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Vista and Blackstone in Advanced Talks to Acquire Smartsheet in $8 Billion Deal

By  |  September 17, 2024

Buyout giants Vista Equity Partners and Blackstone are reportedly in the final stages of negotiations to acquire Smartsheet, a leading collaboration-software company, in a transaction that could value the firm at nearly $8 billion, according to sources familiar with the discussions. The deal, which has been in the works for some time, is expected to offer Smartsheet shareholders around $56 per share, sources indicated.

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    Per Reuters, the agreement could be formalized in the coming weeks, provided no unexpected obstacles arise. If successful, this acquisition would be one of the largest take-private deals of 2024, marking a significant move in the private equity space amid growing expectations that the U.S. Federal Reserve may soon cut interest rates. Such a change could fuel a surge in leveraged buyouts, making the timing of this transaction particularly strategic.

    Vista and Blackstone have reportedly been working closely with direct lenders to secure financing for the buyout. However, as talks continue, sources caution that the specifics of the deal could still change. According to Reuters, these firms did not immediately respond to requests for comment, while Blackstone declined to provide any statement on the matter.

    Read more: Blackstone Acquires Major Stake in European Warehouse Portfolio

    Reuters was the first to break the news earlier this month that discussions between Vista and Blackstone to acquire Smartsheet were underway. The company’s shares have surged over 16% since reports in July revealed it had attracted interest from potential buyers. Smartsheet, known for its robust software platform, enables businesses to manage, track, and automate workflows more effectively, competing with industry leaders like Microsoft’s productivity tools.

    If finalized, this deal would be second only to Silver Lake’s recent $13 billion acquisition of talent agency Endeavor Group, marking another significant milestone in this year’s private equity activity.

    Source: Reuters