Cvent Holding

History

Blackstone bought Cvent for $4.6 billion

On March 14, 2023, investment firm Blackstone announced an agreement to buy software developer Cvent Holding. The transaction amount will be approximately $4.6 billion.

Cvent is the world's largest provider of event marketing solutions - various meetings, events, etc. As of December 31, 2022, the company had approximately 22 thousand customers worldwide in the corporate, non-profit, educational and hotel sectors. Since its founding in 1999, Cvent has helped organize more than 5 million all kinds of events, for which more than 302 thousand hotels and other places are available. Cvent's comprehensive set of solutions provides a full cycle of event management, which makes it possible to maximize their impact on the business.

Cvent is the world's largest provider of event marketing solutions

Under the terms of the contract, the transaction will be carried out at the expense of funds. Cvent shareholders will receive $8.5 for each security, representing a 52% premium to the company's 90-day weighted average share price through January 30, 2023. The merger is scheduled to be completed in mid-2023, subject to approval from Cvent shareholders and necessary regulatory approvals. After merging with Blackstone, Cvent's ordinary securities will no longer be listed on the stock exchange, and the company itself will become a private structure.

As one of the world's largest private equity firms, Blackstone has deep experience in event management and hospitality, and with their support, we plan to continue to invest in our business and offer innovative solutions that meet the needs of our customers and expand the meeting and event ecosystem, "said Reggie Aggarwal, Founder and CEO of Cvent.[1]

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