Cvent Agrees To Be Acquired By Vista Equity In $1.65 Billion Deal

Cvent Inc. said Monday it has agreed to be acquired by private-equity firm Vista Equity Partners in a deal valued at about $1.65 billion. The company, which provides cloud-based software for event planners, said its shareholders will receive $36 in cash per share, equal to a premium of about 69% over Cvent's closing price in April 15, and a 70% premium over Cvent's average closing price over the last 30 trading days. Cvent will become a privately held company once the deal closes, which the company expects to happen in the third quarter of 2016. Morgan Stanley acted as financial adviser to Cvent, while Wilson Sonsini Goodrich & Rosati, Professional Corp. served as legal adviser. Vista's legal advisor was Kirkland & Ellis LLP. Shares were halted in premarket trade, but are down 39% in the year so far, while the S&P 500 has gained 1.8%.