Deal: KWM has advised Steadfast on the $220 million capital raising as part of its acquisition of insurance broker Coverforce, in a deal totalling $411 million.

Value: $411 million.

Area: M&A.

Key players: KWM was led by partners Jonathan Grant and Paul Schroder, with special counsel Mandy Tsang, senior associates Tom Harrison and Astrid Sugden and solicitors Jing Wang and Piero Craney.

Deal significance: Steadfast is the largest general insurance broking network and the largest underwriting agency group in Australia and has acquired 100 per cent of Coverforce, previously a privately owned insurance broker.

VIEW ALL

The capital raising was an institutional placement and share purchase plan and will see Steadfast focus on growth strategy in the SME sector, delivering the broker scale, product and client diversification. Coverforce will remain intact and retain its brand identity within Steadfast.

Commenting on the deal, Mr Grant said: “We have had the pleasure of supporting Steadfast for many years, and it’s great to see our long-standing clients continue to trust us with their most important and strategic projects – congratulations to Steadfast on this significant transaction, which received strong investor demand.”