Kirkland Advises Oaktree on $420 Million Acquisition of Ambac’s Legacy Financial Guarantee Business

Kirkland & Ellis is advising Oaktree Capital Management, L.P. on the $420 million acquisition of Ambac Financial Group, Inc.’s (NYSE: AMBC) legacy financial guarantee insurance businesses, Ambac Assurance Corporation and Ambac UK. Oaktree will also receive warrants to acquire up to 9.9% of Ambac common stock at a strike price of $18.50. The transaction’s closing is subject to customary conditions, including regulatory approvals in the U.S. and U.K. and approval by Ambac’s shareholders, and is expected to take place in the fourth quarter of 2024 or first quarter of 2025.

Read the transaction press release

The Kirkland team was led by corporate partners Rajab Abbassi, Hamed Meshki and Kimberly Meng Han and associates Spencer Brass, Tammy Adereti, Joanne Moon and Jorge Arias; capital markets partners Rachel Sheridan, Shagufa Hossain and Anthony Sanderson and associate Aaron Simons; executive compensation partner Jack Stratton and associate Ambra Casonato; technology & IP transactions partner Matt Lovell and associate Justin Garfinkle; regulatory partners Parimah Hassouri and Daniel Fallon; tax partners Mike Beinus, Vivek Ratnam and Jake Jung; litigation partners Josh Greenblatt and Amal El Bakhar and associate Mary Guyer; employee benefits partners Matthew Antinossi; employment & labor partner Mari Stonebraker; and debt finance partners Katrina Levy and David Nemecek.