Acquisition Archives - SHOPPE BLACK

Published on September 25, 2024September 28, 2024

4 mins read

Vista Equity Partners and Blackstone Partner in $8.4 Billion Acquisition

Smartsheet (NYSE: SMAR), a leading platform for modern work management, announced yesterday that it has entered into a definitive agreement to be acquired by Vista Equity Partners and Blackstone in a joint all-cash transaction valued at approximately $8.4 billion.

The acquisition positions both firms to leverage their combined expertise and resources to enhance Smartsheet’s market leadership and expand its innovative solutions for modern enterprises.

Under the terms of the agreement, Vista and Blackstone will acquire all outstanding shares of Smartsheet for $56.50 per share, representing a 41% premium over the company’s 90-day volume-weighted average price as of July 17, 2024, and a 16% premium over the highest stock price in the past year.

Vista and Blackstone: A Strategic Partnership

This acquisition underscores the strategic alignment between Vista Equity Partners, a global leader in enterprise software investments, and Blackstone, one of the world’s largest private equity firms. Together, they plan to support Smartsheet’s growth trajectory by accelerating investments in cutting-edge work management solutions.

Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director, emphasized the importance of Smartsheet’s platform in today’s business environment. “Smartsheet’s scalable, user-friendly solutions are mission-critical for modern enterprises, helping teams collaborate more effectively, boost productivity, and make faster, more informed decisions,” Saroya said. “We are excited to partner with Blackstone to support Smartsheet’s continued innovation and bring its solutions to an even broader range of organizations and teams.”

Martin Brand, Head of North America Private Equity and Global Co-Head of Technology Investing at Blackstone, echoed the sentiment. “Smartsheet’s innovative work management platform is a vital tool for increasingly distributed and cross-functional teams,” Brand noted. “By partnering with Vista, we look forward to leveraging our collective scale and expertise to drive long-term growth and innovation for Smartsheet.”

Building on Smartsheet’s Success

Mark Mader, CEO of Smartsheet, expressed optimism about the future under new ownership. “For over a decade, we’ve built a leading work management platform that empowers teams globally,” Mader said. “This transaction is a testament to the dedication of our employees and partners. We’re confident that Vista and Blackstone’s resources will help us deliver even greater value to our customers while maintaining a thriving workplace for our employees.”

Smartsheet, trusted by approximately 85% of Fortune 500 companies, will continue to operate under its existing brand while scaling its solutions for businesses worldwide.

Transaction Terms and Go-Shop Period

As part of the merger agreement, Smartsheet will enter a 45-day “go-shop” period, allowing the company to explore alternative acquisition proposals. While there is no guarantee of superior offers, Smartsheet has the flexibility to negotiate with any parties that present a better proposal.

Pending shareholder approval and regulatory clearances, the transaction is expected to close in the fourth quarter of Smartsheet’s fiscal year ending January 31, 2025. Upon completion, Smartsheet will become a privately held company, and its Class A common stock will be delisted from public markets.

by Tony O. Lawson

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Published on March 9, 2021March 9, 2021

2 mins read

Verzuz Acquired By Triller, Equity To Be Shared With Performers

Verzuz, the popular livestream music platform created by producers Timbaland and Swizz Beatz, has been acquired by Triller Network, the parent company of the Triller app.

Triller boasts more than 300 million users and premium content like the Mike Tyson vs. Roy Jones Jr. fight, with a number of tech innovations related to advertising.

Financial details of the deal are undisclosed but it was announced that Timbaland and Swizz Beatz are now “larger shareholders” in the Triller Network, and that they have allocated “a portion of their equity in the Triller VERZUZ combined company to all 43 creatives who have performed on VERZUZ to date.”

Verzuz was launched in March 2020 as an Instagram Live series. Since then, the platform established integrations with Apple Music and Twitter and has boosted sales and streams for its featured artists.

Some of the artists becoming shareholders in Triller Network, including John Legend, DMX, Alicia Keys, 2 Chainz, Rick Ross, Too $hort, Patti LaBelle, Gucci Mane, Jeezy, E-40, Bounty Killer, D’Angelo, Ludacris, RZA, Nelly, Gladys Knight, T-Pain, Lil Jon, Jill Scott, 112, Kirk Franklin and many others.

In a joint statement, Timbaland and Swizz Beatz said, “By putting Verzuz in the Triller Network ecosystem and expanding the Verzuz brand to be side by side with the powerful Triller app, we will be able to continue to grow and evolve the music business as a whole, as we have been doing.”

Verzuz has also expanded into sports with its recent NFL collaboration, NFL Pro Bowl Verzuz. Future plans include more sport verticals as well as ventures into comedy and live events.

-Tony O. Lawson

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Published on October 8, 2019October 8, 2019

2 mins read

Byron Allen Acquires 11 TV Stations for $290 Million

Entertainment Studios CEO Byron Allen is expanding his TV station holdings with the purchase of 11 small-market network affiliates from USA Television for $290 million.

The largest of the stations is in market No. 79, Huntsville/Decatur/Florence in Alabama. The deal unveiled Tuesday with Atlanta-based USA Television brings Allen’s investments this year in small- and mid-sized market TV stations to $455 million.

In July, Allen Media Broadcasting cut a deal with Bayou City Broadcasting to buy four stations in Indiana and Louisiana for $165 million.

“I have known Byron Allen for decades and we are delighted that these stations will now be part of his dynamic company, and that Heartland management will continue to guide them,” said USA Television CEO Robert S. Prather, Jr. “These stations are dedicated to their local communities and this transaction will enable them to become even stronger on both their broadcast and digital platforms.”

Prather, former head of Atlanta-based broadcaster Gray Television, has been buying up stations during the past few years in partnership with USA Television parent Heartland Media and Atlanta-based private equity firm MSouth Equity Partners.

“Bob Prather is an excellent broadcaster and he has done a brilliant job of assembling a stellar management team to operate these very strong network affiliate broadcast stations,” said Allen, chairman-CEO of Entertainment Studios/Allen Media.

“This is another milestone for our company, as we have now agreed to purchase our second broadcast network affiliate station group within the past three months, and continue to aggressively look for other opportunities to grow our global media company through strategic acquisitions.”

Allen Media is fast becoming one of the nation’s largest African American owners of local TV stations.

The USA Television station deal includes stations in Fort Wayne, Ind. (Fox’s WFFT), Eugene, Ore (ABC’s KEZI), Chico-Redding in California (NBC’s KNVN), Rochester, Minn. (CBS’ KIMT) and Terre Haute, Ind. (CBS’ WTHI).

Source: Variety