An affiliate of private equity funds managed by Blackstone Inc. (NYSE:BX) alongside Abu Dhabi Investment Authority entered into a definitive agreement to acquire Cvent Holding Corp. from funds of Vista Equity Partners Management, LLC and others for $4.3 billion.
The Cvent Board, acting on the recommendation of the Special Committee, unanimously approved the transaction. The Board of Directors of Blackstone and Abu Dhabi have approved the transaction. The transaction is subject to the satisfaction of customary closing conditions, including the adoption of the Merger Agreement by the holders of a majority of the outstanding Cvent Common Stock, the expiration or termination of any applicable waiting periods under the Hart-Scott-Rodino Act, certain other approvals and clearances by government authorities, and the receipt of approval by Cventâs stockholders. Cvent stockholders will hold a special meeting on June 1, 2023 to approve the transaction. The Closing will not occur prior to June 15, 2023. The transaction is expected to close mid-year 2023.
Qatalyst Partners acted as the financial advisor and fairness opinion provider to Cvent, and David M. Klein, Daniel E. Wolf, Chelsea N. Darnell, Ari Levi, Joshua N. Korff, Tim Cruickshank, Robert Goedert, Christie W.S. Mok, Douglas F. Tedeschi, Rohit A. Nafday, Marin Boney and Mark Gardner of Kirkland & Ellis LLP acted as the legal advisor to Cvent. J.P. Morgan Securities LLC acted as the financial advisor and fairness opinion provider to the Special Committee of Cvent, and Joshua M. Zachariah, Jeffrey Letalien and Deborah S. Birnbach of Goodwin Procter LLP acted as the legal advisor to the Special Committee. Elizabeth A. Cooper, William Allen, Jonathan Ozner, Lia Toback, Jennifer L. Nadborny, Bettina C. Elstroth, Brian Gluck, Adam J. Moss, Sophie A. Staples, Gregory T. Grogan, Caitlin A. Lucey, Lori E. Lesser and Krista B. McManus of Simpson Thacher & Bartlett LLP acted as the legal advisor to Blackstone, and Evercore, Morgan Stanley & Co. LLC and UBS acted as financial advisors to Blackstone. Continental Stock Transfer & Trust Company acted as transfer agent to Cvent. Cvent will pay a fee of $50 million to Qatalyst Partners, $5 million of which was payable upon the delivery of its opinion, and the remaining portion of which will be paid upon, and subject to, the consummation of the merger. Cvent will pay a fee of $4 million to J.P. Morgan for the rendering of its opinion to the Special Committee.