy financial guarantee business sale to Oaktree
Ambac Financial Group, Inc., an insurance holding company, has provided an update on the timing of the sale of its legacy financial guarantee businesses to funds managed by Oaktree Capital Management, L.P., and on the extension of the maturity date of its outstanding credit facility.
The $420 million cash sale of Ambac Assurance Corporation and Ambac Assurance UK Limited to Oaktree was initially announced in June 2024.
In April 2025, Ambac announced that it had met all necessary pre-closing conditions under the purchase agreement.
The regulatory review process for the sale is nearing completion, with a hearing expected to take place in the third quarter.
Claude LeBlanc, President and CEO of Ambac, said, “Although the transaction has exceeded the anticipated timelines, we remain actively engaged with Oaktree in efforts to close the transaction as soon as possible.”
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To maintain financial flexibility during the transitional period, Ambac amended its $150 million credit facility with UBS, extending the maturity date to December 31, 2025.
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