Brookfield Capital Partners joins Bain Capital and CC Capital Partners in vying for Insignia Financial, offering A$4.60 per share. The Australian wealth management firm is valued at approximately A$3.1 billion.
Brookfield Capital Partners (UK) Ltd. has joined the bidding war for Insignia Financial Ltd., an Australian wealth management firm, offering A$4.60 per share. This offer matches the proposals from Bain Capital and CC Capital Partners, valuing Insignia at approximately A$3.1 billion ($1.9 billion). Insignia's board granted limited access to its books for all three firms after Bain Capital's initial offer was disclosed eight weeks ago, aiming to attract higher bids.
The buyout firms are vying for a share of Australia's substantial retirement savings pool, one of the world's largest and fastest-growing. Insignia's shares surged 6.9% on Wednesday, reaching A$4.62, their highest point since September 2021. Insignia emphasized that there's no certainty the Brookfield proposal will lead to a binding offer, and shareholders are not required to take immediate action.Toronto-based Brookfield Asset Management Ltd. made the offer through its UK entity. This potential acquisition aligns with Brookfield's existing portfolio of financial investments, including its North American-based insurance arm, Brookfield Wealth Solutions Ltd., and its Australian non-bank lender, La Trobe Financial, acquired from Blackstone Inc. in 2022 for approximately A$1.5 billion. Bain Capital, the first to propose a buyout, has pursued several turnaround strategies in Australia recently, including acquiring Virgin Australia during the pandemic and taking Estia Health, a struggling aged care provider, private in 2023. CC Capital's proposal marks its renewed attempt to enter the Australian market, having been outbid for National Australia Bank Ltd.'s superannuation arm, MLC Wealth, when it was sold to Insignia in 2020
MERGERS AND ACQUISITIONS AUSTRALIA FINANCE INVESTMENT PRIVATE EQUITY
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