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AXIOS PRO RATA Axios Pro Rata Newsletter for September 19th 2022 Original article: Peter Burgess COMMENTARY Peter Burgess | ||
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Axios Pro Rata: LinkedIn Mafia
Dan Primack The BFD Illustration of Elizabeth Warren holding a bag of money Illustration: Sarah Grillo/Axios Sen. Elizabeth Warren (D-Mass.) publicly asked the U.S. Department of Transportation to block JetBlue's $3.8 billion takeover of Spirit Airways. Why it's the BFD: Antitrust is normally the purview of the DOJ or FTC, but this is a reminder that DOT has special authority to block airline mergers that it finds aren't in the public interest. No court case required. Reality check: Warren has publicly opposed plenty of mergers that have gone through. Primary sources: Read Warren's letter to DOT. The bottom line: 'Warren cited Spirit's own analysis that a JetBlue deal raises antitrust concerns as evidence the agency should find the deal is against the public interest. The airline prepared the analysis for investors in May as shareholders considered competing bids from JetBlue and Frontier.' — Leah Nylen, Bloomberg. Share on Facebook Tweet this Story Post to LinkedIn Email this Story Venture Capital Deals • GiveCampus, a Washington, D.C.-based fundraising platform for nonprofit educational institutions, raised $50m led by Silversmith Capital Partners. https://axios.link/3xy9pFu • Sievo, a Finland-based procurement analytics SaaS, raised $44m from Susquehanna Growth Equity. www.sievo.com 🚑 Naveris, a Natick, Mass.-based biotech focused on early detection of viral-driven cancers, raised $34.4m in new Series A funding (round total now $51m). Gurnet Point Capital led, and was joined by TechU Ventures and the American Cancer Society’s VC arm. www.naveris.com • Habito, a London-based home mortgage broker, raised £5m from Augmentum Fintech, SBI Investment and Volution. https://axios.link/3dlQLtF 🚑 Zócalo Health, a Seattle-based primary care startup focused on Latino patients, raised $5m in seed funding co-led by Animo, Virtue and Vamos Ventures. www.zocalo.health • Humankind, a Santa Monica, Calif.-based digital concierge and conversational commerce platform, raised $4.2m in seed funding co-led by High Alpha and Humankind. www.gethumankind.com 🚑 Alphyn Biologics, an Annapolis, Md.-based developer of dermatology therapeutics, raised $3.3m in Series A funding. Queen City Angels led, and was joined by Angel Physicians Fund and Serial Stage Venture Partners. https://axios.link/3eUuIL3 Share on Facebook Tweet this Story Post to LinkedIn Email this Story A MESSAGE FROM APOLLO Investing for a more sustainable tomorrow Apollo has launched a comprehensive sustainable investing platform with the aim of facilitating decarbonization and investing in the energy transition. The goal: Deploy $50 billion in clean energy and climate capital over the next five years and more than $100 billion by 2030. Learn more. Private Equity Deals • Apollo Global Management and BNP Paribas are among those circling all or part of Credit Suisse’s (NYSE: CS) securitized products group, per Bloomberg. https://axios.link/3DxAHje • BerlinRosen, a corporate PR firm backed by O2 Investment Partners, made an investment in Derris, a New York-based brand consultancy and communications firm. www.derris.com • Bregal Sagemount acquired a minority stake in Solo, a Lehi, Utah-based provider of solar sales, proposal and design software. www.gosolo.io • Corsair Capital invested in a new wealth advisory firm being formed by the merger of Miracle Mile Advisors and Karp Capital Management. www.miraclemileadvisors.com • RedBird Capital Partners agreed to sell its 40% stake in OneTeam, a Washington, D.C.