DTE Energy to Sell DTE Vantage to J.P. Morgan-Advised Funds
DTE Energy Co. agreed to sell DTE Vantage, its non-utility energy-projects business, to investors advised by J.P. Morgan Asset Management for about $2.97 billion in cash, as the Detroit company narrows its focus to regulated electric and gas utilities that are spending heavily to serve data centers. The buyer is Velocity BidCo LLC, a vehicle […]
Adani Ports to Buy European Tank Operator Evos for €2.56 Billion
Adani Ports and Special Economic Zone Ltd. agreed to buy Evos B.V., a Netherlands-based operator of fuel and chemical storage terminals, from Igneo Infrastructure Partners in an all-cash deal valuing the business at €2.56 billion, about $2.9 billion, including debt. The Indian port operator said the purchase values Evos’s equity at €1.18 billion and represents […]
OpenAI Raises $11 Billion at a $1.25 Trillion Valuation
OpenAI closed on $11 billion of new funding, the first piece of a round that values the artificial-intelligence company at $1.25 trillion, according to people familiar with the matter, as investors grow more selective about the prices they will pay for AI developers. The initial close covers a little more than a third of the […]
Zipline Raises $1.5 Billion at $21.5 Billion Valuation
Zipline International Inc. raised $1.5 billion at a $21.5 billion post-money valuation, betting that retail and ride-hailing partners will turn drone delivery from a pilot project into a national network. The round announced Thursday was led by Paradigm, WCM Investment Management and Layer Global. Valor Equity Partners, Fidelity Management & Research, Uber Technologies, Tiger Global, […]
SS&C Prices $1.05 Billion Convertible Notes in Refinancing
SS&C Technologies Holdings Inc. priced an upsized $1.05 billion convertible note offering as the centerpiece of a broader refinancing that will retire $2 billion of higher-coupon bonds and extend its bank facilities into 2031. The 2.75% convertible senior notes due Dec. 1, 2031, were increased from a planned $1 billion and are scheduled to settle […]
Shield AI to Buy Echodyne for $5.3 Billion, Raises $2.5 Billion
Shield AI Inc. agreed to acquire Echodyne Corp. in a transaction valued at $5.3 billion and raised $2.5 billion of equity and debt at a $28.8 billion valuation, pairing its autonomy software with a radar maker that has become a key supplier for counter-drone missions. Under the definitive agreement announced Thursday, Shield will pay $4.8 […]
Fortescue Prices $1.5 Billion Notes Swapped Into Renminbi
Fortescue Ltd. priced $1.5 billion of senior unsecured notes and immediately swapped the entire principal into offshore renminbi, locking in an effective interest cost of about 3.9% on debt that carries a 7.0% dollar coupon. The notes, due Nov. 15, 2032, were issued by Fortescue Treasury Pty Ltd and guaranteed by the Australian iron-ore producer. […]
CesiumAstro Closes $730 Million Series D Above $4.5 Billion Value
CesiumAstro Inc. closed a $730 million Series D round at a valuation above $4.5 billion and unveiled plans for Synchronicity, a 737-satellite constellation, after a successful Element-1 demonstration flight in October. Janus Henderson Investors led the equity round. Insight Partners, Sands Capital, Sumitomo Corporation of Americas, Woven by Toyota, Incharge Capital, Magnetar Capital, Alumni Ventures […]
Buncombe Voters Approve $70 Million Housing, Parks Bonds
Voters in Buncombe County, N.C., approved $70 million of new local bonds for affordable housing and open space, clearing the way for a municipal debt sale that county officials say will cost the median homeowner a few dozen dollars a year. Unofficial returns showed the $40 million housing question passing with about 58% support and […]
Autonomy’s Price Tag: $5.3B Radar, $21.5B Delivery Routes
Private markets put two very different price tags on flying machines in the same news cycle. Shield AI raised money at a $28.8 billion valuation to buy radar maker Echodyne for $5.3 billion. Zipline raised $1.5 billion at $21.5 billion to push drone delivery from dozens of sites toward hundreds. One company is selling autonomy […]