Adevinta, a Norwegian marketplace specialist, completed the acquisition of the classifieds business of eBay, an American multinational e-commerce corporation, for $13bn. Under the terms of the agreement, eBay received $2.5bn in cash and c. 540m shares of Adevinta, representing a 44% stake in pro forma Adevinta.
"We are pleased to finalize the deal between Adevinta and eBay Classifieds, where the combination of these two companies will create a leading global online classifieds business. By joining Adevinta, the eBay Classifieds' business has an enormous opportunity ahead. We are optimistic that the breadth of talent and collective experience across the combined portfolio will offer additional value for our customers, employees and shareholders," Jamie Iannone, eBay CEO.
Adevinta was advised by Ernst & Young, Barclays, Citigroup, Advokatfirmaet BA-HR, Cleary Gottlieb Steen & Hamilton, Moalem Weitemeyer Bendtsen, Skadden Arps Slate Meagher & Flom, Stibbe and Edelman. Financial advisors are advised by Shearman & Sterling. Debt Financing was provided by Barclays, Citigroup and DNB Bank. eBay was advised by Goldman Sachs, LionTree Advisors, De Brauw Blackstone Westbroek, Quinn Emanuel, Thommessen, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors were advised by Sullivan & Cromwell.
II‐VI and Coherent announced that II-VI’s shareholders and Coherent’s stockholders have each voted overwhelmingly to adopt and approve, as applicable, all proposals relating to the previously announced merger agreement for II-VI to acquire Coherent.
Approximately 99% of the votes cast at II-VI’s special meeting voted to approve the proposal to issue shares of II-VI common stock as described in the joint proxy statement/prospectus for the special meeting, and approximately 99% of the shares of Coherent common stock voting at Coherent’s special meeting voted to approve the proposal to adopt the merger agreement.
“The combination of II-VI and Coherent will provide compelling benefits to our customers, create more opportunities for our team members to continue to develop innovative new products and solutions, and deliver significant value for our stockholders. We are excited to hit the ground running upon transaction close and look forward to bringing together our customer-centric, innovative cultures with track records of operational excellence," Andy Mattes, Coherent President and CEO.
Coherent is advised by Bank of America, Credit Suisse, Skadden Arps Slate Meagher & Flom and Brunswick Group. Financial advisors were advised by Cravath Swaine & Moore. Bain Capital is advised by Centerview Partners. II-VI is advised by Allen & Company, JP Morgan, Hengeler Mueller, K&L Gates, O'Melveny & Myers, Slaughter & May, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Financial advisors are advised by Simpson Thacher & Bartlett and White & Case. Debt financing is provided by JP Morgan.
The stockholders of Forest Road Acquisition, a special purposes acquisition company, have approved the $2.9bn SPAC three-way merger with Beachbody, a provider of health and fitness, and Myx Fitness, an at-home connected fitness platform.
“We are thrilled with the overwhelming support from our stockholders. Today’s vote marks an important milestone in Beachbody’s mission to help more people achieve their goals and lead healthy and fulfilling lives. We look forward to supporting Beachbody as it furthers this mission as a public company, introducing many more people to its proven, at-home fitness and nutrition solutions,” Keith Horn, Forest Road CEO.
Myx Fitness is advised by Greenberg Traurig. Beachbody is advised by Bank of America, Cantor Fitzgerald, Credit Suisse, The Raine Group, Cozen O'Connor, Latham & Watkins and ICR. Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison. Forest Road is advised by Greenhill & Co, Guggenheim Partners, Robert W Baird, Ellenoff Grossman & Schole, Gibson Dunn & Crutcher and Kirkland & Ellis. Financial advisors are advised by Sullivan & Cromwell.
US antitrust regulators ordered 7-Eleven to sell 293 gas-station retail stores acquired earlier this year as part of its $21bn purchase of Marathon Petroleum's Speedway business.
