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 issued 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 work together on the transaction, with Dragoneer acquiring ownership of Steadfast’s retail brokerage business and Amwins acquiring the Australian broker’s underwriting agency business.
The proposal follows a period of engagement between Steadfast and the consortium, during which a previously non-binding indicative proposal was priced at A$5.50 per share and A$5.83 in cash, with both figures adjusted for any dividends or distributions issued by Steadfast.
On June 10, 2026, Steadfast entered into exclusivity and process agreements with the two companies regarding the proposal.
The offer represents a 51.9% premium to Steadfast’s closing price of A$3.95 on June 9, 2026. In addition, there is a premium of 48.9% relative to the one-month volume weighted average price of AUD 4.03 calculated as of June 9, 2026, and a premium of 44.1% to the three-month volume weighted average price of AUD 4.16.
The final purchase price will be adjusted to take into account any dividends or distributions declared or paid by Steadfast after June 5, 2026.
Steadfast’s board of directors believes the transaction is in the best interests of its shareholders and has agreed to customary confidentiality and exclusivity terms to enable the consortium to progress the proposal.
Under the agreement, the consortium is granted eight weeks to conduct due diligence, starting from (and including working days after) the date of signing of the Process Deed (unless otherwise extended).
The proposal is subject to a number of key conditions, including satisfactory completion of due diligence and approval by relevant regulatory authorities.
Steadfast said: “The Steadfast board confirms that, subject to agreement on acceptable terms of a binding scheme implementation deed, and in the absence of a better proposal, the board intends to unanimously recommend that Steadfast shareholders vote in favor of the potential transaction and requires independent experts to conclude, and continue to conclude, that the potential transaction is in the best interests of Steadfast shareholders.”
According to the announcement, the proposal does not guarantee a binding offer or the final completion of any transaction.
Steadfast also decided to terminate the proposed minimum shareholding buyback announced on May 12, 2026.
JPMorgan Chase & Co. and Citigroup have been appointed as joint financial advisors, with Insight Capital Advisors acting as independent advisor and Mallesons acting as legal advisor to Steadfast.
