Swedish private equity firm EQT will partner with CVC Asia-Pacific on a joint bid for AUB Group, the Australian broking giant has announced. 

EQT sought permission for the partnership after receiving an “unsolicited approach” from investor CVC to join its buyout of the intermediary group, AUB said in a statement this morning to the Australian Securities Exchange.

EQT informed AUB of the approach yesterday.

“Under the consortium proposal, CVC funds and EQT funds would jointly own AUB (along with any co-investors),” AUB said.

“EQT has confirmed that the consortium proposal would remain at a price of $45 per share.”

The offer values AUB at about $5.25 billion.

AUB has also agreed to EQT’s request to extend the bid’s exclusivity period by a further two weeks to December 4.

The statement says EQT made the extension request “to enable completion of due diligence and to allow the parties to negotiate and finalise definitive transaction documents in respect of the consortium proposal.

“The AUB board notes there is no guarantee that a binding agreement will be reached with EQT and CVC and therefore no certainty that the consortium proposal will result in a transaction.”

The update comes after AUB announced on Friday that EQT had reaffirmed its interest in the business.