Insignia Financial has received shareholder approval for its $3.3 billion acquisition by private equity firm CC Capital.
An overwhelming majority – 99.65 per cent – were in favour of the resolution and 89.96 per cent of shareholders present and voting at the scheme meeting (either in person or by proxy) were in favour of the scheme resolution.
The next step for Insignia’s transition to private equity will be a court hearing scheduled on 16 April 2026 and, if approved – along with a few other conditions in the lead up to the hearing – Insignia intends to lodge the court orders to ASIC on 17 April which would make the acquisition legally effective.
Insignia shares will be suspended from trading on the ASX from market close on the date ASIC finalises the acquisition.
On 28 April, Insignia shareholders still on the share register at 5pm eastern standard time on 21 April 2026 will receive $4.80 per share.
Insignia has received approvals from the Foreign Investment Review Board and Australian Prudential Regulation Authority for the sale.
Bain Capital first offered $2.7 billion to acquire Insignia in December 2024, which, while rejected, it kicked off a bidding war in early 2025 with up to three competing bidders.
Before CC Capital closed the deal in July 2025, Bain backed out of buying Insignia citing “macro uncertainty” caused by global capital market volatility in the aftermath of US President Donald Trump’s so-called “Liberation Day” tariff announcements on 2 April 2025. At the time, Bain had one day of extended exclusivity due diligence remaining.
Insignia Financial CEO Scott Hartley told Professional Planner last year one of the advantages of having private ownership is having the flexibility to forego some profitability in the short term to execute longer-term plans.
“I expect over time things will happen or opportunities will emerge in the market, such as consolidation where it will be much easier to participate as a privately-owned company rather than a listed company,” he said.
He added that there will be no change to the overall strategy and that CC Capital are “financial buyers, not strategic buyers”.
“[They are] supportive of our 2030 vision and strategy and are very keen to work with management on the execution of that strategy,” Hartley said.
The move to delist from the ASX comes as ASIC reviews the regulatory framework between public and private markets – whether the former is too heavily regulated or the latter underregulated – with the regulator acknowledging that being listed has become unattractive.
