Some assorted notes to kick off your Tuesday:
• That’s So Mavens: The sale process for Yahoo’s core Internet assets has entered its third and final round, but one of the two private equity suitors is no longer involved. Sources say that the pairing of Bain Caital with Vista Equity Partners was informed yesterday that it didn’t make the cut.
That leaves AT&T, Verizon, TPG Capital and Quicken Loans founder Dan Gilbert (whose bid is being backed by debt financing from Berkshire Hathaway). Price talk is now in the range of $4 billion to $5 billion. Always worth noting that Bain/Vista could re-enter the picture if the remaining players fall through or their third-round bids come up short.
• Deal or No Deal? Bloomberg yesterday reported that daily fantasy sports sites DraftKings and FanDuel are in talks about a merger, citing unnamed sources. It added that “no final transaction has been agreed, and the deal may still fall apart.”
I’ve spoken to my own unnamed sources close to the situation, who say there’s much less than meets the eye. Yes, the two companies (or at least their investors) have occasionally discussed a tie-up ― namely because it just makes so much strategic and financial sense (as we argued last fall). But sources tell me no actual merger talks are ongoing, and that both companies are primarily focused on trying to resolve their various regulatory issues (particularly in New York).
When asked why such a story would arise now, most people I spoke with gave the same answer: Because investment bankers are trying to make it happen, even though neither company is currently biting.
• MicroLinked: Following news of the Microsoft-LinkedIn merger, there has been a lot of skepticism based on Microsoft’s past troubles with large acquisitions (e.g., Nokia, aQuantive, Yammer).
I’m not suggesting this one will necessarily succeed where those failed (honestly, I have no clue), but I do think we should recognize one big caveat to the ‘past as predicate’ storyline: Microsoft is currently under different management than it was when those companies were acquired. This is only the second large acquisition since Satya Nadella took over as Microsoft’s CEO in early 2014 (the first was Minecraft developer Mojang for $2.5 billion). The M&A track record of today’s Microsoft has not yet been determined.
• Style guide: As many of you have noticed, we’ve been having a difficult time getting euro symbols to render properly. So, until our tech folks get it fixed, we’re going to use EUR. Hopefully it gets resolved soon.
• Ad man: Term Sheet has a new salesperson handling sponsorships. So if you want to share your brand or message with our ever-growing audience, please contact Tim Mullaly at email@example.com.
THE BIG DEAL
• OM Asset Management (NYSE: OMAM) has agreed to acquire a majority interest in Landmark Partners, a Connecticut-based investment firm focused on private equity secondaries, real estate and real assets, for approximately $240 million in cash. Read more.
VENTURE CAPITAL DEALS
• Jobandtalent, a Spain-based online job matching system for small and mid-sized enterprises, has raised $42 million in Series B funding. Atomico led the round, and was joined by FJ Labs and individual angels. Read more.
• Better Mortgage, a New York-based online direct mortgage lender, has raised $30 million in Series A funding from Goldman Sachs Principal Strategic Investments, Pine Brook Partners, KCK Group and IA Ventures. www.better.com
• League, a Toronto-based digital health insurance platform, raised US$25 million in Series A funding. OMERS Ventures led the round, and was joined by Infinite Potential Technologies, Real Ventures and BDC IT Venture Fund. www.league.com
• Yotpo, an Israeli provider of an original content marketing platform for businesses, has raised $22 million in Series B funding. Bessemer Venture Partners led the round, and was joined by Innovation Endeavors, Marker LLC, Vintage Investment Partners, Blumberg Capital and Access Industries. Read more.
• Roadie, an Atlanta-based “on-the-way delivery network,” has raised $15 million in Series B funding. Backers include the UPS Strategic Enterprise Fund, TomorrowVentures, H. Barton Asset Management and individual angels like David Bonderman. www.roadie.com
• Loggly, a San Francisco-based provider of cloud software for log management, has raised $11.5 million in new VC funding. True Ventures led the round, and was joined by Matrix Partners, Cisco Systems, Trinity Ventures, Harmony Partners and Data Collective. www.loggly.com
• Lumere, formerly Procured Health, a Chicago-based provider of tech solutions for helping hospitals discover and evaluate medical devices, has raised $10 million in new VC funding. Heritage Group led the round, and was joined by the corporate venture arm of HCA. www.lumere.com
• Notarize, an Alexandria, Va.-based remote notarization platform, has raised $8 million in Series A funding. Polaris Partners led the round, and was joined by Founders Fund and Ludlow Ventures. www.notarize.com
• Aunt Bertha, an Austin, Texas-based social services search and referral platform, has raised $4.8 million in Series B funding. Backers include Techstars Ventures. Read more.
