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 LSEG’s 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 Horizon’s blockbuster thyroid eye drug Tepezza to its pipeline, which currently accounts for almost half of Horizon’s revenue. Amgen’s 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 Asia’s favourite tech unicorns have plummeted since going public, Bloomberg data shows. Ride-hailing firm Grab’s [GRAB] market cap has dropped over 70%; food delivery and e-commerce group GoTo’s [GOTO.JK] by 74%; and e-commerce rival Bukalapak’s [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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