May 20, 2024
Venture Capital
• Codesphere, a startup enabling developers to customize existing cloud services, raised an $18M Series A led by Creandum.
• Kudos, an AI-powered smart wallet service, raised a $10.2M Series A led by QED Investors.
• Ember, an accounting startup, raised $6.5M in a round led by Valar Ventures, Viola Fintech, and Shapers.
• Hyble, a marketing technology provider for the global drinks and hospitality sector, raised $3.7M in funding led by BGF.
Private Equity
• General Atlantic and Canada’s CPPIB are preparing a $3.3B offer to acquire Spain’s largest online real estate company, Idealista.
• Thoma Bravo is exploring the sale of US education software provider Instructure for $3B.
• Iberdrola, a Spanish utility, agreed to acquire the remaining 18.4% stake in its US subsidiary, Avangrid, in an all-cash deal valued at $2.6B.
• EQT Group is in advanced talks to acquire Keywords Studios, a video game services company, in a deal valued at over $2.5B.
• 3R Petroleum Oleo e Gas, a Brazilian oil junior, agreed to acquire Enauta Participacoes in a $1.2B all-stock deal.
• Snowflake is in talks to acquire AI/LLM startup Reka AI for over $1B.
• Australian casino operator The Star Entertainment received interest for potential deals valued at $860M.
• Telefonica and H.I.G. Capital are among the suitors weighing bids for Avatel Telecom, which could be valued at up to $761M, including debt.
• Quadrant Private Equity is preparing to sell Australian chocolate and liquorice maker Darrell Lea in H2 2024.
• A consortium bidding for Pakistan International Airlines includes leaders such as Pak Ethanol, Switzerland’s Swiss Aviation, Austria’s Airport Competence, and Australia’s Pearl Asset Management.
IPO
• Activist investor Elliott has built a $1B+ stake in Johnson Controls.
• Shares of Chinese restaurant operator Super Hi closed ~14% higher in its US trading debut.
• J&J-backed biopharma company Rapport Therapeutics filed for a US IPO.
• Dubai selected banks, including Emirates NBD Capital and JPMorgan, for the IPO of construction firm ALEC.
New Funds
• PE firm RedBird Capital Partners raised $4.7B to invest in sports, media, and financial services businesses.
• Indian PE firm Kedaara Capital raised a record $1.7B for a fund focused on health, consumer, and finance sectors.
• Swedish impact investor Norrsken VC raised $345M for its second fund.