Insignia Financial will delist from the ASX later this month after having completed all hurdles required for the acquisition by CC Capital to go ahead.
Insignia announced on Thursday it had received Federal Court approval for the acquisition, which has also received support from shareholders, the Foreign Investment Review Board and APRA.
Shares in the group were suspended at close of trading on Friday 17 April and implementation of the scheme is expected to occur on 28 April, when shareholders will receive $4.80 a share and the company will delist from the exchange.
The race to acquire Insignia started in late 2024 when Bain Capital first offered $2.7 billion for it in December – an offer which, while rejected, kicked off a bidding war in early 2025 with up to three competing bidders.
CC Capital closed the $3.3 billion deal in July 2025 after 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 that 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 would 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 comes after a tumultuous period in the aftermath of the Hayne royal commission which saw the firm re-brand itself from IOOF under previous chief executive Renato Mota.
The firm has since divested its self-employed licensee channel, but retained Bridges and Shadforth. After Hartley joined, it also undertook an executive restructure.
The firm went on an acquisition spree after the royal commission, picking up the wealth businesses of ANZ and NAB, the latter owning the prestigious MLC brand the company has since re-adopted for its platforms and super fund.
In August 2025, its most recent full-year financial results, the company reported underlying net profit after tax (NPAT) of $255 million up 18 per cent on the previous year; while statutory NPAT was $16 million – a $201 million increase on the year before, when it lost $185 million due to remediation and transformation costs.
Its half-year results in February 2026 reported $132 million in underlying NPAT (up 6 per cent from 1H25) and statutory NPAT improved by $96 million to $79 million.
