In a move that reshapes the financial guarantee insurance landscape, Oaktree Capital Management LP has officially acquired Ambac Financial Group Inc.’s legacy units for $420 million in cash, closing a deal that secured approval from Wisconsin regulators. A Landmark SaleAmbac, headquartered in New York and listed on the New York Stock Exchange, confirmed Monday that it has completed the transfer of Ambac Assurance Corp. and Ambac Assurance UK Ltd. to Oaktree. These businesses, specializing in financial guarantee insurance, manage old policy books that protect against losses tied to insolvency, interest rate swings, and currency fluctuations—policies no longer being written but still actively overseen. Signup for the USA Herald exclusive Newsletter First Name Email Address: Leave this field empty if you're human:Legal Teams Steering the TransactionThe heavyweight deal drew legal firepower on both sides. Kirkland & Ellis LLP advised Oaktree, while Debevoise & Plimpton LLP represented Ambac.