Australia's Insignia Financial soars on reports of Bain Capital buyout

Insignia's shares, which hovered around A$3.10 per share throughout the session, soared to A$3.40 in the last 10 minutes of trade settlements, as per LSEG data, propelling the stock to its highest closing level since late February last year. Bain Capital, which bought out Virgin Australia during the COVID-19 pandemic in 2020, is working with Bank of America on a potential takeover of the A$2.27 billion ($1.46 billion) financial services firm, the Australian Financial Review reported citing unnamed sources.

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Australia's Insignia Financial soars on reports of Bain Capital buyout

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