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| Airbnb targets $32B valuation in highly anticipated IPO | |  | Airbnb, a provider of vacation rentals like this home in Mexico City, is said to be making its public debut in mid-December.
(Image courtesy of Airbnb) | | | Airbnb plans to sell 50 million shares in an initial public offering that could give the vacation rental giant a fully diluted valuation of around $32 billion at the midpoint of its $44 to $50 per share range.
Airbnb co-founders Brian Chesky, Joe Gebbia and Nathan Blecharczyk are selling some 1.9 million shares, bringing the total size of the IPO to 51.9 million shares, according to an SEC filing.
At the offering's midpoint price of $47 per share, Airbnb's leading outside investor, Sequoia, would own a post-IPO stake worth $3.85 billion and Founders Fund's shares would have a value of $1.25 billion.
Airbnb sold shares at $52.50 apiece in a 2017 Series F, reportedly led by CapitalG and TCV. General Atlantic, Hillhouse Capital Group and Tiger Global are said to have led the company's 2015 Series E, which was priced at $46.55 per share. | | | | | | | | | | Salesforce strikes biggest deal yet in $27.7B pact to buy Slack | |  | | Marc Benioff and Salesforce are lining up their biggest acquisition yet. (Kimberley White/Getty Images) | | | Salesforce has agreed to buy Slack for $27.7 billion in cash and stock, marking the business software powerhouse's largest acquisition yet and adding a major new piece to its suite of offerings.
The two companies, both based in San Francisco, operate corporate venture arms that have previously co-invested together on several venture deals, including two notable funding rounds earlier this year: | | | | | | | |
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| A message from RBC Capital Markets | | |
| A race for scale in media and telecom: How the potential of 5G is driving M&A | | Around 37% of US M&A value is now concentrated within the communications, media and technology sectors. Consolidation in media and telecom is so swift that a large-scale player of a decade ago would be a niche player today.
Large deals like AT&T's acquisition of Time Warner and Disney acquiring 21st Century Fox represent a trend of consolidation between content creation and distribution.
T-Mobile's $23 billion acquisition of Sprint created three sizable players atop the US telecoms industry, each vying for position while the emerging platform of 5G enables new business models.
Most people believe 5G represents a paradigm shift—there may not be the luxury of waiting to do deals. Join our industry experts as they discuss what's next for media, telecom and M&A. | | | | | | | |
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| | Nikola's stock has plunged 75% since the company and founder Trevor Milton were enveloped in scandal. But the company's new leader isn't concerned about the spotlight. [Bloomberg]
The Nasdaq is pushing for new diversity requirements for the thousands of public companies that list on the exchange, a step toward more inclusive representation in corporate leadership. [The Wall Street Journal]
Junkyards conducting online auctions to sell off salvage cars is increasingly big business. Big enough to turn the father and son team behind a company called Copart into billionaires. [Forbes] | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 339 Deals | 1480 People | 410 Companies | 17 Funds | | | | | | |
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| 2015 Vintage Global Real Assets Funds | | | | | | |
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| PitchBook Capital Perspectives | | Join us on Dec. 10 at 8 a.m. PST/11 a.m. EST for the PitchBook Capital Perspectives conference, where we'll be covering the state of the private markets in the context of COVID-19, the 2020 election and how to adapt to a digital workflow.
The PitchBook Capital Perspectives conference combines the latest market data, institutional research and expert analysis from industry professionals for a virtual event unlike any other.
For the conference, you'll automatically get limited access to PitchBook, and be able to explore detailed data on companies, investors, transactions and more on your own.
Already a client? You'll get early access to a new, highly anticipated feature called Workspaces.
