Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
It had also bought payments technology provider Fidelity National Information Services’ 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.
Source: Reuters
Can’t stop reading? Read more
Apollo and Sony to reconsider $26bn Paramount deal
Paramount Global was heading for a rocky start to trading today CNBC reported overnight that Sony...
EQT’s Sinding Says Buyout Firms Hunt for New Ways to Exit
A growing number of private equity giants are considering new ways of exiting their portfolio...
Blackstone-led consortium bids Haldiram Snacks at $8.5 billion
A consortium including Blackstone Singapore state fund GIC and Abu Dhabi Investment Authority...