Insignia Financial delists from ASX

Insignia Financial is officially going private, set to delist from the ASX at market close today after it was acquired by CC Capital.

"We are pleased to complete the acquisition of Insignia, one of Australia's most established wealth management companies, and to assist Australians in building a secure retirement," CC Capital senior managing director Chinh Chu.

"We understand the deep trust and duty of care that comes with ownership of a company that plays a critical role in securing Australians' long-term financial well-being. Our core focus is on investing to improve outcomes for members and advisers."

Chu said CC Capital has a strong conviction in Insignia's management team led by chief executive Scott Hartley and is aligned with Insignia's Vision 2030 strategy.

"We are committed to providing the capital and operational expertise needed to accelerate the transformation and enable Insignia to better support members. Australia's world-class superannuation system and Insignia's scale, rich heritage and brands, including MLC, have long made the business and industry compelling to CC Capital and we look forward to supporting Insignia in its next phase of growth," Chu said.

Hartley added Insignia was looking forward to continuing its progress towards its vision to be the leading and most efficient diversified wealth management company.

"Their investment reflects strong confidence in our business and allows us to stay focused on what matters most - delivering better outcomes for our customers," Hartley said.

Earlier this month Insignia Financial shareholders voted in favour of the proposed acquisition by CC Capital Partners by an overwhelming majority of 98.65%.

Shareholders received $4.80 cash per share, valuing the company at $3.3 billion.

Insignia chair Allan Griffiths said he was pleased with the strong level of shareholder support for the Scheme of Arrangement.

"The board's focus throughout this process has been to ensure shareholders had the information they needed to make an informed decision. The level of engagement and support today reflects the importance of that decision," Griffiths said.

"The board agreed that the Scheme delivers compelling and certain value for shareholders, and we thank them for their support."

Insignia's farewell to the ASX comes after what became a bidding war for the wealth manager which resulted in it receiving eight non-binding indicative proposals from CC Capital, Bain Capital and Brookfield Capital Partners.

Bain Capital initially placed a takeover bid to acquire all of Insignia's shares at $4 cash per share in late 2024; the offer was subsequently rejected.

At the beginning of 2025, CC Capital expressed interest in the takeover by offering a higher sum for the shares.

Following much back-and-forth between the two, Insignia granted both companies more time to finalise debt funding and associate due diligence in April.

CC Capital was the only player left by July 2025 after Bain Capital withdrew its bid in May and Brookfield Capital Partners dropped out after making a single offer in February of the same year.

APRA greenlit the takeover in March 2026 and the Foreign Investment Review Board granted its approval in early April.