April 18, 2016 / 12:20 PM / 2 years ago

Vista Equity to buy Cvent for about $1.65 billion

(Reuters) - Event management software maker Cvent Inc CVT.N said it agreed to be acquired by private equity firm Vista Equity Partners for about $1.65 billion in cash.

Shares of Cvent rose 65.6 percent to $35.28, but were below the offer price of $36 per share.

Cvent said it would pay $45.3 million as termination fee to the private equity firm if the deal did not go through.

The deal, which is expected to close in the third quarter, has been approved by the company’s board, Cvent said.

Morgan Stanley is Cvent’s financial adviser, while Wilson Sonsini Goodrich & Rosati, Professional Corp is its legal adviser. Vista’s legal adviser is Kirkland & Ellis LLP.

Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva

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