Shares Surge 6% on Announcement

  • Smartsheet acquired by Blackstone and Vista Equity Partners in an $8.4 billion deal
  • Shares gain 6% to $55.20
  • All-cash transaction at $56.50 per share
  • 45-day ‘go-shop’ period for alternative proposals
  • Expected to close in Q4 FY 2025, subject to approval and conditions

Smartsheet, a work management platform company, has been acquired by funds managed by Blackstone and Vista Equity Partners in an all-cash transaction valued at approximately $8.4 billion. Following the announcement, Smartsheet’s shares rose by 6% to $55.20. The deal includes a 45-day ‘go-shop’ period that allows Smartsheet and its advisors to seek alternative acquisition proposals from third parties until November 8th. If successful, the transaction is set to close in the fourth quarter of their fiscal year ending January 31, 2025, pending shareholder approval and other closing conditions. Upon completion, Smartsheet will become a privately-held company.

Factuality Level: 10
Factuality Justification: The article provides accurate information about the acquisition of Smartsheet by Blackstone and Vista Equity Partners, including details such as the transaction value, stock price increase, acquisition terms, and expected closing conditions. It also mentions the ‘go-shop’ period and the involvement of Smartsheet’s board. The information is relevant, objective, and well-structured.
Noise Level: 4
Noise Justification: The article provides relevant information about the acquisition of Smartsheet by Blackstone and Vista Equity Partners, including the transaction value and details about the deal. It also mentions the go-shop period and expected closing conditions. However, it lacks in-depth analysis or exploration of long-term trends or consequences for stakeholders.
Public Companies: Smartsheet (SMAR)
Private Companies: Blackstone,Vista Equity Partners
Key People: Smartsheet’s board (Board of Directors)

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Financial Relevance: Yes
Financial Markets Impacted: Smartsheet stock, Blackstone, Vista Equity Partners
Financial Rating Justification: The article discusses an acquisition deal involving Smartsheet and its impact on the company’s stock price, as well as the involvement of financial entities like Blackstone and Vista Equity Partners. This directly pertains to financial topics and has an impact on the financial markets and companies involved.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.
Deal Size: 8400000000
Move Size: 6%
Sector: Technology
Direction: Up
Magnitude: Large
Affected Instruments: Stocks

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