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D.E. Shaw defends “release-for-pay”

Fired trader fights against civil rights ultimatum

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Transacted
February 26, 2024


Happy Monday. Here’s what we’ve got today…

  • We’re in the home stretch of some exciting work on refreshed brand design and nearing the early launch of our software offering. The upshot is that capacity is tight right now at Transacted, and today’s main article didn’t quite come together before the deadline. We’ll kick off the week with the latest deals and will get back to the usual programming on Wednesday.

  • Today’s Readout features a former trader’s fight against D.E. Shaw’s employment practices and a look at CVC’s deal for RuneScape

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And the best part? You have the flexibility to participate at your discretion, on a deal-by-deal basis, while co-investing alongside industry veterans who have skin in the game.

10 East is where founders, executives, and portfolio managers from leading investment firms are diversifying their personal wealth. Join them with complimentary access here.

 DEALS, DEALS, DEALS

• KKR agreed to acquire Broadcom’s remote access unit for $4 billion.

• Thomas H. Lee Partners agreed to acquire Agiliti, a provider of medical equipment management solutions, for $2.5 billion.

• Alcoa Corporation made a $2.2 billion offer to acquire Alumina Limited, an Australian alumina producer with an existing Alcoa JV.

• Orica (ASX: ORI) has agreed to acquire Cyanco, a producer of sodium cyanide used in gold mining, from Cerberus Capital Management for $640 million.

• Pacific Avenue Capital Partners agreed to acquire the air filtration unit of Sogefi, an Italian automotive parts manufacturer, for €374 million.

• Astorg agreed to acquire Steliau, a distributor of electronic components and subsystems for industrial applications, from B&Capital.

• Intapp has acquired Delphai, a Berlin-based AI software company specializing in data automation and analysis.

PUBLIC OFFERINGS

• Viking Holdings, a specialty cruise operator backed by TPG and Canada Pension Plan Investment Board, has confidentially filed for an IPO, with Bank of America, JPMorgan Chase, UBS Group, and Wells Fargo serving as advisors.

VENTURE & EARLY-STAGE

Tech, Vertical SaaS, & Misc. Enterprise

• FlowGPT, a provider of GenAI model-based creation tools, raised $10 million of new funding from Goodwater and DCM.

Fintech

• Xcelerate, a Singaporean compliance and ESG services firm, raised over $25 million in new funding led by Federated Hermes Private Equity, with participation from Altair Capital and Exacta Capital.

Healthcare & Life Sciences

• Abridge, an AI-powered clinical documentation solutions provider, raised $150 million in Series C funding. Lightspeed and Redpoint co-led, with participation from IVP, Spark Capital, Union Square, and Bessemer Venture Partners.

• Tuned, a virtual hearing health platform, raised $3.2 million in seed extension funding led by Unum.

• Baseimmune, a biotech focused on predictive antigen design, raised £9 million in Series A funding led by MSD Global Health Innovation Fund and IQ Capital, with participation from existing investors Hoxton Ventures, Creator Fund, Beast Ventures, and Maki.vc.

• Frontier Medicines, a biotech focused on developing precision medicines for undruggable targets, raised $80 million in a Series C round led by Deerfield Management and Droia Ventures, with participation from Galapagos, MPM Capital, DCVC Bio, and RA Capital Management.

Industrials, Greentech, & Other

• Miruku, a New Zealand-based food tech company developing plant-based nutrition solutions, raised $5 million in new funding led by Motion Capital, with participation from Movac and NZVC.

FUNDRAISING

• Verdane raised €1.1 billion for a new fund focused on decarbonization investments.

• Goldman Sachs raised $1 billion from Mubadala for new private credit investments.

• Elliott Management has formed a new venture called Hyperion to focus on investments in global mining assets.

• Earlybird Health raised $185 million for a new healthcare-focused fund.

THE READOUT

1. Former D.E. Shaw trader fights hedge fund in New York Supreme Court.

• Fired in 2018 for saying he wanted to hire an assistant he could call “sugar tits,” Daniel Michalow challenges D.E. Shaw’s separation agreement terms even after receiving a $52 million defamation award related to the firm’s handling of the matter. — Semafor

2. A deep dive on CVC’s purchase of RuneScape developer Jagex from Carlyle.

• FT Alphaville provides a multi-faceted look at the hugely popular online role-playing game, touching on everything from the game’s internal economy to CVC’s investment thesis. — Financial Times

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