Insignia Financial chief executive Scott Hartley says the 180-year-old wealth management giant and owner of MLC was undervalued by public markets after he finally secured a binding $3.2 billion takeover of the company from US private equity firm CC Capital.

Confirmation of the deal was more than six months in the making after CC kicked off a bidding war for the ASX-listed firm in January, drawing competing offers from Bain Capital and Brookfield. Shares in the company surged 12 per cent on Tuesday to $4.40 as investors shook off the uncertainty that had hung over the acquisition since April’s market turmoil.