Tuesday, July 27

m&a

Berkshire Hathaway, Kirby, m&a, Markets, MI Exclusive, Private Equity, Right Lane Industrial, Scott Fetzer, vacuum cleaners, Warren Buffett

Warren Buffett’s Berkshire Hathaway sold Kirby after 35 years. The vacuum-cleaner company generated 5% of Berkshire’s profits at one point

Warren Buffett. Carlos Barria / Reuters Warren Buffett's Berkshire Hathaway sold Kirby after 35 years of ownership. The investor bought Scott Fetzer, the vacuum-cleaner brand's parent company, in 1986. Kirby once generated 5% of Berkshire's profits, and Buffett ranked it among his best businesses. See more stories on Insider's business page. Warren Buffett's Berkshire Hathaway recently sold Kirby after 35 years of owning the vacuum-cleaner company. The famed investor's conglomerate rarely sells businesses, and Buffett once prized Kirby as one of Berkshire's best subsidiaries, making the transaction a notable one.Berkshire sold Kirby to Right Lane Industries, an industrial holding company that seeks to acquire US-based manufacturing and industrial-services companies, invest in the...
Call centers, cloud software stocks, Five9, FIVN stock price, m&a, Markets, Merger and Acquisitions, MI Exclusive, Tech Deals, tech stcoks, Videoconferencing, zoom, zoom stock price

Five9 spikes as Zoom announces massive $14.7 billion deal to acquire cloud-based call center operator

Carlo Allegri/AP Five9 soared as much as 15% early Monday following a deal to be acquired by Zoom Video Communications. Zoom shares were lower after announcing the $14.7 billion all-stock transaction. Zoom's deal will serve as its entry into the $24 billion call center market. See more stories on Insider's business page. Shares of Five9 jumped as much as 15% on Monday on a deal by Zoom Video Communications to buy the cloud-based call center software maker in an all-stock transaction valued at $14.7 billion, building on Zoom's business which has boomed during the coronavirus pandemic . Zoom in a joint statement said the deal will be its entry into the $24 billion contact center market and will boost its presence with enterprise customers. Five9 has more than 2,000 customers wor...
Bill Ackman, Billionaires, m&a, Markets, MI Exclusive, Pershing Square, PSTH, SPAC, UMG, Universal Music, Vivendi

Bill Ackman’s PSTH scraps Universal Music deal after SEC pushback —but the billionaire investor is still buying a stake

Bill Ackman's PSTH won't buy 10% of Universal Music for about $4 billion after SEC pushback. The billionaire investor's Pershing Square funds will purchase a stake in Universal instead. PSTH now plans to pursue a conventional SPAC transaction. See more stories on Insider's business page. Bill Ackman has scrapped his plan to buy 10% of Universal Music for $4 billion using his special-purpose acquisition company ( SPAC ) after federal regulators poured cold water on the proposed transaction, the billionaire investor told Pershing Square Tontine Holdings ...
Arbitrage, Arcata, Berkshire Hathaway, KKR, Lumber, lumber price, m&a, Markets, MI Exclusive, Stocks, Warren Buffett, Weekend BI UK, wood products

Lumber prices are on a roller coaster. They might remind Warren Buffett of the time he doubled his money on a timber company

Warren Buffett. REUTERS Lumber prices have skyrocketed and plunged in the past 18 months due to the pandemic. Warren Buffett once doubled his money with a clever bet on Arcata, a timber company. The investor pocketed $22 million after the US government settled a dispute over a redwood forest. See more stories on Insider's business page. The pandemic has had a dramatic impact on lumber prices, dragging futures below $300 per thousand board feet in April 2020, then lifting them as high as $1,700 this May. Warren Buffett could well be having flashbacks to the time he doubled his money on a deal involving a redwood forest.The billionaire investor and Berkshire Hathaway CEO described his Arcata bet as one of his "more serendipitous arbitrage experiences" in his 1988 letter to Berkshir...
Berkshire Hathaway, Byron Trott, Goldman Sachs, Grills, IPO, m&a, Markets, MI Exclusive, Warren Buffett, Weber

Warren Buffett’s favorite banker has filed to take Weber public-and the grill maker could secure a billion-dollar valuation

Warren Buffett. AP Images Warren Buffett's longtime banker plans to take Weber public, SEC filings show. Byron Trott's BDT has been the grilling company's majority shareholder since 2010. Buffett has lauded Trott's dealmaking skills, expertise, and trustworthiness. See more stories on Insider's business page. Warren Buffett's favorite banker has filed to take Weber public, paving the way for the grilling specialist to deliver a billion-dollar IPO.BDT Capital Partners, helmed by founder and CEO Byron Trott, has been Weber's majority shareholder since 2010 and has agreed to sponsor its IPO. Weber boasts a global installed base of 50 million grills, and commands a 24% share of the global market, according to its draft IPO filing.Notably, Weber has enjoyed some benefits from the COVI...
BI Graphics, Deals, Finance, m&a, Media, Samantha Lee, Softbank, Subscriber Collection, Teaser, Tech, Tech Insider, Wall Street

The deal whisperer: Inside the rise of Raine Group’s Jeff Sine

Jeff Sine has built a career as an unorthodox banker. He's advised business moguls like Masayoshi Son and Rupert Murdoch. The Raine Group, a media- and entertainment-focused merchant bank, is now a billion-dollar business. LoadingSomething is loading. From humble beginnings, Jeff Sine ...
Bill Ackman, Hedge Funds, m&a, Markets, MI Exclusive, Pershing Square Capital Management, Pershing Square Tontine Holdings, SPAC, UMG, Universal Music

Hedge fund manager Bill Ackman’s mega-SPAC seals $4 billion deal to buy 10% of Universal Music

Bill Ackman has agreed a deal to buy 10% of Universal Music Group for about $4 billion. Ackman's Pershing Square Tontine Holdings will remain a public company following the transaction. Shareholders are set to have UMG and PSTH shares plus the chance to back a new investment vehicle. See more stories on Insider's business page. Bill Ackman's pitch to buy 10% of Universal Music Group (UMG) for about $4 billion has been accepted, the billionaire investor announced on Sunday. He also confirmed his intention to pursue two more multibillion-dollar deals, paving the way for fresh intrigue after seven months of speculation about his origi...