Steadfast Group agreed on 21 August to be acquired by a consortium of Dragoneer Investment Group, KKR and US wholesale broker Amwins for A$6.00 a share in cash, valuing the Sydney-based group at about A$7.7bn including debt.
Why Starboard BidCo (Dragoneer Investment Group and KKR) with Amwins is buying Steadfast Group Limited
Steadfast's chief executive, Robert Kelly, said the backing of experienced international investors would help the company strengthen its competitive position and accelerate investment in technology and services.
“The decision to recommend this offer follows careful consideration by the Board and its advisers.”
Deal terms and financing
The A$6.00 price, less any permitted final and special dividends of up to A$0.20 a share, is a 51.9% premium to Steadfast's undisturbed close of A$3.95 on 9 June 2026, when it disclosed an approach from Dragoneer and Amwins, and 44.1% above the three-month average. The bidder, Starboard BidCo, will own the broking business and immediately sell the underwriting agency segment to Amwins. The deed includes break and reverse break fees and matching rights.
Regulatory approvals and timing
The scheme needs Steadfast shareholder and court approval and clearances from the Foreign Investment Review Board, the ACCC, New Zealand's Overseas Investment Office, the UK Financial Conduct Authority and the Monetary Authority of Singapore. Implementation is targeted for December 2026.
Market context
Dragoneer and Amwins made the non-binding approach that Steadfast disclosed in June. Amwins, based in Charlotte, North Carolina, places more than US$49bn of premiums a year through more than 138 offices.
