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Blackstone to take events software provider private

An affiliate of private equity funds managed by Blackstone is to acquire Cvent Holding Corp, a meetings, events and hospitality technology provider, in a transaction with an enterprise value of approximately $4.6 billion, a little over a year after the business listed for a second time via a special purchase acquisition company deal.

An affiliate of private equity funds managed by Blackstone (Blackstone) is to acquire Cvent Holding Corp (Cvent), a meetings, events and hospitality technology provider, in a transaction with an enterprise value of approximately $4.6 billion, a little over a year after the business listed for a second time via a special purchase acquisition company (SPAC) deal.

Cvent first listed in 2013 with a $1.5 billion valuation, but was taken private by Vista Equity Partners (Vista) in a $1.65 billion deal three years later.

Under the terms of the Blackstone agreement, Cvent stockholders will receive $8.50 per share in cash, representing a premium of 52% to the volume weighted average share price over the 90 days prior to 30 January, 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.

As part of the deal, Vista has agreed to invest a portion of the proceeds from the sale of its shares as non-convertible preferred stock in financing for the transaction.

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