Private equity firms Vista Equity Partners and Blackstone are in advanced discussions to acquire collaboration software company Smartsheet, in a deal that would value the business at $8bn, according to a report by Reuters.
The report cites unnamed sources familiar with the matter as revealing on Monday that the potential transaction would involve an offer of approximately $56 per share for Smartsheet, with an agreement possibly finalised in the coming weeks, barring any unforeseen complications.
Reuters first reported earlier this month that Vista and Blackstone were in talks regarding the acquisition of Smartsheet and were looking to raise $3.2bn in private debt to help finance the deal. Since Reuters revealed in July that the company was attracting interest from potential buyers, Smartsheet’s stock has surged over 16%.
If the deal goes through, it would represent one of the largest take-private transactions of the year, but still significantly smaller that its year’s largest deal, Silver Lake’s $13bn buyout of talent agency Endeavor Group, according to data from LSEG.
Smartsheet serves large corporate clients with complex operational needs, including Pfizer, Cisco, and American Airlines, and claims to work with 85% of Fortune 500 companies.
