Takeovers and Buyouts
The latest deal news from across the alternative investment space.
Blade Urban Air Mobility, the helicopter company known for short-haul trips from airports to city centers, is going public by merging with Experience Investment Corp. (NASDAQ: EXPC), a public entity affiliated with KSL Capital Partners. The short hop to listing will make Blade the only publicly traded global urban mobility company.
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Massachusetts Mutual Life Insurance Company, or MassMutual, announced Monday that it agreed to acquire Flourish, a fintech platform, from Stone Ridge Holdings Group. Flourish is a digital platform that provides various products and services to more than 350 RIAs that manage more than $ 600 billion of assets. Flourish Cash is the only cash management platform developed specifically for financial advisors and their clients.
Global technology company Nasdaq (NASDAQ: NDAQ) announced today its acquisition of Canada-based Verafin for $2.75 billion payable in cash. Verafin’s cloud-based software platform serves customers with fraud detection, money laundering protection, and high-risk customer management. The 2003-founded firm counts more than 2,000 financial organizations as its customers.
IBM (NYSE: IBM) announced Wednesday its acquisition of German software company Instana for an undisclosed amount. The acquisition will help businesses better manage the complexity of modern applications, considering they span the hybrid cloud landscape and use AI extensively.
Autodesk (NASDAQ: ADSK), a company that makes software for the engineering and design industries, has acquired Spacemaker, a startup developing cloud-based AI software, empowering users to collaborate, analyze and design real estate sites, and urban planners to envision cities.
C3.ai, the software company launched by former Oracle executive Tom Siebel, filed papers for an IPO sized $100 million. The company intends to list on the New York Stock Exchange under the ticker symbol AI. Snap Inc (NYSE: SNAP) acquired Israeli voice assistant solutions startup Voca.ai for about $70 million.
SentinelOne announced Wednesday its Series F raise of $267 million in a round led by Tiger Global Management, with participation from Sequoia Capital Global Equities and existing investors including Insight Partners and Third Point Ventures. The same day, Palo Alto Networks (NYSE: PANW) announced its agreement to acquire Expanse Inc for approximately $ 800 million.
Coupa Software (NASDAQ: COUP) announced Monday its acquisition of Llamasoft, a supply chain software company for $1.5 billion. Llamasoft’s AI-powered, cloud platform helps companies make better informed and faster crucial supply chain decisions.
Financial guidance app Nerdwallet announced Friday its acquisition of Fundera, which provides financial advice and comparisons to nearly 28 million small and medium-sized businesses in the U.S. Terms were not disclosed, except that Fundera will become a Nerdwallet subsidiary. All of Fundera’s employees will join Nerdwallet.
Nestle USA, which is ultimately owned by Nestle SA (SWX: NESN), on Friday, signed and closed its acquisition of Freshly, a startup that provides healthy, freshly prepared, and chef-cooked meals that are heat-and-eat in three minutes or less. Freshly’s pioneering direct-to-consumer service is subscription-based in the range of $45.96 to $101.88 per week. Nestle will pay $ 950 million for the purchase, and potentially another $550 million depending upon Freshly’s growth in the future.
London-based Air Street Capital announced Friday its close of a $17 million fund to back early-stage “AI-native” startups. The venture firm positions itself too as an AI-native investor – because “generalism is dead” and its team of Operating Partners combines AI expertise with deep sector-specific knowledge.
Alliance Data Systems (NYSE: ADS) said Thursday that it will acquire Bread and its digital platform for $450 million of which $100 will be paid through Alliance stock. The transaction would expand Alliance Data’s own digital offerings by including buy-now-pay-later (BNPL) products.
Stripe, the fintech and payments processing giant last valued at $36 billion, has snapped up Paystack, the Nigeria-based international payments processor for a reported $200 million.
Crowdcube and Seedrs, the competing leaders in the UK crowdfunding market, have joined forces.
Investors made a bee-line for the stock of Russian technology giant Yandex (NASDAQ: YNDX) after it bid Tuesday for Tinkoff, a leading online bank in the country. Yandex shares touched a record high after analysts and investors apparently thought it was a marriage made in heaven.
Nvidia (NASDAQ: NVDA) has agreed to acquire Arm Limited from SoftBank Group Corp. (TYO: 9984) and the SoftBank Vision Fund in a $40 billion transaction.
Marathon Patent Group, Inc. (NASDAQ: MARA) will acquire Fastblock Mining for approximately $22 million in an all-stock deal. Marathon will issue 8,658,009 shares to Fastblock, a mining-as-a-service company, in a private placement transaction. Marathon shares closed Wednesday at $2.54.
FTX is a cryptocurrency derivatives exchange that offers spot and futures trading on various cryptocurrencies, the world’s first liquid cryptocurrency index future, futures that settle to the absolute change in the price of a coin over time, options, leveraged tokens, and other such innovative crypto products. The institutional-focused exchange acquired Blockfolio, a portfolio tracker that supports over 10,000 cryptocurrencies and blockchain assets across 500+ exchanges.
WorldRemit, a cross-border and worldwide payments processor, announced Tuesday its acquisition of Sendwave, an app-based remittance company that focuses on recipients in Ghana, Nigeria, Senegal and East Africa.
Thomson Reuters (NYSE: TRI) has acquired CaseLines, a digitized, cloud-based judicial platform that manages evidence, court documents, and virtual hearings.
According to ProPublica, a non-profit newsroom that investigates abuse of power, the US Justice Department will investigate Intuit Inc (NASDAQ: INTU)’s $7.1 billion acquisition of Credit Karma announced in February. Intuit is an American business and financial software company that develops and sells financial, accounting, and tax preparation software. It has a market capitalization of $81 billion. Credit Karma is a fintech that launched a free tax return service that became a formidable rival to Intuit.
In late 2019, Credit Sesame and Canadian challenger bank STACK joined hands to offer Sesame Cash, a checking account service that put users in control of their banking and credit in one place. Since mid-May, when Sesame Cash became available to the general public, more than 200,000 customers signed up in less than a month. Over 62% of Credit Sesame’s 15 million members are interested in the Sesame Cash service. Credit Sesame announced Tuesday its acquisition of STACK.
A Bloomberg report says Western Union has made a takeover offer for MoneyGram.
If the transaction succeeds, the two biggest players in the money transfer business in the US would combine. However, the matter is not yet officially public, and Bloomberg quoted a person who asked not to be identified.
Apollo Global Management (NYSE: APO) announced certain affiliate-led funds drove the purchase of $1.75 billion of convertible preferred stock in Albertsons Companies. The target is one of the largest food and drug retailers in the United States. The investment will represent approximately 17.5% pro forma equity ownership of Albertsons on an as-converted basis.
The Wall Street Journal revealed Tuesday that Uber (NYSE: UBER) is pursuing a takeover of food delivery service Grubhub (NYSE: GRUB) in an all-stock deal. In fact, talks started earlier this year, and according to Bloomberg, the deal could be consummated as early as this month. If successful, Uber’s play for Grubhub would be a gamechanger for the food delivery sector.