Insignia Financial has completed its acquisition by CC Capital, concluding a bidding process which began in December 2024.
It will now de-list from the ASX after 23 years and operate as a private company owned by CC Capital.
In its half-year results in February, it said funds under administration on its MLC Super (Master Trust) product sat at $137.1 billion, up from $132.3 billion a year ago. However, net flows declined by 7.1 per cent as a result of outflows from the advised and personal channels, partially offset by net inflows to the workplace and direct channel. Master Trust net profit after tax (NPAT) was $81 million, up by 158 per cent from $31.3 million a year ago thanks to a reduction in remediation costs and transformation costs.
Meanwhile, MLC Expand formally introduced MLC Retirement Boost in March, completing the rollout of both the accumulation and income components of its new retirement income stream structure for advisers and their clients. The solution was developed in partnership with TAL and Challenger, following an announcement in July last year and an initial release of the savings phase in August.
The bidding process for Insignia has been long in the making with the firm first receiving a bid from Bain Capital in December 2024. This was then followed by rival bids from Brookfield Asset Management and CC Capital which prompted a bidding war over several months.
After an extended period of due diligence, Bain and Brookfield both withdrew from the process, leaving CC Capital as the victor with a bid of $4.80 per share. The two firms then entered into a scheme implementation deed in July 2025.
The sum of $4.80 cash per share represents a 20 per cent premium to the initial proposal of $4.00 per share and a 56.9 per cent premium to Insignia’s closing share price on 11 December 2024, which was the date of the first proposal from Bain Capital. It is also within the independent expert’s valuation of $4.49-$5.08 per share.
In a scheme meeting on 13 April, the deal was approved by 98.6 per cent of Insignia shareholders, including in-person and proxy votes.
Shares in Insignia are up 28 per cent over one year compared to gains of 9 per cent by the ASX 200.