The order disclosed Friday by the US Federal Trade Commission resolves lingering concerns over the transaction. In May, FTC Acting Chairwoman Rebecca Kelly Slaughter and her fellow Democratic commissioner said the agency would continue to investigate the acquisition even as 7-Eleven said the deal had been completed.
Under the terms of the FTC’s proposed order, 7-Eleven will divest 124 stores to Anabi Oil, 106 to CrossAmerica Partners and 63 to Jacksons Food Stores.
7-Eleven was advised by Credit Suisse, Nomura, Sumitomo Mitsui Banking Corp, Akin Gump Strauss Hauer & Feld, Nishimura & Asahi and Brunswick Group. Debt financing was provided by Credit Suisse and Sumitomo Mitsui Banking Corp. Financial advisors were advised by Alston & Bird and White & Case. Debt providers were advised by Davis Polk & Wardwell. Marathon Petroleum was advised by Barclays, Evercore, JP Morgan and Wachtell Lipton Rosen & Katz.
Gamut Capital Management and British Columbia Investment Management, two private equity firms, agreed to invest in PS Logistics, a flatbed transportation and logistics provider. Financial terms were not disclosed.
"The combination of our exceptional team, with the resources we will gain through our relationship with Gamut and BCI, will enable PS Logistics to accelerate our growth while continuing to provide best-in-class services to our customers," Scott Smith, PS Logistics CEO.
PS Logistics is advised by UBS and Kirkland & Ellis. BCI is advised by Weil Gotshal and Manges. Gamut is advised by Credit Suisse, Deutsche Bank, RBC Capital Markets, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners. Debt financing is provided by Wells Fargo Securities, RBC Capital Markets, Deutsche Bank and Credit Suisse.
Perella Weinberg Partners, a global independent advisory firm, went public via a SPAC merger with FinTech Acquisition IV, a special purpose acquisition company, in a $975m deal. Upon closing of the transaction, the combined company operated as Perella Weinberg Partners and was listed on NASDAQ under the new symbol “PWP.”
“Today marks an important milestone in the ongoing growth and development of PWP’s global advisory platform. This latest step has been achieved through the exceptional efforts and dogged dedication of our entire team. We thank all of our clients, the FinTech IV team and all our stakeholders for their persistent belief in our mission. With our best-in-class team and premium global advisory brand, we are energized by the opportunity to deliver the very best strategic financial advice to our clients and drive long-term value for our shareholders," Peter Weinberg PWP CEO.
Perella Weinberg Partners was advised by Perella Weinberg Partners and Skadden Arps Slate Meagher & Flom. FinTech Acquisition was advised by Cantor Fitzgerald, Financial Technology Partners, Goldman Sachs, JMP Securities, JP Morgan, Keefe Bruyette & Woods, Wells Fargo Securities, Davis Polk & Wardwell and Morgan Lewis & Bockius.
MidOcean Partners-backed Empower, a special purposes acquisition company, announced the extraordinary meeting date for the $1.55bn proposed merger with Holley, a performance automotive parts manufacturer, on July 14.
As announced previously, upon the effectiveness of the business combination, Empower will change its name to “Holley” and its common stock and warrants are expected to be traded on the New York Stock Exchange under the new symbol HLLY. At the closing of the business combination, each Empower unit will separate into its components consisting of one share of Empower common stock and one-third of one warrant and, as a result, will no longer trade as a separate security.
Holley is advised by Jefferies & Company, Lazard, William Blair & Co, Willkie Farr & Gallagher and ICR. Empower is advised by JP Morgan, Jefferies & Company, Gibson Dunn & Crutcher and ICR. Financial advisors are advised by Kirkland & Ellis.
Electric Last Mile, an electric vehicle company, went public via a SPAC merger with Forum Merger III, a special purpose acquisition vehicle, in a $1.4bn deal.
“Today is a critical milestone for ELMS as we now believe we have all the pieces in place to execute on our business plan and transform productivity for the last mile. We are excited to take advantage of our anticipated first-mover opportunities in the commercial EV space with the launch of our Urban Delivery later this year and to help make the US the world leader for EV manufacturing," James Taylor, ELMS CEO.
