Hellman & Friedman to buy Financial Engines for $3.02 billion
Staff Writer |
Financial Engines announced that it has signed a definitive agreement to be acquired by funds affiliated with Hellman & Friedman (H&F) in an all-cash transaction that values Financial Engines at an aggregate value of approximately $3.02 billion.
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Under the terms of the agreement, Financial Engines shareholders will receive $45.00 per share in cash upon the closing of the transaction.
The price per share represents more than a 32 percent premium above the closing share price of $33.95 on April 27, 2018 and more than a 41 percent premium above the trailing 90-day volume weighted average stock price for the period ended April 27, 2018.
The agreement has been unanimously approved by Financial Engines’ board of directors. Edelman Financial Services, one of the nation's largest independent financial planning and investment management firms, will be combined with Financial Engines as part of the transaction. H&F owns a majority interest in Edelman.
Financial Engines and Edelman are two firms with similar proud legacies of providing investors independent financial advice.
Founded in 1996, Financial Engines uniquely leverages proprietary technology and a network of advisors to deliver a broad range of financial planning and investment advice to investors through nationwide advisor centers and employees at their workplace.
Today, with $169 billion in assets under management, more than 750 of America’s leading employers and largest recordkeepers trust Financial Engines to help over ten million employees with more than $1 trillion in assets to save and invest for retirement.
Over the past thirty years, Edelman has established itself as a leader in personal finance education and financial planning services.
Edelman has become one of the largest independent financial planning firms in the nation, managing more than $21.7 billion for more than 35,000 clients across the country.
The combined companies, with a shared vision, will create the leading provider of scalable, comprehensive, and unbiased advice for all investors. ■