KKR joins US consortium to buy Australia's Steadfast in $5.3 billion deal

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KKR & Co

KKR

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- Australia's Steadfast SDF.AX said on Tuesday that the global investment firm KKR KKR.N 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)