Bain Closes $4.5B Acquisition of Wealthtech Platform Envestnet

Bain Capital completed the $4.5B privatization of US financial technology company Envestnet, according to a November 25 news release.

The private investment firm, through affiliates of vehicles it either manages or advises, paid $63.15 for every share of Envestnet. The wealth technology platform has $6.5T in platform assets and caters to over 111,000 financial advisors.

Participants in the transaction included Reverence Capital, Norwest, BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors. Envestnet delisted from the New York Stock Exchange in line with the transaction.

Morgan Stanley acted as exclusive financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel to Envestnet. J.P. Morgan Securities acted as lead financial advisor, and Ropes & Gray acted as legal counsel to Bain.

Source: https://www.prnewswire.com/news-releases/bain-capital-completes-acquisition-of-envestnet-302315112.html