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.
[SPAC] WeWork has agreed to merge with a special-purpose acquisition company (SPAC), BowX Acquisition Corp. In a deal that would take the shared-office provider public nearly two years after its high-profile failure to launch a traditional IPO. WeWork is valued at $9 billion, including debt. By contrast, the company was valued at $47 billion in 2019.
[Banking] The Federal Reserve said temporary limits on dividend payments and share buybacks would end for most banks after June 30, following the completion of annual stress tests to determine their resilience to a hypothetical downturn.
[Startup] One-year-old DotPe, a Gurgaon-based startup, said that it had raised $27.5 million in its Series A financing round on Friday. The round was led by PayU, with participation from existing investors Info Edge Ventures and Google. The young startup, now valued at about $90 million, helps brick-and-mortar stores sell to customers online and collect payments digitally.
[M&A] Sajjan Jindal led steelmaker JSW Steel Ltd on Friday said that it had closed the acquisition of bankrupt Bhushan Power & Steel Ltd (BPSL) in a transaction that will see a payment of ₹19,350 crores (~ $26.6 million) to BPSL's lenders, the company said in a filing to stock exchanges.
[Investment] Online finance startup SoFi is lowering amateur investors' barriers to buying shares of companies as they go public. These IPO shares have historically been set aside for Wall Street's institutional investors or high-net-worth individuals. SoFi is set to go public by merging with a blank-check company run by venture capital investor Chamath Palihapitiya, valuing the company at $8.65 billion.
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