Proposed Acquisition of Control of Ambac Assurance Corporation by American Acorn Corporation, and others

​​​​Last Updated: October 7, 2024

Information on the Acquisition of Control of Ambac Assurance Corporation by American Acorn Corporation, American Acorn Holdings LLC, Oaktree Opportunities Fund XII Holdings (Delaware), L.P., Oaktree Fund GP, LLC, Oaktree Fund GP I, LP, Oaktree Capital I GP, LLC, Oaktree Capital Holdings, LLC, Oaktree Capital Group Holdings, LP, Oaktree Capital Group Holdings GP, LLC, Bruce Karsh, Howard Marks, and Sheldon Stone

On June 28, 2024, Zachary Bemis, transaction counsel, submitted a Form A filing, in the matter of the acquisition of control of Ambac Assurance Corporation (Ambac, the “Domestic Insurer"), by American Acorn Corporation (American Acorn), American Acorn Holdings LLC, Oaktree Opportunities Fund XII Holdings (Delaware), L.P., Oaktree Fund GP, LLC, Oaktree Fund GP I, LP, Oaktree Capital I GP, LLC, Oaktree Capital Holdings, LLC, Oaktree Capital Group Holdings, LP, Oaktree Capital Group Holdings GP, LLC, Bruce Karsh, Howard Marks, and Sheldon Stone (together the “Applicants").  Pursuant to a stock purchase agreement between Ambac Financial Group, Inc. (AFG), Ambac's direct parent company, and American Acorn, all issued and outstanding shares of Ambac will be sold to American Acorn for $420,000,000, subject to adjustment as described in the purchase agreement.  At the same time, AFG will issue to American Acorn a warrant for a number of shares of common stock, par value $0.01, representing 9.9% of the fully diluted shares of AFG common stock as of March 31, 2024.​