ELMS was advised by Foley & Lardner and Sard Verbinnen & Co. Forum Merger III was advised by BTIG, Benchmark Company, Colliers, Cowen & Company, Jefferies & Company, Wedbush Securities and White & Case.
Innovid, a marketing and advertising company, agreed to go public via a SPAC merger with ION Acquisition 2, a special purposes acquisition company, in a $1.3bn deal. Innovid has also secured approximately $150m of PIPE financing anchored by top-tier institutional investors including Fidelity Management and Research Company, Baron Capital Group and others including funds affiliated with ION and Phoenix Group.
“Innovid is entering an exciting new chapter of growth as a public company, a major milestone that corresponds with rising adoption and demands for streaming television. As a public company, we expect that we will be able to build on our leading market position, accelerate the growth of our business, and remain the independent platform trusted by the world’s largest TV advertisers," Zvika Netter, Innovid Co-Founder and CEO.
Innovid is advised by Evercore, FWMK Law Offices, Latham & Watkins and Crenshaw Communications. ION Acquisition 2 is advised by Ernst & Young, Morgan Stanley, Debevoise & Plimpton, Goldfarb Seligman & Co and White & Case.
Stonepeak-backed Akumin, a provider of freestanding outpatient radiology services, agreed to acquire Alliance Healthcare Services, a provider of radiology and oncology solutions to hospitals, health systems and physician groups, for $820m.
"We have always said Akumin’s vision is to drive patient-centered innovation, service delivery standardization, and exceptional healthcare value, all in an outpatient care setting. The acquisition of Alliance is transformative in a changing healthcare ecosystem that continues to shift toward outpatient, price-transparent, value-based care. There’s no other organization that has the complement of attributes we will offer together as outpatient healthcare services experts, in particular with Alliance’s longstanding hospital and health system relationships and Akumin’s freestanding operational expertise," Riadh Zine, Akumin President and CEO.
Alliance Healthcare is advised by Citigroup, SVB Leerink, Osler Hoskin & Harcourt and Ropes & Gray. Stonepeak is advised by McCarthy Tetrault and Sidley Austin. Akumin is advised by PricewaterhouseCoopers, McDermott Will & Emery and Stikeman Elliott.
Origin Materials, a carbon negative materials company, went public via a SPAC merger with Artius Acquisition in a $1.8bn deal. The transaction includes a PIPE of $200m from Danone, Nestlé, PepsiCo, Mitsubishi Gas, AECI, Sylebra Capital, Senator Investment Group, Electron Capital Partners, BNP Paribas AM Energy Transition Fund and affiliates of Apollo.
“We are excited to complete this transaction, which will further accelerate our growth and mission of enabling the world’s transition to sustainable, carbon negative materials. The materials supply chain accounts for nearly half of all global carbon emissions, creating a significant opportunity to decarbonize materials that are used in products across a wide range of end markets. We believe our breakthrough technology provides countless companies that make physical products with the ability to drastically reduce their emissions in a cost-effective manner," John Bissell, Origin Materials Co-Founder and Co-CEO.
Origin Materials was advised by Bank of America, Cooley and ICR. Bank of America was advised by Sullivan & Cromwell. Artius was advised by Credit Suisse, Goldman Sachs and Cleary Gottlieb Steen & Hamilton.
Apollo Global, a global alternative investment management firm, completed the acquisition of a 51% stake in ABC Technologies, a producer and distributor of automotive systems and components, from Cerberus Capital, a private equity firm, for $277m.
"The closing of the transaction with the Apollo Funds is a great milestone for all of us at ABC as we continue to execute on our plan to build the Company into an even stronger, global player in the automotive technical plastics space. We look forward to beginning our next fiscal year with our newly constituted board and are excited for all of the organic and inorganic growth opportunities ahead," Todd Sheppelman, ABC Technologies President and CEO.
