Steadfast to acquire Whitbread with capital raising
Steadfast Group has launched a capital raising to fund the acquisition of Whitbread Insurance Group.
Firm: Baker McKenzie (Macquarie Capital (Australia) Limited and J.P. Morgan Australia Limited); Herbert Smith Freehills (Whitbread Insurance Group)
Deal: Steadfast Group launched a $100 million capital raising to fund its acquisition of Whitbread Insurance Group.
Value: $100 million
Area: Equity capital markets
Key players: The Baker McKenzie team advising Macquarie and J.P. Morgan was led by capital markets head Craig Andrade (pictured) and included partners Andrew Reilly and Antony Rumboll and lawyers Paul Anderson and Matthew De Cataldo.
The Herbert Smith Freehills team advising Whitbread was led by partner Brendan Earle and drew on expertise from Richard Hendriks, of Greenwoods & Herbert Smith Freehills, and HSF senior associate Brodie Same.
Deal significance: Steadfast Group launched a capital raising to fund its $95 million bid for Whitbread Insurance Group and future growth. Whitbread is an Australian insurance broker and underwriting agency, and a member of Steadfast’s network.
Steadfast Group is the largest general insurance broker network in Australasia, with over 360 brokerages across Australia, New Zealand and Singapore, according to a statement from Baker McKenzie.
Baker McKenzie acted for joint lead managers Macquarie Capital (Australia) Limited and J.P. Morgan Australia Limited on Steadfast’s fully underwritten $100 million institutional placement and subsequent share purchase plan.
“We were delighted to act as both Australian and US counsel for our clients Macquarie Capital and J.P. Morgan,” said lead partner Craig Andrade.
“This was a great outcome for the Steadfast Group.”
Pictured: Baker McKenzie head of capital markets Craig Andrade