PE firm GTCR to buy wealth management platform AssetMark for $2.7 bln
Updates stock price in paragraph 5; adds analyst comment in paragraphs 6-7
By Niket Nishant
April 25 (Reuters) -Private equity firm GTCR has agreed to pay $2.7 billion to buy AssetMark Financial AMK.N, in a deal that would take the wealth management platform private more than five years after its initial public offering.
The acquisition, announced on Thursday, will help expand GTCR's footprint in the financial services industry. Founded in 1980, the firm manages $40 billion of equity and is a big player in the healthcare, financial and technology markets.
It had also bought payments technology provider Fidelity National Information Services' FIS.N Worldpay business in a blockbuster deal last year.
AssetMark's shareholders will get $35.25 per share in cash, and the deal will be financed with a credit facility and capital from funds affiliated with GTCR.
AssetMark's shares closed down nearly 3%. GTCR's offer price represents a 1% premium to the stock's last close, but is more than 30% higher than where it was trading at before media reports on a potential stake sale of the business.
"The offer feels somewhat low to us for a company with a leading position in the wealthtech market," William Blair analysts wrote in a note.
"However, reports of a potential deal were reported by Bloomberg in December, which suggests that if there were other potential buyers at a higher price, they likely would have emerged by now."
Concord, California-based AssetMark provides technology for financial advisers to manage client investment portfolios and report and analyze their performance.
Morgan Stanley was the financial adviser to AssetMark for the transaction. UBS Investment Bank and Barclays served as co-lead financial advisers for GTCR and are providing debt for the deal, which is expected to close in the fourth quarter this year.
Reporting by Niket Nishant in Bengaluru; Editing by Eileen Soreng, Shounak Dasgupta and Jonathan Oatis
免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。