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Blackstone To Acquire Cvent in a $4.6B Deal

MADDY RYLEY, SENIOR ASSOCIATE EDITOR
two people shaking hands representing Blackstone's acquisition of Cvent

CHICAGO — On March 14, Cvent announced it entered into a definitive agreement to be acquired by an affiliate of Blackstone-managed private equity funds for $4.6 billion. The acquisition will make Cvent a privately held company again. 

“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,” Cvent Founder and CEO Reggie Aggarwal said. “As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem.” 

According to the agreement, Cvent stockholders will get $8.50 per share in cash, which represents a premium of 52% to the volume weighted average share price over the 90 days prior to Jan. 30, 2023. The date, Jan. 30, represents the day before speculation of the deal was published by media outlets.

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The deal is expected to close in the middle of 2023 and once complete, Cvent’s common stock will no longer be listed publicly. Alongside Blackstone, A subsidiary of the Abu Dhabi Investment Authority will be a significant minority investor. Blackstone received a $1 billion credit facility as part of the financing of the transaction. 

Blackstone has experience in the hospitality and events sectors, including having acquired Clarion Events in 2017. With about 22,000 customers globally as of Dec. 31, 2022, Cvent has helped to manage more than 5 million events since its founding in 1999. 

“The continued events and travel recovery is one of Blackstone’s highest-conviction investment themes,” Blackstone Senior Managing Director David Schwartz said. “Given our extensive experience in the hospitality, events and real estate sectors, we believe Blackstone is well positioned as a growth partner for this exceptional business.” 

Reach Reggie Aggarwal at (866) 318-4358; David Schwartz at (212) 583-5000 

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