Title | 1602-1902 - Notes de cours 2 |
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Course | Mergers & Acquisitons news |
Institution | EM Lyon Business School |
Pages | 8 |
File Size | 178.5 KB |
File Type | |
Total Downloads | 98 |
Total Views | 144 |
Détails précis sur les informations dans l'industrie de la finance et les fusions acquisitions...
16/02/21 What's Happening Markets
Nothing new on what's driving markets, same old cocktail of vaccine rollout, stimulus progress, and strong corporate earnings headlines continuing to push equity markets to new ATHs
Oil prices rose over the weekend, fueled (pun intended) by freezing temperatures across most of the US that increased demand and threatened oil & gas production in Texas o
Brent-crude futures rose 1.4% to $63.30/bbl (highest level since Jan'20)
o
WTI futures rose 1.1% to $60.13/bbl
Trump Impeachment Trial
Trump was acquitted in the impeachment trial (same result as the first impeachment)
The vote was 57-43 but 67 guilty votes were needed to convict
With this verdict, Trump could theoretically run for president again
Earnings
Companies at bat this week: CVS, Occidental Petroleum, Palantir, Walmart, Marriott and more
Full earnings calendar here
Headline Roundup 1. WSJ put out a bagholder roundup profiling people who lost big on meme stocks (WSJ) 2. Ken Griffin (Citadel), Vlad Tenev (Robinhood), Gabe Plotkin (Melvin), Steve Huffman (Reddit), and Keith Gill (u/deepf**kingvalue) to testify at Gamestop House hearings this Thursday (BBG) 3. Jack Dorsey (Twitter & Square CEO) and Jay Z invest 500 BTC (~$23M) into an endowment to fund bitcoin development in Africa and India ( TC) 4. The FTC is probing into Nvidia's acquisition of Arm from SoftBank after Qualcomm and other customers raised concerns ( FT) 5. Once a joke in Silicon Valley, SPACs have gone mainstream (CNBC) 6. A Morgan Stanley investment arm may bet on bitcoin, currently exploring whether it's a suitable option for its investors ( BBG) 7. Goldman Sachs says ESG Finance will become a 'core part' of the firm's strategy (BBG) 8. Fed to test banks' ability to withstand 55% fall in equity prices (FT) 9. NY prosecutors investigating loans that Trump took out on some of his Manhattan buildings (WSJ)
Deal Flow M&A
Cloud monitoring platform Datadog announced the acquisition of Sqreen, a SaaS
Electronic-components maker II-IV submitted a ~$6.5B bid for Coherent, a global
supplier of industrial and fiber laser solutions ( WSJ) Cable service provider Cable One announced the acquisition of regional telecom
security platform (TC)
firm Hargray Communications in a $2.2B deal. The company already owns ~15% and is acquiring the remaining 85% (RT) VC
Indian social commerce platform Meesho is nearing a $250M funding round led by
SoftBank's Vision Fund (Entrackr) Jigsaw, a UK-based "anti-superficial" dating app, raised a ~$3.7M seed round to expand into the US (TC)
01 Advisors, the venture firm of Dick Costolo and Adam Bain, (ex-CEO and COO of Twitter, respectively), closed Fund 2 with $325M (TC)
IPO
South Korean ecommerce and delivery giant Coupang (essentially the Amazon of SK) filed to raise ~$1B in the US at a reported $50B target valuation ( TC)
SPAC
Mobile banking platform MoneyLion to merge with Fusion Acquisition Corp in a $2.9B deal (RT)
Digital health startup Sharecare to merge with Falcon Capital Acquisition Corp in
a $3.9B deal (RT) Origin Materials, a chemical technology company, is in talks to merge with Artius Acquisition Inc. Conversations are ongoing and may not lead to a transaction (BBG)
17/02/21 What's Happening Markets
Oil slipped back below $60/bbl as the energy situation caused by freezing temps across the US has crippled the petroleum industry
Treasury yields widened, hovering near the highest levels in a year
Higher yields have some investors questioning if this will throw off the speculative frenzies in penny stocks, Bitcoin, cannabis, etc.