ABC was advised by Evercore, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, Lowenstein Sandler and Wildeboer Dellelce. Apollo Global was advsied by Goodmans and Paul Weiss Rifkind Wharton & Garrison.
Clayton, Dubilier & Rice-backed Artera Services, a provider of integrated infrastructure services to natural gas and electric industries, completed the acquisition of Feeney Utility Services Group, a natural gas utility service provider, from CAI Capital Partners, a Vancouver-based private equity firm. Financial terms were not disclosed.
"We welcome the FUSG team to the Artera family and we are excited to expand our core natural gas distribution capabilities into the Northeast market. I look forward to working with this talented team and continuing to provide world-class service to our valued customers, with a continued focus on quality and safety," Brian Palmer, Artera CEO.
Feeney Utility was advised by Lincoln International and Mintz Levin. Artera was advised by BNP Paribas, Bank of America, Harris Williams & Co, UBS and Debevoise & Plimpton.
Alora Pharmaceuticals, a pharmaceuticals company, agreed to acquire the legacy business of Osmotica Pharmaceuticals, a fully integrated biopharmaceutical company, for $170m.
“The legacy business has been an important part of our evolution, and we would like to recognize the excellent performance of our employees as they have remained focused throughout this process. The proceeds generated by the sale will be used to retire a substantial portion of our outstanding indebtedness and position us to accelerate the commercialization efforts of our flagship product, UPNEEQ. Since the introduction of UPNEEQ, our confidence in the brand has continued to grow, and we believe that this is the right time to further focus on this tremendous asset," Brian Markison, Osmotica Pharmaceuticals CEO.
Alora is advised by TAP Advisors and Nelson Mullins Riley & Scarborough. Osmotica is advised by Barclays, Jefferies & Company, Ropes & Gray and In-Site Communications.
Providence Equity Partners-backed Tegria, a healthcare technology and services firm, completed the acquisition of KenSci, a software developer. Financial terms were not disclosed.
"AI and advanced analytics technology are redefining how healthcare organizations leverage data to transform human health and improve care outcomes. Tegria will enable us to accelerate this transformation at a broader scale, delivering immediate value for our customers with AI-driven insights. We are excited to join Tegria, so we can write the next chapter together," Sudarshan Chitre, KenSci CEO.
KenSci was advised by Brentwood Capital Markets and Wilson Sonsini Goodrich & Rosati. Tegria was advised by Cascadia Capital, McDermott Will & Emery and Finsbury Glover Hering.
A special committee of the board of Dye & Durham, a cloud-based software and technology solution provider, has selected JP Morgan and Scotiabank as its financial advisers for a strategic review in response to a takeover offer worth about $2.8bn.
"There can be no assurance that the exploration of strategic alternatives will result in a transaction," Dye & Durham.
Dye & Durham is advised by JP Morgan, Scotiabank, Norton Rose Fulbright, Osler Hoskin & Harcourt and LodeRock Advisors.
Rockwell Automation, a company dedicated to industrial automation and digital transformation, agreed to acquire Plex Systems, a software developer, from Francisco Partners, a private equity firm, for $2.22bn.
“This acquisition will accelerate our strategy to bring the Connected Enterprise to life, driving faster time to value for our customers as they increasingly adopt cloud solutions to improve resilience, agility, and sustainability in their operations. The acquisition will also accelerate our software revenue growth and strengthen our annual recurring revenue streams," Blake Moret, Rockwell Automation Chairman and CEO.
Plex is advised by SHIFT Communications. Francisco Partners is advised by Goldman Sachs, Paul Hastings and Sloane & Company.
Parthenon Capital-backed American Trust, a provider of retirement solutions, agreed to acquire LT Trust, a national retirement plan provider and recordkeeper. Financial terms were not disclosed.
