Illustration: Sarah Grillo/Axios
Saturday's attacks on Saudi Arabia's oil infrastructure took around 5% of the world's daily output offline.
Why the world cares: War could be imminent, with President Trump suggesting that he's just an MBS head nod away from dropping bombs on Iran.
Why oil markets care: This is the largest supply disruption in history, in terms of barrels, topping any political or military conflict (Iranian Revolution, Gulf War, etc.).
Why capital markets care: Saudi Aramco finally seemed to be moving toward what would be the world's largest-ever IPO, setting the stage in recent weeks by picking bankers and changing leadership. The attacks are a reminder of how vulnerable Aramco may be, and its ability to quickly recover could be worth tens of billions of dollars in valuation (in either direction).
The bottom line: What seemed stable on Friday is now volatile, with decisions to be made soon that could have large ripple effects for years to come.
Lundbeck, a Danish pharma company focused on brain disease, agreed to buy Alder BioPharmaceuticals (Nasdaq: ALDR), a Bothell, Wash.-based developer of migraine drugs, for upwards of $1.95 billion in cash.
• Gitlab, a San Francisco-based dev-ops platform, authorized a Series E round that could raise upwards of $268 million at a $2.55 billion valuation, per a Delaware filing found by the Prime Unicorn Index. http://axios.link/LFxf
🐝 Beekeeper, a Zurich-based chat platform for non-desk hotel workers, raised $45 million in Series C funding. Thayer Ventures and Swisscanto Invest co-led, and were joined by return backers Atomico, Alpana Ventures, Edenred Capital Partners, Fyrfly, Hammer Team, investiere, HighSage Ventures, Keen Venture Partners, Samsung NEXT, Swiss Post, and Swisscom. http://axios.link/FGsU
• Rafay, a Sunnyvale, Calif.-based SaaS startup for operations and lifecycle management of containerized applications, raised $8 million in Series A funding. Ridge Ventures led, and was joined by NTT DOCOMO, Costanoa Ventures, and Moment Ventures. http://axios.link/X1Fi
• Lenses.io, a London-based provider of data-ops tools, raised $7.5 million in Series A funding. 83North led, and was joined by Marathon VC. http://axios.link/UxcI
• Mitto, a Spain-based debit card and app for teens, raised €2 million in seed funding led by the VC arm of Banco Sabadell. http://axios.link/j4sK
• The Blackstone Group agreed to buy Dream Global (TSX: DRG), a Canadian office and industrial REIT, for C$6.2 billion. http://axios.link/23OA
• Cobham (LSE: COB), a British defense and aerospace group, said it received shareholder approval for its £4 billion takeover by Advent International. http://axios.link/zCKr
• Spectrum Equity invested in Datassential, a Chicago-based provider of data and market research to the foodservice industry. www.datassential.com
• Vivint Smart Home, a Provo, Utah-based home automation company owned by The Blackstone Group, will go public via a reverse merger with SoftBank-backed Mosaic Acquisition Corp. (NYSE: MOSC). http://axios.link/3pMV
• Five companies plan to go public on U.S. exchanges this week: Datadog, Ping Identity, Envista Holdings, Exagen, IGM Biosciences, and Ping Identity. http://axios.link/BNV6
• Endeavor Group, a talent representation and live events company, set IPO terms to 19.35 million shares at $30-$32. It plans to trade on the NYSE (EDR) with Goldman Sachs leading an underwriting group of 23 banks. The company, backed by Silver Lake Partners and CPPIB, reports a $220 million net loss on $2.02 billion in revenue for the six months ending June 30, 2019.
👖 Madewell, a jeans brand being spun out of J Crew, filed for a $100 million IPO. It reports a $68 million net loss on $2.5 billion in revenue for its most recent fiscal year. J Crew is owned by Leonard Green & Partners and TPG Capital. http://axios.link/uUKI
• Virgin Australia (ASX: VAH) agreed to buy back the 35% stake it didn’t own in its Velocity frequent flier program for A$700 million from Affinity Equity Partners. http://axios.link/xdOp
• March Capital Partners is raising upwards of $410 million for its third VC fund, per an SEC filing. www.marchcp.com
• Stefano Giambelli and Tobias Borkowski joined H.I.G. Capital as a principal and director, respectively, in the firm’s European mid-market buyouts team.
• Mateja Maher joined Sidley Austin as a London-based partner in the law firm’s fund investments practice. He previously was general counsel with placement agent Campbell Lutyens. www.sidley.com
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