Australian broking group that recently expanded in UK gets buyout offer

Australian broking group Steadfast has revealed that Amwins Group and Dragoneer Investment Group have offered to buy the firm in a A$7.7bn (£4bn) deal.

The consortium has offered A$6 (£3.14) per share, representing a 51.9% premium to Steadfast’s last closing price on 9 June 2026.

Steadfast operates insurance broker and agency networks in Australia, New Zealand, Singapore, London and the US. It expanded its presence in the UK in 2024, when it acquired HW Wood, now known as HWS Specialty, in a £23.5m deal.

Steadfast said that Dragoneer intends to acquire the ownership of the retail broker business, while Amwins acquires the underwriting agency business. 

Engagement period

This proposal follows a period of engagement between Steadfast and the consortium.

Steadfast said: ”The board of Steadfast has determined that it is in the best interests of Steadfast shareholders to enter into the process deed with the consortium.

”Steadfast has agreed to customary confidentiality and exclusivity terms to enable the consortium to progress the proposal.”

The process deed grants the parties a period of eight weeks due diligence access from and including the business day after the date of execution of the process deed.

“The Steadfast board confirms that, subject to reaching agreement on acceptable terms of a binding scheme implementation deed, it intends to unanimously recommend that Steadfast shareholders vote in favour of the potential transaction, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the potential transaction is in the best interests of Steadfast shareholders,” the firm added.

“There is no certainty that the proposal will result in a binding offer or that any transaction will eventuate. At this stage, shareholders do not need to take any action in relation to the proposal. Steadfast will continue to keep its shareholders informed in accordance with its continuous disclosure obligations.”