Bain Capital ups bid for Australia's Insignia to $1.8 billion, matching CC Capital (updated)

Insignia Financial

12/01/2025 22:12

(Recasts first sentence with bidding war, adds details of
offer, company background, paragraphs 2-4 and 7)
       Jan 13 (Reuters) - Australia's Insignia Financial
 IFL.AX  said on Monday that private equity firm Bain Capital
has sweetened its bid for the 178-year-old wealth manager, now
valuing it at A$2.87 billion ($1.76 billion), matching CC
Capital's bid as the bidding war heats up between the two
suitors. 
    Under the offer, Insignia shareholders will receive A$4.30
per share, a 7.5% premium to Bain Capital's earlier offer. 
    Earlier this year, U.S.-based investment manager CC Capital
Partners offered to buy Insignia for A$2.87 billion, days after
Insignia had rejected Bain Capital's original takeover offer,
saying it did not provide fair value to its shareholders. 
    The Australian wealth manager said that under the revised
offer, Bain Capital would also be open to providing Insignia
shareholders an option to receive a part of the total purchase
price as a scrip consideration in the ultimate Bain
Capital-controlled holding entity of Insignia Financial.
    Bain Capital's revised offer reflects a strong sense of
investor appetite for Australia-listed wealth managers whose
asset bases have grown strongly. 
    The deal would give access to Australia's A$4.1 trillion
superannuation system, which is considered one of the world's
largest private pension markets.
    CC Capital did not immediately respond to a request for
comment. 
 ($1 = 1.6279 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru
Editing by Diane Craft and Matthew Lewis)
 ((Rajasik.Mukherjee@thomsonreuters.com;))