Australia's Steadfast hits one-month high as KKR joins $5.3-billion buyout consortium
KKR•Transaction timetable unchanged
Adds Amwins and Dragoneer have confirmed that KKR's participation will not impact the transaction timetable to which the parties are currently working.
Stock down 0.3% YTD, including session's moves.
($1 = 1.4453 Australian dollars)
Steadfast shares rise on KKR joining buyout consortium
Shares of Australia's Steadfast Group SDF.AX rise as much as 2.31% to A$5.31, their highest level since June 11.
Shares mark their strongest intraday pct gain since June 25.
The insurance broker says U.S.-based investment firm KKR & Co KKR.N has joined a consortium of specialty insurance distributor Amwins Group and investment company Dragoneer Investment Group, which had previously offered to acquire Steadfast.
Deal values Steadfast at A$7.7 billion ($5.33 billion) in cash.
