Steadfast Group, an Australian insurance broker, has announced that Amwins Group, Inc. and Dragoneer Investment Group, LLC (collectively, the Consortium) have confirmed that due diligence is in its final stages and that the key commercial terms of the draft Scheme Implementation Deed have been substantially agreed.
In June 2026, Steadfast received a conditional, non-binding and indicative offer from Amwins Group and Dragoneer 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.
The Consortium intends to act jointly to pursue the transaction, with Dragoneer acquiring Steadfast’s retail brokerage business and Amwins acquiring the Australian broker’s underwriting agency business.
In July 2026, KKR joined the Consortium as a co-lead investment partner with Dragoneer in Steadfast’s retail brokerage business.
In its latest update, the Consortium reconfirmed its intention to proceed with the proposal to acquire Steadfast for A$6.00 per share in cash, less any dividends or distributions declared or paid by Steadfast.
To enable the parties to finalise the transaction documentation, complete due diligence and obtain the remaining approvals, the exclusivity period has been extended to 21 August 2026.
The Steadfast Board noted that there is no guarantee that a binding agreement will be reached with the Consortium and, therefore, no certainty that the proposal will result in a transaction.
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