02:22 PM EDT, 07/08/2024 (MT Newswires) -- (Updates with details throughout.)

Bain Capital is closing in on a deal to acquire Envestnet ( ENV ) in a transaction valuing it at around its current stock price, Reuters reported Monday, citing people familiar with the matter.

Envestnet ( ENV ) shares were trading at over $64 apiece Monday, giving it a valuation of more than $3.5 billion. The deal could be announced as soon as this week.

The firm, which provides technology tools to financial advisers and wealth managers, previously explored a sale in 2022 and began seeking suitors again in April this year, the report said.

Envestnet ( ENV ) declined to comment, while Bain Capital did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 64.90, Change: +1.83, Percent Change: +2.90