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Autonomous vehicle startup Aurora Innovation Inc. today announced plans to go public through a merger with Reinvent Technology Partners Y, a blank-check company backed by LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus.
The merger is expected to net Aurora about $977.5 million. That’s in addition to $1 billion the startup is raising ahead of the planned stock market listing from a consortium comprising Morgan Stanley, Index Ventures, Sequoia Capital and other prominent investors.
The deal puts Aurora on track to list its shares at an initial market capitalization of $13 billion. That represents a significant increase over the startup’s last private valuation of $10 billion, which it received after merging with Uber Technology Inc.’s autonomous vehicle business last year. The transaction gave the ride-hailing giant a 26% stake in the startup.
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June 30 (Reuters) - Private equity firm TPG is considering
going public through an initial public offering or a blank-check
merger, the Wall Street Journal reported on Wednesday, citing
people familiar with the matter.
The buyout firm could be valued at about $10 billion, the
report quoted some of the sources as saying, adding that the
process was still in early stages and TPG may not opt to proceed
with any deal. We evaluate various strategic alternatives from time to
time. No decisions have been made and we have nothing to
announce at this time, a TPG spokesperson said in a statement.
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April 29, 2021
A shareholder has filed suit against Grubhub Financial Inc. and the members of its board of directors for violations of the Securities Exchange Act of 1934 in connection with the proposed acquisition of Grubhub by affiliates of Just Eat Takeaway.com N.V. The Southern District of New York complaint claims that the proxy statement Grubhub filed with the Securities and Exchange Commission (SEC) on April 27 is materially incomplete and misleading.
Wednesday’s filing explains that Grubhub and its subsidiaries offer an online and mobile platform for restaurant food pick-up and delivery orders in the United States. Just Eat reportedly offers similar services in several European countries.
Toyota Motor Corp (7203.T) will acquire Lyft Inc's (LYFT.O) self-driving technology unit for $550 million, the companies said, as the Japanese firm steps up its automation ambitions with the newly created Woven Planet division.