Bending Spoons soars on Wall Street, up 52 per cent following a new investment from Berkshire
Bending Spoons has announced in a statement that it will issue 10 million ordinary shares to Berkshire at a price of $33 per share through a private placement. The transaction remains subject to the usual conditions for its completion.
Berkshire Hathaway has invested a further $330 million in the Italian technology company Bending Spoons, bringing its stake in the company to 4 per cent. The investment has sent Bending Spoons’ shares soaring on Wall Street, where they have gained up to 52 per cent.
The investment provides Bending Spoons with further financial resources to pursue new acquisitions, whilst the Milan-based company continues to expand its portfolio of digital businesses. Berkshire had already invested $600 million in Bending Spoons at the time of its stock market flotation in July.
Bending Spoons has announced in a statement that it will issue 10 million ordinary shares to Berkshire at a price of $33 per share, via a private placement. The transaction remains subject to the usual conditions for its completion.
“Bending Spoons is constantly evaluating opportunities for mergers and acquisitions, and our portfolio of potential deals remains strong,” said Francesco Patarnello, the company’s co-founder and head of acquisitions. Patarnello added that the investment will provide greater financial flexibility to pursue further deals.
Bending Spoons has built its business model around acquiring established technology companies and restructuring their operations to improve their profitability. Its portfolio includes AOL, Vimeo, Evernote, WeTransfer, Eventbrite and Airtable.
