Insignia Financial’s $3.2 billion acquisition by CC Capital is among the top five largest Australian M&A deals of the last 12 months.
It was announced earlier this year that private equity firm CC Capital had successfully agreed to acquire Insignia Financial for $4.80 cents per share, beating out competition from Bain Capital and Brookfield Asset Management.
The $3.2 billion sum represents 6 per cent of overall deal value in the last 12 months, law firm Corrs Chambers Westgarth said.
The firm’s M&A 2026 Outlook found Insignia’s deal exemplifies a wider trend of foreign bidders with US bidders representing 11 per cent of all bidders for Australian companies and 16 per cent of total deal value between 1 October 2024 and 30 September 2025.
While Australian companies were the predominant bidders at 59 per cent, UK bidders also outnumbered US bidders for the first time in six years to sit in second place.
“Foreign bidders collectively accounted for 41 per cent of transactions, marking a substantial decline from the previous survey period. The resurgence of Australian bidders reflects renewed domestic confidence and capital deployment across local acquirers.
“For the first time in over six years, Australian bidders contributed more to overall deal value than foreign bidders during the survey period, representing three-quarters of total deal value.”
Several US players have expressed interest in the Australian advice space with TA Associates backing Viridian Financial Group, Oaktree Capital investing $240 million in AZ NGA and Focus Financial backing Escala Partners.
As well as the trend for foreign bidders, the Insignia deal also demonstrated a factor for both bidders and targets to consider in 2026 around timings. With the first deal from Bain Capital made in December 2024, the process was extended multiple times as the three parties competed with rival higher bids. A due diligence period was then initially set for six weeks but repeatedly extended when Bain Capital pulled out which meant a scheme implementation deed was not signed until July 2025, some seven months later.
To prepare, bidders should ask for exclusivity, clearly state their intentions and consider shareholder interests while targets should set clear boundaries, manage stakeholders and prepare for regulatory and strategic scrutiny.
Commenting on how this could impact 2026 deals, Corr Chambers Westgarth said: “Deals will inevitably miss deadlines unexpectedly or for reasons outside of the control of the parties. Unlike the UK, Australia does not have a ‘put up or shut up’ rule, which potentially locks a bidder out for six months if it does not come up with a binding proposal within 28 days (unless extended).
“We are not suggesting such a rule should be introduced, given the differences between the UK and Australian markets. However, targets need to consider how they manage the risks associated with a prolonged process in the absence of such a rule.”
The largest M&A deal of the last 12 months was also another financial services firm in investment company Washington H Soul Pattinson which acquired Brickworks for $13.5 billion.
“The Soul Patts-Brickworks merger significantly contributed to aggregate deal value, representing 39 per cent of overall deal value. This transaction was included in our survey as two separate deals, being the acquisition of Brickworks by Soul Patts, as well as the acquisition of Soul Patts by First Services Company, the new holding company.”