Earnings
QuantumScape ($QS) jumped after announcing a strong $1B liquidity position and plans to build a "pre-pilot" production facility
Palantir ($PLTR) dropped 13% after signaling lower-than-expected FY'21 revenue guidance
Notable names at bat today: Hyatt, Dish, Progressive, Hilton, and Tilray
Full earnings calendar here
Headline Roundup 1. Goldman Sachs is launching a low-cost robo-advisor, Marcus Invest (WSJ) 2. China blocked Jack Ma's Ant IPO after investigation revealed connections to potential challengers to President Xi (WSJ) 3. Berkshire Hathaway trims Apple and reveals stakes in Chevron and Verizon (BBG) 4. Citi lost a legal battle to recover $500M it fat-fingered to Revlon lenders ( BBG) 5. Peoplle are buying the "wrong" Clubhouse stock and it's up 1,000%+ YTD ( BBG) 6. "Big Short" investor Michael Burry (who was long GameStop) sold his shares last quarter - likely missed the short squeeze rally ( BI)
Deal Flow M&A
Western Alliance Bancorp acquired mortgage lender AmeriHome for $1B in an
all-cash deal (RT) Palo Alto Networks acquired DevOps security startup Bridgecrew for ~$200M (TC)
Power transmission components maker Rexnord will merge its process and motion control business w/ larger rival Regal Beloit in a ~$3.7B deal (RT)
Tribune Publishing reached a deal to be acquired by hedge fund Alden Global Capital, its current largest shareholder, for $17.25/sh (~$630M valuation) (WSJ)
Nestle announced the sale of its North American water brands business to One Rock Capital Partners and Metropoulos & Co for $4.3B (PR)
Titan, an active investment management platform, raised a $12.5M Series A led
SpaceX reportedly raised $850M at a ~$74B valuation (CNBC)
Zomentum, a sales acceleration platform for IT channel partners, raised a $13M
VC
by General Catalyst (TC)
Series A led by Eight Roads Ventures ( TC)
Zencastr, an audio and video podcasting platform, raised a $4.6M seed round (TC)
Pex, a digital rights startup, raised $57M in funding from Susa Ventures and Illuminate Ventures, with participation from Tencent, CueBall Group, NexGen
Ventures, Amaranthine and others ( TC) Valoreo, a Mexico City- based acquirer of ecommerce businesses, raised $50M of debt and equity in a seed round (TC)
Axiom Space, a company producing private space stations, raised $130M led by
C5 Capital and noted it has achieved 'unicorn' status (CNBC) Krisp, a startup using machine learning to remove background noise from audio in real time, raised a $9M extension to its $5M Series A round ( TC)
Zolve, a neobanking platform, raised a $15M seed round led by Accel and
Lightspeed ( TC) Metropolis, a startup focused on automated parking lot management, raised a $41M Series A led by 3L (ST)
Circle, a startup building platform and tools for creators to monetize, raised a $4M seed round led by Notation Capital at a $40M+ valuation ( TC)
IPO
n/a
SPAC
Luxury electric vehicle maker Lucid Motors is nearing a ~$12B deal with Churchill Capital IV Corp ($CCIV) (RT)
Baby monitor maker Owlet merging with Sandbridge Acquisition Corp in a
$1.4B deal (RT) Battery recycler Li-Cycle merging with Peridot Acquisition Corp in a $1.67B deal (RT)
18/02/21 What's Happening Markets
Dow hit a new all time high while the Nasdaq traded down as investors start to look closer at higher treasury yields impact on corporate valuations
Bitcoin also jumped to another all-time high, casually surging past $52k
Retail sales jumped 5.3% in January compared to December fueled by fresh stimmy dollars (that didn't all go into yolo'ing meme stocks)
Earnings
Twilio was up ~10% after posting strong revenue and profits
Will be looking at Norwegian Cruise Line, Marriott, Walmart, Planet Fitness, and TripAdvisor today
Full earnings calendar here
Headline Roundup 1. Saudi Arabia set to pump out more oil amid recovery in prices (WSJ) 2. BlackRock has started dabbling in Bitcoin (CNBC) 3. $359M / 2M+ shares of Gamestop failed to deliver at peak of mania ( BBG) 4. Big Texas freeze is becoming a global oil market crisis, with 4M+ barrels a day of output (~40% of the US' crude production) now offline (BBG) 5. SpaceX's latest funding round revealed to have been led by Sequoia Capital (BBG) 6. Robinhood suspected of being the "Dogecoin Whale" sitting on $2B+ worth of the cryptocurrency (BBG) 7. NY Governor Andrew Cuomo under investigation by FBI and US attorney's office in Brooklyn over nursing home deaths (Axios) 8. Citadel and Robinhood will call for shorter stock settlement times in Gamestop hearing (Axios) 9. MicroStrategy raised a $900M convertible note at a 0% interest rate in order to buy more bitcoin (MW)
Deal Flow M&A
Cloud communications company Sinch announced the acquisition of Inteliquent, an interconnection provider for voice communications, from GTCR for $1.14B in
cash (TC) IHeartMedia agreed to acquire audio ad tech company Triton Digital from E.W. Scripps for $230M (WSJ)
VC
