HedgeCo.Net — Steadfast Group signed a binding scheme implementation deed on Friday with a consortium of Amwins, Dragoneer Investment Group, and KKR at A$6.00 a share. Insurance Journal, reprinting Reuters, put the buyout at about A$7.7 billion, or $5.52 billion, and said the board unanimously recommended the scheme in the absence of a superior proposal, subject to an independent expert. Insurance Business independently reported the same A$6.00 price, the same about-A$7.7-billion enterprise value, and a 51.9% premium to the undisturbed close of A$3.95. That is a signed deed. It is not last week’s exclusivity extension.
The split of the book is part of the deed. Reuters said Amwins will acquire Steadfast’s underwriting-agency business and Dragoneer will take the broking operations. Insurance Business said KKR joined as co-lead on the brokerage side and that the exclusivity window, already stretched to August 21, closed into documentation rather than into another no-talk. Implementation is aimed at December, subject to shareholder, court, and regulatory approvals, including the Australian Competition and Consumer Commission.
The premium is to June 9, the last session before the company disclosed a non-binding proposal from Dragoneer and Amwins, not to Friday’s close. Insurance Business put implied equity value at about A$6.7 billion on roughly 1.1 billion fully diluted shares, with about A$733 million of net debt and A$253 million of non-controlling interests as of December 31, 2025, taking enterprise value to about A$7.7 billion. Treat A$6.00 as the cash consideration, A$7.7 billion as the companies’ enterprise-value language, and do not collapse those two numbers.
A scheme still has to be voted. The board’s recommendation is unanimous only in the absence of a superior proposal and only if the independent expert concludes the deal is in shareholders’ interests. A December implementation is a target, not a close. Anyone marking Tuesday’s exclusivity print as the same object as Friday’s deed is mixing a locked door with a signed scheme.
The allocator question is which sleeve you are buying. Amwins is taking agencies. Dragoneer and KKR are taking broking. That is a split of the listed group, not a single-sponsor take-private of one P&L. Mark the A$6.00 cash, the A$7.7 billion enterprise-value language, and the December vote path. Do not mark an exclusivity window as a close.