New York – May 24, 2006 – LAWFUEL – Press Release Service – Debevoise & Plimpton LLP is representing The Enstar Group, Inc. in the execution of a definitive merger agreement with Castlewood Holdings Limited, a Bermuda company and partially owned affiliate of Enstar. Prior to the merger, Castlewood intends to consummate a recapitalization pursuant to which, among other things, all of the outstanding shares of Castlewood will be exchanged for newly issued ordinary shares. In the merger, shareholders of Enstar will receive approximately 48.5% of the outstanding ordinary shares of the combined entity, which will be named Enstar Group Limited and is expected to list its shares on Nasdaq. The transaction is expected to close during the third quarter of 2006.
Enstar is a publicly traded company engaged in the operation of several equity affiliates in the financial services industry. Castlewood is a Bermuda corporation involved in the management and acquisition of insurance and reinsurance companies. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington, D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
The Debevoise team was led by partners Robert F. Quaintance, Jr. and Hugh Rowland, Jr. and counsel Timothy Bass, and included associates Suzie C. Alway, Marilyn Assicurato, Alan B. Cardenas, Anna Czege, Le V. Lam and Karis McLarty.