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AssetMark will be taken private by GTCR in $2.7 billion acquisition
Chicago, April 25 – AssetMark Financial Holdings, Inc. announced that the company is being purchased by private equity firm GTCR, according to an 8-K filing with the Securities and Exchange Commission.
Existing stockholders will receive $35.25 per share in cash, representing a total equity valuation of $2.7 billion. The firm will be buying all of the company’s stock. Huatai Securities’ majority ownership stake is considered part of the buyout. Huatai has had a majority ownership in AssetMark since 2016.
The acquisition will be financed with a credit facility and equity capital from funds affiliated with GTCR.
GTCR has commitment letters for both parts of the financing.
UBS AG, Stamford Branch, UBS Securities LLC and Barclays have provided the $1.55 billion debt commitment.
According to a source, the debt financing will include a $1.3 billion first-lien term loan and a $250 million revolver.
The transaction is not technically subject to a financing condition.
The acquisition is subject to customary closing conditions and required regulatory approvals and is expected to close in the fourth quarter of 2024.
Morgan Stanley & Co. LLC served as exclusive financial adviser to AssetMark, and Davis Polk & Wardwell LLP provided legal counsel. UBS Investment Bank and Barclays served as co-lead financial advisers to GTCR and are providing debt financing support for the transaction. BofA Securities and Jefferies LLC also served as financial advisers. Kirkland & Ellis LLP provided legal counsel, and Paul Hastings LLP provided regulatory legal counsel.
AssetMark is a Concord, Calif.-based provider of wealth management and technology services.
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