Funds managed by private investment firms Blackstone and Vista Equity Partners have agreed to acquire Smartsheet, a provider of workplace collaboration software solutions in an all-cash transaction valued at approximately $8.4bn.
Under the terms of the agreement, the buyers will acquire all the outstanding shares held by Smartsheet shareholders for $56.50 per share in cash upon the closing of the proposed transaction.
This price represents a premium of approximately 41% to the volume weighted average closing price of Smartsheet stock for the 90 trading days ending on 17 July, 2024, the last full trading day prior to media reports regarding a possible sale transaction involving the Company, and a 16% premium to the highest closing stock price over the last 12 months ending 17 July, 2024.
Blackstone will invest in Smartsheet through its flagship private equity vehicle and its private equity strategy for individual investors.
