Steadfast Group Limited (ASX:SDF) today issued a further update concerning the confidential, non-binding indicative proposal to acquire 100% of its outstanding share capital. This proposal, previously announced on 10 June 2026 and 9 July 2026, originated from a consortium formed by Amwins Group, Inc. and Dragoneer Investment Group, LLC. The offer stands at $6.00 per share in cash, structured as a scheme of arrangement, less any dividends or distributions declared or paid by Steadfast after 5 June 2026. Steadfast Group operates insurance broker and agency Networks in Australia, New Zealand, Singapore and the USA, placing around $25 billion in gross written premium annually. It provides a broad range of services and solutions to support these networks, including market access, technology, risk solutions, and operational support.
In a significant development, the Consortium has informed Steadfast that Kohlberg Kravis Roberts & Co. L.P. (KKR), acting on behalf of its managed funds, has joined as a co-lead investment partner. KKR’s participation specifically relates to Steadfast’s retail brokerage business, alongside Dragoneer. Amwins and Dragoneer have confirmed that KKR’s involvement will not impact the transaction timetable currently being worked towards by the parties. Furthermore, KKR’s participation is not a condition for Amwins and Dragoneer to enter into a binding Scheme Implementation Deed with Steadfast. Steadfast confirmed its receipt of KKR’s joinder to the Steadfast Confidentiality Deed on 8 July 2026.
Despite these ongoing discussions and the addition of KKR to the Consortium, the Steadfast Board does however note there is still no guarantee that a binding agreement will be reached. Therefore, there remains no certainty that the Proposal will ultimately result in a transaction. Steadfast shareholders are advised that they do not need to take any action in relation to the Proposal at this time. The company has stated it will continue to provide further updates to the market as appropriate.
