M&A · Industrials · Services-Business Services, NEC
Bain Capital Private Equity to acquire Envestnet, Inc.
Announced Jul 11, 2024 · Closed Nov 25, 2024
Deal value$4.50BEV $4.30B
Premium11.7%To unaffected price
EV / Adj. EBITDA—3.4x EV / Revenue
ConsiderationNot disclosed$63.15 per share
Transaction
- Acquirer
- Bain Capital Private Equity
- Target
- Envestnet, Inc. (ENV)
- Buyer type
- Private equity
- Offer price per share
- $63.15
- Enterprise value
- $4.30B
- Status
- Closed Nov 25, 2024
Deal protections
- Break fee (target pays)
- $90.7M · 2.0%
- Reverse fee (buyer pays)
- $220M · 4.9%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- JPMorgan
- To the target
- Morgan Stanley
Sector context · Industrials
- Comparable deals
- 81 in the prior 24 months
- Premium
- 11.7% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 9.6x
- Break fee
- 2.0% vs. 2.8% sector median
Timeline
- AnnouncedJul 11, 2024
- Proxy filedAug 12, 2024
- Definitive proxyAug 23, 2024
- Shareholder voteSep 24, 2024
- ClosedNov 25, 2024
Valuation · fairness opinions
Trading comparables$47.75$58.50
Trading comparables$53.00$65.50
Future share price$56.00$66.75
Discounted cash flow$62.75$78.50
Leveraged buyout$50.00$65.75
Offer $63.15
Implied value per Envestnet, Inc. share by analysis, from Morgan Stanley.