Australia’s Steadfast agrees to US$5.51bil buyout bid by KKR-backed consortium
Steadfast Group's shareholders will receive A$6 a share under the deal, which values the Australian insurance broker at a 51.9% premium.
Australian insurance broker Steadfast Group has approved a US$5.51 billion takeover offer from a consortium led by KKR. The deal, valued at A$7.7 billion, involves insurance distributor Amwins Group acquiring Steadfast's underwriting agency operations, while US-based Dragoneer Investment takes control of its broking business. Steadfast shareholders, who will receive A$6 per share, will see a 51.9% premium since the stock's close on June 9.
The Sydney-based company's board has unanimously recommended shareholders to approve the scheme, provided no superior offer emerges and the deal remains beneficial to shareholders. Steadfast aims to finalize the transaction in December, as reported in an exchange filing after trading hours.
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- Australia’s Steadfast agrees to US$5.51bil buyout bid by KKR-backed consortium freemalaysiatoday.com
