| | | | | | | Presented By RBC Capital Markets | | | | Axios Pro Rata | | By Dan Primack · Nov 30, 2022 | | ICYMI: Sam Bankman-Fried recently spoke with Axios' Lucinda Shen about a wide range of issues, including his personal finances and what happened to his Twitter shares. | | | | | | Top of the Morning |  | | | Illustration: Sarah Grillo/Axios | | | | Leon Black on Monday was sued by a woman who alleges that the private equity billionaire raped her at Jeffrey Epstein's Manhattan townhouse in 2002. What to know: Cheri Pierson claims she was hired to give Black a massage, as she'd previously done multiple times for Epstein, but that Black physically overpowered and sexually assaulted her. She's seeking unspecified damages. - This is the second civil rape accusation against Black, co-founder and former CEO of Apollo Global Management, following an earlier claim by his former mistress, Guzel Ganiev (who's repped by the same law firm as Pierson).
- Black attorney Susan Estrich said in a statement that the allegations "are categorically false and part of a scheme to extort money from Mr. Black by threatening to destroy his reputation."
- Black stepped down as Apollo's CEO last year, following an independent investigation into his relationship with Epstein. He has never been charged with criminal misconduct.
The big picture: Pierson's complaint is one of the first filed under a new law in New York State that temporarily lifts the statute of limitations for alleged sexual abuse survivors, Axios' Emily Peck writes. - The one-year window, modeled on the 2019 Child Victims Act, permits lawsuits against both alleged abusers and against any institutions (such as employers) that may have protected them.
- Ultimately, more than 10,000 cases were filed using the Child Victims Act — including against the Boy Scouts of America and dioceses within the Catholic Church. The Scouts and several of the dioceses sought bankruptcy protection as a result.
- In both situations, sexual assault survivors and their advocates had argued that the stature of limitations was too short.
The bottom line: The deadline for filing under New York's law is next November, which is when the bulk of relevant complaints may be submitted. |     | | | | | | The BFD | | Source: Giphy Walt Disney Co. (NYSE: DIS) paid $900 million to Major League Baseball for the remaining 15% stake in BAMTech, a streaming video tech company that powers Disney+. Why it's the BFD: This comes just days before Disney+ is set to launch an ad-supported option, and ahead of a planned corporate restructuring under reinstated CEO Bob Iger. Backstory: BAMTech was developed by MLB as an in-house advanced media business, before later spinning out as an independent company in 2015. Disney initially acquired a 33% stake in 2016, and then upped its position to 75% upon announcing its Disney+ plans in 2017. It subsequently bought out a 10% stake from the National Hockey League. - In addition to powering Disney+, BAMTech also is used for other Disney streaming properties like ESPN and Hulu.
The bottom line: All in, Disney paid $3.83 billion for BAMTech. | | | | | | | | Venture Capital Deals | | 🚑 Vial, an SF-based clinical research organization, raised $67m in Series B funding. General Catalyst led, and was joined by Byers Capital and BoxGroup. https://axios.link/3VF3RTn 🚑 iECure, a Philadelphia-based gene editing startup, raised $65m in Series A-1 funding. Novo Holdings and Lyfe Capital co-led, and were joined by insiders Versant Ventures and OrbiMed Advisors. www.iecure.com • Joy, an SF-based wedding planning platform, raised $60m in Series B funding led by General Catalyst, as first reported by Axios Pro. https://axios.link/3FceojE • OneRail, an Orlando, Fla.-based last-mile transportation visibility solution, raised $33m in Series B funding co-led by Piva Capital and Arsenal Growth Equity. www.onerail.com • Sphere, a Newark, N.J.-based "identity hygiene" company, raised $31m in Series B funding. Edison Ventures led, and was joined by Forgepoint Capital. www.sphereco.com • FrankieOne, an Australian identity verification and fraud detection startup, raised A$23m in Series A+ funding. AirTree Ventures and Greycroft co-led, and were joined by Reinventure, Tidal Ventures, Apex Capital Partners, Binance Labs and Kraken Ventures. https://axios.link/3XHo38R • Treecard, a British maker of wooden debit cards, raised $23m in Series A funding. Valar Ventures led, and was joined by World Fund and insiders EQT Ventures, Seedcamp and Episode 1. www.treecard.org 🦒 Giraffe360, a London-based property security camera maker, raised $16m in Series A funding led by Founders Fund. www.giraffe360.com • Prismforce, a U.S.