Hipgnosis Songs’ board previously recommended a takeover bid from music company Concord Music, which valued the company at $1.4 billion. This prompted Blackstone to come back with an improved offer of $1.30 per share and close to $1.6 billion in total, which is now expected to be accepted by the shareholders.

Hipgnosis Songs was founded in 2018 by music industry veteran Merck Mercuriadis and record producer and The Chic frontman Nile Rodgers. The company heavily invested in purchasing music rights for songs from a wide range of artists, with the goal of acquiring a steady stream of revenue and becoming attractive to investors.

However, the company’s future looked murky in recent times due to a number of executive changes and rising interest rates that brought down the value of its assets and plummeted Hipgnosis Songs shares.

“The breadth of the Blackstone platform, combined with our operational expertise, will support and enhance the value of the acquired rights,” said Qasim Abbas, a senior managing director at Blackstone, announcing the purchashe agreement for Hipgnosis Songs.

The post Blackstone Reaches $1.6 Billion Takeover Agreement for Hipgnosis Songs appeared first on theprimarymarket.com.

The logistic center in question, located in Dublin’s Baldonnell Business Park, has an area of 1.2 million square feet, with approximately 630,000 square feet of the site being used by Amazon. Ortega reportedly purchased the property from property developer Mountpark.

Worth 2.2 billion euros in Inditex dividend this year, the Omega family investment house has been expanding its portfolio this year by investing in logistics centers, luxury buildings, and renewable energy projects. Still, the firm’s biggest investment purchase in the United States came in 2019, upon acquiring two Seattle office blocks leased to Amazon.

The post Zara Founder Buys $245 Million Amazon Logistic Center appeared first on theprimarymarket.com.

Millionaires aside, 401(k) holders at Fidelity across the board saw their retirement account balances increase during this period. This was determined following the analysis of balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.

“Overall, the increase in balances [for all investors] was based on ongoing employer and employee contributions, along with positive market performance,” Michael Shamrell, vice president for workplace thought leadership for Fidelity, observed. “The increase we are seeing in 401(k) millionaires this quarter [also] shows the value of long-term investing.”

While still short of 2021 figures, retirement account balances are on the path to recovery. From the end of last year until June, retirement account balances rose from an average of $104,000 to $113,800.

The post 401(k) Millionaires Surged 10% in June, Fidelity Investments Finds appeared first on theprimarymarket.com.

Founded in 1975, IGI is the largest independent geological institute worldwide. Prior to the acquisition, Fosun owned 80% of the company while the remaining 20% of the company was owned by the Lorie family. The majority of the company’s profits and revenues come from India.

Since being founded by Marcel Lorie, IGI has established 29 laboratories and 18 schools of gemology spanning 10 countries, with the majority of its labs being located in India.

“IGI has spearheaded the certification of natural diamonds, lab-grown diamonds, and colored stones, becoming a global market leader and providing confidence to manufacturers, retailers, and consumers around the world,” Mukesh Mehta, a Senior Managing Director in Blackstone Private Equity Group said of the company following the purchase.

The post Blackstone Acquires International Gemological Institute appeared first on theprimarymarket.com.

“The transfer will also solidify PIF’s strong financial position and credit rating,” the Crown Prince statement read, suggesting that it will be used to assist the investment fund to reach its financial goals, which remained unstipulated. Following the transfer of stock, the Saudi government remains Aramco’s biggest shareholder, with over 90% ownership of the company.

“This is a private transfer between the state and Sanabil, and the company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer,” Aramco confirmed after the Crown Prince’s statement was delivered.

The post Saudi Prince Transfers Aramco Stake to Saudi Sovereign Wealth Fund appeared first on theprimarymarket.com.

SoftBank has long been looking to monetize its stake in Alibaba, having bought its stake in the company two decades ago for $20 million. “They (SoftBank) have been clear that … they need to monetise profitable holdings,” Jon Withaar, head of Asia special situations at Pictet Asset Management noted.

Valuations of Chinese big tech firms have been recovering this year after a two-year slump which included heightened regulatory scrutiny. This has provided a window for investors such as SoftBank to sell their shares, thereby pulling out of an economy rocked by strict pandemic policies and Sino-U.S. tension.

The Japanese firm’s decision follows a recent trend that saw Tencent Holdings Ltd’s stock fall by 5.2% when its top shareholder, Netherlands’ Prosus NV, decided to sell more of its shares in the social media giant.

The post Softbank to Sell All of its Alibaba Shares appeared first on theprimarymarket.com.

Valued at $95 billion in March 2021, Stripe vastly exceeded its fundraising target of $4 million after receiving a higher level of demand from investors than was initially expected. Among the major contributors during the latest round were venture capital firms Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital.

Stripe confirmed that it does not require its newly acquired funds in order to assist in the running of the business, instead putting the investment towards covering a tax bill concerning stock granted to employees while using the remainder to buy shares from employees. About $3.5 billion is expected to be put toward the tax bill.

New investors that joined in the latest round of investment include GIC, Goldman Sachs Asset and Wealth Management, and Temasek.

