• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure

2

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

3

The Supreme Court handed Trump a Golden Chariot on tariffs — now he just has to take it

1

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure

2

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

3

The Supreme Court handed Trump a Golden Chariot on tariffs — now he just has to take it
FinanceTerm Sheet

Term Sheet — Tuesday, October 13

By
Dan Primack
Dan Primack
Down Arrow Button Icon
By
Dan Primack
Dan Primack
Down Arrow Button Icon
October 13, 2015, 10:13 AM ET

Random Ramblings

First things first. I messed up this morning by sending all of you Broadsheet, our daily newsletter focused on the world's most powerful women (which I happen to help edit, although I may never again be trusted to help distribute). You are not subscribed but, if you liked what you saw, you can sign up by going here. Okay, moving on to Term Sheet business:

• Dell-EMC remainders: A bunch of additional thoughts, after speaking to more folks and having some chance to reflect:

1. Jim Coulter, co-founder of TPG Capital, was interviewed on stage during an event hosted by The Informaton last week, during which he was asked about the relative dearth of recent tech LBOs. His reply was that increased tech sector interest from activist investors has been spurring the types of operational changes that private equity firms typically employ, thus reducing the need for actual LBOs. That said, this is a situation in which the activist investor's involvement arguably led to the LBO. Well, if you consider this to be a real LBO...

2. Speaking of which: This technically would be the largest LBO in history, topping both Energy Future Holdings and RJR Nabisco (even once those deal sizes are adjusted for inflation). That also assumes, of course, that you accept Dell and EMC's assumed value of VMware tracking stock (which, judging from EMC's share price, not everyone does).

3. Local color: There has been a lot of hand-wringing in these parts about the pending loss of EMC -- even though the building and most of its employees are expected to remain -- as it was easily the largest remaining tech company headquartered in Massachusetts. The reality, however, is that EMC also has been one of the prime culprits in holding back the state's tech industry, by agitating loudly to keep antiquated non-compete rules on the books. If you want to know why so many of the top storage and networking startups are no longer founded here, a lot of it can be laid at EMC's doorstep. It would be interesting to see if that changes once Joe Tucci is out and Michael Dell is in.

4. EMC insisted on a "go shop" provision, but most people seem to think that's more about the board protecting itself from plaintiff lawyers than about hopes for a superior takeover bid. There was, however, a Re/Code report yesterday that Silver Lake explored a sale of Dell's PC business before the EMC deal was signed, but couldn't find any takers. Maybe the big problem there was that Hewlett-Packard's split wasn't complete yet. It wouldn't shock me to eventually see Dell sell its PC biz to HP, and then use the proceeds to further pay down its newly-minted debt pile.

5. That said, we did compile a list of possible buyers for EMC outright, which you can find here. One of them was Microsoft, which actually helped finance Dell's original take-private by lending around $2 billion. I'm told that those original notes are almost entirely paid off already, and that Microsoft is not involved in Dell's debt consortium for EMC (at least not yet).

• Coming attractions: Ten companies are expected to raise upwards of $5 billion in U.S. IPOs this week, headlined by what should be the year’s two largest offerings (First Data and Albertsons). For context, companies raised just $5.2 billion via U.S. IPOs in the entire third quarter (including just $2.4 billion in August and September), and the busiest week to date came in late June when 13 companies raised just shy of $2 billion.

• Channel surfing: I can't watch the Democratic presidential debate tonight (driving to NYC), but will listen on the radio. As always, if you hear anything that you think will have an impact on the deals or investing business, please drop me a line with your thoughts. Issues that may arise are the on-demand economy and tax inversions.

• Deal data: Thomson Reuters reports that worldwide M&A stood at $3.38 billion through the end of last week, which represents a 35% YTD increase over 2014 and the largest YTD total in history. That figure did not include Dell/EMC, but did include InBev/SABMiller.

 

THE BIG DEAL

• SABMiller (LSE: SAB) has "agreed in principle" to a slightly-sweetened takeover offer from Anheuser-Busch InBev, in a mega-merger that would create the world's largest beer brewer. Read more.

 

VENTURE CAPITAL DEALS

• RainKing Solutions, a Bethesda, Md.-based provider of sales intelligence information for tech, finance and marketing professionals, has raised $67 million in growth equity funding from Spectrum Equity. www.rainkingonline.com

• EverString, a San Mateo, Calif.-based predictive marketing SaaS company, has raised $65 million in Series B funding. Lightspeed Venture Partners led the round, and was joined by Lakestar and return backers Sequoia Capital and IDG Ventures. Read more.

