Australia’s Steadfast said on Tuesday that the global investment firm KKR 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.
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)
Reuters
