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Share Name | Share Symbol | Market | Type |
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Blackstone Inc | NYSE:BX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 117.49 | 0 | 09:05:20 |
By Colin Kellaher
Shares of Cvent Holding Corp. jumped more than 10% on Tuesday after the cloud-based event-software provider agreed to be taken private in a $4.6 billion deal led by private-equity giant Blackstone Inc.
Cvent investors would receive $8.50 a share in cash under the deal, a 12% premium to Monday's closing price of $7.40 and 29% above its closing price of $6.57 on Jan. 30, before The Wall Street Journal reported that the company was exploring a sale, and that Blackstone was among those kicking the tires.
Private-equity firm Vista Equity Partners, which bought Cvent in 2016 and still owns a more than 80% stake after taking the Tysons, Va., company public again in late 2021 through a merger with a blank-check company, plans to invest part of its proceeds as non-convertible preferred stock in financing for the transaction, which also includes a significant minority investment by the Abu Dhabi Investment Authority.
Cvent shares were recently changing hands at $8.31, up 12%, after touching a 52-week high of $8.34 earlier in the session.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 14, 2023 10:29 ET (14:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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