US Consortium to Acquire Steadfast Group for A$7.7 Billion
Steadfast Group agreed to a A$7.7 billion takeover by a US consortium, splitting its underwriting and broking operations between Amwins Group and Dragoneer Investment.
Steadfast Group, a Sydney-based insurance broker, has agreed to a takeover offer valued at A$7.7 billion (US$5.51 billion) from a U.S. consortium backed by KKR. The deal involves a strategic split of the company's assets: Amwins Group will acquire the underwriting agency operations, while Dragoneer Investment will take over the broking business.
Under the terms of the proposal, shareholders will receive A$6 per share, representing a 51.9% premium over the closing price recorded on June 9. The company's board has unanimously recommended the acquisition, though the finalization remains pending a favorable conclusion from an independent expert.
Steadfast Group aims to implement the scheme by December.
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