Bain Capital Nears Deal to Acquire Envestnet: Key Points
- Potential Acquisition:
- Bain Capital, managing around $185 billion in assets, is reportedly close to acquiring financial software provider Envestnet.
- Envestnet Overview:
- Headquartered in Pennsylvania, Envestnet offers financial planning, data and analytics, and wealth management solutions.
- It serves 17 of the 20 largest US banks and 48 of the 50 largest wealth management and brokerage firms.
- Market Value and Deal Details:
- Envestnet has a market value of approximately $3.5 billion.
- The acquisition is expected to value Envestnet close to its current stock price of around $63.
- Timeline and Announcement:
- The deal could be announced as early as this week.
- Leadership Transition:
- The potential acquisition follows the departure of long-term CEO Bill Crager at the end of March.
- James Fox, the board’s chair, is serving as interim CEO during the search for a permanent successor.
- Crager continues to contribute as a senior adviser.