-based player IP licensing business, at a $1.9b valuation, per Sportico. Buyers include HPS Investment Partners, Atlantic Park and Morgan Stanley. https://axios.link/3QUSLXx Share on Facebook Tweet this Story Post to LinkedIn Email this Story Public Offerings • No major U.S. IPOs on tap this week, although there are a couple of small caps like Jupiter Neurosciences ($15m raise target). https://axios.link/3BPQpFa • Volkswagen set terms of Porsche's upcoming IPO to €76.50-€82.50 per share, which works out to a valuation of between €70b and €75b. https://axios.link/3S7EKqM Share on Facebook Tweet this Story Post to LinkedIn Email this Story Liquidity Events • PSP Investments is seeking to sell around US$2b of private equity fund stakes, per Bloomberg. https://axios.link/3UeVtu1 Share on Facebook Tweet this Story Post to LinkedIn Email this Story More M&A • BHP Group (ASX: BHP) may sweeten it’s A$8.4b bid for miner OZ Minerals (ASX: OZL), per Bloomberg. https://axios.link/3BpNSQD • Instabox and Budbee, a pair of Swedish last-mile delivery startups, agreed to merge in a $1.7b deal, pending regulatory approval. Instabox raised $336m (most recently at a $1b valuation) from firms like Verdane, Creades and EQT Ventures. Budbee raised ($700m valuation) from AMF, Stena Sessan, Kinnevik and H&M CoLab. https://axios.link/3djU4BS • Liverpool, a listed Mexican department store chain, acquired a 9.9% stake in Nordstrom (NYSE: JWN). https://axios.link/3DzshYv • Starboard Value disclosed a 9% stake in website dev platform Wix.com (Nasdaq: WIX). https://axios.link/3Sf3FIR • TF1 and M6, France’s two largest private broadcasters, canceled their planned merger due to regulatory pressures. https://axios.link/3LlZWHb Share on Facebook Tweet this Story Post to LinkedIn Email this Story Fundraising • Clayton, Dubilier & Rice has circled $10b for its 12th buyout fund, which is targeting a total of $20b, per the WSJ. https://axios.link/3UkNRGl 🚑 Concord Health Partners of Summit, N.J. raised $150m for its second growth fund. www.concordhp.com • First Star, a Cambridge, Mass.-based deep tech VC firm, is raising $40m for its third fund, per TechCrunch. https://axios.link/3UhuA8L Share on Facebook Tweet this Story Post to LinkedIn Email this Story It's Personnel • Ian Friedman (ex-Goldman Sachs) joined L Catterton as a partner and managing director of the firm’s growth fund. After leaving GS, Friedman led a SPAC that last September agreed to buy online health and beauty marketplace Packable. The merger never closed, and Packable later shut down. • Global Infrastructure Partners named Raj Rao as firm president and Michael McGhee as deputy chair. https://axios.link/3f0oDg4 • Christian Limon joined QED Investors as a principal. He previously led growth for Gemini and Nifty Gateway. www.qedinvestors.com • Jonathan Pflug is stepping down as head of Southeast Asia M&A at Morgan Stanley, to join Raine Group’s new Singapore office, per Bloomberg. https://axios.link/3S7DHXS Share on Facebook Tweet this Story Post to LinkedIn Email this Story Final Numbers More on the Adobe-Figma deal: Expect the merger to attract antitrust scrutiny, writes Axios' Felix Salmon and Ashley Gold. I botched some of Figma's private market share prices in Friday's edition, including the Series C led by Sequoia (which should have been $1.10). Apologies. Also worth noting that we now have the merger sub, which shows that Figma holders will get around $22.48 per share in cash and 0.045 Adobe shares. Share on Facebook Tweet this Story Post to LinkedIn Email this Story A MESSAGE FROM APOLLO Why now is the time for sustainable investing Apollo is targeting to deploy $50 billion into sustainability efforts over five years and $100 billion by 2030. Why it’s important: About $4.5 trillion in investments will be needed annually to reach global net zero by 2050. Learn more about Apollo’s comprehensive sustainable investing platform. ✔️ Thanks for reading Axios Pro Rata, and to my copy editors Mickey Meece and Bryan McBournie! Please ask your friends, colleagues and pilots to sign up. Axios Why stop here? Let's go Pro. Learn more about Axios Pro corporate subscriptions, and why hundreds of companies read Pro newsletters every day. Axios thanks our partners for supporting our newsletters. If you’re interested in advertising, learn more here. 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