Sixth Street’s $5.1 Billion Enstar Buy Guided by Big Law Firms

Five Big Law firms steered investment firm Sixth Street’s acquisition of Enstar, a deal to take the insurance company private for $5.1 billion.

Paul Weiss, Rifkind, Wharton & Garrison and Hogan Lovells guided Bermuda-based Enstar in the transaction. Simpson Thacher & Bartlett, Debevoise & Plimpton, and Cleary Gottlieb Steen & Hamilton advised Sixth Street.

Former US Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital and J.C. Flowers & Co. are also participating in the deal.

The Paul Weiss team is led by corporate partners Krishna Veeraraghavan and Benjamin Goodchild. The Simpson Thacher team is led by New York-based partners Katherine Krause, Elizabeth Cooper, and Louis Argentieri.

Debevoise insurance M&A partner Marilyn Lion leads the firm’s group working on the deal.

Cleary’s team is led by partners Mike James, Liza Lenas, John Kupiec on the co-investment and partner Susanna Parker on tax.

Several leading firms also advised on another major private equity deal in the insurance space earlier this year.

In February, Truist Financial Corp. announced the sale of a majority stake of its insurance business to a consortium of buyers led by private equity firms Stone Point Capital and Clayton Dubilier & Rice. Six Big Law firms—including Simpson Thacher, Paul Weiss, and Debevoise—advised on the deal, which valued Truist at $15.5 billion.