GTCR Announces Acquisition of AssetMark Financial Holdings, Inc. for $2.7 Billion

AssetMark Financial Holdings, a prominent wealth management technology platform for financial advisors, has confirmed its acquisition by GTCR, a leading private equity firm. Under the agreement, AssetMark stockholders will receive $35.25 per share in cash, totaling approximately $2.7 billion.

AssetMark's Board of Directors has unanimously approved the transaction, and the company is expected to be delisted from the public market upon completion of the acquisition. The acquisition is anticipated to close in Q4 2024, subject to customary closing conditions and regulatory approvals.

GTCR is set to finance the transaction through a credit facility and equity capital from affiliated funds. AssetMark, with its base in Concord, California, offers an array of technology solutions and services to independent financial advisors, catering to over 9,300 advisors and 257,000 investor households. Founded in 1996, AssetMark currently has over 1,000 employees and manages approximately $117 billion of assets on its platform, as of March 31, 2024.

GTCR, established in 1980, focuses on transformative growth investments in various sectors, including Financial Services & Technology. Read the full press release here.