Advertisement
UK markets closed
  • FTSE 100

    7,682.50
    +52.48 (+0.69%)
     
  • FTSE 250

    19,354.38
    +299.51 (+1.57%)
     
  • AIM

    741.31
    +4.81 (+0.65%)
     
  • GBP/EUR

    1.1668
    -0.0013 (-0.11%)
     
  • GBP/USD

    1.2655
    +0.0029 (+0.23%)
     
  • Bitcoin GBP

    49,182.67
    +739.66 (+1.53%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,137.08
    +40.81 (+0.80%)
     
  • DOW

    39,087.38
    +90.99 (+0.23%)
     
  • CRUDE OIL

    79.81
    +1.55 (+1.98%)
     
  • GOLD FUTURES

    2,091.60
    +36.90 (+1.80%)
     
  • NIKKEI 225

    39,910.82
    +744.63 (+1.90%)
     
  • HANG SENG

    16,589.44
    +78.00 (+0.47%)
     
  • DAX

    17,735.07
    +56.88 (+0.32%)
     
  • CAC 40

    7,934.17
    +6.74 (+0.09%)
     

Events software provider Cvent accepts Blackstone's $4.6 billion deal

FILE PHOTO: Signage is seen outside the Blackstone Group headquarters in New York City

(Reuters) -Buyout firm Blackstone Inc agreed to purchase U.S. cloud-based event-software provider Cvent Holding Corp 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.

Reuters reported last month that Cvent had rejected 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.

Cvent on Tuesday posted a loss of $100.3 million in 2022, wider than $86.1 million it reported a year earlier.

Rajeev Aggarwal, founder and chief executive, said in November while the company is likely to take a hit from a potential recession, it also expected to win market share.

Blackstone said it has received a $1 billion credit facility as part of the financing for the deal.

(Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)