There’s no rest for Australia’s top dealmakers as the spate of deals leading into the Christmas break shows no signs of slowing down.
Street Talk understands Mike Murphy’s Bain Capital is running the ruler over ASX-listed $2 billion financial services giant Insignia Financial (née IOOF).
Sources say the Boston-based private equity player, which bought out Virgin Australia in the depths of the COVID-19 pandemic and swept aged card business Estia Healthoff the ASX in 2023, is working with Bank of America on a possible takeover approach. It is unclear if formal contact has been made between the two companies.
Major shareholder John Wylie’s Tanarra Capital is sitting on a 15.2 per cent stake, the sources add, potentially opening the way for Bain to make a move.
Herbert Smith Freehills expects to see more backdoor listings such as Sigma-Chemist Warehouse in 2025 as private equity sellers hunt for unconventional ways to realise their swollen portfolios.
Best and worst
The Australian sharemarket fell to its lowest in three weeks after a surprisingly strong jobs report dented hopes of an early interest rate cut by the Reserve Bank.
