Event software provider Cvent Holding Corp. will go private again as part of a $4.6B acquisition deal from buyout firm Blackstone.
Cvent was valued at $5.3B in 2021, when it went public via a merger with a blank-check acquisition company.
- Virginia-based
Cvent, which provides cloud-based software for live and virtual event
management, was last purchased by Vista Equity Partners for $1.65B in
2016.
- Vista will now sell its remaining shares of Cvent to an affiliate of Blackstone-managed private equity funds.
- An Abu Dhabi Investment Authority subsidiary is also involved as a significant minority investor.
- Under the deal, Cvent shareholders will receive $8.50 a share in cash.
- The deal, expected to close in mid-2023, will see Cvent become a privately listed company again.
- As valuations of tech companies plunge, private equity firms are seeking to take advantage.
- PE firms spent close to $300B on these deals in H1 2022, up nearly 40% from the same period in 2021.
- On Monday, it was reported that software company Qualtrics agreed to be acquired
by private equity firm Silver Lake and Canada Pension Plan Investment
Board (CPP Investments), Canada’s largest pension fund, valuing
Qualtrics at $12.5B.
