Envestnet Inc. has cleared an important hurdle in its pending sale to Bain Capital, with more than 99% of the votes tallied at a special shareholder meeting this week coming down in favor of the sale.
"In my view, Envestnet will benefit greatly by being out of the public eye and will prosper as a private company," said Larry Roth, managing partner at RLR Strategic Partners. "Bain Capital is an ideal partner to support management's plans to rationalize and grow the business."
Roth said the shareholder vote was merely a formality — if an important step towards taking Envestnet private.
Shareholder Approval
In a new statement released this week, Envestnet reported that approximately 99.33% of the votes represented at the special meeting were cast in favor of the merger. The final voting results will be disclosed in a forthcoming Form 8-K due to be filed with the U.S. Securities and Exchange Commission.
The receipt of stockholder approval satisfies another closing condition to the merger, according to the statement, in addition to the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 on Sept. 3.
As initially announced, 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.
