Ambac Financial Group, the insurance holding company, has announced that its shareholders have voted to approve the proposed purchase agreement under which funds managed by Oaktree Capital Management LP will acquire its legacy financial guaranty businesses: Ambac Assurance Corporation and Ambac Assurance UK Limited.
The deal was first announced in June 2024, where we reported that Ambac had signed a definitive agreement to sell these businesses to Oaktree for $420 million in cash.
Based on the final vote count from a recently held Special Meeting, Ambac has received the requisite approval from holders of a majority of the total outstanding shares of its common stock as of the record date, with approximately 95% of the votes cast approving the sale proposal.
