The Brief:
EQT has lobbed a $5.25bn takeover bid for ASX-listed insurance broker AUB Group, offering $45 cash per share.
The move started exclusive talks, with Ashurst acting for EQT and Allens for AUB.
Private equity’s year-end shopping spree has reached the ASX.
Swedish fund EQT has made a $5.25bn play for AUB Group, one of Australia’s largest retail and wholesale insurance brokers that operates in ~579 locations.
The deal
Under the proposal, EQT’s vehicle Arbutus would acquire AUB Group through a scheme of arrangement at $45 per share — a handsome 40% premium to its pre-rumour close of $32.10.
AUB’s shares surged 12.1% on the news before entering a trading halt. It initially relied on the incomplete proposal exception under ASX Listing Rule 3.1A as the basis for not announcing the NBIO. That was until the AFR hinted at the bold play.
The bid follows a prior unsolicited NBIO for $43 per share tabled on 13 September. The now sweetened $45 per share offer would be reduced by any additional dividends, other than the $0.66 FY25 payout announced in August.
EQT has been granted 6 weeks of exclusive due diligence that kicked off on 8 October 2025, with standard “no shop” and “no talk” restrictions and superior proposal exceptions.
Who’s acting
Ashurst advises EQT, led by M&A titan Tony Damian — his first public M&A deal since moving from HSF Kramer.
Allens’ M&A head Vijay Cugati is acting for AUB Group.
Source: ASX