10 Nov, 2021
EQT funds exiting Wolt; Mandiant board sued over $1.2B FireEye sale to PE group
By Karl Angelo Vidal
Note:
* EQT AB (publ)'s EQT Ventures Fund and EQT Growth AB are exiting their stakes in Wolt Enterprises Oy as part of DoorDash Inc.'s €7 billion acquisition of the food delivery platform. The funds will receive shares in DoorDash. Helsinki-based Wolt operates in 23 countries.
* The board of cybersecurity company Mandiant Inc. was sued by a shareholder for approving the $1.2 billion sale of the company's FireEye Inc. business to a private equity group without conducting a shareholder vote, Reuters reported. A consortium led by Symphony Technology Group LLC agreed to buy FireEye in June.
➤ Bank M&A 2021 Deal Tracker: 2 October megadeals send 2021 deal value above $58B
A flurry of small deals coupled with two mega deals in October sent 2021's announced deal value to the highest annual total since 2007.
➤ Analysts and investors welcome GE breakup, see upside for energy spinoff
"This business possesses a unique offering with the world's most powerful wind turbines and most efficient gas turbines, as well as technology to modernize and digitize the grid," CEO Larry Culp said about the energy spinoff scheduled for 2024.
DEALS
* Private equity funds managed by Blackstone Inc. agreed to make a significant equity investment in pre-K-12 educational technology company Renaissance Learning Inc. The investment will be made alongside the company's existing investors including Francisco Partners Management LP and TPG Capital LP's TPG The Rise Fund.
* EQT agreed to buy Amsterdam-based venture capital firm Life Sciences Partners BV for an undisclosed amount. The venture capital firm invests in life sciences companies and has around €2.2 billion of AUM.
* Gamut Capital Management LP agreed to acquire Davis-Standard LLC, an extrusion and converting technology company serving the packaging and infrastructure markets, and its affiliates from ONCAP Management Partners LP for an undisclosed amount. The transaction is expected to close in the fourth quarter.
* TA Associates Management LP is making a strategic growth investment in Insurity Inc., a cloud-based software provider. The private equity firm sold Insurity to GI Partners in 2019.
FUNDRAISING
* U.K.-based Actis LLP secured $251 million for its second fund dedicated to real estate across Asia, DealStreetAsia reported, citing a filing with the SEC.
* Audience relationship platform OpenWeb Ltd. raised $150 million in a series E funding round led by Insight Partners and Georgian Partners. Entrée Capital Ltd. also participated in the fundraising activity that brings OpenWeb's valuation to more than $1 billion.
VENTURE CAPITAL
* Collibra NV raised $250 million in a series G round led by Sequoia Capital Operations LLC's Sequoia Capital Global Equities and Sofina SA, valuing the data intelligence company at $5.25 billion, Dow Jones Newswires reported. Tiger Global Management LLC, Battery Ventures, Dawn Capital LLP and CapitalG Management Co. LLC also participated.
* Digital Horizon seeks to raise $200 million for its second venture fund, privateequitywire reported. The fund seeks to focus on financial technology and corporate software companies.
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