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Steadfast agrees to be acquired in an AUD 7.7 billion deal
The offer represents a 51.9% premium to Steadfast’s June 9 undisturbed closing price, with shareholders receiving AUD 6.00 per share in cash.
Steadfast Group has entered into a Scheme Implementation Deed to be acquired by Amwins Australasia and Starboard BidCo in a transaction with an enterprise value of approximately AUD 7.7 billion, according to Reinsurance News.
The deal is structured as a scheme arrangement in which Dragoneer’s Starboard BidCo will purchase 100% of Steadfast when the SID is implemented. After the transaction is finalized, Amwins Australasia is set to acquire Steadfast’s underwriting agency business segment, while Starboard BidCo will keep ownership of Steadfast’s broking business.
Steadfast said its shareholders will transfer their shares to Starboard BidCo and receive scheme consideration of AUD 6.00 per share in cash, less any permitted dividends paid per share, subject to applicable conditions. The company also noted it is permitted to pay an ordinary final dividend for FY26 and a special dividend before scheme implementation, with an aggregate amount up to $0.20 per Steadfast share.
The scheme consideration implies an enterprise value of about AUD 7.7 billion and comes with a 51.9% premium to the insurer’s undisturbed closing share price of AUD 3.95 on June 9, 2026. Reinsurance News also reports the offer represents premiums of 48.9% versus the one-month volume weighted average price of AUD 4.03 and 44.1% versus the three-month volume weighted average price of AUD 4.16.