KKR Joins US Consortium to Buy Australian Broker Steadfast in $5.3 Billion Deal

Australia’s Steadfast said on Tuesday that the global investment firm KKR has joined the consortium of Amwins Group and Dragoneer Investment in their A$7.7 billion ($5.33 billion) proposal to buy out the insurance broker.

Here are some more details:

• KKR joined the consortium as a co-lead investment partner with U.S.-based Dragoneer Investment, which will take control of Steadfast’s retail brokerage business if the deal closes.
• As per the previously disclosed deal terms, insurance distributor Amwins will acquire Steadfast’s underwriting agency operations.
• Steadfast said Amwins and Dragoneer have confirmed that KKR’s participation will not affect the timetable of the deal the parties are currently aligning to.
• Last week, Steadfast extended the exclusivity period to the consortium by four weeks.
• The consortium has maintained the offer of A$6 per Steadfast share, first tabled in June.

($1 = 1.4459 Australian dollars)

(Reporting by Jasmeen Ara Shaikh in Bengaluru; editing by Rashmi Aich)

Related:

• Amwins and Dragoneer Consortium Reaffirm $5.3B Bid for Australia’s Steadfast
• Australia Insurance Broker Steadfast Gets Offer From Amwins, PE Firm Dragoneer