M&A · Financials · Investment Advice
GTCR Everest Borrower, LLC to acquire AssetMark Financial Holdings, Inc.
Announced Apr 25, 2024 · Closed Sep 5, 2024
Deal value$2.62B
Premium33.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$35.25 per share
Transaction
- Acquirer
- GTCR Everest Borrower, LLC
- Target
- AssetMark Financial Holdings, Inc. (AMK)
- Buyer type
- Private equity
- Offer price per share
- $35.25
- Enterprise value
- —
- Status
- Closed Sep 5, 2024
Deal protections
- Break fee (target pays)
- $80.8M · 3.1%
- Reverse fee (buyer pays)
- $172M · 6.5%
- Go-shop
- No-shop
- Financing
- Committed · UBS, Barclays, Jefferies, BofA Securities, BMO Capital Markets, Truist Securities +2
Advisors
- To the acquirer
- UBS, Barclays, BofA Securities, Jefferies
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $5.0M
Sector context · Financials
- Comparable deals
- 53 in the prior 24 months
- Premium
- 33.0% vs. 34.5% sector median
- EV / Adj. EBITDA
- Sector median 15.6x
- Break fee
- 3.1% vs. 3.0% sector median
Timeline
- AnnouncedApr 25, 2024
- Proxy filedMay 23, 2024
- Definitive proxyJun 3, 2024
- Shareholder vote—
- ClosedSep 5, 2024
Valuation · fairness opinions
Trading comparables$26.50$44.75
Trading comparables$27.75$48.50
Trading comparables$25.00$39.75
Future share price$28.50$47.50
Future share price$30.25$49.50
Offer $35.25
Implied value per AssetMark Financial Holdings, Inc. share by analysis, from Morgan Stanley · DCF discount rate 10.2%–12.1%.