Insignia Financial (ASX:IFL) has received the Federal Court of Australia's approval for its acquisition by Daintree BidCo, an entity established by CC Capital Partners and its affiliates, under a scheme of arrangement, according to a Thursday Australian bourse filing.

The deal is expected to become legally effective on Friday upon lodgment with the Australian Securities and Investments Commission, with trading of the company shares to be suspended the same day, per the filing.

Shareholders on record as of April 21 will receive AU$4.80 per share in cash if the scheme becomes legally effective, with the transaction expected to be implemented on April 28, subject to any changes in the timetable, the filing added.