Welcome to another edition of The 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.
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[Oil and Gas] Activist hedge fund Engine No 1 claims that oil giant ExxonMobil has “no credible plans to protect its value in an energy transition” and faces an “existential business risk.” Engine No 1 is attempting to overhaul Exxon’s Board. Exxon was recently booted off the Dow Jones Industrial Index and had a $20 billion write down.
[IPO] South Korean-based SK IE Technology, an electric vehicle battery manufacturer, raised $2 billion in an IPO in Seoul, making it the country’s largest IPO in the last four years. Demand for shares stood at 1,883 times more than the offered size, as investors bet on the future of automobiles. The company plans to use the proceeds to expand manufacturing in Poland and China.
[M&A] Thoma Bravo has agreed to take cybersecurity company Proofpoint private in a $12.3bn deal as the technology-focused private equity firm continues its push for bigger deals. The US buyout group will acquire the California-based company at a 34%premium to its trading price as of Friday, paying Proofpoint shareholders $176 per share. The company’s stock price was up more than 30% at the start of trading in New York.
[Tech] Google has secured one of its largest-ever cloud-computing contracts, Spanish-language broadcaster Univision Communications Inc., in a deal that shows how the tech giant is leveraging other parts of its operation to drive business to its cloud division. According to company executives, the company beat out rival services by packing its offering with benefits across its YouTube video platform, advertising and search services. The deal value could top $1 billion over its eight-year run.
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