BX Blackstone Inc

By Colin Kellaher

Cvent Holding Corp. on Tuesday said it has agreed to be acquired by an affiliate of private-equity funds managed by Blackstone Inc. at an enterprise value of about $4.6 billion.

Under the agreement, Blackstone would pay $8.50 a share for Cvent, a nearly 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 Tysons, Va., cloud-based event-software provider was exploring a sale.

Cvent, which was taken private by private-equity firm Vista Equity Partners in 2016 in a $1.6 billion deal, went public again in late 2021 through a merger with blank-check company Dragoneer Growth Opportunities Corp. II.

The companies said Vista, which is still Cvent's majority shareholder, has agreed to invest a portion of its proceeds as non-convertible preferred stock in financing for the transaction.

Blackstone said a unit of the Abu Dhabi Investment Authority will be a significant minority investor in the transaction, slated to close by mid-2023.

Trading in shares of Cvent was halted premarket Tuesday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 14, 2023 08:10 ET (12:10 GMT)

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