Smartsheet (SMAR) shares jumped Tuesday after the work management platform said it agreed to be purchased by asset manager Blackstone (BX) and investment firm Vista Equity Partners for $8.4 billion in ca🦹sh.📖

The deal gives Smartsheet investors $56.50 for each share they own, representing an 8.5% premium to Monday's closing price. Smartsheet said it was a 41% premium to the volume weighted average closing price for the 90 days through July 17, the last full day of trading before media reports of a potential sale came out.

The agreement gives Smartsheet a 45-day “go-shop” period to pursue other suitors. If nothing changes,𒈔 the transaction is expected to close on Jan. 31.

Goal of the Merger

Vista Equity Partners directors Monti Saroya and John Stalder said that the goal of the merger is to make Smartsheet’s platform “accessible for ever꧙y organization, team and worker relying on collaborative work to achieve ✅successful outcomes.”

Shares of Smartsheet෴ were recently up more than 6%, touching their highest levels since early 2022.