The shareholders of Bermudian-based insurer Enstar Group Ltd have given the necessary approval for the company’s proposed $5.1 billion acquisition by Sixth Street, the San Francisco-headquartered global investment firm.

Liberty Strategic Capital, JC Flowers & Co LLC, and other institutional investors are also participating in the transaction.

Enstar said the deal, first announced in July, is expected to close in mid-2025, subject to regulatory approvals and other customary closing conditions.

Upon completion of the transaction, Nasdaq-listed Enstar’s common stock will no longer be publicly listed, and Enstar will become a privately held company. It will continue to operate under the Enstar name.

Enstar is headquartered in Bermuda and offers capital release solutions through its network of group companies in Bermuda, United States, Britain, continental Europe, Australia and other international locations.

Sixth Street, founded in 2009, says it has more than $80 billion in assets under management and committed capital.