• Cybereason, an Israeli cybersecurity firm focused on preventing serious attacks on large enterprises, has raised $59 million in Series C funding led by SoftBank Corp. www.cybereason.com

• Optimizely, a San Francisco-based experience optimization platform, has raised $58 million in Series C funding. Index Ventures led the round, and was joined by Andreessen Horowitz, Bain Capital Ventures, Battery Ventures, Benchmark, Citi Ventures, Correlation Ventures, Danhua Capital, Pharus Capital Management, Salesforce Ventures and Tenaya Capital. www.optimizely.com

• InvestCloud, a Los Angeles-based provider of cloud-based front and middle-office solutions for global investment advisors, has raised $45 million in growth equity funding led by FTV Capital. www.investcloud.com

• SentinelOne, an endpoint protection company with offices in Israel and Silicon Valley, has raised $25 million in new VC funding. Third Point led the round, and was joined by return backers Tiger Global, Data Collective, Granite Hill Capital Partners and Westly Group. www.sentinelone.com

• Bambeco Inc., a Baltimore-based brand for sustainable home furnishings and décor, has raised $20.5 million in new equity funding led by ABS Capital Partners. www.bambeco.com

• Doctolib, a French platform for booking doctor appointments, has raised €18 million in Series B funding led by Accel Partners. Read more.

• DataVisor, a Mountain View, Calif.-based stasrtup that uses big data analytics for Internet security, has raised $14.5 million in Series A funding co-led by GSR and New Enterprise Associates. www.datavisor.com

• FabFitFun, a Los Angeles-based “lifestyle brand inspiring women to lead happier, healthier lives,” has raised $3.5 million in first-round funding co-led by New Enterprise Associates and Upfront Ventures. www.fabfitfun.com

• Marfeel, a Spain-based provider of mobile web creation, optimization and monetization solutions for publishers, has raised $3.5 million in new VC funding from Nauta Capital, Elaia Partners and BDMI. www.marfeel.com

• ShopWell Labs Inc., a San Carlos, Calif.-based food discovery platform, has raised $3.4 million in new VC funding. Finistere Ventures led the round, and was joined by Fairhaven Capital, Munich Venture Partners, S2G Ventures and ATA Ventures. www.shopwell.com

• Health Gorilla, a Sunnyvale, Calif.-based online healthcare marketplace for connecting doctors and clinicians with diagnostic labs and radiology centers, has raised $2.4 million in Series A funding. Data Collective led the round, and was joined by True Ventures, Harris Barton, Orfin Ventures and Venture Investment Associates. www.healthgorilla.com

• Zugata, a Palo Alto, Calif.-based provider of mobile software for enabling continuous colleague feedback, has raised $3.2 million in seed funding from General Catalyst, Formation 8, Redpoint Ventures and individual angels. www.zugata.com

• K4Connect, a Raleigh, N.C.-based tech integration company whose debut product helps transform senior living communities into smart homes, has raised $1.9 million in seed funding. Backers include Sierra Ventures, Better Ventures, Lowe’s Companies and Stonehenge Growth Equity Partners. www.k4connect.com

• ROIKOI, an Austin, Texas-based passive job referral platform, has raised $1.7 million in seed funding from SocialStarts, Capital Factory and individual angels. www.roikoi.com

• Voodoo, an Indian maker of a digital assistant for users of mobile commerce apps, has raised $1 million in seed funding from SAIF Partners. Read more.

PRIVATE EQUITY DEALS

• Advent International reportedly has held talks to acquire Travelodge, a UK-based budget hotel chain currently owned by Goldman Sachs, Avenue Capital and GoldenTree Asset Management. The deal could be valued at around £1 billion, with Deutsche Bank managing the process. Read more.

• Buyers Laboratory LLC, a Fairfield, N.J.-based portfolio company of SFW Capital Partners, has acquired InfoTrends, a Weymouth, Mass.-based provider of market analysis into the global digital imaging industry, from Questex Media Group. No financial terms were disclosed. Questex is a portfolio company of Shamrock Capital Group. www.infotrends.com

• GHO Capital has acquired DNA Diagnostics Center, a Fairfield, Ohio-based DNA testing company, for $110 million from MTS Health Investors. www.dnacenter.com

• Headhaul Capital Partners and Argosy Investment Partners have acquired Great Western Leasing and Sales LLC, an Irvine, Calif.-based provider of solutions to the flatbed and specialized trailer industry. No financial terms were disclosed. www.greatwesternleasing.com

• Hellman & Friedman has agreed to acquire a majority stake in Edelman Financial Services LLC, a Fairfax, Va.-based wealth management firm with $15 billion in assets under management, from Lee Equity Partners. The deal values Edelman at around $800 million, with Lee Equity to retain a minority stake going forward. Read more.

• Viamedia, a New York-based cable TV ad management company, has raised an undisclosed amount of private equity funding from Lake Capital. www.viamediatv.com

IPOs

• Dimension Therapeutics Inc., a Cambridge, Mass.-based developer of liver-directed treatments for genetic disorders, has set its IPO terms to 5.5 million shares being offered at between $14 and $16 per share. It would have an initial market cap of around $373 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol DMTX, with Goldman Sachs and Citigroup serving as lead underwriters. Dimension Therapeutics reports a $15.4 million net loss on $3.3 million in revenue for the first half of 2015. It has raised over $120 million in VC funding from Fidelity Biosciences (36.1% pre-IPO stake), OrbiMed Advisors (26.8%), New Leaf Venture Partners (5.7%), Jennison Associates, Partner Fund Management, RA Capital Management, Rock Springs Capital and Tourbillon Global Ventures. www.dimensiontx.com

EXITS

• ABRY Partners and Berkshire Partners have completed their $1.89 billion sale of Telx, a New York-based data center company, to Digital Realty Trust Inc. (NYSE: DLR). www.telx.com

OTHER DEALS

• Peter Barbey, owner of the Reading Eagle newspaper in Pennsylvania, has acquired the Village Voice, a New York-based alternative weekly newspaper, from Voice Media Group. No financial terms were disclosed. Read more.

• The British government has given a 1% stake in Royal Mail to group employees, and then sold its remaining 13% stake for £591.1 million to institutional investors. Read more.

• Cohen Media Group has acquired a 30-film library, including “Howard’s End,” from producer Merchant Ivory Films for an undisclosed amount. Read more.

• Johnson & Johnson (NYSE: JNJ) has launched a $10 billion share buyback program. Read more.

PTC (Nasdaq: PTC) has acquired augmented reality platform Vuforia for $65 million from Qualcomm (Nasdaq: QCOM). Read more.

FIRMS & FUNDS

• Fortress Investment Group is planning to wind down its flagship, $1.6b billion hedge fund, which was down more than 17% through the end of September. In related news, trader Michael Novogratz is expected to leave the firm. Read more.

MOVING IN, UP, ON & OUT

• Katie Beck and Kate Cook have joined London-based August Equity as a director and manager, respectively. Beck previously was with Darwin Private Equity, while Cook was with Deloitte LLP. www.augustequity.com

• Stephen Gillett has joined Google Ventures as an executive-in-residence. He is the former chief operating officer of Symantec, and serves as an independent director of Chipotle Mexican Grill. www.googleventures.com

• Chris Hastings has joined boutique bank Signal Hill as a New York-based managing director and head of private placements. He previously launched the private placement practice at Cantor Fitzgerald. www.signallhill.com

Share today's Term Sheet:
http://fortune.com/newsletter/termsheet

About the Author
By Dan Primack
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Frustrated man in work meeting
SuccessCareers
Real estate billionaire launched his entire career after being called the ‘worst analyst’ and quitting his cushy job at Goldman Sachs
By Emma BurleighMay 27, 2026
30 minutes ago
new
Big TechObituary
Donald Newhouse saw the internet coming in 2004. His newspapers still weren’t ready
By Scott Mayerowitz and The Associated PressMay 27, 2026
1 hour ago
leo
InnovationAutos
Ferrari presents Pope with its first ever electric car, stock plunges 8%
By Alexa St. John and The Associated PressMay 27, 2026
1 hour ago
br
InvestingMarkets
S&P 500 sets all-time high, welcomes another company to $1 trillion market cap club
By Stan Choe and The Associated PressMay 27, 2026
2 hours ago
Top CD rates from major banks May 27, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on May 27, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerMay 27, 2026
2 hours ago
Current price of Ethereum for May 27, 2026
Personal FinanceEthereum
Current price of Ethereum for May 27, 2026
By Joseph HostetlerMay 27, 2026
2 hours ago

Most Popular

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure
Travel & Leisure
The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure
By Catherina GioinoMay 25, 2026
2 days ago
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
6 days ago
The Supreme Court handed Trump a Golden Chariot on tariffs — now he just has to take it
Commentary
The Supreme Court handed Trump a Golden Chariot on tariffs — now he just has to take it
By Jeffrey Sonnenfeld and Steven TianMay 26, 2026
1 day ago
Nvidia CEO Jensen Huang admits he criticizes everything his 42,000-plus employees show him: ‘You can’t go a day without some criticism’
Success
Nvidia CEO Jensen Huang admits he criticizes everything his 42,000-plus employees show him: ‘You can’t go a day without some criticism’
By Preston ForeMay 26, 2026
1 day ago
Current price of silver as of Tuesday, May 26, 2026
Personal Finance
Current price of silver as of Tuesday, May 26, 2026
By Joseph HostetlerMay 26, 2026
1 day ago
Uber burned through its entire 2026 AI budget in four months. Now its COO is questioning whether it's worth it
AI
Uber burned through its entire 2026 AI budget in four months. Now its COO is questioning whether it's worth it
By Jake AngeloMay 26, 2026
21 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.