WeWork co-founder Adam Neumann files lawsuit against SoftBank Group Corp and its Vision Fund against wrongful termination of tender

Adam Neumann, WeWork’s co-founder has filed a lawsuit against SoftBank Group Corp and against its Vision Fund for terminating a $3 billion tender offer to the office-sharing startup’s shareholders. In October, the tender was part of a $9.6 billion financial rescue package that SoftBank had agreed to, following which WeWork gave it control of the…

eBay Inc discussing potential sale of classified ads business with multiple parties

In a statement, EBay Inc said, it is in discussion with multiple parties on a potential deal revolving around its classified-ads business. It expects to provide an update regarding the process in the coming months. In a report the Wall Street Journal had stated, eBay is in the process of reaching out to potential buyers to…

Private equity firm Apollo Global raises bid to take Tech Data private

Apollo Global Management, a private equity firm, stated it has raised its bid to take Tech Data, a U.S. information technology equipment distributor, private in a deal valued at around $6 billion. Excluding debt, the deal is valued at nearly $5.14 billion, up from a previous offer of $4.77 billion. Following Apollo Global Management’s new…

Chinese EV startup Xpend raises $400 million in latest funding round

On Wednesday, Alibaba Group Holding Ltd backed Chinese electric vehicle (EV) manufacturer Xpeng stated it has raised $400 million from investors including Xiaomi Corp, to fund its growth. The fundraising comes at a time when industry watchers as well as bankers describe as an increasingly tough financing environment for Chinese EV startups who are jostling…

British satellite operator Inmarsat Plc to go private in $3.4 billion deal

Inmarsat Plc top shareholder Lansdowne Partners and the company’s directors consider the terms of the deal to be “fair and reasonable” and expect shareholders to unanimously vote in favor of it. In a significant development, a private equity-led consortium has agreed to acquire Inmarsat Plc for nearly $3.4 billion in cash. In 2018, the British…

ZTE’s controlling shareholders plan on selling upto 3% shares

Chinese telecom company ZTE Corp had been subject to U.S. sanctions. Its controlling state-owned controlling shareholder Zhongxingxin Telecom plan on selling as much as 2% of its shares once the stock has doubled its value. According to regulatory filing, the controlling stakeholders of China’s ZTE Corp’s plan to slash their stake, by as much as…