Envestnet said that its shareholders have approved the American fintech company’s $4.5bn acquisition by affiliates of vehicles managed or advised by Bain Capital.
At a special meeting, around 99.33% of the votes cast were in favour of the merger. Final voting results will be reported in a filing with the US Securities and Exchange Commission (SEC).
The deal was announced in July this year. Upon its completion, Envestnet will move into private ownership and its common stock will be no longer traded on any public market.
Under the terms of the agreement, which was unanimously approved by Envestnet’s board of directors, shareholders will receive $63.15 in cash for each share of common stock.
Headquartered in Pennsylvania, Envestnet is a technology, intelligent data, and wealth solutions provider. The company manages more than $6 trillion in assets and supervises approximately 20 million accounts, supporting more than 109,000 financial advisers.
The financial technology company provides an integrated platform that is said to improve the adviser and investor experience. More than 800 asset managers are supported on its wealth management platform, as per the company.
Publicly traded on the New York Stock Exchange (NYSE), Envestnet has various operating subsidiaries including Oberon Financial Technology, SIGMA Asset management, NetAssetManagement (India), Premier Advisors Fund Offshore, and others.
The approval by shareholders marks a key step towards completing the acquisition following the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act 1976 earlier this month.
Subject to the remaining customary conditions, the merger is expected to be completed in Q4 2024.
Last year, Infinant joined forces with Envestnet Data and Analytics through data aggregation and analytics provider Yodlee to help banks in developing embedded products for the digital economy.
