Cvent to be acquired by Blackstone for $8.50 per share in cash

Cvent (CVT) announced that it has entered into a definitive agreement to be acquired by an affiliate of private equity funds managed by Blackstone (BX) in a transaction valued at an enterprise value of approximately $4.6B. Under the terms of the 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 January 30, the day before media reports of a potential transaction were published. A wholly owned subsidiary of the Abu Dhabi Investment Authority, or ADIA, will be a significant minority investor alongside Blackstone as part of the transaction. Cvent has approximately 22,000 customers globally in the corporate, non-profit, higher education and hospitality sectors as of December 31, 2022. Since its founding in 1999, Cvent has helped manage more than 5M events, and lists over 302,000 hotels and venues as of December 31, 2022 on the Cvent Supplier Network, an online platform with tools to search, negotiate and contract with hotels and venues for event space. Following the recommendation of a special committee composed entirely of independent and disinterested directors, the Cvent board of directors unanimously approved the merger agreement. The transaction is expected to close mid-year 2023, subject to the satisfaction of customary closing conditions, including receipt of approval by Cvent’s stockholders and required regulatory approvals. Upon completion of the transaction, Cvent’s common stock will no longer be publicly listed, and Cvent will become a privately held company. Blackstone has received a fully committed $1B credit facility as part of the financing of this transaction.