Blackstone—with a minority share investment from the Abu Dhabi Investment Authority—announced this week it has entered into an agreement to acquire the meetings, events and hospitality platform Cvent for $4.6B.

Vista Equity Partners, a majority stockholder of Cvent, announced it will invest a portion of the proceeds from the sale as "non-convertible preferred stock in financing for the transaction," the company said in a statement.

Cvent stockholders will get $8.50 per share in cash under the terms of the agreement. According to the company's last year-end report, Cvent has about 22,000 clients internationally in hospitality, corporate, nonprofit and higher education sectors.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.