Wall Street: Bending Spoons up 35 per cent; Berkshire Hathaway invests 330 million and increases its stake to 4 per cent
(Il Sole 24 Ore Radiocor) - Bending Spoons’ shares have soared by 35 per cent after Berkshire Hathaway decided to invest a further $330 million in the Italian technology conglomerate. The investment brings Berkshire’s stake in Bending Spoons to 4 per cent, just three months after the company’s stock market listing. Berkshire had already invested $600 million in Bending Spoons at the time of its IPO in July. Bending Spoons will issue 10 million ordinary shares to Berkshire at a price of $33 each via a private placement, the company said in a press release on Wednesday. “Bending Spoons is constantly evaluating merger and acquisition opportunities, and our pipeline remains strong,” said Francesco Patarnello, the company’s co-founder and head of acquisitions. He added that the investment would provide greater financial flexibility to pursue further deals. Bending Spoons has built its business on acquiring established technology companies and restructuring their operations to improve their profitability. Its portfolio includes AOL, Vimeo, Evernote, WeTransfer, Eventbrite and Airtable.
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