BUZZ-Insurer Ambac slides on sale of legacy financial guarantee business
Reuters · 06/05 16:24
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** Shares of specialty property and casualty insurer Ambac Financial Group AMBC.N fall as much as 19.3%, last down 18.7% at $14
** AMBC to sell its legacy financial guarantee businesses to funds managed by asset manager Oaktree Capital for $420 mln
** Deal value may be less than what some investors hoped, Roth MKM analyst Harry Fong says
** There were likely only a few potential buyers, Fong adds
** Transaction expected to close in Q4 2024 or Q1 2025
** As of last close, AMBC shares were up 4.6% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
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