Cvent Holding Corp. to be acquired for $4.6b

Cvent Holding Corp. has entered into a definitive agreement to be acquired by an affiliate of private equity funds managed by Blackstone in a transaction at an enterprise value of about $4.6 billion.

A wholly owned subsidiary of the Abu Dhabi Investment Authority will be a significant minority investor alongside Blackstone as part of the transaction.

Cvent has about 22,000 customers globally in the hospitality, corporate, nonprofit and higher-education sectors as of Dec. 31.

Vista Equity Partners — an investment firm focused exclusively on enterprise software, data and technology-enabled businesses, and majority stockholder of Cvent — has agreed to invest a portion of its proceeds as nonconvertible preferred stock in financing for the transaction.