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Envestnet (NYSE:ENV) rose 2% on a report that buyout firm Bain Capital is in advanced talks to purchase the wealth-management software firm.
The price for a deal is around Envestnet’s (ENV) current stock price of around $63 and could be announced as soon as this week, according to a Reuters report on Monday, which cited people familiar with the matter. Envestnet has a market value of about $3.5 billion.
The news comes after a Bloomberg report in late May that Envestnet (ENV) was seeing interest from buyout funds including Advent International and GTCR.
Reuters first reported in April that Envestnet (ENV) was working with Morgan Stanley to engage with possible buyers.
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