This is CC Capital's first major investment in Australia, one firm says
According to A&O Shearman lead partner Marnie Fels, this is CC Capital’s first major investment in Australia. The company first presented its confidential, non-binding and indicative proposal to Insignia on 3 January, per an ASX announcement.
The implied equity value of the scheme of arrangement transaction comes to around $3.3bn and the enterprise value to $3.9bn, according to Ashurst; $4.80 per share will be paid in cash by CC Capital. Bain Capital and Brookfield had made competing bids before CC Capital won out in the months-long competition.
“Notwithstanding a period of significant market volatility, we are starting to see an uptick in M&A activity. This deal continues a trend of private capital investment in the wealth management space — a sector rich with growth and diversification opportunities”, KWM co-lead partner Genovieve Lajeunesse said.
Lajeunesse headed up the firm’s team alongside fellow M&A partner Peter Stirling.
Meanwhile, A&O Shearman’s team guided a group of financial institutions supporting CC Capital as lenders. Fels received support from partners Jackie Donald (corporate) and Jason Denisenko (regulatory).
Partners Anton Harris and Will Mason led Ashurst's team, which included partners Con Tzerefos (corporate), Emma DeCarle (global loans), Jonathan Perkinson (risk advisory), and Jonathan Gordon and Scott Charaneka (financial regulation).
