Latest news with #GeneralAtlantic
Bloomberg
2 days ago
- Business
- Bloomberg
Blackstone Drops Out of Group Seeking Stake in US-Based TikTok
Private equity firm Blackstone Inc. has pulled out of a group of investors seeking to take a minority stake in TikTok's US-based business, according to a person familiar with the matter. Blackstone has ceded its potential stake in TikTok's US operations to the other investors in a consortium that includes Oracle Corp., venture capital firm Andreessen Horowitz and growth equity investment firm General Atlantic, said the person, who asked not to be named while discussing private conversations.
Yahoo
2 days ago
- Business
- Yahoo
Exclusive-Blackstone drops out of consortium bid for TikTok US, source says
By Dawn Chmielewski and Krystal Hu (Reuters) -Private equity giant Blackstone has withdrawn from a consortium seeking to invest in TikTok's U.S. operations, a source familiar with the matter told Reuters on Friday. The latest change came as uncertainty has mounted and there have been several delays in the TikTok deal now at the center of U.S.-China trade talks. Blackstone had planned to take a minority stake in the TikTok U.S. business in a deal orchestrated by President Donald Trump. The consortium is led by Susquehanna International Group and General Atlantic, current investors in TikTok's Chinese owner ByteDance. The group had emerged as the front-runner to secure TikTok's U.S. business in a deal under which U.S. investors would own 80% of TikTok, while ByteDance would retain a minority stake. Blackstone declined to comment. TikTok did not immediately respond to a request for comment. The deadline for ByteDance to divest the popular social media app in the U.S. has been repeatedly postponed, creating uncertainty for investors. Last month, Trump signed a third executive order extending the deadline for ByteDance to sell TikTok or face a ban, moving the cutoff to September 17. In April 2024, Congress passed a law mandating a sale or shutdown of TikTok by January 19, 2025. Extensions to the deadline have drawn criticism from some lawmakers, who argue the Trump administration is 'flouting the law' and ignoring national security concerns related to Chinese control over TikTok. ByteDance is exploring various options to address these concerns, including selling or restructuring its U.S. operations. The Chinese social media giant, which raked in $43 billion in the first three months of this year, recently surpassed Meta in quarterly revenue, sources told Reuters. The U.S. consortium, favored by the administration in any TikTok deal, also includes KKR, as well as new investors such as Andreessen Horowitz, Reuters previously reported. Oracle is also likely to take a stake. It is unclear whether other bidders in the consortium are still involved. A deal had been in the works this spring to spin off TikTok's U.S. operations into a new U.S.-based firm. Talks were put on hold after China indicated it would not approve the transaction, following Trump's announcement of steep tariffs on Chinese goods. If a sale is finalized, the new U.S. app is expected to be owned by a joint venture formed by an American investor consortium and ByteDance, which would maintain a minority stake. TikTok is already working on a U.S.-specific app, sources told Reuters. Blackstone's exit highlights the complexities and uncertainties involved in the deal, as the ongoing talks over TikTok's fate have now become part of Trump's broader trade negotiations with China, and Trump said he would speak to President Xi Jinping about it. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
10-07-2025
- Business
- Finextra
Mexican digital bank Klar raises $190m
Carey Olsen's corporate team in the Cayman Islands has advised Mexico-based digital bank Klar on its US$190 million Series C funding round, which values the company at over US$800 million. 0 The funding round, led by U.S. private equity firm General Atlantic, comprised US$170 million in equity and US$20 million in venture debt and has achieved backing from both new and existing investors, including Santander and Mexican media company Televisa. Founded in in 2019 to provide a user-friendly digital platform for banking services, Klar now has over two million active users. Its latest funding round comes at a time when the region's digital financial market is increasingly competitive, with the number of fintech companies in Mexico growing year on year as more people turn to online platforms for their banking needs. The Carey Olsen team advising on the transaction comprised partner Trevor McCabe and senior associate Evan Stitt, working alongside onshore U.S. counsel Gunderson Dettmer. Trevor McCabe commented: "Having already established itself as a key player in Mexico's fintech sector, Klar has achieved a new milestone with its Series C funding round and subsequent increase in value to over US$800 million. Investors have recognised Klar's potential for significant growth amid this competitive landscape, and we look forward to seeing how the company drives forward developments in the digital banking space as a result of this successful funding round."
Yahoo
07-07-2025
- Business
- Yahoo
General Atlantic considers Joe & The Juice US IPO in 2026
Private equity firm General Atlantic is considering a US initial public offering (IPO) of Joe & The Juice, potentially as early as 2026, Bloomberg has reported. Joe & The Juice, a juice and coffee chain founded in 2002, operated 363 locations worldwide at the end of 2023. Its offerings include freshly prepared juices, shakes, sandwiches and coffee made with natural and organic ingredients sourced directly from growers. Sources, who requested anonymity as the information is not public, stated that General Atlantic has been in discussions with prospective advisers regarding the listing. A first-time share sale is expected to value Joe & The Juice at €2bn ($2.4bn). The private equity firm may select banks for this offering later in 2025, although deliberations are ongoing and details of the IPO could still change. General Atlantic first invested in Joe & The Juice in 2016 and acquired a majority stake in 2023 from Valedo Partners. In December, the brand strengthened its partnership with Deliveroo by entering an exclusive partnership for the UK market. The collaboration enabled Deliveroo customers to order the full menu for on-demand delivery in Birmingham, Brighton, Greater London, Kent, Liverpool and Oxford. Joe & the Juice and Deliveroo first entered a partnership in 2019, covering only five UK sites. They have since expanded their collaboration to 65 locations. The partnership supports Joe & the Juice's expansion plans, which include hundreds of new sites across the UK regions and London. "General Atlantic considers Joe & The Juice US IPO in 2026" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
04-07-2025
- Business
- Yahoo
General Atlantic Is Exploring US IPO of Joe & The Juice
(Bloomberg) -- General Atlantic is exploring a potential US initial public offering of Joe & the Juice as soon as next year, according to people familiar with the matter. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing The private equity firm has recently been speaking to prospective advisers about a listing of the juice and coffee chain, the people said, asking not to be identified as the information isn't public. A first-time share sale could value the Danish company at about €2 billion ($2.4 billion), the people said. General Atlantic could select banks for the offering later this year, some of the people said. Deliberations are ongoing and details of the IPO could still change. A representative for General Atlantic declined to comment. Founded in Copenhagen in 2002, Joe & the Juice had 363 stores globally as of the end of 2023, according to its latest annual report. The firm operated 314 stores by itself in 19 countries in Europe, the US and Asia, with the rest being run by its franchisees. General Altantic first invested in the business in 2016 and acquired a majority stake seven years later from Valedo Partners. --With assistance from Swetha Gopinath. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried How to Steal a House China's Homegrown Jewelry Superstar Sperm Freezing Is a New Hot Market for Startups ©2025 Bloomberg L.P. Sign in to access your portfolio
