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South-east Asia’s tech favourites lose over 69%

In today’s top stories, Bloomberg analysis shows that Southeast Asia’s tech unicorns have plummeted since going public, electric vehicle maker Rivian pauses a joint venture with Mercedes-Benz, and Microsoft acquires a 4% stake in the London Stock Exchange. Amgen has also agreed to acquire Horizon Therapeutics, while software firm Coupa is being acquired by Thoma Bravo.

Rivian pauses Mercedes-Benz joint venture

More bad news for EV maker Rivian [RIVN], which had to recall nearly all of its vehicles at the end of October. It has paused its joint venture with Mercedes-Benz [MBG.DE] to make electric vans in Europe. Rivian CEO RJ Scaringe said in a statement that the company wants to focus on risk-adjusted returns” on capital investments and the consumer business presents the most attractive near-term opportunities to maximise value”.

Microsoft buys 4% of London Stock Exchange

Microsoft [MSFT] has taken a 4% stake in the London Stock Exchange Group [LSEG] for £1.5bn. The two parties are set to work together over the next 10 years on cloud technology and data analytics, handling and infrastructure. The group said in a statement that the tie-up is expected to increase LSEGs revenue growth meaningfully over time as new products come on-stream”.

Amgen to buy Horizon Therapeutics

Drugmaker Amgen [AMGN] is set to acquire Horizon Therapeutics [HZNP] for approximately $26bn or $116.50 per share, Reuters reported. The deal will see Amgen add Horizons blockbuster thyroid eye drug Tepezza to its pipeline, which currently accounts for almost half of Horizons revenue. Amgens autoimmune and inflammatory diseases portfolio was boosted back in October when it completed the $3.7bn buyout of ChemoCentryx.

South-east Asia tech valuations plummet

The valuations of south-east Asias favourite tech unicorns have plummeted since going public, Bloomberg data shows. Ride-hailing firm Grabs [GRAB] market cap has dropped over 70%; food delivery and e-commerce group GoTos [GOTO.JK] by 74%; and e-commerce rival Bukalapaks [BUKA.JK] by 69%. Goldman Sachs analysts expect equities in the region to fall in the first half of 2023, before taking a "bungee jump" in the second, according to a note seen by CNBC.

Thoma Bravo targets Coupa Software

Private investment firm Thoma Bravo has announced that it will be acquiring Coupa Software [COUP] for $8bn. Rumours of the deal swirled on Monday morning, when the buyout received the approval of Billy Montana, partner and portfolio manager at Jackson Square Partners. An adequate takeout premium would represent immediate and certain value creation in an uncertain environment,” Montana wrote in an email last Friday.

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