ESGR - Enstar to buyback Hillhouse's stake for $879.3M; to acquire interest in Enhanzed

Enstar Group ([[ESGR]] +5.3%) is repurchasing Hillhouse Capital Management's equity stake in the company for about $879.3M, a discount to book value.The company is buying back 3,749,400 ordinary shares for $234.52 each from funds managed by Hillhouse.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 Hillhouse funds originally acquired Enstar shares in 2016 from Goldman Sachs and then acquired additional shares in an exchange transaction with Enstar in 2018.The transaction is expected to close around July 21, subject to conditions. In addition, Enstar's wholly owned subsidiary is acquiring a Hillhouse affiliate's entire 27.7% interest in Enhanzed Reinsurance Ltd. for an estimated purchase price of $228.7M.The purchase price is based on 90% of Enhanzed's  estimated total shareholders’ equity as of June 30. Following the purchase of Enhanzed shares from the Hillhouse affiliate, Enstar’s equity interest in the Bermuda-based reinsurer will

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Enstar to buyback Hillhouse's stake for $879.3M; to acquire interest in Enhanzed