Vista Equity Partners and Blackstone have reached an agreement to acquire Smartsheet, valuing the platform at $8.4 billion, a 41% premium on its share price.
Smartsheet has a 45-day "go-shop" period to explore other acquisition offers, allowing for potential better proposals to be considered.
CEO Mark Mader emphasized the partnership with Vista and Blackstone as crucial for enhancing Smartsheet's growth, claiming it reflects the hard work of employees.
The deal will provide Smartsheet's shareholders with $56.50 per share, contingent on regulatory and shareholder approval.
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