Mallesons has advised Steadfast Group Limited (ASX: SDF) on its A$7.7 billion acquisition by a consortium comprising Dragoneer Investment Group, LLC (Dragoneer), Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, KKR) and Amwins Group, Inc. (Amwins), to be implemented by way of a scheme of arrangement.
Under the scheme, an entity indirectly owned by funds managed or advised by affiliates of Dragoneer and KKR will acquire all Steadfast shares for cash. Immediately following implementation, Steadfast's underwriting agency business will be acquired by Amwins, while its broking business will be retained by the Dragoneer and KKR owned bidder.
Steadfast operates insurance broker and agency networks across Australia, New Zealand, Singapore and the United States. The brokers and agencies in Steadfast’s networks place approximately A$26 billion in gross written premium annually.
The Mallesons team was led by M&A Partners Peter Stirling and Jonathan Grant, supported by Special Counsel Tom Harrison, Senior Associate James Atcheson and Solicitors James Melville and Tiffany Cao, together with tax and regulatory teams led respectively by Partners Greg Protektor, Caroline Coops and Lizzie Knight.
Commenting on the transaction, Jonathan Grant said:
“We are very proud to have advised Steadfast from its IPO in 2013, to numerous subsequent acquisitions and capital raisings through to this transaction. This is a significant milestone for Steadfast, reflecting the strength of its business and market position and bringing together global investors with a clear long-term strategy for its broking and underwriting agency businesses.”
The scheme remains subject to shareholder and regulatory approvals, with implementation expected in December 2026.
