Smartsheet (SMAR.US) receives premium acquisition from Vista and Blackstone, expected to be completed early next year.

Based on cloud computing, the collaborative software manufacturer Smartsheet (SMAR.US) has agreed to be sold to the private equity firm Vista Equity Partners and alternative asset management giant Blackstone Inc. (BX.US) for $8.4 billion in cash, causing its stock price to surge over 6% at the opening of the US stock market. The current total market value hovers around $7.7 billion, still below the acquisition price. According to a statement released on Tuesday, Smartsheet holders will receive $56.50 per share in cash. The acquisition price represents a premium of 41% over the 90-day weighted average closing price of Smartsheet stock as of July 17. In comparison, Smartsheet traded near $55.2 in the Tuesday stock market. The acquisition deal includes a 45-day "go-shop" period, which is set to expire on November 8. It is expected that the major acquisition deal will be completed in Smartsheet's fiscal fourth quarter ending January 31, at which point Smartsheet is highly likely to become a private company. Earlier, media reported on Monday evening in the US that a private equity firm was close to finalizing a deal to acquire this collaboration software manufacturer for about $8 billion, which may be officially announced in the coming days. Qatalyst Partners will act as the exclusive financial advisor to Smartsheet, while Fenwick & West LLP will serve as Smartsheet's legal advisor. Goldman Sachs Group, Inc. and Morgan Stanley will serve as financial advisors to Blackstone and Vista Equity Partners, with Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP acting as legal advisors to Blackstone and Vista Equity Partners. Smartsheet is a technology company that provides cloud-based project management and collaborative software, helping businesses plan, capture, manage, automate, and report detailed work details and entire processes to improve business efficiency and productivity.