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Could BlackRock Buyout Envestnet?

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Index giant BlackRock, Inc. is investing capital into Chicago-based Envestnet, Inc. and could potentially take over the company at some point. BlackRock purchased an approximate 4.9% equity stake, approximately 2.36 million shares, in Envestnet for a purchase price of US$ 52.13 per share and an aggregate purchase price of approximately US$ 122.8 million. In addition, Envestnet will issue to BlackRock a warrant to purchase approximately 470,000 shares of Envestnet common stock at an exercise price of US$ 65.16 per share, subject to customary anti-dilution adjustments. The Warrant is exercisable at the option of BlackRock for four years from the date of issue.

Envestnet is a provider of intelligent systems for wealth management. BlackRock and Envestnet signed a strategic relationship deal betting on a notion that more wealth managers are moving toward fee-based advisory relationships. The two companies will accelerate work to integrate BlackRock Digital Wealth’s technologies into Envestnet’s platform.

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Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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