The competition regulator has started assessing the proposed acquisition of Steadfast by Dragoneer, Kohlberg Kravis Roberts and Amwins.

The Australian Competition and Consumer Commission says the phase 1 determination period will end on December 22, following a November 10 effective notification date.

The private equity consortium plans to buy Steadfast and separate its businesses under a proposal to be voted on by shareholders at a November 27 meeting.

The board has recommended the $6 cash-per-share offer and an independent expert report from Kroll Australia says it is “in the best interests of … shareholders, in the absence of a superior proposal”.

The Steadfast businesses will be separated immediately after the transaction if the deal is approved by shareholders and regulators.

The ACCC says Amwins will acquire the Steadfast underwriting business and certain wholesale broking operations outside Australia, and the other firms will retain the remainder of Steadfast, including the balance of its broking and complementary businesses.

A scheme booklet released last month said the consortium started pre-notification engagement with the ACCC in September and submitted a draft notification. An indicative timetable released with the booklet flags a December 22 implementation date.

The ACCC is expected to begin consultations as part of the phase 1 assessment process.