AssetMark Financial to be acquired by GTCR for $35.25 per share in cash

AssetMark Financial announced that it has signed a definitive agreement to be acquired by GTCR, a private equity firm with substantial investment expertise in financial technology, wealth and asset management. AssetMark stockholders will receive $35.25 per share in cash, which represents a total equity valuation of approximately $2.7B. Under the terms of the agreement, GTCR will acquire a 100% interest in the company. AssetMark’s board of directors has unanimously approved the transaction and recommended the transaction to its stockholders. After AssetMark’s board of directors approved the transaction, the definitive agreement was signed, and the transaction was approved by written consent of stockholders representing a majority of the outstanding voting interests of the company. The transaction is subject to customary closing conditions and required regulatory approvals and is expected to close in Q4. Upon completion of the transaction, AssetMark’s common stock will no longer be listed on any public market. The consummation of the transaction is not subject to any financing condition. The transaction will be financed with a credit facility and equity capital from funds affiliated with GTCR.