AUB Group Ltd. said Monday that high-stakes talks with investment giants EQT AB and CVC Asia Pacific Ltd. have abruptly ended after the suitors pulled the plug on a proposed AU$5.24 billion (US$3.44 billion) takeover—an offer that once set the Australian insurance sector abuzz.
Consortium Exits Deal After Deep Dive
In a statement, AUB Chief Executive and Managing Director Michael Emmett said the consortium informed the company it would not move forward, bringing the once-promising courtship to an unexpected halt. Emmett noted that the extensive due-diligence drill—often compared in the industry to turning over every stone in a desert—ultimately strengthened AUB’s confidence in its own strategic course.
“Now that discussions with the consortium have ended, our board and management team are fully focused on advancing our portfolio of organic growth initiatives and acquisition opportunities,” Emmett said, signaling a swift return to business as usual.
AUB, listed on the Australian Securities Exchange, had retained Allens as its legal adviser and Macquarie Capital (Australia) Ltd. as its financial adviser throughout the negotiations.
