Stratasys receives $1.21 bln unsolicited buyout proposal from 3D Systems
Stratasys had received an unsolicited buyout proposal from rival 3D Systems, valuing the industrial 3D printer at about $1.21 billion, reports Reuters.
Stratasys shares were up 10.1% at $16.04, while 3D Systems was up 2.6% at $8.55 in premarket trading on Friday.
3D Systems’ proposal could trigger a bidding war for the company, which has rejected multiple takeover offers from shareholder Nano Dimension as it looks to merge with Desktop Metal in a $1.8 billion stock deal.
China AI startup MiniMax raising over $250 million from Tencent-backed entity, others
Chinese startup MiniMax, working on AI solutions similar to that of Microsoft-backed OpenAI’s ChatGPT, is close to completing a fundraising of more than $250 million that will value it at about $1.2 billion, reports Reuters.
The deal comes amid a global AI buzz kicked off by ChatGPT that has spread to China, shoring up stocks in artificial intelligence firms and prompting a flurry of domestic companies, such as Alibaba, Huawei, and Baidu, to announce rival products.
Its fundraising highlights growing investor interest in what could be China’s answer to OpenAI, even as venture capital investment faces pressures in the country amid a teetering economic recovery and U.S. controls on chip exports.
Chinese regulators have proposed greater oversight of the emerging popular technology, with some investors and advisers predicting meaningful deal activity in the country’s broader AI-generated content sector in the second half of this year.
Big tech companies are already pouring massive resources into developing their own AI models, while new startups headed by big-name entrepreneurs like MiniMax are also coming onboard.
Google China’s former chief, Kai-Fu Lee, has unveiled his new startup – Project AI 2.0. Wang Xiaochuan, founder of China’s No.2 search engine Sogou, said in April that he had founded Baichuan Intelligence with a startup capital of $50 million.
When starting out, MiniMax received funding from miHoYo, the maker of hit game “Genshin Impact”, the two other people said, without providing further details.
Its other early investors include China’s Yunqi Partners and Future Capital, statements from the venture capital funds show.
MiHoYo did not respond to a Reuters request for comment.
MiniMax’s app, Glow, currently allows users to create virtual characters, give them background stories and then chat with them about topics ranging from relationship advice to how to deal with hair loss. MiniMax’s AI model can also be used to solve a wide range of tasks.
MiniMax’s technology has received positive feedback, said Charlie Chai, an analyst with 86Research.
Brookfield, DigitalBridge in $5.5 billion-plus bidding war for Compass Datacenters
Brookfield Infrastructure Partners and DigitalBridge Group are battling it out in the race to acquire Compass Datacenters LLC for more than $5.5 billion, including debt, reports Reuters.
Brookfield and DigitalBridge are leading opposing bidding consortia in the auction for privately held Compass, the sources said, adding an outcome is expected by next month.
The terms of Compass’ debt allow for it to be taken over by a new owner without it being refinanced, one of the sources said. This is making the deal easier to complete at a time when high interest rates and market volatility have made debt for leveraged buyouts scarcer and more expensive.
The sources requested anonymity because the matter is confidential. The Deal reported in February that Compass Datacenters was exploring a sale.
Compass Datacenters, Brookfield Infrastructure Partners and DigitalBridge declined to comment.
Dealmaking in the data center sector has spiked in recent years as the rapid growth of the sector, fueled by cloud computing, has attracted large infrastructure investors, and the fragmented nature of the industry has driven consolidation.
Dallas, Texas-based Compass Datacenters provides customized data centers for companies. It is owned by RedBird Capital Partners, Ontario Teachers’ Pension Plan, and the Azrieli Group.
Brookfield Infrastructure manages $161 billion of assets across sectors including transportation, data centers, utilities, and midstream. Its current portfolio includes 50 data centers, according to its website.
In April, Brookfield snapped up a majority stake in Data4 in a deal that valued the data center operator at close to 3.5 billion euros ($3.8 billion) including debt.
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