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Smartsheet Inc. (SMAR) shares soared +6.46% today, trading at $55.455 as of 12:18 PM ET, following news of a major buyout deal. The cloud-based platform company will be acquired by buyout firms Blackstone (BX) and Vista Equity Partners in an all-cash transaction valued at $8.4 billion.
The acquisition price of $56.50 per share represents a premium to Smartsheet’s current trading price, driving investor optimism. This buyout is seen as a strategic move by the private equity firms to capitalize on Smartsheet’s market presence in work management and collaboration software.
The deal, once finalized, will take Smartsheet private, marking a significant shift in the company’s trajectory.
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