Australian insurance broker Steadfast Group has received a conditional, non-binding and indicative offer from Amwins Group and Dragoneer Investment Group to acquire 100% of its outstanding share capital for A$6.00 per share in cash, valuing the company at approximately A$7.7 billion.
Amwins and Dragoneer – known as the consortium – intend to act jointly to pursue the transaction, with Dragoneer acquiring ownership of Steadfast’s retail brokerage business and Amwins acquiring the Australian broker’s underwriting agency business.
This proposal follows a period of engagement between Steadfast and the consortium, during which previous non-binding indicative proposals were made at A$5.50 and A$5.83 per share in cash, with both figures subject to adjustments for any dividends or distributions issued by Steadfast.
On 10 June 2026, Steadfast entered into an exclusivity and process deed with both companies in relation to the Proposal.
The offer represents a 51.9% premium over Steadfast’s A$3.95 closing price on 9 June 2026. Additionally, it reflects a 48.9% premium relative to the one-month volume weighted average price of A$4.03, and a 44.1% premium against the three-month volume weighted average price of A$4.16, both calculated as of 9 June 2026.
The final buyout price will be adjusted to deduct any dividends or distributions declared or paid by Steadfast after 5 June 2026.
The Board of Steadfast determined that the deal is in the best interests of its shareholders and agreed to customary confidentiality and exclusivity terms to enable the consortium to progress the proposal.
Under the agreement, the consortium has been granted an eight-week-period to conduct due diligence from and including the business day after the date of execution of the Process Deed (unless otherwise extended).
The Proposal is subject to a number of key conditions, including satisfactory completion of due diligence and the receipt of relevant regulatory approvals, among others.
“The Steadfast Board confirms that, subject to reaching agreement on acceptable terms of a binding scheme implementation deed, it intends to unanimously recommend that Steadfast shareholders vote in favour of the Potential Transaction, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Potential Transaction is in the best interests of Steadfast shareholders,” Steadfast stated.
According to the announcement, the proposal does not guarantee a binding offer or the eventual completion of any transaction.
Steadfast has also decided to terminate the proposed minimum holding buy-back that was announced on 12 May 2026.
J.P. Morgan and Citigroup have been appointed as joint financial advisers, Insight Capital Advisors is acting as independent adviser and Mallesons as legal adviser to Steadfast.
