Bain Capital has officially closed its acquisition of Envestnet, with a final transaction value of $63.15 per share and a total valuation of about $4.5 billion.
Reverence Capital and Norwest also participated as minority stakeholders in the transaction, along with BlackRock, Fidelity Investments, Franklin Templeton and State Street Global Advisors.
The deal was first announced in July following a rocky period for the Envestnet organization, one in which the firm faced pressure from shareholders and industry observers concerned about the pace of its aggressive acquisition strategy and its ability to fully integrate acquired entities and capabilities.
Shareholders approved the sale in September, some nine months after its co-founder, Bill Crager, stepped down as CEO. Crager remains a senior advisor to the turnkey asset management firm.
