Brookfield Capital Partners has joined the bidding war for Insignia, the ASX-listed wealth management group behind MLC, matching the $3.1 billion offer in the market from private equity rivals Bain Capital and CC Capital.
Brookfield’s bid, at $4.60 a share, also allows for some Insignia shareholders to stay invested in the business by accepting equity in Brookfield’s unlisted vehicle should it succeed in striking a deal with the target. Insignia oversees $326.8 billion of client money as of December 31.
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Nicola Blackburn is a markets reporter for The Australian Financial Review in the Sydney newsroom.
Vesna Poljak was The Australian Financial Review’s companies editor.
