Tysons events software giant Cvent Holding Corp. (NASDAQ: CVT) has reached a deal to go private again via a sale to private equity firm Blackstone Inc. (NYSE: BX) that values the local company at $4.6 billion.
The purchase agreement, announced Tuesday, will allow Cvent stockholders to receive $8.50 per share, and the company noted that a subsidiary of the Abu Dhabi Investment Authority is a “significant minority investor” in the deal.
The deal is expected to close in “mid-2023,” the companies said in an announcement.
“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,” Reggie Aggarwal, Cvent’s founder and CEO, said in a statement Tuesday.
Cvent’s stock was trading at around $8.32 per share on Tuesday mid-morning after the transaction was announced, up about 12% compared…
Read the full story from the Washington Business Journal.
