Kirkland & Ellis represents Cvent Holding Corp. (Nasdaq: CVT), an industry-leading meetings, events and hospitality technology provider, which today announced that it has entered into a definitive agreement to be acquired by an affiliate of private equity funds managed by Blackstone in a transaction with an enterprise value of approximately $4.6 billion. Under the terms of the agreement, Cvent stockholders will receive $8.50 per share in cash, representing a premium of 52 percent to the volume weighted average share price over the 90 days prior to January 30, 2023 – the day before media reports of a potential transaction were published. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will be a significant minority investor alongside Blackstone as part of the transaction.
The transaction is expected to close mid-year 2023, subject to the satisfaction of customary closing conditions, including receipt of approval by Cvent’s stockholders and required regulatory approvals. Upon completion of the transaction, Cvent’s common stock will no longer be publicly listed, and Cvent will become a privately held company.
The Kirkland team is led by corporate partners David Klein, Daniel Wolf and Chelsea Darnell, along with partner Ari Levi and associates Steven Choi, Siqi Li and Eve Salamon; capital markets partners Joshua Korff, Tim Cruickshank, Robert Goedert and Christie Mok; debt finance partner Douglas Tedeschi; executive compensation partner Rohit Nafday and associate Tom Kotlowski; antitrust and competition partners Marin Boney and Mark Gardner and associate Jack Coles; and technology & IP transactions partners John Lynn and Daisy Darvall and associate Josefin Sjöström.