Ambac provides update on sale of its legacy financial guarantee business

Ambac Financial (AMBC) reports that it has met all of its necessary pre-closing conditions under the purchase agreement for the sale of Ambac Assurance Corporation and Ambac UK to funds managed by Oaktree Capital Management. Oaktree continues to pursue the final outstanding regulatory approval, which is expected to be received in the second quarter. As a result, consistent with the terms of the purchase agreement, the term of the purchase agreement has been automatically extended from April 4, 2025, to July 3, 2025. “The regulatory review process between Oaktree and the regulator continues to progress,” Ambac President and Chief Executive Officer Claude LeBlanc said. “Ambac is prepared to close the sale as soon as possible upon receipt of the final outstanding regulatory approval.”