Envestnet Stockholders Approve Acquisition by Bain Capital
Envestnet (NYSE: ENV), a leading provider of integrated technology, data intelligence, and wealth solutions, has announced that its stockholders have approved the pending acquisition by affiliates of vehicles managed or advised by Bain Capital. At a special meeting, approximately 99.33% of the votes represented were in favor of the merger. This approval satisfies another closing condition for the merger, following the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act on September 3, 2024. Envestnet expects to complete the merger in the fourth quarter of 2024, subject to the satisfaction or waiver of remaining customary closing conditions. The final voting results will be filed in a Current Report on Form 8-K with the SEC.
Envestnet (NYSE: ENV), un fornitore leader di tecnologia integrata, intelligenza dei dati e soluzioni patrimoniali, ha annunciato che i suoi azionisti hanno approvato l'acquisizione in sospeso da parte di affiliati di veicoli gestiti o consigliati da Bain Capital. In un incontro speciale, circa il 99,33% dei voti espressi è stato a favore della fusione. Questa approvazione soddisfa un'altra condizione di chiusura per la fusione, dopo la scadenza del periodo di attesa previsto dalla Hart-Scott Rodino Antitrust Improvements Act il 3 settembre 2024. Envestnet prevede di completare la fusione nel quarto trimestre del 2024, soggetto alla soddisfazione o alla rinuncia delle rimanenti condizioni di chiusura consuete. I risultati finali delle votazioni saranno presentati in un Rapporto Corrente sul modulo 8-K presso la SEC.
Envestnet (NYSE: ENV), un proveedor líder de tecnología integrada, inteligencia de datos y soluciones patrimoniales, ha anunciado que sus accionistas han aprobado la adquisición pendiente por afiliados de vehículos gestionados o asesorados por Bain Capital. En una reunión especial, aproximadamente el 99.33% de los votos presentes fueron a favor de la fusión. Esta aprobación satisface otra condición de cierre para la fusión, tras la expiración del período de espera bajo la Ley Hart-Scott Rodino Antitrust Improvements el 3 de septiembre de 2024. Envestnet espera completar la fusión en el cuarto trimestre de 2024, sujeto a la satisfacción o renuncia de las restantes condiciones de cierre habituales. Los resultados finales de la votación serán presentados en un Informe Actual en el Formulario 8-K ante la SEC.
Envestnet (NYSE: ENV)은 통합 기술, 데이터 인텔리전스 및 자산 솔루션의 주요 제공업체로, 주주들이 Bain Capital에 의해 관리되거나 조언된 차량의 계열사에 의한 진행 중인 인수를 승인했다고 발표했습니다. 특별 회의에서 약 99.33%의 투표가 합병에 찬성했습니다. 이 승인은 2024년 9월 3일 Hart-Scott Rodino 반독점 개선법에 따른 대기 기간이 만료된 후 합병을 위한 또 다른 종료 조건을 충족합니다. Envestnet는 2024년 4분기에 합병을 완료할 것으로 기대하고 있으며, 남은 일반적인 종료 조건의 만족 또는 포기 여부에 따라 다릅니다. 최종 투표 결과는 SEC에 대한 8-K 양식의 현재 보고서에 제출될 것입니다.
Envestnet (NYSE: ENV), un fournisseur leader de technologie intégrée, d'intelligence des données et de solutions patrimoniales, a annoncé que ses actionnaires ont approuvé l'acquisition en attente par des affiliés de véhicules gérés ou conseillés par Bain Capital. Lors d'une assemblée spéciale, environ 99,33 % des voix exprimées étaient en faveur de la fusion. Cette approbation satisfait une autre condition de clôture pour la fusion, après l'expiration de la période d'attente prévue par la loi Hart-Scott Rodino Antitrust Improvements le 3 septembre 2024. Envestnet s'attend à compléter la fusion au quatrième trimestre de 2024, sous réserve de la satisfaction ou de la renonciation aux conditions de clôture habituelles restantes. Les résultats finaux du vote seront déposés dans un Rapport Actuel sur le formulaire 8-K auprès de la SEC.
Envestnet (NYSE: ENV), ein führender Anbieter von integrierter Technologie, Datenintelligenz und Vermögenslösungen, hat bekannt gegeben, dass seine Aktionäre die bevorstehende Akquisition durch Tochtergesellschaften von Fahrzeugen, die von Bain Capital verwaltet oder beraten werden, genehmigt haben. In einer Sondersitzung waren etwa 99,33% der Stimmen zugunsten der Fusion. Diese Genehmigung erfüllt eine weitere Abschlussbedingung für die Fusion, nachdem die Wartezeit gemäß dem Hart-Scott-Rodino Antitrust Improvements Act am 3. September 2024 abgelaufen ist. Envestnet erwartet, die Fusion im vierten Quartal 2024 abzuschließen, vorbehaltlich der Erfüllung oder Verzicht auf verbleibende übliche Abschlussbedingungen. Die endgültigen Abstimmungsergebnisse werden in einem aktuellen Bericht auf dem Formular 8-K bei der SEC eingereicht.
