Envestnet Inc. has received overwhelming shareholder approval for its sale to Bain Capital. At a special shareholder meeting, over 99% of the votes were in favor of the merger. Larry Roth, managing partner at RLR Strategic Partners, believes that Envestnet will thrive as a private company under Bain Capital's ownership.

Roth emphasized that the shareholder vote was a crucial, albeit formal, step towards privatizing Envestnet. The company announced that approximately 99.33% of the votes at the meeting supported the merger. The final voting results will be detailed in a forthcoming Form 8-K to be filed with the U.S. Securities and Exchange Commission.

The shareholder approval satisfies another condition for closing the merger, alongside the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 on September 3. Envestnet expects to finalize the merger in the fourth quarter of 2024, pending the fulfillment or waiver of remaining customary closing conditions.