Steadfast Agrees to 5.5B KKR-Backed Buyout
Australias Steadfast Group has agreed to a 5.52 billion dollar buyout by a consortium backed by KKR. Specialty insurer Amwins and Dragoneer will divide the business. Shareholders will receive six Australian dollars per share.
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Steadfast Group agreed to a A$7.7 billion buyout led by KKR & Co Inc on Friday morning, marking a major consolidation in Australia's insurance sector. The A$6 per share offer delivers a 52% premium over the company's June closing price. The transaction highlights persistent valuation gaps between local public markets and global private equity.
