The Public M&A team represented Morgan Stanley & Co. LLC in connection with Envestnet (NYSE: ENV) agreeing to be acquired by Bain Capital in a transaction valuing the Company at $4.5 billion ($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.
Under the terms of the agreement, which has been unanimously approved by the Envestnet Board of Directors, Envestnet shareholders will receive $63.15 in cash for each share of common stock they own. The transaction is expected to close in the fourth quarter of 2024, 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.
Envestnet is helping to lead the growth of wealth managers and transforming the way financial advice is delivered through its ecosystem of connected technology, advanced insights, and comprehensive solutions – backed by industry-leading service and support. Serving the wealth management industry for 25 years with more than $6 trillion in platform assets—more than 109,000 advisors, 17 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs -- thousands of companies, depend on Envestnet technology and services to help drive business growth and productivity, and better outcomes for their clients.
The Goodwin team was led by Rob Masella, Mike Patrone, Deborah Birnbach, Kirkie Maswoswe, Will Wang and Christina Ademola.
For additional details on the agreement, please read Evestnet’s press release and coverage in Reuters and Bloomberg.