On September 24, 2024 and in a transaction valued at approximately $8.4 billion USD (about CAD 11.3 billion at the time), Blackstone and Vista Equity Partners agreed to acquire Smartsheet, a leading enterprise work management platform. Smartsheet shareholders were set to receive $56.50 USD per share in cash, which represented a 41% premium to the volume-weighted average price over the last 90 days. The deal, expected to close in Q4 2024, included a 45-day "go-shop" period allowing Smartsheet to explore alternative offers.

Upon closing, Smartsheet would become a privately held company, continuing to operate under its existing name and brand. Blackstone and Vista Equity Partners planned to leverage their expertise to drive Smartsheet's long-term growth and innovation. Smartsheet's platform served many Fortune 500 companies, including several in Canada, enhancing their productivity and collaboration, particularly in sectors like healthcare, finance, and technology.

Blackstone, already active in Canada's private equity and real estate markets, and Vista, which manages enterprise software companies with clients in Canada, aimed to expand their presence through this acquisition. Smartsheet was already supporting several Canadian organizations, further solidifying its role in the market.

Qatalyst Partners acted as exclusive financial advisor, and Fenwick & West LLP served as legal counsel to Smartsheet. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC provided financial advisory services to Blackstone and Vista, with Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP acting as legal counsel?