“American Trust is recognized for the commitment it’s made to the retirement space, consistently innovating and growing to better serve its clients throughout the retirement ecosystem. We are excited to join the team and provide additional technology, services and resources to our collective clients," Bob Beriault, LT Trust Chairman and CEO.
LT Trust is advised by Raymond James and Sherman & Howard. American Trust is advised by Kirkland & Ellis and Gregory FCA.
Delicato Family Wines, a wine company, agreed to acquire Francis Ford Coppola Winery, a wine company. Financial terms were not disclosed.
"This is an exciting and significant expansion for Delicato Family Wines as we bring Francis Ford Coppola Winery and their brands under our portfolio. We look forward to leveraging Francis Ford Coppola's creativity and fine wine capabilities that have appealed to consumers, distributors, and retailers globally, further bolstering our portfolio strategy," Chris Indelicato, Delicato CEO.
Delicato is advised by Deutsche Bank and Winston & Strawn. Francis Ford Coppola Winery is advised by JP Morgan and Nixon Peabody.
Hershey, a snacks company, completed the acquisition of Lily's, a confectionery brand, for $425m.
"Lily's is a great addition to Hershey's growing portfolio of better-for-you snacking brands, and we are excited to add this high-growth, leading BFY brand and to get to work with its talented and innovative team. Lily's popular low-sugar products are a great strategic fit with our multi-pronged better-for-you snacking strategy and will perfectly complement our existing iconic Hershey's BFY offerings," Chuck Raup, Hershey President.
Lily's was advised by Winston & Strawn and Houlihan Lokey. Hershey was advised by Gibson Dunn & Crutcher.
Tradeweb, a global operator of electronic marketplaces for rates, credit, equities and money markets, completed the acquisition of Nasdaq’s US fixed income electronic trading platform, for $190m.
Nasdaq intends to use the proceeds from the sale of NFI, available tax benefits and NFI working and clearing capital, as well as other sources of cash, to repurchase shares in order to offset longer-term dilution to non-GAAP earnings per share.
“This is a great opportunity for us to add value to the wholesale US Treasuries market - one of the world’s largest and most liquid cash markets - by providing greater choice among protocols, more connected participants and lower cost," Lee Olesky, Tradeweb CEO.
Tradeweb was advised by Centerview Partners and Fried Frank Harris Shriver & Jacobson. Nasdaq was advised by Skadden Arps Slate Meagher & Flom.
Monarch Alternative Capital, an investment firm, completed the acquisition of ten hospitality properties from Eagle Hospitality Real Estate Investment Trust, a privately owned real estate investment trust, for $360m.
"The overall Eagle Hospitality transaction exemplifies the value of our broad investment capabilities across debt and equity to target compelling opportunities in dislocated sectors. Our ability to provide speed and certainty of execution in complex situations is highly valued by our partners and counterparties," Ian Glastein, Monarch Managing Principal.
Monarch Alternative was advised by Kekst CNC.
PerkinElmer, a biotechnology company, completed the acquisition of Nexcelom Bioscience, a provider of automated cell counting solutions, from Ampersand Capital, a middle-market private equity firm, for $260m.
"Nexcelom was founded with the goal of assisting bench scientists by automating tedious and manual cell counting processes. Over the past eighteen years the company has worked closely with our customers to develop powerful tools to solve their complex challenges in rapidly developing cell-based assay and biomanufacturing markets. Ampersand's support and guidance over the past three years have been an important part of the Nexcelom story, and I feel fortunate to have had the opportunity to partner with them," Peter Li, Nexcelom Bioscience President and CEO.
Nexcelom was advised by Jefferies & Company.
Boston Scientific, a manufacturer of medical devices, offered to acquire the remaining 73% stake in Farapulse, a medical device company, for $387m.
"We are encouraged by the positive reception to the commercial launch of the Farapulse PFA System in Europe, which we believe underscores the demand for a simpler way to treat AF. The strength and breadth of the Boston Scientific team will position this breakthrough technology for success and accelerate progress towards regulatory approval in the US," Allan Zingeler, Farapulse President and CEO.
