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Private equity firm GTCR has entered into a merger with wealth management platform AssetMark Financial (AMK) for $2.7 billion.
AssetMark shareholders will receive $35.25 per share in cash from the private equity firm, representing a 1% premium from the stock’s last close. The risk arbitrage spread on the deal is just north of 4%, which indicates that the market expects this deal to close later this year with significant hurdles.
The deal will be financed with a credit facility and equity capital from funds affiliated with GTCR.
Concord, California-based AssetMark provides technology solutions to financial advisors to manage client investment portfolios and report and analyze their performance.
AssetMark will no longer be listed on any public market after the completion of the deal, which is expected to close in the fourth quarter of 2024.
For more details related to the merger, please visit:
Deal Metrics for the acquisition of AssetMark Financial Holdings (AMK) by GTCR
Editor’s Note: Baranjot Kaur contributed to this article.
Disclaimer: This article is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any securities mentioned. All investors should conduct their own due diligence before making any investment decision. We do not guarantee the completeness or accuracy of the data provided in this article.