Cvent to Be Acquired by Blackstone in $4.6 Billion Deal

Cvent announced today that it has entered into a definitive agreement to be acquired by Blackstone in a transaction valued at an enterprise value of approximately $4.6 billion.

Under the terms of the new agreement, Cvent stockholders will receive $8.50 per share in cash. Blackstone’s initial offer of $8 per share was rejected by Cvent in January.

A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will be a significant minority investor alongside Blackstone as part of the transaction.

“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,” said Reggie Aggarwal, founder and CEO of Cvent. “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.”

“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.

As of December 31, 2022, Cvent had approximately 22,000 customers globally and lists over 302,000 hotels and venues on the Cvent Supplier Network. Since its founding in 1999, Cvent has managed more than 5 million events.

In connection with the transaction, Vista Equity Partners, a majority stockholder of Cvent, has agreed to invest a portion of its proceeds as non-convertible preferred stock in financing for the transaction.

“Since Vista first invested, Cvent has undertaken considerable business transformation and has been a testament to how we partner with founders like Reggie to help their businesses scale and thrive,” said Monti Saroya, chairman of the Cvent Board of Directors, co-head of the Vista Flagship Fund and senior managing director. “The newly digitized events landscape, coupled with Cvent’s strong existing customer base and commitment to innovation, has provided a new growth vector in a post-COVID world. We look forward to seeing the company continue to execute on the opportunities ahead of it,” he added.

The transaction is expected to close mid-year 2023, making Cvent once again a privately held company.