Simpson Thacher is representing funds managed by affiliates of Blackstone Inc. in connection with its announced acquisition, together with funds managed by Vista Equity Partners, of Smartsheet, Inc. in an all-cash transaction valued at approximately $8.4 billion. Under the terms of the agreement, Blackstone and Vista Equity Partners would acquire all the outstanding shares held by Smartsheet shareholders for $56.50 per share in cash upon the closing of the proposed transaction. The transaction is currently expected to close in the fourth quarter of Smartsheet’s fiscal year ending January 31, 2025, subject to the approval of Smartsheet’s shareholders, the satisfaction of required regulatory clearances and other customary closing conditions. Blackstone will invest in Smartsheet through its flagship private equity vehicle and its private equity strategy for individual investors.
Smartsheet is a modern enterprise work management platform trusted by millions of people at companies across the globe, including approximately 85% of the 2024 Fortune 500 companies.
The Simpson Thacher team includes Anthony Vernace, William Allen, Felicity Bell and Michel Stuebi (M&A); Gregory Grogan and Hannah Daniels (Executive Compensation and Employee Benefits); Sophie Staples, Matthew Lester and Sean Largey (Tax); Lori Lesser, Dewey Kang and Chandler Gerard-Reimer (Intellectual Property); Peter Guryan and Richard Jamgochian (Antitrust); Brian Gluck and Adam Moss (Credit); and Krista McManus and Dennis Loiacono (Real Estate).