WeWork India Management is preparing an IPO in the country that could raise as much as $407 million in an offering of 43.75 million existing shares, per Bloomberg.

Why it matters: That deal could provide an unexpected pay off for WeWork Global, which went from a $47 billion valuation to bankruptcy in some four years.

• It exited the bankruptcy process last year.

Catch up quick: WeWork launched its India foray in 2017, working with local developer the Embassy Group for the expansion.

• Embassy was the majority shareholder under the agreement, and it now holds some 75% of the business.
• WeWork invested at least $100 million into the business, and WeWork holds about 23% of the business, according to a draft filing

Zoom in: WeWork plans to sell up to 10.3 million shares — or a third of its total stake, which could net it some $95.7 million — and leave it with a stake worth $196.4 million.

• WeWork India also pays a licensing fee to WeWork Global, around $6.1 million in its 2023 fiscal year.
• The India venture reported about $201.8 million in revenue and other income for the twelve months ending March 31, 2024 — up 22% from the year prior.
• It also posted a loss during that period of about $15.8 million, though that swung to a profit of $20.3 million in the six months ending September 2024.

Stateside, the new and smaller WeWork also turned EBITDA profitable earlier this year, according to CEO John Santora.

Circle K parent Alimentation Couche-Tard is walking away from its attempt to acquire Seven & i Holdings for some $46 billion.

Why it's the BFD: It ends a long-running attempt to close the largest foreign takeover of a Japanese company.

Driving the news: Couche-Tard's CEO Alex Miller and executive chairman Alain Bouchard accused Seven & i Holdings of being obstructive during talks, saying there was "no sincere or constructive engagement."

• "You have engaged in a calculated campaign of obfuscation and delay," they wrote, saying Seven & i management offered very limited due diligence to potential investors.
• Seven & i said it disagreed "with their numerous mischaracterizations."

The intrigue: This comes as dealmakers are flocking to the country amid corporate governance reforms.

• M&A involving at least one Japanese company hit a record $232 billion in the first six months of the year, per LSEG.

The bottom line: "The battle for control of 7-Eleven has been widely watched as a barometer of the sweeping changes underway in corporate Japan. It's seen as a test of how far Japanese companies, long burdened by low valuations, are willing to go to boost shareholder value." — River Akira Davis, NY Times

• Anthropic, the foundational AI model startup, is in early talks to raise at a valuation over $100b, per Bloomberg. axios.link/4kKKPHg

• Exodigo, a Palo Alto, Calif.-based underground data intelligence company, raised $96m in Series B funding led by Zeev Ventures and Greenfield Partners, with participation from 10D VC, Square Peg, JIBE, Vintage Investment Partners and Leblon Capital. The deal values it at $700m. exodigo.com

• Boulevard, a Los Angeles-based maker of software for self-care businesses, raised $80m in Series D funding led by JMI Equity. Index Ventures and VMG Partners participated. joinblvd.com

🚑 vVARDIS, a Swiss dental company offering drill-free treatment for early tooth decay, raised $50m from OrbiMed. axios.link/3TJSN8A

• GeologicAI, a Calgary-based minerals data company, raised $44m in Series B funding led by Blue Earth Capital, with participation from Breakthrough Energy Ventures, Rio Tinto and the VC arm of BHP, per Axios Pro. axios.link/3Ui24VC

• Spiko, a tokenized infrastructure company for smaller businesses, raised $22m in Series A funding. Index Ventures led, and was joined by White Star Capital, Frst, Rerail, Bpifrance and Blockwall. axios.link/3Uoi4oZ

• One Biosciences, a Paris-based precision oncology company focused on single-cell tumor transcriptomic profiling, raised €15m in Series A funding led by Redmile Group and Blast, with participation from Galion.exe, Invus, Adamed Technology, Sofinnova Partners, Polytechnique Ventures, and Kima Ventures. onebiosciences.fr

• Folio, a hospitality-focused procurement startup, raised $14m in Series A funding, Thrive Capital and Construct Capital co-led the Series A round, which included participation from Redseed and SciFi VC, per Axios Pro. axios.link/3IzzkW0

• Empirical Security, a Chicago-based cybersecurity with custom AI models, raised $12m in seed funding led by Costanoa Ventures, per Axios Pro. axios.link/4nXTol2

• Quandri, a Vancouver-based platform for insurance brokerages and agencies, raised $12m led by Framework Venture Partners, with participation from FUSE, Defined Capital, and Intact Ventures. quandri.io

