Ambac, Oaktree extend stock purchase agreement for financial guarantee business

Ambac Financial (AMBC) Group announced the extension from July 3 to December 31 of the stock purchase agreement for the sale of its legacy financial guarantee businesses, Ambac Assurance Corporation and Ambac U.K. The sale is to funds managed by Oaktree Capital Management for $420M in cash. Both Ambac and Oaktree stated they remain fully committed to closing the transaction and are awaiting final regulatory approval from the Wisconsin Office of the Commissioner of Insurance.