Deal of the week When I think of Porsche and the 911, I no longer just think of that sweet and iconic sports car. Nope. The highly anticipated (maybe anxiety inducing) Porsche IPO will reportedly offer 911 million shares. ;D The IPO is predicted to garner a market valuation of between an admittedly wide-ranging €60-85 billion ($60-85 billion). That puts VW Group in an interesting position, considering that the entire company — which today includes Audi, Bentley, Lamborghini, Porsche, Skoda, Seat and Volkswagen passenger vehicles — has a market cap of about 87 billion euros (as of this writing). Prediction time: Porsche’s IPO will not reach those heights (call me conservative). As for the deal itself, it’s worth knowing the background of Porsche, the family behind it, and its relationship to VW Group. Reuters has a nice little story outlining the history and drama behind Porsche. To understand the past, is to understand the stakes. Tl;dr: Porsche Automobil Holding SE, which was controlled by the Piëch family, tried to buy out Volkswagen, but instead gave up power and ended up merging with the company. Other deals that got my attention … Aptiv, the Tier 1 auto supplier, said it will acquire a majority stake in a unit of Italy's Intercable for around $600 million, giving Aptiv access to Intercable's EV tech. EnviroSpark raised $5,712,500 in its Series A, per a filing that I missed last week. The company tells me it has installed 3% to 5% of all public charging ports in the U.S. through 2022, including partnerships with Tesla and Electrify America. HopSkipDrive, a startup bringing school transportation into the current century, raised $37M in a Series D and plans to grow 3x in the upcoming year. Magna International, a Canadian mobility technology company that builds sensor-based systems for cars like driver monitoring systems and advanced driver assistance systems, is entering the micromobility market. The company invested $77 million in Yulu, an Indian shared micromobility operator, and plans to jointly launch a battery swapping service company. Monta, the EV charging company, raised an additional $30 million from Energize Ventures, at a $155 million valuation, to expand into the U.S. market. One Planet Group completed its acquisition of AutoWeb, an automotive “matchmaking” company that handles vehicle transactions. TeraWatt Infrastructure, a company that builds electric vehicle charging infrastructure for fleets, has secured over $1 billion in a Series A round to build out its portfolio of commercial charging centers. This follows a $100 million seed round from Keyframe Capital and Cyrus Capital, which both followed on into the current round alongside Vision Ridge Partners. TruckSmarter came out of stealth with $44 million in funding, to date. The company recently closed a $25 million Series B, which was led by Thrive Capital, with participating investors like Founders Fund, a16z, Bain Capital Ventures and Fin Capital. Some big tech names also signed on, like Tony Xu, CEO of DoorDash; Ryan Petersen, CEO of Flexport; Eric Glyman, CEO of Ramp; and Jett McCandless and Jason Duboe, CEO and chief growth officer of Project44, respectively. |
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