AssetMark Signs Definitive Agreement to be Acquired by GTCR

AssetMark Financial Holdings, Inc. (NYSE: AMK) (“AssetMark” or “Company”), a leading wealth management technology platform for financial advisors, today announced that it has signed a definitive agreement to be acquired by GTCR, a leading 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 $2.7 billion. 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.

Based in Concord, California, AssetMark is a leading wealth management technology company with approximately $117 billion of assets on the platform. The Company delivers an extensive suite of technology solutions and service offerings which enable independent financial advisors to create and manage customized client investment portfolios, report and analyze performance, custody assets, attract new clients and grow their advisory business. AssetMark differentiates itself through its comprehensive end-to-end offering and the personalized, high-touch service model it delivers to its financial advisor customers. The AssetMark platform serves over 9,300 financial advisors and over 257,000 investor households.

“This transaction is a testament to the support and commitment of Huatai over the past seven years, and the hard work of the entire AssetMark team. Together with Huatai, we have accomplished remarkable results, and we look forward to partnering with GTCR on the next phase of growth,” said Michael Kim, CEO of AssetMark. “This transaction will deliver substantial value for our shareholders, supports key elements of our strategy, and creates new and exciting opportunities for our employees. In partnership with GTCR, we will continue to focus on expanding offerings for our clients with new product capabilities while maintaining our reputation for excellent client service.”