Insignia Soars After Striking $2.2 Billion CC Capital Deal (2)

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.

The transaction represents a premium of about 57% to Insignia’s closing share price of ...