Axios Pro Rata

February 10, 2026
🍿 Situational awareness: Paramount this morning sweetened its takeover bid for Warner Bros. Discovery, adding a ticking fee that could total $650 million per quarter and pledging to pay the $2.8 billion termination fee that would be owed to Netflix.
Top of the Morning
Private equity is buying the "Clear Channel" brand, nearly two decades after it became synonymous with industry excess.
- No, it's not really the same company. But I'd have thought PE execs might have been scared off anyway — like avoiding what used to be a bad part of town that's since been gentrified. Yeah, there's a Starbucks, but you remember it's also where that guy got mugged.
Driving the news: Mubadala Capital and TWG Global yesterday announced plans to acquire Clear Channel Outdoor, a San Antonio-based billboard operator, for $6.2 billion.
- They'll pay $2.43 per share, representing a 71% premium to where CCO traded before last October's reports of a potential deal.
Zoom in: CCO has repeatedly come under activist pressure, most recently from Anson Funds Management.
- TWG, led by Mark Walter and Thomas Tull, last year acquired a minority stake in Mubadala.
Catch up quick: Clear Channel Outdoor once was part of a larger company called Clear Channel Communications, which mostly owned radio and TV stations, before being spun out via IPO in late 2005.
- CCC retained a majority stake, and the following year agreed to be acquired for nearly $19 billion by Bain Capital and Thomas H. Lee Partners. Then all hell broke loose.
- Shareholders complained about the price, eventually getting around a 4% bump. Then came the Great Financial Crisis, prompting banks to renege on their lending commitments. The private equity firms sued and then got countersued by the banks.
- A settlement was reached near the eve of trial — following negotiations in an airplane hangar — with shareholders getting slightly less than they'd initially been offered. The deal closed a whopping 20 months after originally being announced.
- CCC would later be renamed iHeartMedia and filed for bankruptcy in 2018 with Bain and THL still as its largest shareholders.
Behind the scenes: Bain and THL reportedly broke around even on CCC, despite the bankruptcy, thanks to having bought deeply-discounted debt along the way and their plethora of fees.
- In fact, they might have even eked out a gain depending on where they offloaded the CCO shares they received as part of the bankruptcy restructuring (neither appears to be a current shareholder).
- But I've yet to meet an investor from either firm who believes the small gain was worth the severe pain. My lasting memory is being at a Boston Celtics playoff game in early 2008, and watching THL's Scott Sperling walk past with a phone in his hand and a grimace on his face.
The bottom line: Mubadala and TWG are betting that past isn't precedent when it comes to buying a "Clear Channel" company.
The BFD
Alphabet, the parent company of Google, yesterday sold $20 billion of dollar-denominated bonds.
Why it's the BFD: The AI spending spree isn't going to be stopped by a few stock market jitters.
Zoom in: Alphabet originally was expected to sell only $15 billion of U.S. bonds at a wider spread, reflecting that it's a seller's market.
- The tech giant also expected to add more debt via bond sales in Switzerland and the U.K. — the latter of which includes 100-year notes.
The bottom line: Alphabet isn't the first hyperscaler to do a giant bond sale. It also won't be the last, as even the the world's richest companies need help funding their AI ambitions.
Venture Capital Deals
• Databricks raised more than $5b in Series L funding at a $134b valuation, much of which will be used for an employee tender. It also added around $2b in debt capacity.
- We previously discussed this deal when it was in process, noting lead investors Insight Partners, Fidelity, and JPMorgan. Others backers included Glade Brook, Goldman Sachs, Microsoft, Morgan Stanley, Neuberger Berman, QIA, and UBS.