Thoma Bravo led a $225m Series F funding round in Illumio, an American business data center and cloud computing security company, with participation from Franklin Templeton and Owl Rock.
“With this funding, we will accelerate our innovation in product and engineering, further invest in customer success, and build upon our global partner strategy,” Andrew Rubin, Illumio CEO and Co-Founder.
Coatue Management, a private equity firm, led a $100m Series E round in Chainalysis, a blockchain data provider. Additional investors include Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners, 9Yards Capital, Altimeter, Blackstone, GIC, Pictet, Sequoia Heritage, and SVB Financial.
"Chainalysis’s data platform is core infrastructure which helps to create a safe and thriving cryptocurrency market. As cryptocurrency adoption grows, we believe that financial institutions, government agencies, and cryptocurrency businesses will increasingly deploy Chainalysis’s platform to make important decisions – from figuring out the best way to dismantle the operations of a threat actor to deciding which new cryptocurrency products are likely to drive the most demand," Kris Fredrickson, Coatue Managing Partner.
Amazon Web Services, a provider of cloud computing platforms, completed the acquisition of Wickr, an American software company. Financial terms were not disclosed.
"With Wickr, customers and partners benefit from advanced security features not available with traditional communications services – across messaging, voice and video calling, file sharing, and collaboration. This gives security conscious enterprises and government agencies the ability to implement important governance and security controls to help them meet their compliance requirements," Amazon Web Services.
Core & Main, a US distributor of water, sewer and fire protection products, agreed to acquire L & M Bag & Supply, a distributor of industrial and oilfield products. Financial terms were not disclosed.
"L & M is an exceptional company with a strong history in geotextiles and geosynthetics, and a well-developed erosion control materials manufacturing operation. This strategic opportunity will allow us to enhance Core & Main's erosion control expertise to further serve our customers nationwide," Steve LeClair, Core & Main CEO.
Mullen Group, a logistics company that owns a network of independently operated businesses, completed the acquisition of APPS Transport Group, a transportation and logistics company. Financial terms were not disclosed.
"Today's announcement is another very important milestone for our organization. We have been very clear with our shareholders as it relates to our strategy of building one of Canada's most comprehensive transportation and logistics networks. I am delighted that we have closed the acquisition of APPS, one of Canada's largest independently owned and operated transport companies. APPS will be an excellent fit in our organization expanding the service offering to shippers and consumers throughout and across Canada," Murray K. Mullen, Mullen Group Chairman and CEO.
Panasonic sells Tesla stake for $3.61bn.
Panasonic, a Japanese multinational electronics company, sold its stake in Tesla, an electric vehicle and clean energy company, for about $3.61bn in the year ended March,
Reuters reported.
The sale comes as the company seeks to reduce its dependence on Tesla and raise cash for growth investment. Panasonic's battery business is dominated by Elon Musk's Tesla, but the two firms have had a tense relationship at times.
Warburg considers the sale of Duravant. (FS)
Warburg Pincus is considering options for Duravant, a food processing and packaging equipment company, including a sale that could value the company at more than $4bn,
Bloomberg reported.
The New York-based private equity firm has held preliminary talks with advisers about running an auction for Duravant later this year. The business is likely to draw interest from other equipment manufacturers and private equity firms.
Blackstone and Capital Group in talks to invest in Carbon Health. (FS)
Carbon Health Technologies, a startup that provides in-person and virtual health-care services, is in talks for new funding at a valuation of roughly $3bn after shelving talks to go public through a blank-check company,
Bloomberg reported.
The company is considering raising about $300m round from investors including Blackstone Group and Capital Group. The funding, which will be used to acquire additional clinics, emerged as a preferred alternative to a merger with a special purpose acquisition company, which the company explored. Terms of the funding round haven’t been finalized and it’s possible they could change.
Spanx hires Goldman Sachs to explore options including sale.
