Today, the global event management company Cvent announced that it had entered into a definitive agreement acquired by an affiliate of private equity funds managed by Blackstone (“Blackstone”) in a transaction valued at an enterprise valued at approximately $4.6 billion.
This deal is a significant milestone for both companies and the event management industry as a whole.
According to terms in the agreement, Cvent stockholders will receive $8.50 per share in cash, representing a premium of 52 percent to the average share price over the 90 days prior to the end of Jan. 2023.
Founded by Reggie Aggarwal in 1999, Cvent quickly became a leader in the event management software market. The company’s cloud-based platform offers a suite of solutions for event planning, registration and management, with clients including corporations, associations and non-profits.
“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,” said Reggie Aggarwal, founder and CEO.
“As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem.”
Blackstone has received a fully committed $1.0 billion credit facility as part of the financing of this transaction.
David Schwartz, a Senior Managing Director at Blackstone, said: “The continued events and travel recovery is one of Blackstone’s highest-conviction investment themes. 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.”
View full agreement HERE.
Add comment