The post Stripe Halves Valuation In Latest Fundraising Round appeared first on theprimarymarket.com.

The latest Series I funding round saw contributions from existing investors like venture capital firm Andreessen Horowitz and private equity company General Catalyst. A number of new investors joined in, including Goldman Sachs Asset Management and Singapore’s sovereign wealth fund GIC.

In a press release shared on Wednesday, Stripe said that the company “does not need this capital to run its business,” Instead, the funds will be used towards settling Stripe’s tax bill and “provide liquidity to current and former employees.”

Stripe was founded in 2009 with the goal of providing businesses with an easy way to accept payments and send payouts via their websites and apps. The company’s early investors were Elon Musk, Sequoia Capital, and Andreessen Horowitz. Over the years, Stripe expanded its business globally and made a series of acquisitions, including Nigerian payment processor Paystack and cloud-based tax service TaxJar.

Stripe remains a privately-owned company, although there have been plenty of rumors about it going public. Some reports indicated that this could happen at some point in 2024 despite Stripe reiterating it prefers its private status.

The post Stripe’s Valuation Drops to $50 Billion After Latest Funding Round appeared first on theprimarymarket.com.

Meloni reemphasized her opposition to the European Stability Mechanism (ESM), explaining to her parliament that Italy would not access this facility. She went on to suggest that it be turned into an industrial policy tool.

“If we believe the new ESM regulation is not in the national interest of the country … it should be the time to discuss using it as an instrument of European industrial policy,” the Prime Minister explained, thus echoing the sentiment of industry lobby Confindustria.

Prime Minister Meloni is part of the camp that is critical of the reform, explaining that it would increase the risk of a restructuring of Rome’s mounting national debt. She then pledged that the ESM would not come into effect while she remains prime minister of Italy.

The post Italy Not Ready to Pass Euro Zone Bailout Fund Reform, Prime Minister Reveals appeared first on theprimarymarket.com.

Kustomer sells CRM software for businesses to foster communication with customers via phone, email, text messages, WhatsApp, Instagram, and other channels. While the company’s sales surged during the height of the COVID-19 pandemic, they have since flattened out.

“We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer’s product and customer base throughout this process,” Meta announced in a public statement.

The decision to withdraw from its investment in Kustomer comes as Meta looks to refocus its efforts on growing the profitability of its core businesses. Some of the pathways for growth being explored by the Facebook parent company include expanding its business messaging offerings which include the monetization opportunity for WhatsApp.

The post Meta Explores Divestment From Customer Service Company Kustomer appeared first on theprimarymarket.com.

Hipgnosis Songs’ board previously recommended a takeover bid from music company Concord Music, which valued the company at $1.4 billion. This prompted Blackstone to come back with an improved offer of $1.30 per share and close to $1.6 billion in total, which is now expected to be accepted by the shareholders.

Hipgnosis Songs was founded in 2018 by music industry veteran Merck Mercuriadis and record producer and The Chic frontman Nile Rodgers. The company heavily invested in purchasing music rights for songs from a wide range of artists, with the goal of acquiring a steady stream of revenue and becoming attractive to investors.

However, the company’s future looked murky in recent times due to a number of executive changes and rising interest rates that brought down the value of its assets and plummeted Hipgnosis Songs shares.

“The breadth of the Blackstone platform, combined with our operational expertise, will support and enhance the value of the acquired rights,” said Qasim Abbas, a senior managing director at Blackstone, announcing the purchashe agreement for Hipgnosis Songs.

The post Blackstone Reaches $1.6 Billion Takeover Agreement for Hipgnosis Songs appeared first on theprimarymarket.com.

The logistic center in question, located in Dublin’s Baldonnell Business Park, has an area of 1.2 million square feet, with approximately 630,000 square feet of the site being used by Amazon. Ortega reportedly purchased the property from property developer Mountpark.

Worth 2.2 billion euros in Inditex dividend this year, the Omega family investment house has been expanding its portfolio this year by investing in logistics centers, luxury buildings, and renewable energy projects. Still, the firm’s biggest investment purchase in the United States came in 2019, upon acquiring two Seattle office blocks leased to Amazon.

The post Zara Founder Buys $245 Million Amazon Logistic Center appeared first on theprimarymarket.com.

Millionaires aside, 401(k) holders at Fidelity across the board saw their retirement account balances increase during this period. This was determined following the analysis of balances for more than 45 million IRA, 401(k), and 403(b) retirement accounts.

“Overall, the increase in balances [for all investors] was based on ongoing employer and employee contributions, along with positive market performance,” Michael Shamrell, vice president for workplace thought leadership for Fidelity, observed. “The increase we are seeing in 401(k) millionaires this quarter [also] shows the value of long-term investing.”

While still short of 2021 figures, retirement account balances are on the path to recovery. From the end of last year until June, retirement account balances rose from an average of $104,000 to $113,800.

The post 401(k) Millionaires Surged 10% in June, Fidelity Investments Finds appeared first on theprimarymarket.com.

Founded in 1975, IGI is the largest independent geological institute worldwide. Prior to the acquisition, Fosun owned 80% of the company while the remaining 20% of the company was owned by the Lorie family. The majority of the company’s profits and revenues come from India.

