Steadfast Group (ASX:SDF) entered into a scheme implementation deed with Amwins Australasia, a subsidiary of Amwins Group, and Starboard BidCo, an entity backed by affiliates of Dragoneer Investment Group and Kohlberg Kravis Roberts (KKR), under which the bidder agreed to acquire all issued shares in the company for AU$6 per share in cash, less the cash amount of any permitted dividends of up to AU$0.20 per share, according to an Australian bourse filing on Aug. 21 after market hours.

The offer represents a nearly 52% premium to the company's undisturbed share price of AU$3.95, valuing the company at an enterprise value of around AU$7.7 billion, per the filing.

The company's board unanimously recommends the deal, which remains subject to shareholder, court and regulatory approvals, including clearance from the Foreign Investment Review Board, Australian Competition and Consumer Commission and other regulators, the filing said.

Amwins will acquire the company's underwriting agency business following completion of the deal, while Starboard BidCo will retain the broking business.

Implementation is expected to take place in December, and no action is required from shareholders at this stage, the filing added.