Blackstone and Vista Equity Partners Acquire Smartsheet in a $8.4 Billion Cash Deal

Buyout firms Blackstone Inc. (BX) and Vista Equity Partners entered into a merger agreement on September 24, 2024, to acquire workplace collaboration software maker Smartsheet Inc. (SMAR) for $8.4 billion in cash.

Terms of the Agreement:

Under the terms of the agreement, Blackstone and Vista will acquire all the outstanding shares held by Smartsheet shareholders for $56.50 per share in cash, representing a premium of 8.47% from the stock’s last close.

Company Profile:

Smartsheet is a cloud-based enterprise platform that helps teams and organizations plan, manage, and automate work through tools like dashboards, reports, and integrations, serving industries such as aerospace, healthcare, and finance.

Blackstone is the world’s largest alternative asset manager, specializing in investments across real estate, private equity, credit, infrastructure, and hedge funds, managing over $1 trillion in global assets.

Vista Equity is an investment company that manages more than $100 billion in assets. They focus on investing in software and technology companies. Their approach includes various strategies, like private equity and public equity.

Deal Details and Timeline:

Media reports of Smartsheet tapping investment bankers after attracting acquisition interest from buyout firms started making rounds in July. The stock was trading at $45.34 before the speculation of a potential deal.

Smartsheet’s current Price/Sales (TTM) ratio is 6.84, above the sector median of 2.90.

The deal is expected to close in the fourth quarter of Smartsheet’s fiscal year ending January 31, 2025. It includes a 45-day period, ending on November 8, during which the company and its advisors can consider offers from other interested buyers.

After the transaction is complete, Smartsheet’s Class A common stock will be removed from public markets, and the company will become privately owned.

Deal Metrics:

For more details on this M&A transaction, visit the Deal Metrics page here:

Deal Metrics for the acquisition of Smartsheet Inc. (SMAR) by Blackstone (BX)

The Deal Metrics page includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article