Bain, Reverence Ink $3.5 Billion Deal For Envestnet

Bain Capital and Reverence Capital Partners have agreed to a deal to take Envestnet Inc., a provider of wealth-management software, private.

The buyout firms will pay $63.15 a share for Berwyn, Pennsylvania-based Envestnet, according to a statement on Thursday that confirmed an earlier Bloomberg News report. The offer values Envestnet at $3.5 billion on an equity basis and at $4.5 billion including debt.

Strategic partners BlackRock Inc., Fidelity Investments, Franklin Templeton and State Street Global Advisors have all agreed to invest in the transaction and will hold minority positions in Envestnet once the deal completes.

Read More...

https://www.fa-mag.com/news/bain--reverence-near--3-5-billion-deal-for-envestnet-78767.html?section=126