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Science & Technology

Blackstone and Vista Equity Partners to Acquire Smartsheet

Collaboration software maker Smartsheet announced on Tuesday, September 24 that Blackstone and Vista Equity Partners would acquire it.

Blackstone and Vista Equity Partners to Acquire Smartsheet

Currently, it is known that the acquisition of the mentioned company will be made within the framework of the all-cash deal, the value of which is approximately $8.4 billion. There is also information according to which the shareholders of the software maker will receive $56.50 per equity. It is worth noting that the corresponding figure is 41% higher than Smartsheet’s average closing price over the last three months.

According to media reports, for several months the software maker had been gauging interest from potential acquirers. This company went public in 2018. Smartsheet sought to collaborate with other firms that operate in the software development area. In this case, it means companies such as Atlassian.

Smartsheet chief executive officer Mark Mader says that assessing the prospects of the future, the firm is confident that the expertise and resources of Blackstone and Vista will help it to remain a great place to work where employees thrive.

It is worth noting that after the news of the acquisition of the software maker was made public, an increase in the value of Smartsheet shares was recorded. The corresponding indicator grew by 6%.

The purchase deal has a 45-day go-shop period. This means that Smartsheet has time to gain other bidders. According to media reports, the deal will be closed by January 2025. It is worth noting that approval from shareholders is required for the final implementation of this business agreement.

Qatalyst advised Smartsheet. Goldman Sachs and Morgan Stanley provided consulting services to private equity bidders.

As we have reported earlier, Salesforce to Acquire Startup Own.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.