Envestnet signs agreement to be acquired by Bain Capital for $4.5B

Envestnet has entered into a definitive agreement to be acquired by Bain Capital in a transaction valuing the company at $4.5B, or $63.15 per share. Reverence Capital also agreed to participate in the transaction. Strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors have committed to invest in the proposed transaction, and upon its completion they will hold minority positions in the private company. Envestnet shareholders will receive $63.15 in cash for each share of common stock they own. The transaction is expected to close in Q4, subject to the satisfaction of customary closing conditions, including receipt of approval by Envestnet’s shareholders and required regulatory approvals. Upon completion of the transaction, Envestnet’s common stock will no longer be publicly listed, and Envestnet will become a privately held company. RBC Capital Markets, BMO Capital Markets, Barclays, and Goldman Sachs provided committed debt financing for the transaction and financial advisory services to Bain Capital. Funds managed by Ares Management, funds managed by Blue Owl Capital and Benefit Street Partners also provided committed debt financing for the transaction.