Tech firm Cvent to go public in $5.3 bln blank-check deal (updated)

Cvent Holding

23/07/2021 13:25

(Adds details on deal, background on SPAC)
    July 23 (Reuters) - Cloud-based meeting and event technology
company Cvent will go public through a merger with a blank-check
firm in a deal that gives it an enterprise value of $5.3
billion, the companies said on Friday.
    The deal with Dragoneer Growth Opportunities Corp. II
 DGNS.O  includes a private investment in public equity (PIPE)
of $475 million from Fidelity Management & Research Co,
Hedosophia, Oaktree Capital Management and Zoom Video
Communications  ZM.O .
    Cvent said it expects the deal to deliver proceeds of $801
million, which it will use for product development and expansion
of its offering. 
    SPACs like Dragoneer Growth use the pool of capital raised
through their IPOs to merge with a private company and take it
public, typically within two years of listing. 
    Dragoneer raised $276 million in its IPO in November.
    After the deal closes, Cvent will be listed on Nasdaq under
the ticker symbol "CVT".

 (Reporting by Niket Nishant in Bengaluru; Editing by Aditya
Soni)
 ((Niket.Nishant@thomsonreuters.com;))