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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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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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