Bain Capital nears deal to buy Envestnet, sources say
08/07/2024 18:23
By Milana Vinn
July 8 (Reuters) - Private equity firm Bain Capital is
nearing a deal to acquire Envestnet ENV.N , a U.S. financial
software vendor with a market value of about $3.5 billion,
people familiar with the matter said on Monday.
If the negotiations conclude successfully, a deal with Bain
and could be announced as soon as this week and would value
Envestnet at close to its current stock price, the sources said.
Envestnet shares are hovering at around $63.
The sources requested anonymity because the matter is
confidential. Envestnet and Bain did not immediately respond to
requests for comment.
Envestnet provides technology tools to financial advisers
and wealth managers. Its clients include more than 108,000
advisers, 16 of the top 20 U.S. banks, and several top wealth
management and brokerage firms, according to its website.
(Reporting by Milana Vinn in New York
Editing by Greg Roumeliotis)
((Greg.Roumeliotis@thomsonreuters.com; +1 646 223 6022; Reuters
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))