Announcement
Australia’s Steadfast Group (ASX:SDF) disclosed that a U.S.-led consortium comprising Amwins Group, Dragoneer Investment Group and private‑equity firm KKR has reaffirmed its proposal to acquire the insurance broker.
Offer Details
The consortium reiterated an all‑cash offer of A$6.00 per share, less any dividends paid after 5 June, which values Steadfast at an enterprise value of A$7.7 billion (approximately US$5.41 billion). This price reflects an estimated 52% premium to Steadfast’s closing price prior to the initial approach in June.
Share Reaction
Following the announcement, Steadfast’s shares climbed 4.8% to A$5.355 by 02:21 GMT, marking the highest level since 11 June.
Due Diligence and Exclusivity
The consortium reported that it has substantially completed due‑diligence work over the past eight weeks and remains committed to finishing the remaining confirmatory work and obtaining internal approvals required for a binding agreement. Under the exclusivity and process deed first announced in June, the exclusivity period has been extended by an additional two weeks, now running until 19 August, to allow finalisation of transaction documentation and completion of any outstanding due‑diligence items.
Asset Allocation
Under the proposed structure, Amwins Group will acquire Steadfast’s underwriting agency operations, while Dragoneer Investment Group and KKR will take ownership of the retail brokerage business.