| |
| |
| Retail bankruptcies are piling up—but private equity firms are still mining for deals | |  | A group of private equity firms have made bets that JC Penney can rebound after the retailer filed for bankruptcy earlier this year.
(Drew Angerer/Getty Images) | | | Private equity and the retail industry have endured a turbulent relationship over the years. And the COVID-19 crisis has made matters more complicated.
A slowdown in consumer spending coupled with social distancing guidelines and lockdown orders have contributed to a batch of PE-backed bankruptcies in 2020, with more likely on the horizon.
But that doesn't mean some of private equity's big players aren't still striking deals in the space: | | | | | | | | | | AMD nears $30B+ deal to acquire rival chipmaker Xilinx | |  | | (zf L/Getty Images) | | | Advanced Micro Devices is in late-stage talks to buy rival Xilinx in a deal that could be valued at more than $30 billion, according to The Wall Street Journal. If the companies come to an agreement, it may be one of the biggest semiconductor deals this year.
AMD's shares have risen considerably this year, elevating the company's market cap to over $100 billion. That could influence the Santa Clara-based chipmaker to use its stock as currency in a deal, the WSJ reported. A potential Xilinx acquisition will reportedly give AMD the firepower to take on Intel, its main rival.
AMD's success in 2020 has largely been due to pandemic-driven demand for PCs, gaming consoles and other devices that use its chips. It raised its annual revenue outlook in July, with sales expected to grow about 32% compared with 2019.
Xilinx hasn't fared as well this year, as the company has dealt with stock volatility tied to the pandemic and trade tensions between the US and China. The San Jose-based company makes microchips called field-programmable gate arrays, an area AMD is looking to enter since Intel is reportedly the other major player in that market.
If AMD and Xilinx reach an agreement, it would continue a year of consolidation for the semiconductor market. In July, Analog Devices agreed to buy Maxim Integrated in an all-stock deal; last month, Nvidia paid $40 billion for British designer Arm Holdings. | | | | | | | |
|
| A message from Silicon Valley Bank | | |
| Helping founders find what's next | | Silicon Valley Bank (SVB) has supported innovators, enterprises and investors that invent the future for more than 35 years. That experience, along with financial solutions, helps founders around the world navigate "What's next?" unlike any other bank.
From healthcare to hardware, software to infrastructure, Silicon Valley Bank works with companies across the innovation landscape at all stages of the journey—anticipating their needs before they do. And by providing access to insights and in-depth reports, SVB can help companies make more informed decisions, and assist in turning a great idea into a great business. It's no wonder why half of all US-based, venture-backed tech and life science companies and 69% of US venture capital-backed companies with an IPO in 2019 banked with SVB.
Learn more at svb.com | | | | | | | |
|
| | In doling out commitments, university endowments are paying more attention than ever to manager diversity. How they measure that diversity, though, is often unclear. [Institutional Investor]
A growing number of Robinhood users are encountering an investor's worst nightmare: Their money disappears, and there's no one to help. [Bloomberg]
Last week, a pair of scientists were awarded the Nobel Prize in Chemistry for their work on genome editing, opening up the latest front in the CRISPR Wars. [Defector] | | | | | | | |
|
| | Since yesterday, the PitchBook Platform added: | | 24 Deals | 150 People | 57 Companies | | | | | | |
| |
| |
| |
| |
| |
| |
| 2016 Vintage Global Venture Funds | | | | | | |
|
| |
| |
| EverlyWell in talks to raise funds at $1B+ valuation | | | EverlyWell is planning to raise new funding that could value the healthtech startup at more than $1 billion, according to Bloomberg. Founded in 2015, the Austin-based company develops at-home diagnostic kits to test for conditions including food sensitivities and COVID-19. In April 2019, EverlyWell raised $50 million from investors including Goodwater Capital, SoGal Ventures and Next Coast Ventures. | | | | | | | | France's Total backs Hyzon Motors | | | | | | |
|
| |
| |
| |
