Good evening,

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 Health off 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.

• PE giant Bain Capital zeros in on Insignia; Bank of America on hand.
• PE deal makers tipped to “get creative” in 2025 as exits mount.
• TCorp acquires $752 million minority interest in Euroclear.
• Bigwig lenders line up to bankroll Carlyle’s big waste services buy.
• Tentacles out at Fremantle Octopus with Kidder Williams on the scene.
• Richard White-backed Vinyl Group set to acquire Concrete Playground.
• Oaktree dumps entire $70 million stake in Perenti; Aitken Mount on hand.

• Inside the morning meeting of the market’s biggest fee payer.
• Blackbird-backed Fleet Space raises $150 million; Ontario Teachers leads.
• Inside the ‘unending chaos’ at Andrew Forrest’s Fortescue.

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.

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.

Click here for the latest equity market wrap.