Steadfast Group has agreed to a takeover that values the Australian insurance network at A$7.7 billion. A consortium backed by Dragoneer Investment Group, KKR and Amwins would acquire the company through a court-approved scheme of arrangement.
Starboard BidCo is offering A$6 in cash for each Steadfast share, less any permitted dividends paid before completion. The price represents a 51.9% premium to the undisturbed A$3.95 closing price on June 9, before the first approach became public.
The board unanimously recommends the proposal, provided no superior offer emerges and the independent expert continues to conclude that the scheme is in shareholders’ best interests. Agreement by the board does not mean the transaction has completed.
Steadfast may pay its final dividend for the 2026 financial year and a special dividend of up to A$0.20 per share before implementation. Those permitted distributions would reduce the A$6 cash consideration by the corresponding amount.
If the scheme closes, Amwins Australasia plans to acquire Steadfast’s underwriting-agency segment. The Dragoneer- and KKR-backed buyer would retain the insurance-broking operations, separating two major parts of the current group.
Amwins and Dragoneer first approached Steadfast in June, and KKR joined the consortium in July. The bidder says its funding will combine commitments from funds managed or advised by Dragoneer and KKR, capital from Amwins and third-party debt.
Completion requires approval from Steadfast shareholders and an Australian court, as well as foreign-investment, competition and other regulatory clearances in Australia, New Zealand, the United Kingdom and Singapore. The scheme is not subject to a financing condition.
The parties are targeting implementation in December 2026. Steadfast operates across Australia, New Zealand, Singapore and the United States and places about A$25 billion of gross written premium annually, making execution and regulatory review material to a broad insurance network.
