Cvent To Be Acquired For $1.65B
The company recently finished negotiations with private equity firm Vista Equity Partners to sell 100 percent ownership of Cvent’s outstanding shares for approximately $1.65 billion. Shareholders will receive $36 per share, a 70 percent premium to Cvent’s average closing price for the 30 trading days prior to April 15, according to Cvent. Cvent CEO Reggie Aggarwal said that his company was poised to benefit greatly from the acquisition.
“With Vista’s financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth,” Aggarwal said. The deal still requires the assent of Cvent stockholders and other regulatory approvals, and is anticipated to close after June, in the third calendar quarter of 2016.