Since being founded by Marcel Lorie, IGI has established 29 laboratories and 18 schools of gemology spanning 10 countries, with the majority of its labs being located in India.

“IGI has spearheaded the certification of natural diamonds, lab-grown diamonds, and colored stones, becoming a global market leader and providing confidence to manufacturers, retailers, and consumers around the world,” Mukesh Mehta, a Senior Managing Director in Blackstone Private Equity Group said of the company following the purchase.

The post Blackstone Acquires International Gemological Institute appeared first on theprimarymarket.com.

“The transfer will also solidify PIF’s strong financial position and credit rating,” the Crown Prince statement read, suggesting that it will be used to assist the investment fund to reach its financial goals, which remained unstipulated. Following the transfer of stock, the Saudi government remains Aramco’s biggest shareholder, with over 90% ownership of the company.

“This is a private transfer between the state and Sanabil, and the company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer,” Aramco confirmed after the Crown Prince’s statement was delivered.

The post Saudi Prince Transfers Aramco Stake to Saudi Sovereign Wealth Fund appeared first on theprimarymarket.com.

SoftBank has long been looking to monetize its stake in Alibaba, having bought its stake in the company two decades ago for $20 million. “They (SoftBank) have been clear that … they need to monetise profitable holdings,” Jon Withaar, head of Asia special situations at Pictet Asset Management noted.

Valuations of Chinese big tech firms have been recovering this year after a two-year slump which included heightened regulatory scrutiny. This has provided a window for investors such as SoftBank to sell their shares, thereby pulling out of an economy rocked by strict pandemic policies and Sino-U.S. tension.

The Japanese firm’s decision follows a recent trend that saw Tencent Holdings Ltd’s stock fall by 5.2% when its top shareholder, Netherlands’ Prosus NV, decided to sell more of its shares in the social media giant.

The post Softbank to Sell All of its Alibaba Shares appeared first on theprimarymarket.com.

Valued at $95 billion in March 2021, Stripe vastly exceeded its fundraising target of $4 million after receiving a higher level of demand from investors than was initially expected. Among the major contributors during the latest round were venture capital firms Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital.

Stripe confirmed that it does not require its newly acquired funds in order to assist in the running of the business, instead putting the investment towards covering a tax bill concerning stock granted to employees while using the remainder to buy shares from employees. About $3.5 billion is expected to be put toward the tax bill.

New investors that joined in the latest round of investment include GIC, Goldman Sachs Asset and Wealth Management, and Temasek.

The post Stripe Halves Valuation In Latest Fundraising Round appeared first on theprimarymarket.com.

The latest Series I funding round saw contributions from existing investors like venture capital firm Andreessen Horowitz and private equity company General Catalyst. A number of new investors joined in, including Goldman Sachs Asset Management and Singapore’s sovereign wealth fund GIC.

In a press release shared on Wednesday, Stripe said that the company “does not need this capital to run its business,” Instead, the funds will be used towards settling Stripe’s tax bill and “provide liquidity to current and former employees.”

Stripe was founded in 2009 with the goal of providing businesses with an easy way to accept payments and send payouts via their websites and apps. The company’s early investors were Elon Musk, Sequoia Capital, and Andreessen Horowitz. Over the years, Stripe expanded its business globally and made a series of acquisitions, including Nigerian payment processor Paystack and cloud-based tax service TaxJar.

Stripe remains a privately-owned company, although there have been plenty of rumors about it going public. Some reports indicated that this could happen at some point in 2024 despite Stripe reiterating it prefers its private status.

The post Stripe’s Valuation Drops to $50 Billion After Latest Funding Round appeared first on theprimarymarket.com.

Meloni reemphasized her opposition to the European Stability Mechanism (ESM), explaining to her parliament that Italy would not access this facility. She went on to suggest that it be turned into an industrial policy tool.

“If we believe the new ESM regulation is not in the national interest of the country … it should be the time to discuss using it as an instrument of European industrial policy,” the Prime Minister explained, thus echoing the sentiment of industry lobby Confindustria.

Prime Minister Meloni is part of the camp that is critical of the reform, explaining that it would increase the risk of a restructuring of Rome’s mounting national debt. She then pledged that the ESM would not come into effect while she remains prime minister of Italy.

The post Italy Not Ready to Pass Euro Zone Bailout Fund Reform, Prime Minister Reveals appeared first on theprimarymarket.com.

Kustomer sells CRM software for businesses to foster communication with customers via phone, email, text messages, WhatsApp, Instagram, and other channels. While the company’s sales surged during the height of the COVID-19 pandemic, they have since flattened out.

“We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer’s product and customer base throughout this process,” Meta announced in a public statement.

The decision to withdraw from its investment in Kustomer comes as Meta looks to refocus its efforts on growing the profitability of its core businesses. Some of the pathways for growth being explored by the Facebook parent company include expanding its business messaging offerings which include the monetization opportunity for WhatsApp.

The post Meta Explores Divestment From Customer Service Company Kustomer appeared first on theprimarymarket.com.