By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News. September 24, 2024. Article no 1238.
Smartsheet has agreed to be acquired and taken private by Blackstone and Vista Equity Partners in an all-cash transaction valued at about $8.4 billion.
Under the terms of the deal, Blackstone and Vista Equity would acquire Smartsheet for $56.50 per share, representing an 8.5% premium over the company’s last closing price of $52.09.
The acquisition agreement includes a 45-day “go-shop” provision that allows Smartsheet to solicit competing bids until November 8.
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The deal is expected to close in the fourth quarter of Smartsheet’s fiscal 2025, which ends on January 31, 2025.
Smartsheet’s board has unanimously approved the acquisition and recommends that shareholders vote in favor of it.If the transaction is completed, Smartsheet would become a privately owned company and its shares would be delisted from the market.
The company will continue to operate under the Smartsheet name and brand.The acquisition comes at a time when private equity deal-making has been on the rise, with a 41% increase in deal volumes during the first half of 2024, driven by several take-private deals.
Released in 2006, Smartsheet is a software as a service (SaaS) offering solutions enabling teams to manage projects, automate processes & scale programs in one powerful platform.
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© Copyright 2024 – Eurasia Business News. Article no. 1238.
Eurasia Business News 