• AVA, a personalized nutritional coaching solution, has raised $3 million in seed funding. DCM Ventures led the round, and was joined by Khosla Ventures and Innovation Endeavors. www.eatwithava.com
• Armeron, an Israeli isolation platform for network security, has raised $2 million in new VC funding from Glilot Capital Partners. www.armeron.com
• Valor Water Analytics, a San Francisco-based provider of water loss and efficiency analytics to utilities, has raised $1.6 million in new VC funding. Shore Ventures led the round, and was joined by Apsara Capital, Syzygy West, Urban Innovation Fund and 500 Startups. www.valorwater.com
• ClearlySo, a London-based “impact investment bank,” has raised £1.25 million in growth equity funding led by Octopus Investments. www.clearlyso.com
• Preply, a global private tutoring platform, has raised $1.3 million in seed funding. Backers include RTA Ventures, Xevin Investments, Digital Future, SMRK, Techstars and individual angels like Mariusz Gralewski, Przemysław Gacek and Arthur Kosten. www.preplycom
• Elastifile, a San Jose, Calif.-based provider of all-flash, software defined enterprise storage solutions, has raised an undisclosed amount of new funding from Cisco Systems. This is on top of a $35 million Series B round that Elastifile announced earlier this year. Existing shareholders include Battery Ventures and Lightspeed Venture Partners. www.elastifile.com
PRIVATE EQUITY DEALS
• Ardian and Crédit Agricole Assurances have agreed to acquire an additional 24.6% stake in French parking facilities operator Indigo (f.k.a. Vinci Park) from Vinci SA (Paris: DG). No financial terms were disclosed. Ardian and Crédit Agricole Assurances first acquired a 75% stake in Indigo back in 2014. www.vincipark.com
• KKR is among those considering a bid for McDonald’s Corp.’s (NYSE: MCD) Chinese operations, which could fetch around $2 billion, according to Bloomberg. KKR may team up with a China-based firm, while other interested suitors include China National Chemical Corp. and New Hope Group. Read more.
Snow Phipps Group has acquired Electric Guard Dog LLC, a Columbia, S.C.-based provider of monitored electric security fence systems, from Ulysses Management LLC. No financial terms were disclosed. www.electricguarddog.com
• Stone Canyon Industries has agreed to acquire BWAY Corp., an Atlanta-based manufacturer of rigid metal and plastic containers, from Platinum Equity for $2.4 billion. Read more.
• SureWerx (f.j.a. JET Group), a Canadian portfolio company of Penfund, has acquired KP Industries, an Old Mission, Mich.-based brand of knee and elbow protection products. No financial terms were disclosed. www.jetgroupbrands.com
• Camping World Holdings Inc., a retailer of recreational vehicles and TV accessories, has filed for a $200 million IPO. It plans to trade on the NYSE under ticker symbol CWH, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters. The company is controlled by Crestview Partners, and reports $178.5 million of net income on $3.3 billion in revenue for 2015. www.campingworld.com
• The Blackstone Group has agreed to sell German offshore wind power operator Meerwind to China Three Gorges. No financial terms were disclosed, although Reuters reports a sales price of approximately EUR 1.6 billion. Read more.
• Daetwyler Holding of Switzerland has agreed to acquire Premier Farnell PLC (NYSE: PFL), a British maker of the Raspberry Pi mini-computer, for £792 million in cash (51% premium to Monday’s closing price). Read more.
• NXP Semiconductors NV (Nasdaq: NXPI) has agreed to sell its standard products business for $2.75 billion to a Chinese investor consortium that includes Jianguang Asset Management Co. and Wise Road Capital Ltd. The business generated around $1.2 billion in 2015 revenue, and employees 11,000 people. It will be renamed Nexperia. Read more.
FIRMS & FUNDS
• Gilde Healthcare, a European later-stage and growth capital investment firm focused on the healthcare space, has closed its fourth fund with EUR 250 million in capital commitments. Limited partners include Johnson & Johnson and Danish Growth Fund. www.gildehealthcare.com
• Revolution Growth has closed its third fund with $525 million in capital commitments. www.revolution.com/growth
MOVING IN, ON & UP
• Glenn Hutchins, co-founder of Silver Lake, has stepped down from the board of Harvard Management Co., due to term limits. Read more.
Christopher Martin and Pete Notter have joined Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo Gordon, as managing directors. They previously were directors with Madison Capital Funding. Twin Brook also has hired former Chase Capital directors Therese Icuss and Kim Trick as vice presidents. www.angelogordon.com
• Kang Shin-woo has been named chief investment officer of sovereign wealth fund Korea Investment Corp. He previously was president and CEO of Seoul-based Hanwha Asset Management. Read more.
• Michael Stansky has joined the investment committee of Leerink Revelation Partners, a Leerink Partners affiliate that manages a fund focused on secondary transactions in healthcare. He previously was a managing director at Tudor Investment Corp. www.leerink.com
• William Stitt has joined New York-based investment bank MTS Health Partners as a partner. He previously was a managing director with Deutsche Bank Securities, focused on the biotech and healthcare services sectors. www.mtshealthpartners.com
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[Editor’s note: This post has been updated to reflect Procured Health’s name change to Lumere.]