Public, a social stock brokerage platform, confirmed a $220M funding round at a $1.2B valuation that was reported last week. The round was led by Tiger Global
(TC) Ally.io, a platform that helps enterprises develop & track objectives and key results (OKRs), raised a $50M Series C led by Greenoaks Capital ( VB)
OutSystems, a low-code app development service, raised $150M at a $9.5B
valuation. Round led by Abdiel Capital and Tiger Global ( TC) Edgybees, a startup helping companies augment their aerial video streams in rea
Geothermal home heating startup Dandelion Energy raised $30M from
time, raised a $9.5M Series A led by Seraphim Capital ( TC) Breakthrough Energy Ventures, a fund backed by Bill Gates and several other
billionaires that aims to back companies commercializing sustainable technologies (TC)
TigerGraph, a graph database and analytics platform, raised a $105M Series C
led by Tiger Global (TC) Credit-building platform SeedFi raised $50M in debt and $15M in equity led by
a16z (TC) vArmour, a multi-cloud security startup, raised $50M in funding from AllegisCyber Capital and NightDragon (TC)
Kalshi, an online-trading platform that will enable trading of "yes" or "no" event contracts, raised a $30M Series A led by Sequoia Capital. Charles Schwab, Henry Kravis (KKR), SV Angel and others also participated (PYMNTS)
Locus Robotics, a fleet robotics company, raised a $150M Series E led by Tiger
Global Management and Bond at a $1B valuation (TC) Crypto wallet and exchange company Blockchain.com raised $120M from an array of high profile VCs and wealth investors (TC)
IPO
n/a
SPAC
Electric jet-ski maker Taiga merging with Canaccord Genuity Growth II Corp. in a
C$537M ($422M USD) deal (BBG) Car-sensor startup AEye merging with CF Finance Acquisition Corp. III in a $2B deal ( BBG)
Chemical technology company Origin Materials merging with Artius Acquisition Inc. in a $1.8B deal (RT)
19/02/21 What's Happening Markets
S&P fell for a third straight day after jobless claims came in higher than expected and Walmart's revealed weak guidance during earnings call
Investors continue to debate the impact of higher treasury yields on risk assets, as so many are priced to perfection accounting for really low rates in perpetuity
Janet Yellen reiterated a thicc covid relief package is still needed for a full recovery in the US
Earnings
Walmart shares fell ~6.5% after reporting an earnings miss and gave weak guidance, though its e-commerce sales were up 69% YoY (nice)
Full earnings calendar here
Headline Roundup 1. Lumber prices topped $1,000 per 1,000 board feet for the first time as singlefamily home starts drop 12% (CNBC) 2. Online shipping costs expected to increase as the pandemic drags on ( CNBC) 3. NASA lands Perseverance Rover on Mars (WSJ) 4. Over 350k Texans still have no power as temperatures remain frigid (WSJ) 5. North America's first Bitcoin ETF, Purpose Bitcoin ETF, had a strong debut with over $165M worth of shares exchanged (BBG) 6. Texas oil refineries could take weeks to restart (BBG) 7. US commits $4B to the global COVID-19 vaccine effort (NPR)
Deal Flow M&A
US chemicals maker Dow Inc has put its German infrastructure assets up for sale
in a potential ~$966M deal (RT) Daily Mail announced the sale of its EdTech business, Hobsons, in two separate transactions for a total of ~$410M. It will sell the Naviance & Intersect businesses to PowerSchool for $320M and its Starfish business to EAB for $90M (RT)
Cybersecurity technology company CrowdStrike acquired unlimited logging tool Humio for $400M (TC)
Math learning app Photomath raised a $23M Series B led by Menlo Ventures
VC
(TC)
Census, a startup helping businesses sync customer data from data warehouses
to other business tools, raised a $16M Series A led by Sequoia ( TC) Pipe17, a connected infrastructure company for e-commerce, raised $8M led by GLP Capital Partners (AP)
Wholesale online marketplace Abound raised $22.9M led by Left Lane Capital
(TC) Varo Bank, the first US neobank to be granted a national bank charter, raised
Torii, a SaaS application management startup, raised a $10M Series A led by
Wing Venture Capital (TC) Event networking app Grip raised a $13M Series A led by London-based growth
$63M led by Russell Westbrook (yes, the NBA star) (TC)
equity fund Kennet Partners (TC)
Knock, a property management technology company, raised a $20M growth round led by Fifth Wall Ventures (TC)
Magical, a startup modernizing digital calendar applications, raised $3.3M led by Resolute Ventures (TC)
App monitoring platform Sentry raised a $60M Series D at a $1B valuation led by Accel, New Enterprise Associates, and Bond ( TC)
Volkswagen is considering publicly listing up to 25% of Porsche (WSJ)
IPO
SPAC
Satellite data firm BlackSky merging with Osprey Technology Acquisition Corp in a $1.5B deal (RT)
Protein sequencing firm Quantum-Si merging with HighCape Capital Acquisition Corp in a $1.46B deal (RT)...