Australian insurance broker Steadfast has entered into a $5.51bn (A$7.7bn) buyout agreement with a consortium comprising Amwins Group, Dragoneer Investment Group and KKR.
The transaction, structured under a scheme implementation deed (SID), involves Amwins Australasia Group and Starboard BidCo, a vehicle connected to funds managed or advised by Dragoneer and KKR
Steadfast entered into an exclusivity and process deed with Amwins and Dragoneer on 10 June 2026. KKR subsequently joined the grouping in July, when the three parties put forward a non-binding, indicative proposal to acquire the broker. Under the terms, BidCo will acquire all outstanding Steadfast shares for A$6 each in cash, subject to adjustment for any permitted dividends.
Following completion, BidCo intends to transfer Steadfast’s underwriting agency division to Amwins while retaining the broking business itself. The offer represents a 51.9% premium to Steadfast’s closing price of A$3.95 on 9 June 2026, the last trading session before the company disclosed it had received a non-binding approach. It also exceeds the one-month volume-weighted average price of A$4.03 by 48.9% and the three-month average of A$4.16 by 44.1%, placing the deal’s enterprise value at approximately A$7.7bn.