Enterprise work management platform provider Smartsheet (NYSE:SMAR) on Wednesday confirmed the completion of its acquisition by funds managed by alternative asset manager Blackstone (NYSE:BX) and investment firm Vista Equity Partners.

The transaction, valued at approximately USD8.4bn, was previously announced in September 2024, and approved by Smartsheet stockholders on 9 December 2024.

Smartsheet stockholders will receive USD56.50 in cash for each share of Smartsheet common stock. Smartsheet's stock has ceased trading on the New York Stock Exchange following completion of the take-private transaction.

Blackstone and Vista will support Smartsheet's expansion of its work management solutions. The companies will also leverage their global expertise to help Smartsheet scale internationally and enhance its offerings for customers and partners worldwide.