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Steadfast to be acquired in $5.5bn buyout

Дата публикации: 25-08-2026 08:17:40

BY Richard SummerfieldAustralian insurance broker Steadfast Group has agreed to be acquired by a consortium backed by US investment giant KKR & Co in a deal worth $5.5bn. Under the terms of the deal, speciality insurance distributor Amwins Group will acquire Steadfast’s underwriting agency operations, while Dragoneer Investment Group will take control of the company’s broking business. Steadfast shareholders will receive ⁠A$6 apiece, representing a nearly 52 percent premium to the stock’s closing price on 9 ​June, the last trading day before the company disclosed a non-binding proposal from ​Dragoneer and Amwins.Amwins and Dragoneer initially approached Steadfast with proposals of A$5.50 and A$5.83 per share before increasing their offer to A$6 per share in June. KKR subsequently joined the consortium as a co-lead investment partner alongside Dragoneer for Steadfast’s broking operations.Steadfast’s board of directors has unanimously recommended that shareholders vote in favour of the consortium’s offer, in the absence of a superior proposal and subject to an independent expert concluding the deal is in shareholders’ best interests. The company is ​aiming to implement ⁠the scheme in December, it said in an after-market filing, subject to shareholder, court and regulatory approvals.“The decision to recommend this offer follows careful consideration by the Board and its advisers,” said Vicki Allen, chair of Steadfast. “The Steadfast Board intends to unanimously recommend that Steadfast shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Scheme is in the best interests of Steadfast shareholders.”“I am pleased to support the Scheme Consideration of $6.00, as it recognises the significant value created by Steadfast for its public investors and provides an exciting opportunity for the next phase of our growth,” said Robert Kelly, managing director and chief executive of Steadfast. “With the backing of experienced international investors, we believe Steadfast can strengthen its competitive position, accelerate investment in technology and services, support our independent broker network and create further growth opportunities for the organisation.”Steadfast operates one of the largest insurance distribution networks in Australia and surrounding markets. The company currently has 414 network brokerages and 31 underwriting agencies, with businesses across Australia, New Zealand, Singapore and the US. The company also provides technology, market access, risk solutions, operational support and equity solutions to insurance brokerage and agency businesses within its network.News: Australia's Steadfast agrees to $5.5 billion buyout bid by KKR-backed consortium

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