Steadfast Group accepts A$7.7 billion takeover offer

Steadfast Group reached an agreement Friday with a consortium backed by Dragoneer Investment Group and KKR for a takeover valued at approximately A$7.7 billion ($5.51 billion).

Starboard BidCo will acquire all Steadfast shares for A$6 each in cash under the scheme implementation deed, less any permitted dividends paid before the deal closes, according to a stock market filing.

After the deal completes, Amwins Australasia will acquire Steadfast’s underwriting agency business segment, while the bidder will retain ownership of the broking business segment, the company said.

The offer represents a 51.9% premium to Steadfast’s undisturbed closing price of A$3.95 on June 9, the last trading day before the company disclosed it had received a non-binding proposal from Dragoneer and Amwins. Steadfast may pay shareholders a final 2026 fiscal year dividend and a special dividend of up to A$0.20 per share before implementation.