Meed | Adia named in $8.4bn US tech deal

Adia named in $8.4bn US tech deal

26 September 2024

A wholly-owned subsidiary of Abu Dhabi Investment Authority (Adia) has been named among the three funds that are acquiring US-based collaboration software Smartsheet in a deal valued at $8.4bn.

A Securities & Exchange Commission (SEC) document filed on 24 September named an Adia subsidiary among the funds planning to acquire the company.

The attachment was separate from the main SEC filing on the same day, which said that "the company is to be acquired by funds managed by Blackstone and Vista Equity Partners in an all-cash transaction valued at approximately $8.4bn".

According to the main filing, the buyers agreed to acquire all the outstanding shares held by Smartsheet shareholders for $56.50 a share in cash upon the closing of the proposed transaction.

It said: "The price represents a premium of approximately 41% to the volume weighted average closing price of Smartsheet stock for the 90 trading days ending on 17 July 2024, the last full trading day prior to media reports regarding a possible sale transaction involving the company, and a 16% premium to the highest closing stock price over the last 12 months ending 17 July 2024."

Founded in Bellevue, Washington in 2005, the worksheet collaboration software maker went public in 2018.

Established in 1976 to manage funds on behalf of the Abu Dhabi government, Adia is the world's fourth-largest sovereign wealth fund, overseeing assets worth more than $993bn, according to Sovereign Wealth Fund Institute estimates.

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Jennifer Aguinaldo