Former Treasury Secretary Steven Mnuchin and Contrast Securities CEO Alan Naumann, who have founded a new private equity firm, Liberty Strategic Capital, are discussing the agreement.
Acquired by private equity firms Vista Equity Partners and Blackstone Software Maker Acquired Smartsheet for approximately $8.4 billion in cash.
Vista and Blackstone announced Tuesday that they would pay $56.50 per Smartsheet share. The agreement includes a 45-day “go-shop” period during which Smartsheet and its advisors will solicit alternative acquisition proposals from certain third parties and potentially negotiate with other parties with alternative proposals. Smartsheet's board of directors has the right to terminate Vista's agreement with Blackstone to accept a superior proposal. The go-shop period ends on Nov. 8.
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A sign for investment firm Blackstone Group LP stands in front of its offices in New York, Monday, Oct. 15, 2018. (AP Photo/Mark Lenihan)
“We look forward to working closely with Blackstone and Smartsheet to support their ambitious goal of making our platform available to every organization, team and worker who collaborates to achieve great things,” Monty Saroya, co-head of Vista's flagship fund and senior managing director, and John Stalder, managing director at Vista, said in a statement.
This announcement was made Federal Reserve System The central bank announced an unprecedented half-percentage point cut in its benchmark interest rate, lowering it to about 4.8% from a 20-year high of 5.3%, creating more favorable terms for potential acquirers.
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The transaction has been approved by Smartsheet's board of directors and is expected to close in the company's fourth quarter. It still requires approval from Smartsheet shareholders.
Once the transaction is complete, Smartsheet will become a privately held company. Bellevue, Washington We will continue to operate under the Smartsheet name and brand.
The stock jumped more than 6% in morning trading.