- Overwhelming stockholder approval with 99.33% of votes in favor of the merger
- Satisfaction of key closing conditions for the acquisition
- Expected completion of the merger in Q4 2024
- None.
Insights
The stockholder approval of Envestnet's acquisition by Bain Capital is a significant milestone in the company's strategic direction. With
For investors, this news signals the approaching end of Envestnet as a publicly traded entity. The acquisition price, while not mentioned in this update, is important for current shareholders to evaluate their positions. Typically, such acquisitions come with a premium to the current stock price, potentially offering a short-term gain for existing stockholders.
The involvement of Bain Capital, a major private equity firm, suggests potential for significant changes in Envestnet's operations and strategy post-acquisition. This could lead to enhanced value creation in the long term, but also carries risks associated with leveraged buyouts and private equity management styles.
The stockholder approval marks a critical legal step in the acquisition process. With this hurdle cleared and the Hart-Scott-Rodino waiting period already expired, the transaction is now primarily contingent on "remaining customary closing conditions." These typically include regulatory approvals and the absence of any material adverse effects on the business.
Investors should note that while major obstacles have been overcome, there's still a possibility of regulatory scrutiny or unforeseen issues arising before the deal closes. The high approval rate (
The pending Form 8-K filing with the SEC will provide official documentation of the voting results, ensuring transparency and compliance with securities regulations. This level of disclosure is important for maintaining market integrity during such significant corporate actions.
Based on a preliminary tally of voting results, approximately
The receipt of stockholder 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.
About Envestnet
Envestnet is helping to lead the growth of wealth managers and transforming the way financial advice is delivered through its ecosystem of connected technology, advanced insights, and comprehensive solutions – backed by industry-leading service and support. Serving the wealth management industry for 25 years with more than
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). For a deeper dive into how Envestnet is shaping the future of financial advice, visit www.envestnet.com. Stay connected with us for the latest updates and insights on LinkedIn and X (@ENVintel).
About Bain Capital
Bain Capital, LP is one of the world's leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we've applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately
Cautionary Statement Regarding Forward-Looking Statements
This communication contains, and the Company's other filings and communications may contain, forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements give the Company's current expectations relating to the Company's financial condition, results of operations, plans, objectives, future performance and business including, without limitation, statements regarding the Merger and related transactions, the expected closing of the Merger and the timing thereof, and as to the financing commitments. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, the Company.
Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including: (i) the risk that the Merger may not be completed on the anticipated terms in a timely manner or at all, which may adversely affect the Company's business and the price of the Company's common stock; (ii) the failure to satisfy any of the conditions to the consummation of the Merger, including the receipt of certain regulatory approvals; (iii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement, including in circumstances requiring the Company to pay a termination fee; (iv) the effect of the announcement or pendency of the Merger on the Company's business relationships, operating results and business generally; (v) risks that the Merger disrupts the Company's current plans and operations (including the ability of certain customers to terminate or amend contracts upon a change of control); (vi) the Company's ability to retain, hire and integrate skilled personnel including the Company's senior management team and maintain relationships with key business partners and customers, and others with whom it does business, in light of the Merger; (vii) risks related to diverting management's attention from the Company's ongoing business operations; (viii) unexpected costs, charges or expenses resulting from the Merger; (ix) the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the Merger; (x) litigation and potential litigation relating to the Merger that could be instituted against the parties to the agreement or their respective directors, managers or officers, or the effects of any outcomes related thereto; (xi) the impact of adverse general and industry-specific economic and market conditions; (xii) certain restrictions during the pendency of the Merger that may impact the Company's ability to pursue certain business opportunities or strategic transactions; (xiii) uncertainty as to timing of completion of the Merger; (xiv) risks that the benefits of the Merger are not realized when and as expected; (xv) legislative, regulatory and economic developments; (xvi) those risks and uncertainties set forth under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the SEC from time to time, which are available via the SEC's website at www.sec.gov; and (xvii) those risks that are described in the Company's definitive proxy statement on Schedule 14A (the "Proxy Statement") filed with the SEC on August 23, 2024 and available from the sources indicated below.
The Company cautions you that the important factors referenced above may not contain all the factors that are important to you. These risks, as well as other risks associated with the Merger, are more fully discussed in the Proxy Statement filed with the SEC on August 23, 2024 in connection with the Merger. There can be no assurance that the Merger will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place significant weight on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company.
Investor Relations
investor.relations@envestnet.com
(312) 827-3940
Media Relations
media@envestnet.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/envestnet-stockholders-approve-acquisition-by-bain-capital-302257523.html
SOURCE Envestnet, Inc.
FAQ
What percentage of Envestnet (ENV) stockholders approved the Bain Capital acquisition?
When is Envestnet (ENV) expected to complete its merger with Bain Capital?
What closing conditions have been met for Envestnet's (ENV) acquisition by Bain Capital?
Where will Envestnet (ENV) file the final voting results of the Special Meeting?
