Insignia Soars After Striking $2.2 Billion CC Capital Deal

Insignia Financial Ltd. shares surged as much as 16% after CC Capital Partners agreed to buy the Australian wealth manager in a deal worth around A$3.3 billion ($2.2 billion), following a months-long bidding tussle.

CC Capital will pay A$4.80 per share in cash for Insignia, according to a statement on Tuesday. That’s less than the A$5 a share offer earlier made before other bidders Bain Capital and Brookfield Capital Partners dropped out of the running. Insignia’s board unanimously recommended shareholders vote in favor of the deal.