It’s the summer of love and big business is just around the corner. In numerous industries, affairs between various big players develop into full-fledged unions in a series of high-profile mergers, acquisitions and partnerships this week.
SpaceX, DraftKings and the agricultural corporation Cargill are each ready to add new companies to their corporate portfolios. WeWork, meanwhile, signs a new partnership with commercial real estate company Cushman & Wakefield.
The price is correct
It’s a buyer’s market, and that market is hot, hot, hot. Even Elon Musk’s notoriously anti-acquisitions space company SpaceX is joining the fun with the purchase of satellite data startup Swarm Technologies. Meanwhile, DraftKings picked up a cyber casino competitor in Tilman Fertitta’s Golden Nugget Online, and Cargill expanded its chicken game with the purchase of poultry producer Sanderson Farms.
A few details about the offers:
- Swarm Technology and its 120 “tiny SpaceBee satellites” are slated to become a wholly owned subsidiary of SpaceX. Although the financial details are not yet known, Swarm was last valued at $ 85 million in a funding round that closed in January 2019, according to the Pitchbook. The company’s SpaceBee fleet is believed to be tied into SpaceX’s existing Starlink satellite network.
- As demand for poultry soars, Cargill and agricultural investment firm Continental Grain have agreed to buy Sanderson Farms for $ 4.5 billion.
- DraftKings has agreed to acquire Golden Nugget Online Gaming for $ 1.6 billion in stock, giving the daily sports fantasy and gambling site access to Golden Nugget’s 5 million trusted online casino customers.
Play the odds: According to experts, virtual casino players are worth seven times as much as sports betting customers. It doesn’t take a Sheldon Adelson-style casino magnate to realize that in the time it takes a player to miss a soccer bet, a player can lose a few blackjack hands.
WeWork with new friends: WeWork is undergoing a $ 150 million merger with commercial real estate company Cushman & Wakefield, valued at $ 9 billion including debt, the often contested shared office company. But can the duo respond effectively to the surge in remote work?