Blackstone and Vista Equity Partners acquire software manufacturer Smartsheet

Collaboration software manufacturer Smartsheet announced Tuesday that Blackstone and Vista Equity Partners will acquire the company in an all-cash deal that values ​​the company at approximately $8.4 billion.

Shareholders will receive $56.50 per share, a 41% premium to Smartsheet's average closing price over the past three months.

The company had spent several months assessing the interest of potential buyers. In 2018, it went public and wanted to compete with other software companies such as Atlassian.

“As we look to the future, we are confident that the expertise and resources of Blackstone and Vista will help us ensure Smartsheet continues to be a great place to work where our employees thrive,” CEO Mark Mader said in a press release. Shares rose 6% on the news.

The transaction is subject to a 45-day period during which Smartsheet may solicit additional bids. If no additional bid is received, the transaction is expected to close by January 2025, subject to shareholder approval.

Qatalyst advised Smartsheet. Goldman Sachs and Morgan Stanley advised the private equity bidders.