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Investing.com -- Blackstone (NYSE:BX) Inc. is purchasing Vista Equity Partners’ minority stake in events software company Cvent Holding Corp. for $1.3 billion, according to Bloomberg, citing sources familiar with the matter.
The transaction marks Vista’s complete exit from Cvent, following Blackstone’s $4.6 billion takeover of the company in 2023. Vista had maintained a stake in Cvent through a non-convertible preferred equity investment as part of that deal.
Vista initially invested in Tysons, Virginia-based Cvent in 2016, acquiring the company for approximately $1.7 billion. During Vista’s ownership period, Cvent faced significant challenges navigating the pandemic when the events and hospitality sector came to a standstill.
The company has since recovered as events have resumed and conferences have adopted hybrid formats combining in-person and virtual offerings.
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