KKR joins US consortium to buy Australia's Steadfast in $5.3 billion deal
KKR•KKR joins consortium for Steadfast buyout proposal
July 14 (Reuters) - 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)
