HAMILTON, Bermuda, July 15, 2021 (GLOBE NEWSWIRE) — Enstar Group Limited (NASDAQ: ESGR) announced today that it has entered into an agreement to repurchase an aggregate of 3,749,400 ordinary shares of Enstar held by funds managed by Hillhouse Group (“Hillhouse”) for a price of $234.52 per share, totaling $879.3 million in aggregate, a discount to book value. The shares represent the Hillhouse funds’ entire interest in Enstar, which constitutes 16.9% of total ordinary shares and 9.4% of voting ordinary shares. The transaction is expected to close on or about July 21, 2021, subject to satisfaction of customary closing conditions.
On the same day, Enstar’s wholly owned subsidiary agreed to purchase a Hillhouse affiliate’s entire 27.7% interest in Enhanzed Reinsurance Ltd. (“Enhanzed Re”) for an estimated purchase price of $228.7 million. The purchase price is based on 90% of Enhanzed Re’s estimated total shareholders’ equity as of June 30, 2021 and is subject to adjustment to reflect the finalization of the Enhanzed Re balance sheet as of such date.
