Cvent To Be Acquired By Vista Equity Partners For $1.65 Bln

(RTTNews) - Cvent Inc. (CVT), a cloud-based enterprise event management company, said it has agreed to be acquired by affiliates of private equity firm Vista Equity Partners for $1.65 billion in cash.

Under the terms of the deal, Cvent stockholders will receive $36.00 in cash per share, representing a premium of about 69 percent over Cvent's closing price on April 15, 2016. Vista will acquire 100 percent of the outstanding shares of Cvent common stock.

Cvent's board of directors unanimously approved the deal and recommended that stockholders vote their shares in favor of the transaction.

Closing of the deal is subject to customary closing conditions, including the approval of Cvent stockholders and required regulatory approvals. The transaction is expected to close in the third calendar quarter of 2016.

Cvent will become a privately held company. The company's headquarters will remain in Tysons Corner, Virginia.

Reggie Aggarwal, founder and CEO of Cvent said, "This milestone is the next chapter in our 17-year history. With Vista's financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth."