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12/04/20: What’s Going On

Thoma Bravo, Jeff Bezos and more from around the business world.
(dennizn)
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“Despite taking a discount on the company’s value, FanDuel gave its investors a reason to celebrate Thursday with the announcement that Flutter Entertainment had agreed to pay $4.175 billion to expand its stake in the sportsbook giant. The deal, financed by a mix of cash and stock, buys out holding company Fastball’s 37.2% stake, bringing Flutter’s total to 95%, from 57.8%. It is conditional on shareholder approval, but from their perspective, it could have been much worse.”

“The U.S. economy added 245,000 jobs in November, as the unemployment rate ticked down to 6.7% the Labor Department said Friday, signaling a sharp slowdown in the labor-market recovery. Job growth has slowed each month since June and the economy faces near-term challenges, including a new surge of coronavirus infections that triggered some states and localities to impose new restrictions on business. The onset of winter could deter spending and job creation in sectors like restaurants that have become more reliant on business outdoors.”

“Lawmakers dived into negotiations Thursday over the two thorniest components of a new coronavirus aid package as momentum grew for a roughly $900 billion compromise proposal designed to break the congressional stalemate in time for the Christmas holiday. Earlier this week, a bipartisan group from the House and Senate had reached broad consensus around a new $908 billion aid package that included funding for state and local governments and legal protections for businesses and other entities operating during the pandemic.”

Companies Raising Capital
NameAmountDescription
OTV$170 MillionHealth Tech Venture Firm
Esports One$4 MillionFantasy Esports Company
LemonBox$2.5 MillionVitamin Supplements For Chinese Millennials

“Chinese scientists claim to have built a quantum computer that is able to perform certain computations nearly 100 trillion times faster than the world’s most advanced supercomputer, representing the first milestone in the country’s efforts to develop the technology.”

“Thoma Bravo must really like Flexera, an IT asset management company out of Chicago. The private equity firm bought the company for the second time today. Sources told TechCrunch the price was $2.85 billion.”

“The U.S. Justice Department is discussing a deal with Huawei Technologies Co. finance chief Meng Wanzhou that would allow her to return home to China from Canada, in exchange for admitting wrongdoing in a criminal case that has strained Beijing’s relations with the U.S. and Canada.”

“The U.S. government’s first shipment of millions of coronavirus vaccine doses to be divided among states and federal agencies, including the Department of Defense, will fall far short of protecting high priority groups such as healthcare workers, a Reuters analysis has found.”

“More than 400 lawmakers from 34 countries have signed a letter to Amazon.com boss Jeff Bezos backing a campaign that claims the tech giant has ‘dodged and dismissed … debts to workers, societies, and the planet,’ organisers said.”

“Norway plans to use the three vaccines developed by Moderna, AstraZeneca, Pfizer and BioNTech in its first push to inoculate its population against COVID-19, Norway’s health minister said on Friday.”

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