M&A · Tech · Services-Prepackaged Software
Blackstone Inc. to acquire Cvent Holding Corp.
Announced Mar 14, 2023 · Closed Jun 15, 2023
Deal value$4.60BEV $4.60B
Premium15.0%To unaffected price
EV / Adj. EBITDA—7.3x EV / Revenue
ConsiderationAll cash$8.50 per share
Transaction
- Acquirer
- Blackstone Inc. (BX)
- Target
- Cvent Holding Corp. (CVT)
- Buyer type
- Private equity
- Offer price per share
- $8.50
- Enterprise value
- $4.60B
- Status
- Closed Jun 15, 2023
Deal protections
- Break fee (target pays)
- $139M · 3.0%
- Reverse fee (buyer pays)
- $276M · 6.0%
- Go-shop
- No-shop
- Financing
- Committed · UBS
Advisors
- To the acquirer
- Evercore, Morgan Stanley, UBS
- To the target
- Qatalyst, JPMorgan
- Qatalyst fee
- $38.0M
Sector context · Tech
- Comparable deals
- 65 in the prior 24 months
- Premium
- 15.0% vs. 39.0% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedMar 14, 2023
- Proxy filedApr 21, 2023
- Definitive proxyMay 3, 2023
- Shareholder voteJun 1, 2023
- ClosedJun 15, 2023
Valuation · fairness opinions
Discounted cash flowQatalyst$7.09$11.25
Trading comparablesQatalyst$5.44$8.76
Trading comparablesQatalyst$5.53$8.90
Precedent transactionsQatalyst$7.03$11.04
Precedent transactionsQatalyst$6.95$10.97
Trading comparablesJPMorgan$4.50$7.90
Trading comparablesJPMorgan$4.80$8.10
Precedent transactionsJPMorgan$5.50$11.40
Discounted cash flowJPMorgan$6.30$8.60
52-week trading rangeJPMorgan$4.09$8.91
Offer $8.50
Implied value per Cvent Holding Corp. share by analysis, from Qatalyst and JPMorgan.