09:19 AM EDT, 09/24/2024 (MT Newswires) -- Smartsheet ( SMAR ) said Tuesday it has agreed to be bought by funds managed by Vista Equity Partners and Blackstone (BX) in an all-cash deal valued at about $8.40 billion.

Blackstone and Vista Equity Partners will buy all outstanding shares held by Smartsheet ( SMAR ) shareholders for $56.50 per share, said the company, which anticipates deal closure in Smartsheet's ( SMAR ) fiscal Q4 ending Jan. 31, 2025.

The price represents a premium of nearly 41% to the volume weighted average closing price of Smartsheet ( SMAR ) shares for the 90 trading days ending July 17, the last full trading day before media reports about a possible sale, Smartsheet ( SMAR ) added.

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