Shares of meetings, events, and hospitality technology provider Cvent Holding (NASDAQ:CVT) are in the green today after it agreed to be acquired by funds managed by Blackstone (NYSE:BX) at an enterprise value of about $4.6 billion.
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Under the agreement, investors in CVT will receive $8.50 per share held by them. Vista Equity Partners, a majority investor in Cvent, has agreed to use a part of its proceeds to invest in non-convertible preferred shares in the deal’s financing.
The transaction is expected to close in the middle of this year and upon closing, CVT will cease to trade publicly.
At the same time, Wohl & Fruchter, a law firm, is investigating the transaction to see if the company’s board acted in the best interest of its investors.
Separately, CVT also announced its fourth quarter numbers today. During the period, revenue rose 18.1% year-over-year to $170.9 million. Net loss per share at $0.04 missed the Street’s estimates by $0.10.
Shares of the company have surged nearly 38% so far this year.
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