Private equity firms Blackstone Inc. (BX) and Vista Equity Partners are in advanced discussions to acquire software company Smartsheet Inc. (SMAR), according to reports. The deal, valued at approximately $7 billion, could be finalized in the coming weeks if negotiations remain on track.
While the specific terms of the potential agreement have not been disclosed, sources indicate that Smartsheet has not responded to requests for comment. Vista, which holds a 4.7% stake in Smartsheet, and Blackstone have also declined to comment on the matter.
This acquisition would be the latest in a series of deals for Blackstone, which has been aggressively acquiring businesses across various sectors. Just yesterday, Blackstone and CPP Investments announced plans to acquire AirTrunk from Macquarie Asset Management and the Public Sector Pension Investment Board for over A$24 billion. Earlier this week, Blackstone affiliates reached an agreement to acquire an 80% stake in the Burstone Group’s Pan-European Logistics (PEL) platform for €1.022 billion (R20 billion).
Smartsheet recently reported strong second-quarter results, exceeding analysts’ expectations. The company reported adjusted earnings per share (EPS) of $0.44, surpassing the estimated $0.29. Revenue reached $276.41 million, exceeding the anticipated $274.19 million.
Investors interested in gaining exposure to Blackstone’s stock can consider investing in the EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF LBO and Invesco Global Listed Private Equity ETF PSP.
Following the news of the potential acquisition, Blackstone shares rose 0.94% to $139.57, while Smartsheet shares surged 8.62% to $53.67.
