07:22 AM EDT, 06/05/2024 (MT Newswires) -- Ambac Financial Group ( AMBC ) said Wednesday it has signed a definitive agreement to acquire a 60% controlling stake in London-based insurance underwriting and managing general agency incubation platform Beat Capital Partners Limited, for about $282 million.

Up to $40 million of the consideration will be paid in shares of Ambac common stock, while the remainder will be paid in cash.

Ambac expects to finance the transaction from available cash and committed financing. The acquisition is expected to close in Q3.

Beat's management team and Bain Capital will retain an equity stake of about 20% each in the company.

The company's share price was up nearly 5% in recent Wednesday pre-market activity.

Price: 18.01, Change: +0.78, Percent Change: +4.53