All posts tagged: 1.7B

AI-powered parking platform Metropolis raises .7B to acquire SP Plus

AI-powered parking platform Metropolis raises $1.7B to acquire SP Plus

AI-powered parking platform Metropolis today announced that it raised $1.7 billion to acquire SP Plus, a provider of parking facility management services, in a combination of equity and debt. Eldridge Capital and 3L capital co-led the tranche with participation from BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners, Temasek, Slow Ventures and Assembly Ventures. As a part of the financing, Metropolis will take on $650 million in loans and $1.05 billion in Series C preferred stock financing. “Today, we announced a transformational acquisition that represents both a new paradigm in how technology companies grow and a significant step forward in offering consumers a remarkable experience,” Metropolis co-founder and CEO Alex Israel said in a canned statement. “SP Plus is a phenomenal business whose operational excellence, talented leadership team and high customer satisfaction levels have long made it a key partner to real estate owners across North America. The combined platform will seek to bring checkout-free payment experiences to consumers.” Israel, a serial entrepreneur who sold his last company, ParkMe, to Intrix in 2015, …

Gamified e-learning platform Kahoot gets acquired in a .7B deal led by Goldman Sachs, Lego and more

Gamified e-learning platform Kahoot gets acquired in a $1.7B deal led by Goldman Sachs, Lego and more

Big moves ahead for Kahoot, the Oslo startup that’s built a popular platform for users to create, share and play education-focused “games”, played by billions of students and adults over the years. The company has announced that it is going fully private in an all-cash PE deal at 35 NOK per share, valuing Kahoot at $1.7 billion (17.2 billion Norwegian kroner) based on 492,836,049 shares issued and outstanding. The private equity division of Goldman Sachs Assets Management is leading the acquisition, with existing Kahoot backers General Atlantic (currently its largest shareholder), LEGO Group’s KIRKBI Invest A/S (“KIRKBI”) and Glitrafjord (controlled by Kahoot CEO Eilert Hanoa) named as the other major shareholders in the deal. Unnamed other investors and management also will have stakes in Kahoot. The deal represents a premium on Kahoot’s publicly traded shares as of yesterday — specifically 53.1% to the closing price on the Oslo Stock Exchange on 22nd May 2023 (when it was NOK 22.86). However, it’s a major step down from the company’s highest valuation at the peak of the …

Amazon’s .7B iRobot acquisition greenlighted by UK antitrust regulator

Amazon’s $1.7B iRobot acquisition greenlighted by UK antitrust regulator

The U.K.’s antitrust regulator has given the go-ahead to Amazon’s proposed billion-dollar acquisition of iRobot, concluding that the deal “would not lead to competition concerns in the U.K.” Amazon first revealed plans to buy robot vacuum maker iRobot for $1.7 billion last August, though the megabucks deal was always likely to draw scrutiny from regulators. The European Commission (EC) will decide by July 6 whether to clear the deal (with or without remedies) or launch a full-scale investigation, while the Federal Trade Commission (FTC) in the U.S. is also currently mulling an official investigation into the deal. The FTC did recently greenlight Amazon’s $3.9 billion One Medical acquisition, though it is reportedly pushing to stop Microsoft’s planned $68.7 billion Activision acquisition. In short, it’s difficult to know whether Amazon’s iRobot purchase will survive regulators elsewhere, but today’s news from the U.K. — which recently blocked the Microsoft / Activision deal (subject to appeal) — could be a harbinger of what’s to come elsewhere, given that regulators often co-operate and share notes in such scenarios. But, …

Amazon’s .7B iRobot acquisition scrutinized by UK on competition grounds

Amazon’s $1.7B iRobot acquisition scrutinized by UK on competition grounds

The U.K.’s Competition and Markets Authority (CMA) has confirmed that it’s assessing Amazon’s proposed acquisition of robot vacuum maker iRobot. The case is still at its earliest possible stage, where the CMA is essentially soliciting comments from relevant stakeholders to establish whether there may be a “substantial lessening of competition” in the U.K. as a result of Amazon buying iRobot. The CMA hasn’t provided any specific timescales or deadlines for when it will announce whether to proceed with an official investigation. Smart home Founded some 30 years ago out of the Massachusetts Institute of Technology (MIT), iRobot is probably best known for its Roomba-branded autonomous vacuum cleaners, though it also offers tangential products capable of mopping floors. With Amazon’s gradual foray into the smart home, as well as its own dabblings in home robotics including integrations with Roombas, it wasn’t necessarily a huge surprise that iRobot would be a tempting proposition for Amazon, which tabled a $1.7 billion for publicly-traded iRobot in August.  But against a backdrop of growing regulatory scrutiny against Big Tech, it …