GTCR LLC entered into a definitive agreement to acquire AssetMark Financial Holdings, Inc..
April 25, 2024
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GTCR LLC entered into a definitive agreement to acquire AssetMark Financial Holdings, Inc. (NYSE:AMK) on April 25, 2024. AssetMark stockholders will receive $35.25 per share in cash, which represents a total equity valuation of approximately $2.7 billion. AssetMark Restricted Stock Units underlying an aggregate of 1,240,192 shares of Company Stock. If this Agreement is terminated by AssetMark then pay immediately available funds $80.76087 million and If Agreement is terminated by GTCR then pay immediately available funds $161.52174 million. The transaction will be financed with a credit facility and equity capital from funds affiliated with GTCR. Upon completion of the transaction, AssetMark?s common stock will no longer be listed on any public market.
The transaction is subject to customary closing conditions and required regulatory approvals (including the Financial Industry Regulatory Authority, the China Securities Regulatory Commission, the Department of Finance of Jiangsu Province of the People?s Republic of China, the National Securities Clearing Corporation and specified U.S. state governmental entities), the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, AssetMark?s Board of Directors has unanimously approved the transaction and recommended the transaction to its stockholders. The transaction is expected to close in Q4 2024.
Morgan Stanley & Co. LLC served as exclusive financial advisor and Davis Polk & Wardwell LLP provided legal counsel to AssetMark. UBS Investment Bank and Barclays served as co-lead financial advisors to GTCR and are providing debt financing support for the transaction. BofA Securities and Jefferies LLC also served as financial advisors. Kirkland & Ellis LLP provided legal counsel to GTCR. Paul Hastings LLP provided regulatory legal counsel.
AssetMark Financial Holdings, Inc. provides a wealth management platform that powers independent financial advisers and their clients. The Companyâs platform provides advisers with an integrated suite of products and services that facilitates growth, streamlines workflows and provides scale to advisersâ businesses, so they can better serve their clients, who are investors of all sizes. Its platform includes Flexible technology platform, Personalized and scalable adviser service, Curated investment platform and Financial planning technology. Its integrated, open-architecture platform is built for advisers. Advisers have access to a range of automated tools and capabilities that help them differentiate the client experience, including new account opening, portfolio construction, streamlined financial planning, customer billing, investor reporting, progress-to-goal analysis, and client activity tracking. It also provides a full spectrum of services for many aspects of the adviserâs firm.
ASSETMARK FINANCIAL HOLDINGS, INC. 
