Financial Tech Firm Envestnet To Go Private In $4.5B Bain Capital Deal

Envestnet, Inc. ENV, a provider of integrated technology, intelligent data, and wealth solutions, announced a definitive agreement to be acquired by Bain Capital in a deal valuing the company at $4.5 billion ($63.15 per share).

Reverence Capital and strategic partners, including BlackRock Inc BLK, Fidelity Investments, Franklin Templeton, and State Street Global Advisors, will also invest in the transaction.

Envestnet manages over $6 trillion in assets and supports nearly 20 million accounts through its comprehensive wealth management platform, which serves over 109,000 financial advisors.

The company has been recognized for its role financial planning, portfolio management, TAMP, and billing solutions.

“Through its deeply connected ecosystem and innovative technology and data capabilities, Envestnet has built an industry-leading platform that the largest wealth management firms, RIAs and broker-dealers rely on to power their businesses,” said Phil Loughlin, a Partner at Bain Capital.

The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions and shareholder approval. Upon completion, Envestnet will become a privately held company.

Price Action: ENV shares are trading lower by 0.16% at $61.60 at last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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