08:01 AM EDT, 07/29/2024 (MT Newswires) -- Enstar Group ( ESGR ) said Monday it has signed a definitive merger agreement under which Sixth Street and other institutional investors will acquire the insurance group for a total equity value of $5.1 billion.

Enstar ( ESGR ) shareholders will receive $338 in cash per share in the transaction, which is expected to close by mid-2025, subject to its shareholder approval, the company said.

The deal includes a 35-day "go-shop" period through Sept. 2, for Enstar's ( ESGR ) board and advisers to obtain alternative acquisition proposals from third parties.

On completion, Enstar ( ESGR ) said it will become a private company and continue to operate under the same name while retaining its existing operations and business strategy.

Enstar ( ESGR ) shares were down 5.5% at $329 in premarket trading.

Price: 334.49, Change: -13.82, Percent Change: -3.97