Register now | | | | | | | |
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| Sun Capital names heads of IR and HR | | | | | | | | | Greenbriar appoints new MD | | | Greenbriar Equity Group has promoted Matthew Burke to managing director. Burke has worked at the New York-based private equity firm since 2010, with a focus on investments in the vehicle aftermarket, logistics and business services sectors. | | | | | |
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| Scale AI reaches $3.5B+ valuation, acquires Helia | | | Scale AI has picked up a $155 million Series D at a post-money valuation of more than $3.5 billion. Tiger Global led the round for the San Francisco-based startup, which is the provider of a platform that helps companies such as Pinterest and DoorDash improve their data and build AI algorithms. In August 2019, Scale AI was valued at $1 billion after raising a $100 million Series C, according to PitchBook data. The company has also announced its acquisition of computer vision specialist Helia. | | | | | | | | | | | | | | | Flock Freight raises new funding led by SoftBank | | | | | | | | | Logistics startup lands $70M Series C | | | | | | | | | GoSite collects $40M Series B | | | GoSite has raised $40 million in a round led by Left Lane Capital. The San Diego-based company is the developer of a cloud-based platform that helps small businesses manage their websites, listings, reviews, messages, bookings and payments. The funding comes about four months after GoSite raised $16 million at a $91 million valuation, according to PitchBook data. | | | | | |
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| D1 Capital to help take Collectors Universe private for $700M | | | An investor group headed by D1 Capital Partners, Cohen Private Ventures and entrepreneur Nat Turner has agreed to acquire Collectors Universe for $75.25 per share in cash. The deal values the Santa Ana, Calif.-based provider of authentication and grading services for the collectibles industry at around $700 million. The transaction also marks a 30% premium to the company's 60-day volume-weighted average share price ended Nov. 25. Collectors Universe president and CEO Joseph Orlando will continue to lead the business. | | | | | | | | Nautic Partners backs $400M healthcare deal | | | CarepathRx, a portfolio company of Nautic Partners, has agreed to buy part of the University of Pittsburgh Medical Center's Chartwell pharmacy subsidiary, with reports valuing the deal at $400 million. CarepathRx will take control of the management services organization behind Chartwell's operational and strategic management. Based near Seattle, CarepathRx is a provider of pharmacy and medication management solutions to more than 600 hospitals. | | | | | | | | Carlyle takes control of men's grooming brand | | | The Carlyle Group has acquired a majority stake in Every Man Jack, a California-based company that sells men's grooming products made from natural, plant-based ingredients. Launched in 2007, Every Man Jack had previously raised more than $10 million in venture capital, according to PitchBook data. | | | | | | | | Audax lands pallet business in SBO | | | Audax Group has bought a controlling interest in 48forty Solutions from Grey Mountain Partners, which bought the company for $115 million in 2018, according to PitchBook data. Based in Georgia, 48forty is a pallet management specialist operating more than 225 facilities in North America, with offerings including pallet supply, pallet retrieval and on-site services. | | | | | | | | Vector Capital to purchase Mood Media | | | Vector Capital has agreed to acquire Mood Media, an Austin-based provider of customer engagement software and services for a range of industries such as automotive, financial and healthcare. Mood Media's existing lenders, including HPS Investment Partners, will continue to own an equity stake in the company. | | | | | | | | Edmentum picks up new PE owner | | | The Vistria Group has made a majority investment in Edmentum, an education technology company based in Minnesota. Formerly known as Plato Learning, Edmentum was previously the subject of a $143 million take-private buyout by Thoma Bravo in 2010. | | | | | | | | Entrepreneurial Equity backs sausage maker | | | | | | |
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| JD Health raises $3.5B in Hong Kong IPO | | | JD Health has raised HK$27 billion (about $3.5 billion) after it priced its IPO at the top end of its expected price range of HK$62.80 to HK$70.58, according to Bloomberg. The unit of Chinese ecommerce company JD.com reportedly sold 381.9 million shares in the offering and plans to start trading in Hong Kong on Dec. 8. The share sale is said to be the biggest in Asia's healthcare sector in a decade. | | | | | | | | Carlyle to unload stake in PA Consulting | | | The Carlyle Group has agreed to sell its stake in PA Consulting, a London-based provider of business management consulting services, to Jacobs, a provider of business IT management consulting, in a deal that values PA at around £1.83 billion (about $2.45 billion). Carlyle originally acquired a 51% stake in PA in a 2015 deal that valued the company at around $1 billion. | | | | | | | | PE shops set for $2B AeroCare exit | | | | | | | | | View to go public in $1.6B SPAC deal | | | Glass manufacturer View has agreed to merge with blank-check company CF Finance Acquisition Corp. II in a deal that values the Bay Area-based business at $1.6 billion. View makes "smart windows" that tint to control heat and glare. The company has raised prior backing from Khosla Ventures, BlackRock, Sigma Partners and several other investors. The agreement will provide the combined company with $800 million in proceeds, including a $300 million PIPE investment. | | | | | |
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| West Monroe buys advisory firm Two Six | | | Business consulting firm West Monroe has purchased Two Six Capital, a data science firm that uses AI and machine learning to advise private equity investors. Based in San Francisco and founded in 2013, Two Six Capital makes tools used throughout the deal lifecycle to create financial models and understand revenue drivers. | | | | | |
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"Public markets rallied in Q3 and largely rebounded from the macroeconomic volatility seen in Q2, yet the lower end of the venture lifecycle has continued to see mixed results. The median angel pre-money valuation for 2020 YTD currently sits at $5.0 million, tracking to a -16.7% year-over-year decline. Even though data from our Q3 2020 PitchBook-NVCA Venture Monitor showed that angel deal activity remained rather resilient, declines in valuations were still seen across all quartiles."
Source: PitchBook's Q3 2020 US VC Valuations Report | | | | | |
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