Private equity firm to buy Cvent for $1.65 billion
Event management company Cvent announced Monday it had entered into an agreement to be bought by affiliates of Vista Equity Partners.
Vista will acquire Cvent for $1.65 billion in an all-cash deal. Under the agreement, Cvent stockholders would receive $36 per share, representing a 69 percent premium over Cvent’s closing price on April 15.
Cvent’s headquarters would remain in Tysons.
“With Vista’s financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth,” Reggie Aggarwal, founder and CEO of Cvent, said in a statement.
Cvent’s board of directors approved the deal, which is subject to regulatory and shareholder approvals.
The transaction is expected to take place in the third quarter.
Morgan Stanley served as financial adviser to Cvent, and Wilson Sonsini Goodrich & Rosati served as legal adviser. Kirkland & Ellis LLP is Vista’s legal adviser.
Cvent was founded in 1999 and went public in 2013.
“This is not only a big day for Cvent and its team, but it is also a noteworthy day for Fairfax County,” Gerald L. Gordon, president and CEO of the Fairfax County Economic Development Authority, said in a statement. “The deal is a testament to the strength of the county – and Tysons Corner – as a business location with the kinds of assets a technology company needs to attract talent and succeed. And by keeping its headquarters here, the company continues its investment in Fairfax County and helps the county provide high-quality services to residents.”