Blackstone, Vista Equity Partners Conclude $8.4B Smartsheet Acquisition

Funds managed by private equity giant Blackstone (BX) and Vista Equity Partners have completed their acquisition of AI-enhanced enterprise-grade work management platform Smartsheet (SMAR). The transaction is valued at approximately $8.4 billion.

Shares of Blackstone traded marginally in the red on Wednesday.

With the transaction's conclusion, Smartsheet’s stock has ceased trading, and the company is no longer listed on the New York Stock Exchange.

Meanwhile, Smartsheet stockholders are entitled to receive $56.50 in cash for each share of Smartsheet common stock they owned immediately before the closing.

The deal was announced in September 2024, and the price represented a premium of approximately 41% to the volume-weighted average closing price of Smartsheet stock for the 90 trading days ending on July 17, 2024.

The three firms intend to expand the company's collaborative work management solutions. Meanwhile, Smartsheet will benefit from Blackstone and Vista’s global expertise to help it scale its international business and make its products and expertise available to customers and partners worldwide.

Meanwhile, one Stocktwits user considers Blackstone a good long-term investment.

Earlier this month, Barclays analyst Benjamin Budish lowered the firm's price target on Blackstone to $192 from $199 while keeping an ‘Equal Weight’ rating on the shares as part of its fourth-quarter (Q4) earnings preview for asset managers.

Blackstone has been in the news lately after Reuters cited Spanish newspaper Cinco Dias saying the firm is readying the sale of Spain-based Hotel Investment Partners (HIP) worth 6.5 billion euros ($6.77 billion).

Notably, Blackstone shares have gained over 4% year-to-date and have risen over 49% over the past year. The stock hit a record high of about $200 in November 2024 but has since failed to rebound to that level.

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