Envestnet introduced Wednesday stockholder approval of its pending acquisition by Bain Capital.
The deal was first introduced in July and is predicted to shut someday within the fourth quarter of this yr.
Stockholders overwhelmingly agreed to the merger at a particular assembly. A preliminary tally of votes indicated that greater than 99% of stockholders agreed to the acquisition by “associates of autos managed or suggested by Bain Capital,” in response to an announcement.
The deal would take Envestnet personal and delist it from the New York Inventory Alternate.
On the time the sale was introduced, the behemoth know-how supplier to advisory companies was valued at $4.5 billion, or $63.15 per share, which incorporates stakes by earlier traders and strategic companions within the agency—Reverence Capital, BlackRock, Constancy Investments, Franklin Templeton and State Avenue International—which can in the end maintain minority shares within the enterprise.
Envestnet at the moment works with greater than 500 of the nation’s largest RIA companies, has over 109,000 advisors, and greater than $6 trillion in whole belongings on its platform.
The corporate has been topic to takeover hypothesis since CEO Judson Bergman and his spouse, Mary Miller, died in a San Francisco automobile accident in 2019. Rumors of Bain’s curiosity first surfaced in April.
Bergman and Envestnet president Invoice Crager led the agency by a 2010 IPO, elevating $30 million (Crager grew to become CEO in 2020).
The agency was based in 1999 and made its first acquisition of managed accounts supplier Portfolio Administration Consultants (PMC) in 2001.
