UK aims to tighten foreign takeover rules

TikTok seeks extension for deal deadline; Cybersecurity startup snags $267M; VCs set to sell Expanse for $800M; Sequoia leads Fishtown Analytics round
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November 12, 2020
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UK M&A deals could slow under new foreign takeover rules
Business secretary Alok Sharma cautioned "hostile actors" against seeking a back door into the UK. (Dan Kitwood/Getty Images)
The UK has proposed a new bill that would give the government greater leeway to block foreign takeovers of British companies in strategic industries, among them AI, robotics and defense.

The legislation comes amid growing fears about protecting sensitive technology and infrastructure. While the law applies globally, concerns over China are front and center:
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Ups and downs abound in Europe's idiosyncratic M&A market
Is European M&A in the midst of a rapid recovery from the darkest depths of the pandemic, or do major obstacles still remain? It depends on where you look. Investors completed more than 2,600 M&A transactions in the third quarter of the year, marking a jump of over 30% from Q2. But the value of those completed transactions was just €229 billion—representing a 22.3% decline from Q2.

PitchBook's Q3 2020 European M&A Report, presented in partnership with KPMG, Liberty GTS and ACG, shines a light on this divide, examining why deal volume is bouncing back more quickly than deal value. Other key takeaways from Q3 include:
  • M&A deal value in the UK and Ireland is on pace for its lowest annual total since 2014

  • Activity in France and the Benelux region continues to cool down from a red-hot 2018

  • Travel challenges and new nationalist policies have contributed to a drop in cross-border deal volume
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Quick Takes
  The Daily Benchmark  
  2018 Vintage Global Debt Funds  
  People  
  Index Ventures hires new partner  
  VC Deals  
  Cybersecurity startup snags $267M round  
  Fishtown Analytics gobbles up $29.5M  
  Zero Egg picks up new funding  
  Portfolio Companies  
  TikTok asks court to extend sale deadline  
  ByteDance on track for $27B+ in ad revenue  
  Newlight backs Sail Internet  
  Exits & IPOs  
  VC-backed Expanse set to sell for $800M  
 
 
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Index Ventures hires new partner
London-based Index Ventures has brought on Carlos Gonzalez-Cadenas as a partner. He has served as COO of payments startup GoCardless and is the founder and former CEO of Fogg, a hotel search engine that was acquired by Skyscanner. As an angel investor, Gonzalez-Cadenas has backed startups like accounting software specialist Codat and Cargo.one, which operates a platform for booking airplane cargo. He will begin his new role at Index in January.
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View 544 investments »
 
VC Deals
Cybersecurity startup snags $267M round
SentinelOne has raised $267 million in a Series F led by Tiger Global, with participation from Sequoia, Insight Partners and Third Point Ventures. The funding values the Mountain View, Calif.-based company at more than $3 billion, up from the $1.1 billion valuation it reached in February after a $200 million Series E, according to PitchBook data. SentinelOne is the developer of an AI-based cybersecurity platform that predicts malware and ransomware attacks.
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Fishtown Analytics gobbles up $29.5M
Fishtown Analytics has raised a $29.5 million Series B led by Sequoia, with support from existing backers Andreessen Horowitz and Amplify Partners. Founded in 2016, the Philadelphia-based company is the developer of an open-source analytics engineering tool for cloud data warehouses. In April, Fishtown Analytics raised a $12.9 million Series A at a $42.9 million valuation, according to PitchBook data.
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Zero Egg picks up new funding
Zero Egg has raised a $5 million Series A led by Powerplant Ventures. The San Francisco-based company makes egg alternatives out of plant proteins like soy, potatoes, peas and chickpeas.
Additional Investors:
The Kitchen FoodTech Hub, Unovis Asset Management
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Portfolio Companies
TikTok asks court to extend sale deadline
TikTok owner ByteDance has filed a petition with a US Court of Appeals to extend the deadline for divesting its US assets, according to reports. The company said the Committee on Foreign Investment in the US has not been responsive in recent weeks. Last month, a judge granted a preliminary injunction that prevented the government from moving ahead with plans to block the app.
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ByteDance on track for $27B+ in ad revenue
ByteDance is on pace to log 180 billion yuan (about $27.1 billion) in advertising revenue in China this year, Reuters reported. The Beijing-based company is said to earn some 60% of its revenue from Douyin, the Chinese counterpart to TikTok. ByteDance is reportedly the second-largest player in China's digital ad market.
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Newlight backs Sail Internet
Private equity firm Newlight Partners has invested in Sail Internet, a provider of internet and other wireless infrastructure services for the Bay Area. Ulu Ventures, Engineering Capital and Better Ventures have previously backed Sail and will retain their respective stakes in the business.
View details
 
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Exits & IPOs
VC-backed Expanse set to sell for $800M
Publicly traded cybersecurity specialist Palo Alto Networks has agreed to acquire Expanse for $670 million in cash and stock and $130 million in replacement equity awards. San Francisco-based Expanse is the developer of a collection and attribution platform that helps users manage and secure their internet assets. Backed by investors including IVP, NEA and Founders Fund, Expanse was valued at $500 million in April 2019, according to PitchBook data.
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Chart of the Day
Source: PitchBook's Q3 2020 European PE Breakdown
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