Ambac Financial to acquire majority stake in Beat Capital Partners for $282M

Ambac Financial Group has signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited, a London-based insurance underwriting and managing general agency incubation platform, for approximately $282M, up to $40M of which will be paid in shares of Ambac common stock. The remainder will be paid in cash and is subject to closing adjustments. The transaction is expected to close in the third quarter of 2024, subject to regulatory approvals. The transaction will be financed from available cash and committed financing.