Blackstone Inc. and Vista Equity Partners have announced plans to acquire Smartsheet, a leading collaboration software maker, in an all-cash deal valued at approximately $8.4 billion.
Under the agreement, Smartsheet shareholders will receive $56.50 per share, representing a 41% premium to the company’s average closing stock price over the past 90 days.
The transaction, expected to close by January 2025, will result in Smartsheet becoming a privately held company six years after its 2018 public listing. The company’s board unanimously approved the deal, which includes a 45-day “go-shop” period allowing Smartsheet to explore alternative offers.
Smartsheet, which competes with enterprise software providers such as Atlassian, is known for its platform that enables companies to manage and streamline collaboration at scale. Blackstone and Vista have expressed confidence that their expertise and resources will support Smartsheet’s continued growth.
With input from CNBC, Market Watch, and Business Wire.
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