Private equity giant Kohlberg Kravis Roberts has joined the consortium trying to acquire Steadfast for $7.7 billion.

Steadfast provided an update on the offer from Amwins Group and Dragoneer Investment Group after requesting a pause in share trading this morning.

“Amwins and Dragoneer have notified Steadfast that Kohlberg Kravis Roberts … has joined the consortium as a co-lead investment partner with Dragoneer in Steadfast’s retail brokerage business,” the company said in a release to the Australian Securities Exchange.

Under the proposed indicative offer announced on June 10, Dragoneer was to take over Steadfast’s retail brokerage business and Amwins its underwriting agencies.

The deal has moved to a four-week “soft exclusivity” period after Amwins and Dragoneer reconfirmed their intention to buy the group for $6 a share.

Related article: Consortium cold feet unlikely after Steadfast bid – analysts

In the soft exclusivity phase, Steadfast can consider “genuine competing proposals”, so long as they are not “solicited, invited, encouraged or initiated”, subject to conditions.

Steadfast’s update today says Amwins and Dragoneer have confirmed that “KKR’s participation will not impact the transaction timetable to which the parties are currently working.

“Amwins and Dragoneer have also confirmed to Steadfast that KKR’s participation is not a condition to Amwins and Dragoneer entering into a binding scheme implementation deed with Steadfast.”

Steadfast has allowed eight weeks’ due diligence for the non-binding, indicative offer to be firmed and has said it intends to support the bid subject to acceptable terms and absent a better rival bid.

“The Steadfast board does, however, note there is still no guarantee that a binding agreement will be reached with the consortium and therefore no certainty that the proposal will result in a transaction,” it said today.