Smartsheet, the work management platform, has announced its agreement to be acquired by Blackstone and Vista Equity Partners for $8.4 billion. Investors will receive $56.50 per share, reflecting an 8.5% premium over Monday’s closing price and a 41% premium based on the average closing price over the previous 90 days. Following the news, Smartsheet’s shares rose over 6%, reaching their highest levels since early 2022.
The acquisition includes a 45-day “go-shop” period for Smartsheet to seek other offers, with the transaction expected to close by January 31. Vista Equity Partners aims to enhance Smartsheet’s platform accessibility for all organizations and teams.
Blackstone, one of the world’s largest asset management firms, specializes in private equity, real estate, and credit markets. With a reputation for driving growth in its portfolio companies, Blackstone has a proven track record of transforming technology businesses through strategic investments and operational improvements. The firm’s involvement is expected to bring significant resources and expertise to help Smartsheet expand its market presence and innovate further.
Vista Equity Partners is known for its focus on software and technology-enabled businesses, working closely with management teams to accelerate growth and enhance operational efficiency. Together, the partnership aims to position Smartsheet as a leading solution for organizations looking to improve collaboration and project management across teams.
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