Bermudian-based Enstar Group Ltd has announced the expiration of the 35-day “go-shop” period as provided for in the definitive merger agreement that will see Sixth Street, the global investment firm, acquire Enstar for $5.1 billion.

The go-shop period expired on Monday.

During the “go-shop” period, Enstar, with the assistance of its financial adviser Goldman Sachs & Co LLC, actively solicited alternative acquisition proposals from 34 potentially interested third parties.

To date, the company said it has not received any additional acquisition proposals following the execution of the merger agreement.

As the “go-shop” period has ended, Enstar and its financial adviser have now entered the “no-shop” period.

During this period, the company will be subject to customary restrictions limiting its ability to solicit any alternative acquisition proposals and to participate in discussions or negotiations with or provide non-public information to any person relating to any acquisition proposal, subject to customary “fiduciary out” provisions.

The transaction, which has been unanimously approved and recommended to its shareholders by Enstar’s board of directors, is expected to close in mid-2025, subject to approval by Enstar’s shareholders, regulatory approvals, and other customary closing conditions.

Upon completion of the transaction, Enstar will become a privately held company.