Envestnet, Inc. (NYSE: ENV) has just announced that its stockholders have approved the pending acquisition of the company by affiliates of vehicles managed or advised by Bain Capital. The approval came with approximately 99.33% of the votes represented at the special meeting in favor of the merger.
This approval satisfies another closing condition to the merger, in addition to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on September 3, 2024. The company expects to complete the merger in the fourth quarter of 2024, subject to the satisfaction or waiver of the remaining customary closing conditions.
Envestnet, Inc. is a leading provider of integrated technology, data intelligence, and wealth solutions, with more than $6.2 trillion in platform assets, over 110,000 advisors, and serving thousands of companies. On the other hand, Bain Capital, LP is a leading private multi-asset alternative investment firm with offices on four continents, more than 1,750 employees, and approximately $185 billion in assets under management.
This acquisition represents a significant development in the financial industry, with Envestnet's expertise in wealth management and Bain Capital's extensive experience in various asset classes. The completion of this merger will likely have a notable impact on the landscape of financial services and alternative investment firms. Today the company's shares have moved -0.2% to a price of $62.47. For more information, read the company's full 8-K submission here.
