M&A · Tech · Services-Prepackaged Software
Blackstone and Vista Equity Partners to acquire Smartsheet Inc
Announced Sep 24, 2024 · Closed Jan 22, 2025
Deal value$8.40BEV $7.46B
Premium25.0%To unaffected price
EV / Adj. EBITDA—7.2x EV / Revenue
ConsiderationAll cash$56.50 per share
Transaction
- Acquirer
- Blackstone and Vista Equity Partners
- Target
- Smartsheet Inc (SMAR)
- Buyer type
- Private equity
- Offer price per share
- $56.50
- Enterprise value
- $7.46B
- Status
- Closed Jan 22, 2025
Deal protections
- Break fee (target pays)
- $250M · 3.0%
- Reverse fee (buyer pays)
- $500M · 6.0%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs, Morgan Stanley
- To the target
- Qatalyst
Sector context · Tech
- Comparable deals
- 57 in the prior 24 months
- Premium
- 25.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- Sector median 14.7x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedSep 24, 2024
- Proxy filedOct 23, 2024
- Definitive proxyNov 4, 2024
- Shareholder voteDec 9, 2024
- ClosedJan 22, 2025
Valuation · fairness opinions
Discounted cash flow$47.80$65.31
Discounted cash flow$36.05$58.26
Discounted cash flow$35.28$56.94
Discounted cash flow$45.38$61.54
Precedent transactions$44.72$60.91
Offer $56.50
Implied value per Smartsheet Inc share by analysis, from Qatalyst.