Enstar Announces Two Transactions with Hillhouse
Jul 15, 2021
Strategic Repurchase of Hillhouse Funds’ Equity Stake in Enstar
Acquisition of Hillhouse Affiliate’s Interest in Enhanzed Re
On the same day, Enstar’s wholly owned subsidiary agreed to purchase a Hillhouse affiliate’s entire 27.7% interest in
After the purchase of the Enhanzed Re shares from the Hillhouse affiliate, Enstar’s equity interest in the
Enstar intends to fund the purchases under both the agreements using cash on hand and liquidity available under its revolving credit facility. Enstar’s previously announced share buyback program has been terminated.
The Hillhouse funds originally acquired Enstar shares in 2016 from Goldman Sachs, acquiring additional shares in an exchange transaction with Enstar in 2018.
Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in
About Enhanzed Re
Enhanzed Re is a
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. In particular, the parties may not be able to complete the purchases described above due to the failure of the closing conditions being satisfied or for other reasons. Important risk factors regarding Enstar can be found under the heading "Risk Factors" in Enstar’s Form 10-K for the year ended
Contact: Group Communications
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Source: Enstar Group Limited