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| What Democratic control of the Senate could mean for VC | |  | Sen. Chuck Schumer will take over as Senate majority leader following Democratic victories in Georgia.
(Win McNamee/Getty Images) | | | President-elect Joe Biden's legislative agenda got a boost after Democrats won a slight majority in the Senate last week.
Many venture capitalists and lobbyists expect ambitions to be tempered by the party's slim hold on power. But action on Democratic priorities like climate change, immigration and taxes could spell changes regarding investment and innovation in high-growth startups. | | | | | | | | | | Second round of PPP loans begin | | The Small Business Administration has begun accepting applications for the second round of loans from the Payment Protection Program.
The $900 billion pandemic relief bill signed into law at the end of last year by President Trump allocated $284 billion for the program. First-time borrowers are still bound by the terms of the initial round. This time around, loans are capped at $2 million, down from the previous $10 million maximum.
Companies seeking a second loan must meet certain qualifications, such as having no more than 300 employees, and show that revenue declined at least 25% in any quarter in 2020 compared with 2019. Re-applying companies should have also used the full amount of their first loan by the time they receive the second.
During the first two days of the loan application period, priority will be given to small businesses in low-income communities that may not have gotten access to funds in the first round. Only community financial institutions will be able to initiate loan applications starting Jan. 11 and offer funds to reapplying companies Jan. 13. After that date, the program will open to all participating lenders.
Over 145,000 privately backed companies received a PPP loan last year, according to PitchBook data. | | | | | | | |
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| A message from West Monroe | | |
| Outlook remains strong for high-tech and software M&A in 2021 | | Despite uncertainty, the appetite for deals in the high-tech and software sector is anticipated to increase in 2021. Are you ready to seize opportunities?
A recent survey revealed that 70% of investors plan to acquire as many as two high-tech and software companies over the next 24 months, and 27% intend to make three or four acquisitions. Competition within this sector will only increase. But high multiples, a crowded space, and unique integration and differentiation challenges make the path to payoff more difficult. Successful dealmaking in this environment requires a rigorous approach to strategy, due diligence, deal execution and post-deal integration.
Access the latest report detailing trends, top subsectors and opportunities for value creation in the TMT industry. | | | | | | | |
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| GIP grabs Bill Gates-backed Signature Aviation for $4.6B | |  | Bill Gates' Cascade Investment previously supported Blackstone's bid.
(Alex Wong/Getty Images) | | | Global Infrastructure Partners has agreed to acquire London-listed private jet operator Signature Aviation for $4.63 billion, defeating rival bids from Blackstone and The Carlyle Group.
On Friday, Blackstone said it had won the support of Bill Gates' Cascade Investment, which already holds a 19% stake, to buy the company for around $4.3 billion. Sky News reported last week that Carlyle was considering a £3 billion (around $4 billion) bid.
The new offer of 405 pence a share represents a 51% premium over the company's 268 pence share price on Dec. 16, the day before the offer period began. Shares in Signature opened at 428 pence on Monday morning, up over 5% from the previous closing price, and reached as high as 445 pence by midmorning. | | | | | | | | | | Nearly 50 years later, the real story of how The New York Times got its hands on the Pentagon Papers has come to light. [The New York Times]
As the pandemic continues to redraw the map of finance and tech, Blackstone has become the latest major Wall Street name to set its sights on Miami. [Institutional Investor]
It's been a little more than a year since Coty acquired a majority stake in Kylie Cosmetics, the brand run by superstar Kylie Jenner. So far, the results are mixed. [The Wall Street Journal] | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 26 Deals | 130 People | 37 Companies | 1 Funds | | | | | | |
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| 2018 Vintage Global Real Assets Funds | | | | | | |
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| North Castle names new partners | | | | | | |
