Enstar Group Limited (Enstar) announced on June 10 that it agreed to a recapitalization of StarStone U.S. Holdings, Inc. (StarStone U.S.) led by SkyKnight Capital, L.P. (SkyKnight), Dragoneer Investment Group (Dragoneer) and Aquiline Capital Partners LLC (Aquiline). Ropes & Gray represented SkyKnight and Dragoneer on the transaction.
SkyKnight, Dragoneer and Aquiline committed $610 million in new equity capital which, together with the rollover of Enstar’s existing ownership, and an additional equity commitment of over $20 million from management, will increase the equity capitalization of StarStone U.S. to over $850 million. Enstar will receive a combination of cash consideration and shares in the recapitalized StarStone U.S, valued at a modest premium to book value. The recapitalization is expected to close in the second half of 2020 after obtaining customary regulatory approval.
The Ropes & Gray team advising SkyKnight and Dragoneer included asset management partner Sarah Davidoff, private capital transactions partners Howard Glazer and Thomas Holden, private capital transactions associates Elizabeth Rahn Gallucci, Jake Penniman, and Marc Migliazzo and asset management associate Kyung Paik.
Attorneys
Stay Up To Date with Ropes & Gray
Ropes & Gray attorneys provide timely analysis on legal developments, court decisions and changes in legislation and regulations.
Stay in the loop with all things Ropes & Gray, and find out more about our people, culture, initiatives and everything that’s happening.
We regularly notify our clients and contacts of significant legal developments, news, webinars and teleconferences that affect their industries.