Simpson Thacher & Bartlett and Kirkland & Ellis have taken lead advisory roles for two major buyout firms in the acquisition of software provider Smartsheet Inc. The transaction, valued at approximately $8.4 billion, underscores the continuing trend of taking public companies private.
Blackstone Inc. and Vista Equity Partners, the two buyout firms involved, have agreed to acquire Smartsheet for $56.50 per share. According to a statement, Simpson Thacher is advising Blackstone, while Kirkland & Ellis is representing Vista Equity Partners.
The deal, expected to close in the final quarter of Smartsheet’s fiscal year ending January 31, 2025, is being guided from Smartsheet’s side by Fenwick & West. The automation software provided by Smartsheet plays a crucial role in helping companies streamline and manage their workflows, making it an attractive target for private equity investment.
The timing of this high-value transaction is of particular interest, coming amidst a discernible increase in take-private deals. This trend reflects ongoing shifts in market strategies and investor appetites.