8-K
filed June 15, 2023, 7:59 PM ET
CIK 0001827075
M&A
confidence high
sentiment neutral
materiality 0.95
CVENT HOLDING CORP.: M&A transaction — Blackstone completes $4.6B acquisition of Cvent at $8.50 per share; stock delisted
CVENT HOLDING CORP.
- Deal closed June 15, 2023; shareholders receive $8.50/share cash, total enterprise value ~$4.6B.
- Blackstone led acquisition with minority investment from ADIA and participation from Vista Equity Partners.
- Company's common stock ceased trading on Nasdaq; will be delisted and deregistered with SEC.
- CEO Reggie Aggarwal remains; board replaced by Merger Sub directors; prior directors resigned.
- Credit agreement with PNC Bank terminated and all outstanding obligations repaid.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Marcela Martin resigned as Director at CVENT HOLDING CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
As a result of the Merger, at the Effective Time, Mr. Aggarwal, Maneet S. Saroya, Nicholas Stahl, Marcela Martin, Betty Hung, David A. Breach, Jim Frankola and Sam Payton each resigned from the Board of Directors of the Company (the “ Board ”) and from any and all committees of the Board on which they served and ceased to be directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Reggie Aggarwal resigned as Director at CVENT HOLDING CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
As a result of the Merger, at the Effective Time, Mr. Aggarwal, Maneet S. Saroya, Nicholas Stahl, Marcela Martin, Betty Hung, David A. Breach, Jim Frankola and Sam Payton each resigned from the Board of Directors of the Company (the “ Board ”) and from any and all committees of the Board on which they served and ceased to be directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Betty Hung resigned as Director at CVENT HOLDING CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
As a result of the Merger, at the Effective Time, Mr. Aggarwal, Maneet S. Saroya, Nicholas Stahl, Marcela Martin, Betty Hung, David A. Breach, Jim Frankola and Sam Payton each resigned from the Board of Directors of the Company (the “ Board ”) and from any and all committees of the Board on which they served and ceased to be directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jim Frankola resigned as Director at CVENT HOLDING CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
As a result of the Merger, at the Effective Time, Mr. Aggarwal, Maneet S. Saroya, Nicholas Stahl, Marcela Martin, Betty Hung, David A. Breach, Jim Frankola and Sam Payton each resigned from the Board of Directors of the Company (the “ Board ”) and from any and all committees of the Board on which they served and ceased to be directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Nicholas Stahl resigned as Director at CVENT HOLDING CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
As a result of the Merger, at the Effective Time, Mr. Aggarwal, Maneet S. Saroya, Nicholas Stahl, Marcela Martin, Betty Hung, David A. Breach, Jim Frankola and Sam Payton each resigned from the Board of Directors of the Company (the “ Board ”) and from any and all committees of the Board on which they served and ceased to be directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Sam Payton resigned as Director at CVENT HOLDING CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
As a result of the Merger, at the Effective Time, Mr. Aggarwal, Maneet S. Saroya, Nicholas Stahl, Marcela Martin, Betty Hung, David A. Breach, Jim Frankola and Sam Payton each resigned from the Board of Directors of the Company (the “ Board ”) and from any and all committees of the Board on which they served and ceased to be directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David A. Breach resigned as Director at CVENT HOLDING CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
As a result of the Merger, at the Effective Time, Mr. Aggarwal, Maneet S. Saroya, Nicholas Stahl, Marcela Martin, Betty Hung, David A. Breach, Jim Frankola and Sam Payton each resigned from the Board of Directors of the Company (the “ Board ”) and from any and all committees of the Board on which they served and ceased to be directors of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Maneet S. Saroya resigned as Director at CVENT HOLDING CORP..
- Action
- resigned
- Role
- Director
Exact text from the filing
As a result of the Merger, at the Effective Time, Mr. Aggarwal, Maneet S. Saroya, Nicholas Stahl, Marcela Martin, Betty Hung, David A. Breach, Jim Frankola and Sam Payton each resigned from the Board of Directors of the Company (the “ Board ”) and from any and all committees of the Board on which they served and ceased to be directors of the Company
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
CVENT HOLDING CORP.: Bylaws of Merger Sub became bylaws of surviving corporation.
- Change
- bylaw amendment
Exact text from the filing
at the Effective Time, the Bylaws of Merger Sub, as in effect immediately prior to the Effective Time, became the bylaws of the Surviving Corporation
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
CVENT HOLDING CORP.: Certificate of Incorporation amended and restated in connection with merger.
- Change
- charter amendment
Exact text from the filing
at the Effective Time, the Certificate of Incorporation of the Company was amended and restated in its entirety
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
CVENT HOLDING CORP. underwent a change of control involving Blackstone (affiliates of investment funds managed by affiliates of Blackstone Inc.) and Parent (Capstone Borrower, Inc.) for $8.50 per share in cash, representing a total enterprise value of approximately $4.6 billion (closed 2023-06-15).
- Action
- change of control
- Counterparty
- Blackstone (affiliates of investment funds managed by affiliates of Blackstone Inc.) and Parent (Capstone Borrower, Inc.)
- Consideration
- $8.50 per share in cash, representing a total enterprise value of approximately $4.6 billion
- Closing
- 2023-06-15
Exact text from the filing
events and hospitality technology provider, today announced the completion of its acquisition by an affiliate of private equity funds managed by Blackstone (“Blackstone”) for $8.50 per share in cash, representing a total enterprise value of approximately $4.6 billion. The transaction, which was previously announced on March 14, 2023, includes a significant
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
CVENT HOLDING CORP. terminated Credit Agreement, dated as of May 27, 2022, by and among Papay Holdco, LLC, Cvent, Inc., the other loan parties thereto, and PNC Bank, National Association, as administrative agent with PNC Bank, National Association valued at termination of credit agreement and repayment of all advances (effective 2023-06-15).
- Action
- termination
- Agreement
- credit facility
- Counterparty
- PNC Bank, National Association
- Value
- termination of credit agreement and repayment of all advances
- Effective
- 2023-06-15
Exact text from the filing
Concurrently with the closing of the Merger, the Company terminated that certain Credit Agreement, dated as of May 27, 2022, by and among Papay Holdco, LLC, Cvent, Inc., the other loan parties thereto, and PNC Bank, National Association, as administrative agent, and concurrently repaid all advances and other obligations outstanding thereunder.
View on SEC.gov
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