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Left Lane raised $1.4bn in the latest fund. (FS)
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Elon Musk agreed to acquire Twitter, an American microblogging and social networking service on which users post and interact with messages, for $44bn.
"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.2 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder," Elon Musk.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett and Wilson Sonsini Goodrich & Rosati. Goldman Sachs and JP Morgan are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery and Skadden Arps Slate Meagher & Flom. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell.
Ares Management, a private equity firm, to acquire the middle market lending portfolio from Annaly Capital Management, a diversified capital manager that invests in and finances residential and commercial assets, for $2.4bn.
“We are pleased to enter into this transaction, which further reinforces Ares’ position as a global leader in direct lending by adding an attractive portfolio of diversified borrowers of upper middle market companies. This acquisition provides significant incumbency and deal sourcing advantages and relationship benefits, which we believe will lead to enhanced returns for our investors," Mitchell Goldstein and Michael Smith, Ares Partners and Co-Heads of Credit Group.
Ares is advised by Latham & Watkins. Annaly Capital is advised by Wells Fargo Securities, Hunton Andrews Kurth and Brunswick Group.
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TPG Capital, a private equity firm, agreed to acquire ClaimsXten, a claims editing business of UnitedHealth-backed Change Healthcare, a healthcare technology provider, for $2.2bn.
The company believes that its merger with UnitedHealth Group will advance its ability to create products and services that improve the delivery of health care and reduce the high costs and inefficiencies of the health system, which the company will share broadly with patients, providers, and payers.
Change Healthcare is advised by Barclays.?
EON Reality, a developer of augmented reality and virtual reality software, agreed to go public via a SPAC merger with Arogo Capital Acquisition in a $655m deal.
“Virtual and augmented reality and knowledge metaverse are among the biggest opportunities right now with immense growth potentials ahead. Amidst all the excitements and rush to enter this space, EON Reality stands out distinctly and firmly on strong foundations built over the many years with a clear purpose of making knowledge available, accessible and affordable for every person on the planet, and we are extremely delighted to be announcing this business combination to deliver lasting, positive impact,” Suradech Taweesaengsakulthai, Arogo CEO and Director.
EON Reality is advised by Seyfarth Shaw. Arogo is advised by ARC Group, EF Hutton and Nelson Mullins Riley & Scarborough.
Left Lane raised $1.4bn in the latest fund. (FS)
Internet and consumer tech investor Left Lane Capital raised a much larger $1.4bn vehicle less than two years after closing its first fund on $630m.
For its vehicle, Left Lane will continue to back companies primarily at the Series A and Series B stages, writing checks ranging from $5m to $100m.
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