Enstar Group’s Depositary Shares Offering

Cravath represented the underwriters, led by Wells Fargo Securities, Morgan Stanley, J.P. Morgan Securities, Barclays and HSBC, in connection with the $400 million offering of depositary shares representing preferred stock of Enstar Group Limited. Enstar Group acquires and manages insurance and reinsurance companies in run-off and provides management, consulting and other services to the insurance and reinsurance industry. The shares were listed on the NASDAQ Global Select Market. The transaction closed on June 27, 2018.

The Cravath team included partner Andrew J. Pitts and associates James Ding and Diane K. Mokoro on securities matters, and associates Arvind Ravichandran and Andrew L. Mandelbaum on tax matters. Summer associate Bethany Clarke also worked on this matter.