Steadfast Agrees to A$7.7 Billion Buyout by US Consortium

Int’l Desk: Australia’s largest general insurance broker network has agreed to a binding acquisition valued at A$7.7 billion, or about $5.5 billion, by a consortium that includes Amwins Group, Dragoneer Investment Group and KKR. Steadfast Group confirmed the deal on Friday, marking the end of months of negotiations that began with lower offers earlier in the year as reported by Reuters.

Shareholders will receive A$6 in cash for each share, a premium of nearly 52% over the stock’s closing price of June 9, the last trading day before the company disclosed an earlier non-binding proposal. The board has unanimously recommended that investors support the scheme, provided no superior bid emerges and an independent expert finds the terms fair.

Under the structure, Amwins will take over Steadfast’s underwriting agency operations while Dragoneer, with KKR as co-lead investment partner, will control the retail broking business. The transaction is expected to complete in December, subject to regulatory clearances including Australia’s Foreign Investment Review Board and competition authorities.

Steadfast operates an extensive network of brokers and agencies across Australia, New Zealand and beyond, placing substantial volumes of premium each year. The agreement reflects ongoing interest from global private capital in Australian financial services firms, particularly those with established distribution platforms.