Private equity firm GTCR has agreed to acquire AssetMark Financial Holdings, a US wealth management technology platform for financial advisors, in a take-private deal that values the business at approximately $2.7bn.
Under the terms of the transaction, AssetMark stockholders will receive $35.25 per share in cash, with GTCR acquiring a 100% interest in the company. AssetMark’s board of directors has unanimously approved the transaction and recommended the deal to shareholders.
Based in Concord, California, AssetMark, which has approximately $117bn of assets on its platform, provides technology solutions and services for enable independent financial advisors to create and manage client investment portfolios, report and analyse performance, custody assets and attract clients.
The transaction is subject to customary closing conditions and required regulatory approvals and is expected to close in Q4 2024. Upon completion of the transaction, AssetMark’s common stock will no longer be listed on any public market.
The transaction will be financed with a credit facility and equity capital from funds affiliated with GTCR.