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| | | Affinivax has raised a $226 million Series C co-led by Rock Springs Capital and Foresite Capital. Based in the Boston area, the biopharma company is developing vaccines to prevent a range of infectious diseases. In April 2020, the company raised $120 million at a $345 million valuation, according to PitchBook data. | | | | | | | | Dice Molecules secures $80M | | | RA Capital Management has led an $80 million Series C for Dice Molecules, a biopharmaceutical company that focuses on immunology. The company plans to use the funding in part to advance clinical trials of one of its oral medicines. | | | | | | | | Carrum Health raises $40M | | | | | | |
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| Apollo nears $2B vinyl deal | | | Apollo Global Management is closing in on a deal to buy the vinyl unit of Mexico's Orbia Advance for at least $2 billion, Bloomberg reported. Formerly known as Mexichem, the unit makes chemical compounds used in construction, manufacturing and consumer goods. | | | | | | | | CVC Capital, Spectrum near $2B hair dryer deal | | | CVC Capital Partners and Spectrum Brands have entered advanced negotiations to acquire Conair in a deal that could value the hair dryer manufacturer at around $2 billion, Bloomberg reported. An agreement could reportedly come within weeks. Based in Stamford, Conn., Conair offers a range of personal care products. | | | | | | | | AIP strikes $920M deal for Domtar unit | | | American Industrial Partners has agreed to acquire the personal care business of Domtar, a provider of packaging, pulp and hygiene products, for $920 million. South Carolina-based Domtar will use $600 million from the sale to pay down debt and the remaining $300 million to repurchase shares. | | | | | | | | Ares, OTPP strike pact with TricorBraun | | | | | | | | | CVC Capital to buy Stark from Lone Star | | | CVC Capital Partners has agreed to acquire Stark, a distributor of heavy building materials in Europe, from Lone Star Funds, which has owned the company since 2018. Based in Denmark, Stark works with more than 10,000 suppliers in Norway, Sweden, Denmark, Finland and Germany. | | | | | |
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| Roku confirms deal to buy Quibi's content | | | Roku has acquired the distribution rights to programming created by Quibi, the failed streaming startup that raised $1.75 billion before shutting down last year. The deal gives Roku a catalog of more than 75 shows and documentaries, which feature performances by celebrities like Chrissy Teigen, Kevin Hart and Idris Elba. Roku paid less than $100 million for the rights, The Wall Street Journal reported. | | | | | |
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| CVC Capital set for $640M sale | | | CVC Capital Partners has agreed to sell Kount, a provider of AI-powered fraud prevention software, to consumer credit giant Equifax for $640 million. Based in Boise, Idaho, Kount has been a portfolio company of CVC since the firm completed an $80 million growth investment in 2015. | | | | | | | | Red Hat agrees to acquire StackRox | | | Open-source software provider Red Hat has secured a deal to buy StackRox, an enterprise cybersecurity specialist based in Mountain View, Calif. StackRox has raised more than $60 million in prior venture funding from investors including Redpoint Ventures, Sequoia and Amplify Partners, including a $26.5 million round that closed in September. | | | | | |
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| Transformation Capital pulls in $500M | | | Transformation Capital Partners has closed its second flagship growth fund on $500 million, exceeding a debut vehicle that raised $313 million in 2017. Based in Boston, Transformation Capital (formerly Leerink Transformation Partners) typically invests in tech-focused healthcare companies across a range of verticals. | | | | | | | | Ludlow Ventures plans $65M vehicle | | | Detroit-based Ludlow Ventures has set a $65 million target for its latest fund, according to an SEC filing. The firm was an early investor in Honey, the operator of a coupon-finding service that PayPal acquired last year for $4 billion, and its current portfolio includes 100 Thieves, an esports startup that was valued at $160 million in 2019 and is also backed by the rapper Drake, Marc Benioff and Sequoia. | | | | | |
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| Atos eyes $10B deal for DXC | | | French IT services giant Atos has approached DXC Technology about a possible combination, with Reuters reporting the company made an offer that values its Virginia-based peer at more than $10 billion. DXC has been an independent company since spinning off from Hewlett Packard Enterprise in 2017. | | | | | | | | Acacia, Cisco disagree over $2.6B deal deadline | | | Acacia Communications has terminated an agreement to sell itself to Cisco for $2.6 billion, saying it did not receive regulatory approval in China before the deal's deadline. Cisco responded by seeking a court order to enforce the completion of the deal, arguing it in fact did receive sufficient approval from Chinese regulators to complete the transaction. The two sides first announced the acquisition in 2019. | | | | | |
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