Blackstone is buying Vista’s stake in Cvent for $1.3 billion. Representatives for Vista and Blackstone declined to comment.
Vista originally invested in Tysons, Virginia-based Cvent in 2016, when it acquired the company for about $1.7 billion. During its ownership, the company weathered the pandemic that brought the events industry to a standstill. Since then, Cvent has rebounded, with events gaining momentum and conferences transitioning to hybrid in-person and virtual offerings.
Vista sold some of its ownership as part of Blackstone’s deal to privatize Cvent through so-called non-convertible preferred equity investments.
Source: Bloomberg