Deals
Bain, Reverence Near $3.5 Billion Deal for Envestnet
- Deal values Envestnet at $4.5 billion including debt
- BlackRock among strategic partners investing in deal
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Bain Capital and Reverence Capital Partners have agreed a deal to take Envestnet Inc. private, accentuating the extent of investor interest in software firms exposed to wealth management.
The buyout firms is paying $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.