Envestnet (NYSE:ENV) announced today that it has reached a definitive agreement to be acquired by Bain Capital.

The deal values Envestnet at approximately $4.5 billion, equivalent to $63.15 per share.

Reverence Capital has also agreed to participate in this transaction.

Additionally, strategic partners, including BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors, have pledged to invest, securing minority stakes in Envestnet once it transitions to a private entity.

The company, which manages over $6 trillion in assets, expects the deal to close in Q4 2024, pending customary conditions and shareholder approval.