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General Atlantic to Sell EngageSmart to Vista Equity Partners in $4 Billion Deal
- Client News
- October 23, 2023
Paul, Weiss is advising General Atlantic in the all-cash sale of its publicly traded portfolio company EngageSmart, a business-to-business software company, to Vista Equity Partners in a deal valued at approximately $4 billion. As part of the transaction, in which EngageSmart shareholders will receive $23.00 per share (a 30% premium), General Atlantic agreed to roll over a portion of its controlling stake into the post-closing company.
Following completion of the transaction, affiliates of Vista will hold approximately 65% and affiliates of General Atlantic will hold approximately 35% of EngageSmart’s outstanding equity. The transaction is expected to close in the first quarter of 2024, subject to a 30-day “go-shop” period, regulatory approvals and other customary closing conditions.
The Paul, Weiss team is led by Matthew Abbott and Cullen Sinclair, and included, among others, corporate partners Christopher Cummings, Ellen Ching, Matthew Leist, Caroline Epstein, Suhan Shim and Eric Wedel, and counsel David Epstein and Jason Tyler; tax partners Lindsay Parks and Jeffrey Samuels, and counsel Alyssa Wolpin; executive compensation partners Jarrett Hoffman and Jean McLoughlin, and counsel Sasha Belinkie; litigation partner Andre Bouchard; antitrust counsel Marta Kelly; intellectual property partner Claudine Meredith-Goujon; and real estate partner Peter Fisch.