Steadfast Group (ASX:SDF) is set to acquire insurance brokerage firms H.W. Wood and HWI France for 23.5 million pounds sterling, according to a Thursday filing with the Australian bourse.

The acquisition, expected to be completed on Dec. 2, will be funded through the company's existing corporate debt facilities and free cash flow, the filing said.

The company will have completed about AU$150 million of the fiscal 2025 AU$300 million acquisition guidance assumption by the time the transaction is settled, according to the filing.

Steadfast Group shares rose 2% in midday trade.