Financial Engines and Edelman Financial Services have officially completed their merger.
Edelman’s acquisition of robo-advisor Financial Engines was announced on April 30, and became effective Thursday.
Private equity firm Hellman & Friedman, which owns a majority interest in Edelman, handled the deal. As part of the transaction, Financial Engines has been combined with Edelman Financial Services, and its common stock ceased trading on the Nasdaq Stock Market as of July 19.
Under the terms of the transaction, Financial Engines stockholders are entitled to receive $45 per share in cash.
Sandler O’Neill & Partners, L.P. acted as financial advisor to Financial Engines, and Wachtell, Lipton, Rosen & Katz provided legal counsel to Financial Engines.
Michael Kitces, author of the Nerd’s Eye View blog, said in a Twitter post when the deal was announced that the move was “a huge win” for both firms.