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Blackstone Enters Events & Hospitality Business with $4.6B Cvent Acquisition

Blackstone Enters Events & Hospitality Business with $4.6B Cvent Acquisition

An affiliate of private equity funds managed by Blackstone is taking Cvent Holding Corp, the world’s largest event technology company, private for approximately $4.6 billion after a reported $3.9 billion initial offer last month was rejected, as the alternative assets manager makes a bullish bet on the recovery of events and travel. 

Cvent investors will receive $8.50 per share, a premium of about 29% from January 30, a day before reports of a potential deal emerged. The transaction is expected to close in the middle of this year. 

Blackstone has received a $1 billion credit facility as part of the financing. 

“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,” said David Schwartz, a Senior Managing Director at Blackstone. 

A wholly owned subsidiary of the Abu Dhabi Investment Authority, which has just taken a minority interest in the Apollo-Univar deal, will be a minority investor alongside Blackstone. 

Tysons, VA-based Cvent was valued at $5.3 billion in 2021 when Vista Equity Partners took the company private a few years ago for $1.65 billion before returning to the public markets through a special purchase acquisition company a little more than a year ago. 

Vista will retain majority interest in Cvent and has agreed to use part of its proceeds to invest in non-convertible preferred shares in the deal’s financing. 

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Inside The Story

Cvent Holding CorpBlackstone, IncVista Equity Partners

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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