Ambac Financial Group has secured shareholder approval for its agreement to sell its legacy financial guaranty businesses, including Ambac Assurance Corporation, to funds managed by Oaktree Capital Management for $420 million in cash. The decision was overwhelmingly supported, with about 95% of the votes in favor during a recent Special Meeting of shareholders. The transaction is anticipated to close in either the fourth quarter of 2024 or the first quarter of 2025, pending regulatory approvals in the United States and the United Kingdom. Ambac aims to utilize this transition to shift its focus toward becoming a specialty property and casualty insurance platform.