• Retirable, a N.Y.-based startup providing retirement planning, raised $10m in Series A funding. IA Capital led the round and was joined by Nationwide Ventures, Western & Southern Financial Group, Clocktower Ventures, Primary Venture Partners, Portage Ventures, Vestigo Ventures, and SilverCircle, per Axios Pro. axios.link/40XGnOe

• Billee Technologies, a Dallas-based utility management platform, raised $9.2m led by RET Ventures. axios.link/3Und8AJ

• Kiku, a European hiring startup, raised €4m in seed funding led by Cherry Ventures, with participation from Yellow. axios.link/4lvAzUq

• Covenant, a N.Y.-based AI-powered law firm for private market investors, raised $4m in seed funding led by Flybridge Capital, with participation from former hedge fund manager, Neil Barsky. axios.link/4nNaCRT

• Fiber Elements, an Austrian startup specializing in automated basalt fiber manufacturing, raised €2.6m in seed funding. LEA Partners led with participation from Amadeus APEX Technology Fund. fiber-elements.com

• Aquarian Holdings and TPG are in talks to acquire Nasdaq-listed life insurance provider Brighthouse Financial (Nasdaq: BHF), an insurance company, per the WSJ. axios.link/3IvZ8C7

• Case, backed by AE Industrial, acquired Ragnarok Technologies, a Reston, Va.-based IT services vendor for federal and commercial clients. axios.link/3IAZA21

• Frontier Growth invested in EPR Fireworks, a Jacksonville, Fla.-based records management and operations software for fire and emergency medical services agencies. axios.link/44PQQfN

• KKR is weighing a takeover of GPI, an Italian health tech company, per Bloomberg. axios.link/44C0fZG

• Lightview Capital made majority investment in Vermana, Pulexa, and nV Pools, three affiliated commercial pool service companies headquartered in Orlando, Fla. axios.link/4nZYi0X

• NexPhase Capital acquired Empower Community Care, a provider of behavioral care to at-risk youth, from Northlane Capital Partners. empowercommunitycare.com

• Talos, backed by a16z and General Atlantic, agreed to acquire Coin Metrics, a provider of crypto financial data. coinmetrics.io

• Unity Partners acquired The Byng Group, a Toronto-based provider of turnover services to multifamily properties and senior living facilities. axios.link/4kLJcJj

• Warburg Pincus acquired a majority stake in Keystone Agency Partners, a Mechanicsburg, Pa.-based insurance broker and agency network. Bain Capital will retain a minority stake. axios.link/4m2vh2W

• West Edge Partners formed Citadel Access Solutions with the acquisition of C.G. Systems dba California Gate & Entry Systems, Western Door and Gate, and Elite Access in Southern California and Nevada. axios.link/4eQ1Mie

• KNDS, a European tankmaker, is weighing a potential IPO or stake sale. Advent, CVC Capital Partners, KKR, and Warburg Pincus are among those that have shown interest. axios.link/3Ugoerf

• Via Transportation, a N.Y.-based transit software maker, filed confidentially for an IPO. axios.link/4m1tIC9

• Coats Group (LON: COA) plans to acquire OrthoLite, the U.S.-based insole maker, for $770m. Trilantic North America backed OrthoLite. axios.link/4eTakoH

• Eaton (NYSE: ETN) agreed to acquire Resilient Power Systems, an Austin, Texas-based maker of solid-state transformer-based technology backed by Energy Transition Ventures. axios.link/4eTTq9r

• Lyra Health, backed by Dragoneer, acquired Bend Health, a pediatric mental-health care company backed by Maveron, Next Play Ventures, and Novartis. axios.link/44OhwO3

• Électricité de France, the state owned utilities business, is weighing options including selling some or all of its French district heating and cooling business, per Bloomberg. The unit could be valued at €3b-€4b. axios.link/3Iqn4XM

• Teneo acquired PwC's Australia restructuring unit. axios.link/4m2XOVT

• Uber (NYSE: UBER) will invest $300m in Lucid (Nasdaq: LCID), the electric robotaxi maker. axios.link/40LzGz5

• Universal Music's Virgin Music Group is facing an antitrust investigation in the EU over its $775m Downtown Music acquisition. axios.link/4nSQcHa

• Eurazeo has raised €650m at the first close of its fourth growth fun, putting it over halfway to it target. axios.link/3GPB38S

• The Riverside Co. raised $750m for its second fund for SME's "in transition," per WSJ. axios.link/4eZxgma

• Modi Ventures, a Houston-based venture capital firm, closed on $88m for its second fund. modivc.com

• Bessemer Venture Partners promoted Alex Yuditski to vice president. axios.link/3GSiqBf