Steadfast has entered into a scheme implementation deed with a consortium that has agreed to buy the listed insurance group for $6 a share – and former Steadfast executive Nigel Fitzgerald will play a key role in running the agencies side of the business.

In a note to the Australian Securities Exchange tonight, Steadfast says its board is unanimously recommending shareholders vote in favour of the scheme.

The deal should complete by December, subject to various conditions and approvals – including from the Australian Competition and Consumer Commission.

The Amwins, Dragoneer and Kohlberg Kravis Roberts consortium will acquire 100% of Steadfast shares at $6 a share. This represents a 51.9% premium to the price of $3.95 on the last day of trading before the bid was announced in June.

“The scheme consideration implies an enterprise value of approximately $7.7 billion for Steadfast,” the note says.

As previously reported, Amwins will run the underwriting agencies side of the business, with Dragoneer focused on broking.

insuranceNEWS.com.au understands that Mr Fitzgerald, who left Steadfast in July last year, will work with Amwins in running the agencies. However, it is understood he will also continue to develop Kaibridge – the insurtech he launched in February.

Steadfast MD and CEO Robert Kelly says he is “pleased to support” the deal.

“It recognises the significant value created by Steadfast for its public investors and provides an exciting opportunity for the next phase of our growth,” he said.

“With the backing of experienced international investors, we believe Steadfast can strengthen its competitive position, accelerate investment in technology and services, support our independent broker network and create further growth opportunities for the organisation.”

More details in our newsletter on Monday.