| — It's a bird, it's a plane, it's a SPAC! Electric airplane startup Surf Air Mobility struck a deal to go public at a $1.4 billion valuation by merging with Tuscan Holdings Corp. II, a blank-check vehicle backed by Stephen Vogel, a longtime private equity investor who's sponsored a series of SPACs in recent years. Concurrently, Surf Air also agreed to combine with Southern Airways, a commuter airline that serves 39 cities in the U.S. |
— Indonesian digital payments startup Xendit unveiled $300 million in Series D funding on Thursday, with Coatue and Insight Partners co-leading the round. My colleague Yessar Rosendar has more on the investment, which drew in other big names like Accel, Tiger Global and Kleiner Perkins.
— Malaysian oil giant Petronas agreed to buy Perstorp, giving the Swedish specialty chemicals maker an enterprise valuation of €2.3 billion ($2.4 billion). For PAI Partners, the company's current owner, the exit has been a long time coming: The firm first acquired Perstorp in 2005.
— Thoma Bravo led a $100 million Series D investment in Imply Data, valuing the analytics database startup at $1.1 billion. Based in Burlingame, Calif., Imply was founded by creators of Apache Druid, an open-source analytics database widely used across the tech industry.
— Brookfield Asset Management agreed to buy HomeServe, valuing the provider of emergency home repairs at £4.1 billion ($5.1 billion). The Canadian investor will pay 1,200 pence per share, a 71% premium to the price of HomeServe stock when Brookfield first revealed its interest in March. HomeServe has been publicly listed in London since 2004.
— Velocity Global, which makes hiring, payroll and other HR software, raised $400 million in a Series B round co-led by Norwest Venture Partners and Eldridge Industries. CEO Ben Wright told Bloomberg that the Denver-based startup is now worth at least $2 billion, without specifying further.
— CVC Capital Partners is no longer considering a formal takeover bid for Brambles, an Australian company that provides pallets and crates for the shipping industry. Brambles, which has a market cap of A$15.9 billion ($11.1 billion), had said on Monday that the two were engaged in preliminary talks.
— A couple updates from the intersection of private equity and real estate: Partners Group agreed to buy a portfolio of 3,500 existing single-family rental homes in the U.S. (plus another 1,000 that are under construction) at a gross asset value of $1 billion. And EQT agreed to buy a portfolio of student housing assets in the U.K., comprising more than 2,300 beds across five university cities.
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