Brookfield Joins Bidding War for Australian Wealth Firm Insignia
Brookfield Capital Partners (UK) Ltd. has joined the bidding frenzy for Insignia Financial Ltd., an Australian wealth management company. The firm's offer of A$4.60 per share matches those made by Bain Capital and CC Capital Partners, valuing Insignia at approximately A$3.1 billion ($1.9 billion).
Insignia has granted Brookfield limited access to its financial records. The move comes eight weeks after Bain Capital's initial offer, with Insignia's board encouraging higher bids by providing limited information to all three potential acquirers.
The buyout firms are competing for a stake in Australia's massive retirement savings pool, one of the largest and fastest-growing in the world.
In response to the news, Insignia shares surged 7.6% to A$4.63 as of 2:20 p.m. in Sydney, reaching their highest level since September 2021.
Insignia emphasized that the Brookfield proposal does not guarantee a binding offer, and shareholders are not required to take any immediate action.