-India talent supply chain startup focused on IT companies, raised $13.6m in Series A funding led by Sequoia Capital India. https://axios.link/3AYzK1c • RailVision, a Montreal-based provider of visual sensor technology for railways, raised US$4m in seed funding. Trucks VC led, and was joined by MUUS Climate Partners, Blackhorn Ventures, Incite.org, Measured Ventures and Active Impact Investments. www.railvision.ca • Saasguru, an Australian cloud skills and workforce development edtech platform, raised A$4m led by Square Peg Capital. www.saasguru.co • Rouvia, a German ground transport logistics platform, raised €2.9m co-led by Cavalry Ventures and Dynamo Ventures. www.rouvia.com | | | | | | | | A message from RBC Capital Markets | | How will increasing antitrust scrutiny impact M&A? | | |  | | | | Increasing antitrust scrutiny is extending M&A deal timelines and heightening the need to focus on certainty of closure. How is Big Tech responding to evolving antitrust regulations? Get the latest insights from RBC's expert bankers on M&A Inflection Points, a limited series podcast. | | | | | | Private Equity Deals | | 🚑 AGIC Capital acquired a majority stake in ATEC Pharmatechnik, a German maker of aseptic processing solutions for drug manufacturing and bioprocessing. www.atecgroup.de • Agilitas acquired the maritime traffic management business of Sweden's Saab (STO: SAAB). https://axios.link/3VIfedn • Bluejay Capital acquired BWT, an Atlanta-based B2B warehousing and transportation business with locations in 15 states. www.bestwtc.com • Brookfield Asset Management will pay $870m to buy a 49% stake in the educational portfolio of Swedish property firm SBB (ST: SBB), plus up to $113m in earnouts. https://axios.link/3XHxqWi ⚡ Carlyle is considering a "multibillion-dollar bid" for part of Austria-listed OMV's oil and gas portfolio, per Bloomberg. https://axios.link/3OLpcs5 • Circle Graphics, a Longmont, Colo.-based portfolio company of H.I.G. Capital, acquired Jondo, a Yorba Linda, Calif.-based provider of personalized photo products. www.circlegraphicsonline.com • Clayton, Dubilier & Rice agreed to buy Paradigm Precision, a Manchester, Conn.-based provider of machining, fabrications and assemblies for engine manufacturing, from Carlyle. www.paradigmprecision.com • Estancia Capital Partners invested in InvestorCOM, a Toronto-based provider of software and tech-enabled compliance solutions to the asset and wealth management industry. www.investorcom.com 🚑 Excel Scientific, a Victorville, Calif.-based portfolio company of Vance Street Capital, acquired St. Paul, Minn.-based medical contract manufacturer Innovize. www.excelscientific.com • Global Infrastructure Partners is considering a takeover offer for Tower Vision India, a telecom infrastructure provider that could fetch between $300m and $400m, per Bloomberg. https://axios.link/3EMJ3CF • KKR completed its tender offer for the common shares of Hitachi Transport System (T:9086), setting the stage for it to complete a full take-private buyout. https://axios.link/3ASTpzG • Pacific Equity Partners amended its A$481m takeover offer for ReadyTech (ASX: RDY), an Australian provider of education and workforce software, by letting shareholders choose cash, shares or a combination. https://axios.link/3VyvugI • Shoreline Equity Partners acquired Core Roofing, an Alpharetta, Ga.-based provider of roofing and re-roofing services in the Southeastern U.S. www.coreroofing.net 🚑 Vestar Capital Partners invested in Nox Health, an Icelandic maker of sleep health monitoring devices. www.noxhealth.com | | | | | | | | Public Offerings | | • Sunshine Insurance Group, a Chinese insurer, is seeking to raise $950m in its Hong Kong IPO. https://axios.link/3VD1Nv3 | | | | | | | | SPAC Stuff | | • Carbon Revolution (ASX: CBR), an Australian maker of lightweight wheels, agreed to list in the U.S. via a merger with Twin Ridge Capital Acquisition Corp. (NYSE: TRCA), a SPAC formed by Twin Ridge Capital. https://axios.link/3UkSGye • Horizon Space Acquisition I, a SPAC led by Michael Li (China's Horizon Capital), filed for a $60m IPO. https://axios.link/3GWtjQ2 • L Catterton Latin America Acquisition, a