Blackstone to buy Cvent in $4.6bn deal
By Michele Maatouk
Date: Tuesday 14 Mar 2023
(Sharecast News) - US meetings, events and hospitality technology provider Cvent said on Tuesday that it has agreed to be bought by private equity firm Blackstone in a $4.6bn deal.
Under the terms of the agreement, Cvent shareholders will receive $8.50 per share in cash. This is a 52% premium to the volume weighted average share price over the 90 days prior to 30 January, 2023 - the day before media reports of a potential deal.
Cvent has around 22,000 customers globally in the corporate, non-profit, higher education and hospitality sectors as of 31 December 2022. Since its founding in 1999, it has helped manage more than 5m events, and lists more than 302,000 hotels and venues on the Cvent Supplier Network, an online platform with tools to search, negotiate and contract with hotels and venues for event space.
Cvent founder and chief executive Reggie Aggarwal said: "We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team.
"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."
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