in a deal valued at $4.6 billion, at a time when private equity firms are looking to scoop up tech companies for a bargain price.
A rout in tech stocks last year shrank company valuations, making them enticing targets for private equity suitors. Cvent was valued at $5.3 billion in 2021 when Vista, which had acquired it for $1.65 billion a few years ago, took it public in a merger with a blank-check acquisition company. Blackstone's offer price of $8.50 per share, gives Cvent an equity value of $4.15 billion and represents a premium of about 29% from Jan. 30, a day before media reports of a potential deal surfaced.
Tysons, Virginia-based Cvent's shares, which fell about 34% last year, rose about 12% to $8.29 on Tuesday.a previous offer of $3.9 billion from Blackstone and said it was exploring a sale that could value it at about $4 billion, citing a person familiar with the matter.