Bain Capital Matches CC Capital Offer in Bid for Insignia Financial
Bain Capital has matched an offer from CC Capital Partners for Insignia Financial Ltd., escalating the bidding war for the Australian wealth management firm.
Insignia has granted Bain access to limited private information after Bain raised its bid to A$4.60 per share, equaling CC Capital's previous offer. This values Insignia at approximately A$3.1 billion (US$1.9 billion).
The potential deal, which has entered its sixth week since Bain's initial approach, now allows both overseas firms restricted access to Insignia's information as the Sydney-listed company seeks to attract higher bids.
Private equity firms are vying for access to Australia's pension funds, which represent one of the fastest-growing retirement savings pools globally.
Insignia manages approximately A$327 billion and offers financial advice and wealth management services.