Steadfast Group takeover advances on $7.7B bid
- Steadfast Group extended its exclusivity period to Aug. 21 as due diligence nears completion for a proposed $7.7 billion takeover.
- The consortium reconfirmed its all-cash proposal at $6 per share.
- The parties aim to finalise transaction documentation and secure remaining regulatory approvals for a structural breakup.
Steadfast Group (ASX:SDF) extended its exclusivity period to Aug. 21 while negotiating a proposed $7.7 billion cash takeover by a consortium.
The update follows months of discussions after an initial proposal was tabled in June at $6 per share.
The transaction structure would divide Steadfast into separate parts, with Dragoneer Investment Group taking the retail brokerage business and Amwins Group acquiring the underwriting agency arm.
Private equity firm KKR joined the consortium in July as a co-lead investment partner alongside Dragoneer for the retail brokerage portion.
Steadfast stated that the board cautioned shareholders that no binding agreement has been finalised and there is no certainty a transaction will occur.
Following the announcement, the Steadfast Group share price was up at $5.57.
The company operates a large network of insurance brokers and underwriting agencies across Australasia, placing roughly $25 billion in gross written premium annually.
The broader business model involves providing technology, market access, and equity solutions to member brokerages to support long-term growth and succession.
