Compare the Market investor moves to acquire all of iSelect

Latest News

Leading private health insurance intermediary iSelect will be acquired by Innovation Holdings Australia under a deal that values the company at $72 million.

Innovation Holdings Australia (IHA) is led by a consortium of private investors who focus on strategic assets in the insurance and related sectors, with investments including Compare the Market and Auto & General. The company already owned 26 per cent of iSelect.

The acquisition, which is subject to certain conditions, values iSelect at $0.30 per share. This represents an 87 per cent premium to the closing price of iSelect shares on 9 August 2022. The acquisition is expected to be completed between December 2022 and March 2023.ui

"The iSelect Board unanimously recommends that iSelect shareholders vote in favour of the Scheme, and each director intends to vote all of the iSelect Shares held or controlled by them in favour of the Scheme, in the absence of a superior proposal and subject to an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of the iSelect shareholders," said the company in a statement.

iSelect chairman Brodie Arnhold said, “The Board has carefully considered the strategic options available to iSelect in light of the certainty for shareholders that this all-cash offer provides. The Directors of iSelect unanimously recommend that shareholders vote in favour of the Scheme, subject to there being no superior proposal and the independent expert concluding that the Scheme is in the best interests of iSelect shareholders. The Scheme provides an opportunity for shareholders to realise a significant premium to market value for their shares and provides the certainty of an all-cash offer.”