| EQT considers telecom mega-deal | | | EQT has begun contacting advisers about arranging a potential takeover bid for Royal KPN, a Dutch phone carrier that closed Friday trading with a market cap of nearly €9.4 billion (about $11.1 billion), according to Bloomberg. Shares in Royal KPN are down more than 15% since the start of the year, and the company reportedly has an enterprise valuation of some €16 billion. | | | | | | | | Centerbridge, Lone Star line up SBO | | | Centerbridge Partners has agreed to buy American Bath Group, a manufacturer of showers, bathtubs and related products, from Lone Star Funds. Lone Star paid a reported $750 million for the Tennessee-based company in 2016. Bloomberg reported last month that the firm was pursuing a sale of the business that could total $2 billion. | | | | | | | | Wellington makes petroleum purchase | | | | | | | | | | | | | |
|
| |
| |
| Pakistan becomes latest to block TikTok | | | Pakistan has banned TikTok over what regulators consider indecent content on the video-sharing app. The Pakistan Telecommunications Authority said it gave TikTok adequate time to address its concerns and moderate content on the platform, but the app provider failed to comply. India, Pakistan's eastern neighbor, banned TikTok in June along with 58 other Chinese apps. | | | | | |
|
| |
| |
| Social Capital Hedosophia SPACs raise $2.1 billion | | | Chamath Palihapitiya's Social Capital Hedosophia has taken its next three blank-check companies public, raising $2.1 billion in a series of IPOs. The largest of the SPACs raised $1 billion; the other two took in $700 million and $400 million. The listings follow the recent merger deals of two other Social Capital SPACs with real estate tech company Opendoor and insurance startup Clover Health. | | | | | | | | Dida Chuxing files for IPO | | | Chinese ridehailing company Dida Chuxing has filed for an IPO and is expected to list in Hong Kong, according to reports. Not to be confused with rival Didi Chuxing, the company will reportedly seek between $300 million and $600 million in the offering. Beijing-based Dida Chuxing has received backing from investors including electric vehicle maker Nio, which reportedly holds a 17% stake, China Renaissance Capital and IDG. | | | | | | | | Warburg Pincus backs IPO in the Philippines | | | Converge ICT Solutions, a fiber broadband provider based in the Philippines, has priced its IPO at 16.8 pesos per share, according to reports. The listing raised at least 25.3 billion pesos and up to 29 billion (about $600 million), depending on overallotment options. Warburg Pincus has backed Converge since last year. | | | | | | | | Kronos Bio stock jumps 50% in public debut | | | Kronos Bio, which is developing small-molecule modulators for use in cancer treatments, began trading Friday on the Nasdaq at $28.50 per share, up 50% from its IPO price of $19. The Bay Area-based startup has raised around $250.8 million in the listing. Kronos Bio is backed by investors including Omega Fund (10% pre-IPO stake) and Vida Ventures (6.9%). | | | | | |
|
| |
| |
| Former Airbnb, Blackstone CFO nears $750M | | | WestCap Investment Partners is approaching a $750 million close on a new fund that will invest in marketplace-focused tech companies, according to Bloomberg. WestCap is a San Francisco-based growth equity firm led by Laurence Tosi, who was previously the COO of Merrill Lynch for two years, CFO of Blackstone for seven years and CFO of Airbnb for nearly three years. He left the vacation rental company in 2018. | | | | | |
|
| |
| Allied Universal considers takeover bid for G4S | | | UK security provider G4S has received takeover interest from US rival Allied Universal as the British company fends off a hostile bid from Canada's GardaWorld. Allied Universal made an "expression of interest" in a potential offer Friday, though no bid is guaranteed. G4S has approached multiple parties seeking a counteroffer as its battle with GardaWorld becomes increasingly bitter, according to Bloomberg. | | | | | |
|
| |
"Across the private markets, more money is going to fewer and larger funds. Charting the overall figures by size bucket, we can see the magnitude of this phenomenon in greater detail. While only 19.5% of the funds raised in H1 2020 were $1 billion or larger, they represented 73.9% of dollars committed."
Source: PitchBook's Q2 2020 Private Fund Strategies Report | | | | | |
|
No comments:
Post a Comment