Spanx, an American underwear maker, has hired Goldman Sachs to explore options, including a sale,
Reuters reported.
Spanx has attracted interest from private equity firms, including Carlyle, and any deal could value it at $1bn or more. Spanx's founder Sara Blakely could retain some ownership in the company.
Samarco intends to raise $2bn in restructuring.
Samarco Mineracao, a Brazilian mining company, intends to raise $2bn in fresh capital as part of its plan to exit bankruptcy protection, according to court documents.
The capital increase is vital for the company's continued operations in the coming years. The proceeds will fund its operations between 2022 and 2027.
Xponential files for US IPO.
Xponential Fitness, a franchisor of boutique fitness studios including Club Pilates and CycleBar, filed for a US initial public offering after delaying its listing plans when the coronavirus pandemic hit last year.
Investors have agreed to a $200m private placement convertible preferred stock in conjunction with the IPO,
Bloomberg reported. Although it didn’t detail the stakes of its shareholders, Xponential said it would qualify as a controlled company after going public.
DraftKings’ Sloan files spinoff SPAC.
The team behind the blank-check company that took a sports betting operator DraftKings public is considering a SPAC that would break new ground by being able to pursue multiple transactions,
Bloomberg reported.
Spinning Eagle Acquisition filed with the US SEC to raise $2bn. The paperwork, a resubmission of its filing from late last year, was submitted in conjunction with a rule change sought by Nasdaq to allow such vehicles.
Robinhood's IPO plans slowed by SEC review.
The plans of Robinhood Markets, an American financial services company, to go public this month were slowed in recent weeks by a back-and-forth with regulators over its prospectus,
Bloomberg reported.
While a listing might come this summer, the company's plans could also slip into the fall. Robinhood aims to reveal its financials as soon as possible and to go public once the SEC finishes its review.
Pony.ai considers a US IPO.
Pony.ai, a self-driving tech firm backed by Toyota, is considering a US initial public offering to help finance its goal of commercializing driverless ride-hailing,
Reuters reported.
The company, which operates in China and the US, hopes to install its technology in hundreds of vehicles in 2022, with that number increasing to tens of thousands by 2025.
KKR forms a new single-family landlord. (FS, RE)
KKR is forming a new single-family landlord, My Community Homes, that plans to acquire and manage rental houses across the US.
KKR is investing in the platform through its real estate and private credit funds,
Bloomberg reported. The number of homes and geographies targeted by the venture couldn’t immediately be learned.
Andreessen Horowitz launches a $2.2bn crypto fund. (FS)
Andreessen Horowitz, a venture capital firm, launched a $2.2bn investment fund into crypto's future, despite the fact that bitcoin and the broader crypto market have suffered a dramatic drop in price over the past month. The firm believes the next wave of computing innovation will be driven by crypto. It is "radically optimistic about crypto's potential to restore trust and enable new kinds of governance."
"We've been investing in crypto assets since 2013 and are more excited today about what comes next than ever before. This has been an exciting period for crypto as awareness and adoption of crypto brands and products exploded," Andreessen Horowitz.
Siguler Guff raises more than $450m for its second Small Business Credit Opportunity fund. (FS)
Siglure Guff, a multi-strategy private equity investment firm, raised over $450m for its Small Business Credit Opportunity Fund II. The strategy was launched in 2015 and has been invested for $400m since then. Fund II will provide capital to a diverse set of small and lower middle-market US companies, typically starting from $2m to $15m of annual EBITDA, less than $100m of annual revenues and consistently solid profit edges, through direct investments only.
"We are very excited about the many opportunities ahead for Fund II. Over the years, we have developed a proven formula for small business investing: identifying time-tested, resilient companies that are leaders in an attractive market niche; in conservatively structured transactions; alongside high-quality sponsors. We are proud of the fact that our portfolio reflects the American economy with investments across the nation, in industries ranging from food, to specialty manufacturing, business services, healthcare and other important sectors," Sean Greene, Siguler Guff Managing Director.
