WeWork's future may be determined by two men, neither of whom are its new co-CEOs.
The idea is to "ring-fence" the board against undue influence by SoftBank, which has two director seats. It also knocks out former CEO Adam Neumann, who continues to serve as WeWork's chairman.
As we previously reported, WeWork's money is running short. Expect this to be wrapped up by Halloween.
🧱 Debt wall: U.S. companies have a whopping $1.18 trillion of leveraged loans on their books, but relatively little of it is set to mature in the next two years.
• New direction: The FT today reports that the SEC is beginning to take a closer look at direct listings as an alternative to IPOs.
• PE politics: 65% of limited partners in private equity funds believe that President Trump will be reelected, per a survey of more than 60 LPs by placement agency Eaton Partners. Another 30%, split evenly, expect either Elizabeth Warren or Joe Biden to end up in the Oval Office.
🎬 That's a wrap: Endeavor Group, the Hollywood talent agency and live events company led by Ari Emmanuel, withdrew its IPO registration yesterday, three weeks after postponing an offering that was originally expected to raise more than $600 million.
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The Federal Communications Commission approved T-Mobile's proposed $26.5 billion takeover of Sprint, on a partisan 3-2 vote.
• Pensando, an edge computing startup aimed at data centers, raised $145 million in Series C funding co-led by HP Enterprise and Lightspeed Venture Partners. http://axios.link/rYYJ
• Pendo, a Raleigh, N.C.-based customer analytics platform, raised $100 million in Series E funding at a $1 billion valuation. Sapphire Ventures led, and was joined by General Atlantic, Tiger Global and return backers Battery Ventures, Meritech Capital, FirstMark, Geodesic Capital, and Cross Creek. http://axios.link/btBu
• Canva, an Australian design software company, raised $85 million at a $3.2 billion valuation from Bond, General Catalyst, Bessemer Venture Partners, Blackbird, and Sequoia China. http://axios.link/gzks
• Galileo Financial, a Salt Lake City-based provider of back-end software for fin-tech companies, raised $77 million from Accel. http://axios.link/yvnD
• Invoca, a Santa Barbara, Calif.-based provider of call tracking and conversational analytics software, raised $56 million. H.I.G. Growth and return backer Upfront Ventures co-led, and were joined by Accel and Morgan Stanley. http://axios.link/3hLy
• MyGate, an Indian provider of security management software for guard-gated properties, raised $56 million in Series B funding from Tencent, Tiger Global, JS Capital, and return backer Prime Venture Partners. http://axios.link/h9T9
🚑 Curiox Biosystems, a Singapore-based bioinstrumentation startup, raised $15 million in Series B funding from KB Investment, IMM Investment, Quad Investment, HB Investment, DAYLI Investment, and SV Investment. http://axios.link/JKjJ
• Winnow, a UK-based maker food waste tracking technology for commercial kitchens, raised $12 million in Series B funding from Ingka Group, Mustard Seed, Circularity Capital, D:Ax, and The Ingenious Group. http://axios.link/NT6J
• 3DSignals, an Israeli provider of asset performance monitoring software for production floors, raised $8.5 million in Series A funding. Mercura Capital led, and was joined by return backers SOMV and Grove Ventures. http://axios.link/Zn98
• TruTag, a Hawaii-based maker of edible barcodes for authenticating food and medical products, raiswd $7.5 million in Series C funding co-led by Pangaea Ventures and Happiness Capital. http://axios.link/bhYT
🚑 Versameb, a Swiss developer of RNA-based drugs, raised $6.5 million in Series C funding led by Novartis Venture Fund. www.versameb.com
⛽ The Carlyle Group completed its purchase of a 37% stake in Spanish oil company Cepsa from Mubadala Investment Co. http://axios.link/If4q
• Cornell Capital invested in Lorom, a Taipei-based specialized cable manufacturing and assembly company. www.lorom.com
• GHK Capital Partners acquired Dura-Supreme, a Howard Lake, Minn.-based maker of semi-custom and custom cabinetry. www.durasupreme.com
• LLR Partners and Parthenon Capital acquired DaySmart Software, an Ann Arbor, Mich.-based provider of business management software to the spa/salon, pet care, and tattoo markets, from SFW Capital Partners. www.daysmart.com
🚑 Lone Star Funds is considering a takeover bid for Australian building materials company Boral (ASX: BLD), which could fetch A$6 billion, per The Australian. www.boral.com.au
🚑 Revelstoke Capital Partners invested in The Care Team, a Farmington Hills, Mich.-based provider of home health and hospice services. www.careteammi.com
• Rockbridge Growth Equity invested in White Glove, a Birmingham, Mich.-based seminar marketing and planning company. http://axios.link/E7a4
• Whitney, Bradley & Brown, a Reston, Va.-based portfolio company of H.I.G. Capital, acquired BRTRC Federal Solutions, a Vienna, Va.-based provider of support services to U.S. military and intelligence agencies. www.wbbinc.com
• Baladna, a Qatari dairy business, is prepping an IPO that could raise $392 million. http://axios.link/AOzU
• BellRing Brands, a St. Louis-based protein bar and shake company being spun out of Post (NYSE: POST), raised $480 million in its IPO. It priced 34.3 million shares at $14 (below $16-$18 range, and will trade on the NYSE (BRBR). The company reports $96 million of net income on $640 million in revenue for the first nine months of 2019.
• Brentwood Associates agreed to sell The Marshall Retail Group, a Las Vegas-based airport and resort retailer, to WH Smith (LSE: SMWH) for $400 million. http://axios.link/JyLi
🚑 Alexion Pharma (Nasdaq: ALXN) agreed to buy Achillion Pharma (Nasdaq: ACHN) for $930 million upfront, or $6.30 per share (72.6% premium over Tuesday’s closing price), plus possible earnouts. http://axios.link/SFUY
🚑 Baxter International (NYSE: BAX) is in talks to pay between $350 million and $400 million to buy the surgical products group Seprafilm from Sanofi (Paris: SAN), per Bloomberg. http://axios.link/RSY9
⛽ Centrica (LSE: CNA) hired Goldman Sachs to find a buyer for its control stake in E&P business Spirit Energy, which could fetch more than $2 billion, per Bloomberg. http://axios.link/4Jnz
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