Sweden’s EQT – one of Europe’s largest private equity firms – has made a takeover approach for Australia’s AUB Group, valuing the insurance broking and risk services company at around AUD5.25bn ($3.41bn), according to a report by Reuters.
Under the proposal, EQT is offering AUD45 per AUB share — a 25% premium to the firm’s most recent closing price and higher than an earlier bid of AUD43 per share. The offer has prompted AUB to grant EQT a six-week period of exclusive due diligence, beginning on 8 October, under a confidentiality and exclusivity agreement.
The announcement sent AUB’s shares to record highs, up as much as 11% to AUD39.95, though still short of the proposed offer price. The Sydney-based group has lagged its domestic peer Steadfast Group over the past year, with shares largely flat despite strong institutional interest.
AUB’s shareholder base includes First Sentier Investors and Capital World Investors, while US private equity firm Odyssey Investment Partners reduced its stake by nearly AUD277m in 2024.
EQT, which has been actively pursuing acquisitions across the Asia-Pacific region, has also recently been linked to a potential bid for Perpetual’s wealth and corporate trust divisions.