• Stripe is in talks to launch a tender offer at a valuation of $140b or higher, as first reported by Axios Pro. axios.link/3ZXHRam
• Runway, an NYC-based AI video startup, raised $315m at a $5.3 valuation. General Atlantic led, joined by Nvidia, Adobe Ventures, and AMD Ventures. axios.link/4an2mlD
• Oxide Computer Co., an Emeryville, Calif.-based private cloud computing startup, raised $200m in Series C funding, per Axios Pro. USIT led, joined by Eclipse Ventures, Counterpart Ventures, Riot Ventures, Intel Capital, Friends and Family Capital, and Jane Street. axios.link/4rdkSUU
🚑 Solace Health, a Redwood City, Calif., platform connecting patients with health advocates, raised $130m in Series C funding at a valuation north of $1b. IVP led, joined by existing investors Menlo Ventures, SignalFire, Torch Capital, Inspired Capital, and RiverPark Ventures. axios.link/3Mmwnu3
• Bretton AI (fka Greenlite), a financial crime compliance startup, raised $75m in Series B funding. Sapphire Ventures led, joined by Greylock, Thomson Reuters Ventures, and Canvas Ventures. axios.link/4kCmWmT
⚡ Tem, a London-based electricity marketplace, raised $75m in Series B funding at a valuation north of $300m, per TechCrunch. Lightspeed led, joined by AlbionVC, Allianz, Atomico, Hitachi Ventures, Revent, Schroders Capital, and Voyager Ventures. axios.link/4aGKC6b
• Naboo, a Paris-based events procurement platform, raised $70m in Series B funding. Lightspeed led, joined by Notion Capital, ISAI, and Ternel. axios.link/4bMjq74
• Entire, an AI coding startup by former GitHub CEO Thomas Dohmke, raised $60m at a $300m valuation. Felicis led, joined by Madrona, M12, and Basis Set. axios.link/4qtgLTw
• Neara, an Australian provider of digital twin modeling for infrastructure, raised US$60m in Series D funding. TCV led, joined by insiders Partners Group, EQT, Square Peg Capital, and Skip Capital. axios.link/3ZWMjpV
• Gather AI, an AI platform for warehouse cameras and drones, raised $40m in Series B funding. Smith Point Capital led, joined by Bain Capital Ventures, XRC Ventures, and Hillman Investments. axios.link/4trr2SU
🚑 Kainova Therapeutics, a Canadian biotech focused on immuno-oncology and inflammation, raised C$32m. Investissement Québec led, joined by insiders CTI Life Sciences, Panacea Venture, 3B Future Health Fund, Seventure Partners, Viva BioInnovator, Turenne Capital, Schroders Capital, adMare BioInnovations, and Seido Capital. axios.link/4alWIQS
• Trener Robotics (fka T-Robotics), an SF-based robot skills platform for manufacturing, raised $32m in Series A funding, per Axios Pro. Engine Ventures and IAG Capital Partners led, joined by Cadence and Geodesic Capital. axios.link/46INYmK
🚑 Galux, a South Korean protein therapeutics design company, raised $29m in Series B financing from InterVest, DAYLI Partners, PATHWAY Investment, Yuanta Investment, Korea Development Bank (KDB), SL Investment, NCORE Ventures, SneakPeek Investments, Korea Investment & Securities, and Mirae Asset Securities. axios.link/3OiDkwJ
• Natilus, a San Diego-based maker of blended-wing aircraft, raised $28m in Series A funding. Draper Associates led, joined by New Vista Capital, Soma Capital, 2 VC, VU Venture Partners, Wave FX, Type One Ventures, The Veterans Fund, and Flexport. natilus.co
• Segura, a Brazilian provider of privileged access management solutions, secured $25m from Riverwood Capital, per Axios Pro. axios.link/3O65qLJ
• Equal Parts, an insurance rollup effort, raised $23m in Series A funding, per Axios Pro. Inspired Capital led, joined by Equal Ventures, Max Ventures, and Genius Ventures. axios.link/3ZsF74J
• Circit, a Dubin-based audit confirmation and financial data verification platform, raised $22m. Ten Coves Capital led, joined by insiders quiline and MiddleGame Ventures. circit.io
• Matia, a Miami-based data ops unification startup, raised $21m in Series A funding, per Axios Pro. Red Dot Capital led, joined by Leaders Fund, Secret Chord Ventures, Cerca Partners, Caffeinated Capital, and VelocityX. axios.link/4qpvYoA
• ManageMy, a U.K. front-end insurance orchestration platform, raised $20m in Series B funding led by Ventura Capital. axios.link/46yM7AX
• Somethings, an NYC-based provider of virtual peer support, raised $19.2m in Series A funding, per Axios Pro. Catalio Capital led, joined by General Catalyst and Tusk Ventures. axios.link/4aaYcP2
• Backslash Security, an Israeli vibe coding security startup, raised $19m in Series A funding. Kompas VC led, joined by Maniv, Artofin VC, StageOne Ventures, and First Rays Capital. axios.link/4r9thZm
🚑 Pandorum Technologies, an Indian biotech focused on programmable regenerative medicine, raised $18m in Series B funding. Protons Corporate led, joined by Galentic Pharma, Ashish Kacholia, Noblevast Advisory, and Avinya Fund, and the Burman Family. axios.link/4rfhvNq
• Shizuku, a developer of AI virtual characters, raised $15m at a $75m valuation from backers like a16z and DeNA. axios.link/3ZpnHWP
• Topview, a Singaporean collaborative video workspace developer, raised an additional $5.5m to close its $14m Series A led by Kamet Capital. axios.link/3ZLgpNj
