Cvent, a meetings, events, and hospitality technology provider, today announced plans to merge with Dragoneer Growth Opportunities II. The transaction values Cvent at an initial enterprise value of $5.3 billion.
The announcement comes after almost a week of market rumors that a deal was imminent.
If approved, upon closing the combined company will operate as Cvent Holding and is expected to trade on the Nasdaq under CVT.
Vista Equity Partners and the Cvent management team will roll the entirety of their existing equity into the combined company.
In addition to the approximately $276 million held in Dragoneer’s trust account (assuming no redemptions) and a $50 million forward purchase agreement commitment from Dragoneer funds, a group of leading investors has committed to participate in a $475 million PIPE. Investors in the PIPE include Fidelity Management & Research, Hedosophia, Oaktree Capital Management, and Zoom Video Communications. Read more.
