Smartsheet, a collaboration software company, announced on Tuesday that Blackstone and Vista Equity Partners will acquire it in an all-cash deal valued at approximately $8.4 billion. Shareholders will receive $56.50 per share, representing a 41% premium over the company’s average closing price for the past three months.
Smartsheet had been exploring acquisition opportunities for several months. The company, which went public in 2018, aimed to compete with other software firms like Atlassian.
“As we look to the future, we are confident that Blackstone and Vista’s expertise and resources will help us ensure Smartsheet remains a great place to work where our employees thrive,” CEO Mark Mader said in a release. Smartsheet shares rose 6% on the news.
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The transaction has a 45-day go-shop period, allowing Smartsheet to solicit other bidders. Barring another offer, the deal is expected to close by January 2025, pending shareholder approval.
Qatalyst advised Smartsheet. Goldman Sachs and Morgan Stanley advised the private equity bidders.
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