Cvent Holding To Be Taken Private By Blackstone In $6.4 Bln Deal
Cvent Holding Corp. (CVT) announced Tuesday that it has entered into a definitive agreement to be acquired by an affiliate of private equity funds managed by Blackstone in a transaction valued at an enterprise value of approximately $4.6 billion.
Under the terms of the agreement, Cvent stockholders will receive $8.50 per share in cash, representing a premium of 52 percent to the volume weighted average share price over the 90 days prior to January 30, 2023 – the day before media reports of a potential transaction were published.
A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will be a significant minority investor alongside Blackstone as part of the transaction.
Cvent’s comprehensive suite of technology solutions powers the entire event management process to maximize the impact of events. Cvent has approximately 22,000 customers globally.
In connection with the transaction, global investment firm Vista Equity Partners, majority stockholder of Cvent, has agreed to invest a portion of its proceeds as non-convertible preferred stock in financing for the transaction.
The transaction, unanimously approved by the Cvent Board of Directors, is expected to close mid-year 2023, subject to the satisfaction of customary closing conditions, including receipt of approval by Cvent’s stockholders and required regulatory approvals.
Upon completion of the transaction, Cvent’s common stock will no longer be publicly listed, and Cvent will become a privately held company.
Blackstone has received a fully committed $1.0 billion credit facility as part of the financing of this transaction.
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