Cvent Holding Corp., an industry-leading meetings, events and hospitality technology provider, announced on March 14, 2023, that it has entered into a definitive agreement to be acquired by an affiliate of private equity funds managed by Blackstone in a transaction valued at an enterprise value of approximately $4.6 billion USD.
In its press release announcing the acquisition, Cvent explained that under the terms of the agreement, Cvent stockholders will receive $8.50 per share in cash, representing a premium of 52 percent to the volume weighted average share price over the 90 days prior to January 30, 2023 – the day before media reports of a potential transaction were published. A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will be a significant minority investor alongside Blackstone as part of the transaction.
Cvent offers a comprehensive suite of technology solutions for event management. As of December 31, 2022, the company has approximately 22,000 customers globally in the corporate, non-profit, higher education and hospitality sectors. Since its founding in 1999, Cvent has helped manage more than five million 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.
“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,” said Reggie Aggarwal, founder and CEO of Cvent. “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.”
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.”
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.
Read the full release HERE.