Steadfast’s Acquisition Strategy Gathers Pace. FVE Increases 7% to AUD 3.00 per Share.
Steadfast Group’s acquisition of Whitbread Insurance Group and associated capital raising surprised in terms of size and timing. Irrespective, the transaction is welcome and is consistent with the firm’s long-term growth strategy. The AUD 95 million acquisition should complete Dec. 8, 2017 with management guiding for immediate annualised run rate EPS accretion in the 3% range, excluding AUD 3 million in acquisition costs. Steadfast is raising AUD 125 million in capital to fund the acquisition an...Steadfast Group is engaged in the provision of services to Steadfast Network Brokers, the distribution of insurance policies via insurance brokerages and underwriting agencies, and related services.
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