🌍 xWatts, a London-based real estate asset decarbonization platform, raised £1.6m in seed funding led by Cambridge Enterprise Ventures. axios.link/4ks3YiN
Private Equity Deals
• Applus+, a Spanish portfolio company of I Squared Capital and TDR Capital, acquired U.K. environmental consultancy APEM Group for around £335m from Westbridge. axios.link/3Mxqlqs
• Arbor Investments acquired Furlani Foods, a Canadian maker of garlic bread products, from e2p. axios.link/46s0y9S
⚡ Baird Capital invested in Rapid Energy, a U.K. provider of temperature-control hire solutions. axios.link/3M1ULkF
⚽ Bertram Capital joined the ownership group of Mexican pro soccer club Querétaro FC. axios.link/3MvrMWt
• Carlyle agreed to buy a majority stake in India's Nido Home Finance from sellers like Edelweiss Financial Services for around $232m. axios.link/4aFBpei
⚡ CapVest is in talks to buy a majority stake in TSG, a French provider of technical services for energy infrastructure. axios.link/4rGMjq0
• Eddie Bauer, owned by PE-backed Authentic Brands Group, filed for Chapter 11 bankruptcy protection. axios.link/3ZstKKe
• ERA Partners acquired GeoTility, a geoexchange utility platform with operations in Canada and the U.S. axios.link/46E9Src
• Harith General Partners, a South African PER firm, agreed to buy budget air carrier FlySafair. axios.link/46yJ8sf
• LDC invested in Eagle Eye Innovations, a British provider of drone training and consulting services. axios.link/4bMquki
• MKB Co., backed by Align Capital Partners, acquired US Silt & Site Supply, a Bow, N.H.-based maker of erosion and sediment control products. axios.link/4qu3uu2
• Novaria Group, a portfolio company of Arcline Investment Management, acquired Plasma Ruggedized Solutions, a San Jose, Calif.-based provider of conformal coatings for sensitive electronics. axios.link/4rDt1BE
• One Equity Partners agreed to acquire Bozzetto Group, an Italian specialty chemicals provider. axios.link/4ktBLbx
🚑 Universal Maritime Solutions, backed by ZCG Private Equity, acquired Regenboog Shipping Pharmacy, a Dutch distributor of pharma products and medical devices for the maritime sector. axios.link/4rHzoEh
• White Cap, a CD&R portfolio company, acquired Colony Hardware, a direct-to-jobsite distributor of construction materials, from Audax Private Equity. axios.link/4qtIROC
Public Offerings
⚡Spring Valley Acquisition IV, a power infrastructure and decarbonization SPAC, raised $200m in its IPO. A prior Spring Valley vehicle recently agreed to merge with General Fusion.
Liquidity Events
• Beast Industries, backed by such firms as Seven Seven Six and Social Capital, acquired Step, a Palo Alto, Calif.-based neobank focused on families that was last valued at $920m by investors including Crosslink Capital, General Catalyst, and Coatue. axios.link/4arLyKp
• Thomson Reuters (Nasdaq: TRI) acquired Noetica AI, an NYC-based benchmarking software provider that in 2024 raised $22m in Series A funding from Lightspeed, Thompson Reuters Ventures, Bling Capital, Flybridge Capital, Company Ventures, and TheLegalTech Fund. axios.link/3O66mQ9
More M&A
📺 E.W. Scripps (Nasdaq: SSP) agreed to sell Court TV to Law&Crime. axios.link/4ahX6Qk
• Sunoco Retail, a unit of Sunoco (NYSE: SUN) acquired the convenience retail business of Ahoskie, N.C.-based Jernigan Oil Co. axios.link/4rLdbVW
Fundraising
• Ares Management raised a $1.3b continuation vehicle for its 2018 direct lending fund, led by Coller Capital. aresmgmt.com
• Primary Venture Partners raised $675m for its fifth flagship seed fund.
- The New York-based firm began loally in 2015 but now invests nationally — fewer than 30% of deals in the past few years were for NYC startups — and had a pair of new check-writing partners (Tobias Citron for cybersecurity and Cassie Young on GTM tech).
- Managing partner Brad Svrluga mentioned to me yesterday that he could see NYC benefitting from the second wave of AI industry development when things become more customer-facing.
It's Personnel
• Diego De Giorgi is joining Apollo as a partner and head of EMEA. He previously was with Standard Chartered. axios.link/3MmvGkr
• Dextra Partners promoted Gab Paradiso to director. axios.link/4009q2S
• Gemspring Capital promoted Aron Grossman and Zubin Malkani to co-heads of investments. axios.link/4r7m6Rq
• Michael Grimes is returning to Morgan Stanley as chair of investment banking, after having led the White House's private sector investment efforts. axios.link/4apyWDw
• Ralph Haupter joined Warburg Pincus as an external senior advisor to its European tech team. He previously was with Microsoft as EVP and chief revenue officer for SME's and channel. axios.link/4trAFkr
• J.F. Lehman & Co. promoted Michael Friedman, William Hanenberg, and David Thomas to partners of private equity. axios.link/4bLI7AE
• Sujey Subramanian is joining ICG as head of its Asia-Pacific corporate investment strategy. He previously was with PAG. axios.link/4kriXtf
Final Numbers


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