Blackstone to buy Cvent for $4.6bn

• Cvent’s shareholders will receive $8.50 per share in cash
• That is a 52 percent to the 90-day volume-weighted average on January 30
• Blackstone is an alternative asset manager based in New York

Blackstone to acquire Cvent Holding Corp, a meetings, events and hospitality technology provider, from Vista Equity Partners in a transaction valued at an enterprise value of around $4.6 billion.

Cvent is headquartered in Tysons Corner, Virginia.

Cvent’s shareholders will receive $8.50 per share in cash, a premium of 52 percent to the 90-day volume-weighted average on January 30, a day before media reports of a potential transaction were published.

“The continued events and travel recovery is one of Blackstone’s highest-conviction investment themes,” said David Schwartz, a senior managing director at Blackstone. “Given our extensive experience in the hospitality, events and real estate sectors, we believe Blackstone is well positioned as a growth partner for this exceptional business.”

Blackstone has received a fully committed $1.0 billion credit facility as part of the financing of this transaction, according to a release.

A wholly owned subsidiary of Abu Dhabi Investment Authority will be a significant minority investor alongside Blackstone, the release said.

Vista Equity Partners will invest a portion of its proceeds as non-convertible preferred stock in financing for the transaction.

The transaction is expected to close mid-year 2023, subject to the satisfaction of customary closing conditions and regulatory approvals.

Cvent’s common stock will no longer be publicly listed, and Cvent will become a privately held company post the completion of the sale.

Blackstone, based in New York, is an alternative asset manager with $975 billion in assets under management.

Vista is a global investment firm that managed over $95 billion in assets as of 30 September 2022. The firm is based in Austin, Texas.