Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
It is with great sadness that we want to inform you that this will be our final newsletter. In other news, its April Fool’s day…
[M&A] Regulatory filings by Amazon show that Amazon Technologies acquired Perpule, an Indian startup helping offline stores go online in a $14.7 million all-cash deal. The move comes as the race for domination of the Indian e-commerce industry heats up between Flipkart (owned by Walmart) and Reliance (backed by Facebook and Google).
[IPO] Endeavor Group has filed for its IPO, after naming Elon Musk on its board. The group owns a part of the Ultimate Fighting Championship (UFC) franchise along with Silver Lake and KKR. The company plans on using the IPO proceeds to buy the 49.9% of the franchise that it doesn’t currently own.
[M&A] The Chinese Government said that it will create a new holding company that will absorb Sinochem Group and ChemChina, creating an entity with revenues in excess of $152 billion. The merger comes as China intends on creating state-backed entities big enough to challenge international competitors.
Over60: Bloomberg Quint
[Audit] French IT Group Atos announced that its auditors found several accounting errors over revenue recognition and internal control weaknesses in two of its US units. Shares of the company tumbled by 22% on the news.
[IPO] Shares of Deliveroo sank by 26% on Wednesday (its debut on the London Stock Exchange), taking out nearly £2 billion from its £7.6 billion market capitalization. Some bankers referred to the stock’s performance as ‘’one of the worst IPOs in London’s history”.
[Technology] Microsoft has won a contract worth up to $21.9 billion to provide the US Army with 120,000 AR headsets. The initial contract was for a period of five years with a clause to further extend it by another five years. The headsets will reportedly enhance a soldier’s awareness of their environment by displaying contextual information over what they see.
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