Anamika Dey, editor
Brief news
- Blackstone and Vista Equity Partners are acquiring Smartsheet for approximately $8.4 billion in cash.
- Shareholders will receive $56.50 per share, a 41% premium over the recent average closing price.
- Smartsheet has a 45-day go-shop period to consider other offers before finalizing the transaction by January 2025.
Detailed news
Blackstone and Vista Equity Partners will acquire Smartsheet, a collaboration software manufacturer, in an all-cash transaction that is estimated to be worth approximately $8.4 billion, the company announced on Tuesday.
Shareholders will receive $56.50 per share, which represents a 41% increase over the average closing price of Smartsheet over the past three months.
For several months, the organization had been monitoring potential acquirers’ interest. In 2018, the company went public and endeavored to compete with other software companies, such as Atlassian.
CEO Mark Mader stated in a release, “We are confident that Blackstone and Vista’s resources and expertise will assist us in maintaining Smartsheet as an exceptional workplace where our employees flourish.” The news resulted in a 6% increase in the value of shares.
Smartsheet is permitted to solicit additional vendors during the 45-day go-shop period of the transaction. The transaction is anticipated to be finalized by January 2025, provided that no additional offers are received, subject to shareholder approval.
Smartsheet was recommended by Qatalyst. The private equity suitors were advised by Goldman Sachs and Morgan Stanley.
Below link shared of CNBC exclusive
https://www.cnbc.com/video/2024/08/13/blackstone-president-jon-gray-on-the-economy-feds-rate-path-outlook-and-data-centers.html
Source : CNBC News
