Steadfast to be Acquired in A$7.7 Billion Buyout Led by KKR
Australian insurance broker Steadfast has agreed to a $5.51 billion (A$7.7 billion) buyout led by private equity firm KKR, alongside Amwins Group and Dragoneer Investment Group. The deal is structured under a scheme implementation deed and involves Starboard BidCo acquiring all outstanding shares at A$6 each in cash. This represents significant premiums over recent stock prices—51.9% above the closing price on June 9, 2026, when Steadfast first hinted at receiving an offer. The transaction is expected to be finalized by December 2026 after court hearings and a shareholder vote in mid-to-late November. The deal will see Amwins take over Steadfast's underwriting agency division while retaining the broking business itself. Funding for the acquisition comes from equity commitments, binding support from Amwins, and external debt financing. Steadfast’s board has unanimously approved the transaction, subject to regulatory approvals and no competing bids emerging.
Topics: acquisition insurance private_equity