Insignia Financial shareholders approve takeover

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

Insignia chair Allan Griffiths said he is 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."

The Scheme remains subject to approval by the court, with a hearing scheduled for later this week.

Should all conditions be satisfied or waived prior to the hearing, Insignia said it proposed to lodge the order of the court with ASIC on April 17.

Following that, Insignia shares will be suspended from trading on the ASX from market close on the date the Scheme becomes legally effective and on April 28 the Scheme will be implemented with shareholders receiving $4.80 cash per share, valuing the company at $3.3 billion.

"Our focus remains on continuing to deliver for clients and members and supporting a smooth transition through to completion of the transaction," Insignia chief executive Scott Hartley said.

The decision to vote in favour of the Scheme 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 last week.