BERWYN,
Pa., Sept. 24, 2024 /PRNewswire/ -- Envestnet,
Inc. (NYSE: ENV) ("Envestnet," or the "Company"), a leading
provider of integrated technology, data intelligence, and wealth
solutions, today announced that, at a special meeting (the "Special
Meeting"), the Company's stockholders approved the pending
acquisition of the Company by affiliates of vehicles managed or
advised by Bain Capital (the "Merger").
Based on a preliminary tally of voting results, approximately
99.33% of the votes represented at the Special Meeting were in
favor of the Merger. The final voting results of the Special
Meeting will be filed in a Current Report on Form 8-K with
the U.S. Securities and Exchange Commission ("SEC").
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 $6.2 trillion in platform
assets—more than 110,000 advisors, 17 of the 20 largest U.S. banks,
48 of the 50 largest wealth management and brokerage firms, more
than 500 of the largest RIAs -- thousands of companies, depend on
Envestnet technology and services to help drive business growth and
productivity, and better outcomes for their clients. Data as of
6/30/24.
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 $185
billion in assets under management. To learn more, visit
www.baincapital.com.
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
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SOURCE Envestnet, Inc.