consumer SPAC formed by L Catterton, withdrew registration for a $200m IPO. https://axios.link/3XJaUMJ | | | | | | | | Liquidity Events | | • Dropbox (Nasdaq: DBX) acquired "key assets" of German cloud security company Boxcryptor, which had been seeded by Agile Partners. https://axios.link/3UiuWuG • Cred, an Indian credit card payment app valued at $4b by VC firms like Ribbit Capital, agreed to acquire Indian underwriting tech firm CreditVidya, which raised $15m from firms like Matrix Partners India, Bharat Innovation Fund and Kalaari Capital. https://axios.link/3EL5pnV 🚑 Fullerton Health, a Singapore-based medical clinic chain backed by RRJ Capital and Ping An Capital, is in talks to sell a minority equity stake at more than a $1.1b enterprise value, per Bloomberg. https://axios.link/3AWnAWE • Tide, a London-based small business lending startup, is acquiring SME credit marketplace Funding Options. Tide has raised around $200m from firms like Anthemis Group, while London-based FO was seeded by such backers as ING Ventures, AXM VC, Alan Morgan and Adfisco. https://axios.link/3ViH3sK | | | | | | | | More M&A | | 🚑 Boston Scientific (NYSE: BSX) agreed to acquire Austin, Texas-based gastrointestinal device company Apollo Endosurgery (Nasdaq: APEN) for around $615m, or $10 per share. https://axios.link/3P2R77b • Corteva (NYSE: CTVA) agreed to buy Houston-based agricultural biologics firm Stoller Group for $1.2b in cash. https://axios.link/3B0Ngl1 🚑 Full-Life Technologies, a Chinese oncology biotech, agreed to acquire Focus-X Therapeutics, a Watchung, N.J.-based developer of radiopharmaceuticals for treating cancer, for upwards of $245m (including earnouts). Full-Life has raised nearly $50m from firms like Sequoia Capital China and Chengwei Capital, while Focus-X was seeded by undisclosed backers. https://axios.link/3FdQEM1 • The German government wants to buy at least a majority stake in the German subsidiary of Dutch power grid operator TenneT, per Reuters. https://axios.link/3FgFoP3 🚑 Horizon Therapeutics (Nasdaq: HZNP), an Irish biotech whose market cap is approaching $18b, said it's received preliminary takeover approaches from Amgen, Sanofi and a unit of Johnson & Johnson. https://axios.link/3GXQf1j 🚑 Nestlé (Swiss: NESN) is seeking a buyer for its Palforzia peanut allergy treatment, which it bought just two years ago for $2.6b. https://axios.link/3ueRyBI ⚡ Zetwerk, an Indian B2B marketplace for manufacturing inputs, agreed to buy Unimacts, a Lexington, Mass.-based parts sourcing solutions for renewable energy companies. Zetwerk has raised over $600m from VC firms like Sequoia Capital India, Accel and Kae Capital. https://axios.link/3Ud9h72 | | | | | | | | Fundraising | | • Adams Street Partners of Chicago raised $1.1b for its latest private markets fund, which makes primary, secondary and co-investments. www.adamsstreetpartners.com | | | | | | | | It's Personnel | | • DWS named Paul Kelly as global head of its €126b alternatives business. He previously was with Blackstone as a managing director and COO of its credit unit. www.dws.com • Zach Cohen joined Andreessen Horowitz to focus on consumer investments. He previously was with General Atlantic and Stripes Group. https://axios.link/3FbAK4C • Charles Korchinski joined fund placement firm Eaton Partners as a director in charge of a new GP stakes advisory practice. He previously co-founded Bonaccord Capital Partners. www.eaton-partners.com • Ian Loring joined Haveli Investments as a senior managing director and executive chair. He previously was a managing partner with Crosspoint Capital Partners and, before that, spent nearly 25 years at Bain Capital. https://axios.link/3AZ1ym9 | | | | | | | | Final Numbers |  Source: Axios Visuals | | | | | | | | A message from RBC Capital Markets | | Will volatility in equity markets drive M&A? | | |  | | | | Can market volatility be capitalized? What major factors are impacting deal flow? Learn the opportunities and challenges ahead for the M&A market with insights from RBC's expert bankers on M&A Inflection Points, a limited series podcast. Start listening. | | | | ✔ Thanks for reading Axios Pro Rata, and to copy editors Mickey Meece and Nick Aspinwall! Please ask your friends, colleagues and animators to sign up. |  | | Your personal deals analyst is here. | | | | | | Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here.
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