Insignia Financial to delist following $3.3B buyout approval

Insignia Financial (ASX:IFL) is poised to transition into private ownership and withdraw from the ASX after shareholders delivered an overwhelming mandate for a $3.3 billion acquisition by CC Capital.

At a recent meeting, the wealth manager confirmed that 98.65% of votes cast supported the scheme, with 89.96% of individual shareholders voting in favour of the deal.

While the transaction remains subject to final court approval at a hearing scheduled for April 16, the company expects its shares to be suspended from trading at the close of market on April 17.

At the time of reporting, Insignia Financial’s share price was $4.79.