Blackstone and Vista Equity Partners to acquire software maker Smartsheet for $8.4 billion

Collaboration tool maker Smartsheet introduced Tuesday Blackstone and Vista Fairness Companions will gain it in an all-cash trade in valuing the corporate at about $8.4 billion.

Stockholders will obtain $56.50 according to percentage, a 41% top rate to Smartsheet’s moderate last value over the extreme 3 months.

The corporate have been gauging passion from doable acquirers for a number of months. The corporate went population in 2018 and desire to cross head-to-head with alternative tool firms like Atlassian.

“As we look to the future, we are confident that Blackstone and Vista’s expertise and resources will help us ensure Smartsheet remains a great place to work where our employees thrive,” CEO Mark Mader mentioned in a let fall. Stocks rose 6% at the information.

The transaction has a 45-day go-shop length, permitting Smartsheet to solicit alternative bidders. Barring any other do business in, the transaction is predicted to alike by means of January 2025, pending shareholder benevolence.

Qatalyst steered Smartsheet. Goldman Sachs and Morgan Stanley steered the personal fairness bidders.