Cvent Holding Corp. CVT announced Tuesday an agreement to be acquired by Blackstone Inc. BX in a cash deal valued at $4.6 billion. Under terms of the deal, Blackstone will pay $8.50 for each of the meetings, events and hospitality technology company’s shares outstanding, which represents a 14.9% premium to Monday’s closing price of $7.40, and a 52% premium to the volume-weighted average price (VWAP) over the 90 days before Jan. 30, which media reports of a potential deal surfaced. The deal is expected to close mid-year 2023. Cvent’s stock was halted for news until 8:15 a.m. Eastern, while Blackstone shares gained 2.2%. “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,” said Cvent Chief Executive Reggie Aggarwal. Cvent’s stock has run up 29.6% over the past three months through Monday while Blackstone shares have gained 3.6% and the S&P 500 SPX has lost 3.5%.
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