Latest news with #CCCapitalPartners
Bloomberg
22-07-2025
- Business
- Bloomberg
Insignia Takeover Battle Ends as CC Capital Strikes A$3.3 Billion Deal
Good morning, Keira here on another cold Sydney morning. But first... Today's must-reads: • CC Capital Partners buys Insignia • New Zealand's exports fall • RBA chooses cautious approach CC Capital Partners agreed to acquire Insignia Financial for A$4.80 a share in cash, valuing the Australian wealth manager at about A$3.3 billion, ending a months-long bidding tussle.
Reuters
22-07-2025
- Business
- Reuters
Australia's Insignia shares rise on $2.2 billion CC Capital takeover deal
July 22 (Reuters) - Shares of Insignia Financial ( opens new tab closed 12.2% higher on Tuesday after the Australian company agreed to a A$3.3 billion ($2.15 billion) takeover by investment manager CC Capital Partners, ending an almost eight-month pursuit. The agreed A$4.80 per-share price is below the A$5 bid CC Capital raised in March to match a rival offer from U.S.-based Bain Capital. Shares of Insignia, the third-largest player in Australia's superannuation sector, closed at A$4.41, with the gains outpacing the 0.1% rise in Australia's S&P/ASX200 index. The New York-based CC Capital said on Tuesday One Investment Management, a global alternative investment fund, would be a co-equity investor in its bid for Insignia. CC Capital did not outline the size of OneIM's contribution to the deal. Bain Capital withdrew its A$3.34 billion offer in May, leaving CC Capital as the sole bidder. The lower price followed CC Capital's completion of due diligence on the Australian firm. Insignia said on Tuesday it had received eight bids from Bain, CC Capital and Brookfield Capital Partners since last December. The Australian company's board supported the lower offer and recommended investors vote in favour of the deal, which will require 75% support from shareholders to proceed. Foreign companies are competing to gain access to Australia's wealth management and retirement savings industry. Insignia, which also provides financial planning and investment management services, said funds under administration climbed by A$8.5 billion, or 2.6%, to A$330.3 billion in the quarter ended June 30. Both Bain Capital and CC Capital Partners were granted an additional four weeks in April to finalise their bids after requesting extended exclusivity periods to complete debt funding and due diligence. Insigna said it expected the deal to be finalised in the first half of 2026, pending approval from Australia's Foreign Investment Review Board (FIRB), competition and banking regulators. ($1 = 1.5337 Australian dollars)
Wall Street Journal
22-07-2025
- Business
- Wall Street Journal
Australia's Insignia Agrees to US$2.15 Billion Takeover by CC Capital
SYDNEY—Australian wealth manager Insignia IFL 13.99%increase; green up pointing triangle Financial agreed to a US$2.15 billion takeover by CC Capital Partners, more than four months after it first opened its books to the New York-based private-equity firm. Insignia on Tuesday said its board would unanimously recommend a cash offer of 4.80 Australian dollars, equivalent to US$3.13, a share. The announcement likely ends a contest for the ASX-listed company sparked in December by a A$4.00-a-share proposal from Bain Capital.
Reuters
22-07-2025
- Business
- Reuters
Australia's Insignia agrees to $2.2 billion CC Capital bid, below peak offer
July 22 (Reuters) - Australia's Insignia Financial ( opens new tab on Tuesday agreed to an A$3.3 billion ($2.15 billion) takeover by investment manager CC Capital Partners, marking the end of a protracted takeover rally that saw the final offer come in below contested valuations. The agreed A$4.8 per-share price falls short of the bid of A$5 apiece CC Capital had raised in March to match rival Bain Capital's competing offer. The discount highlights how market conditions and bidder fatigue ultimately tempered valuations for the 180-year-old wealth management firm. Shares of the company rose as much as 16.03% to an early March high of A$4.560, outperforming the broader benchmark's (.AXJO), opens new tab 0.5% rise. Foreign companies are competing to gain access to Australia's wealth management and retirement savings industry. Insignia oversees about A$327 billion in assets, making it the third-largest player in the country's superannuation sector, and offers various other services, including financial planning and investment management. Both Bain Capital and CC Capital Partners were granted an additional four weeks in April to finalise their bids after requesting extended exclusivity periods to complete debt funding and due diligence. However, U.S.-based Bain Capital withdrew its A$3.34 billion offer in May, leaving CC Capital as the sole remaining suitor. At the time, a third suitor, Brookfield Asset Management ( opens new tab, did not raise its offer, and media reports have since said the New York-based private equity firm had walked away. In recommending the scheme, Insignia Financial's directors considered the competitive process that saw the three bidders submit eight indicative offers before CC Capital's binding proposal emerged as the winning bid, the company said. Insignia's board unanimously recommended shareholders to approve the scheme of arrangement "in the absence of a superior proposal". Subject to shareholder approval and other conditions, the company expects the scheme to be implemented in the first half of 2026. The takeover comes as Insignia reported solid quarterly results, with funds under administration rising A$8.5 billion, or 2.6%, to A$330.3 billion as of June 30. ($1 = 1.5337 Australian dollars)
Bloomberg
13-05-2025
- Business
- Bloomberg
Bain Drops Out of Insignia Takeover Bid, CC Capital Talks Go On
Insignia Financial Ltd. said Bain Capital is not proceeding with a takeover offer and talks are ongoing with CC Capital Partners. Bain told Insignia it won't proceed with a binding offer at this time due to macro uncertainty caused by the volatility in global capital markets, according to a statement from Insignia on Wednesday. Insignia said it remains in discussions with CC Capital, which has advised that it continues to actively work toward making a binding bid for the company over the coming weeks.
