Bending Spoons Closes $1.355B Miro Deal; Sellers Roll $295M Back In
BSP sits 46% above its 52-week low of $30.11.
Summary
Bending Spoons closed its previously announced all-cash acquisition of Miro, the visual collaboration platform with more than 250,000 customers and 100 million users. The deal was signed September 10 at $1.355 billion. At closing, certain former Miro shareholders put roughly $295 million of their proceeds back into about 6.2 million newly issued Bending Spoons ordinary shares through a private placement. That reinvestment is the notable piece: sellers taking stock instead of cash is a vote of confidence in the acquirer's model. Management said the August 13 financial outlook excluded Miro entirely, so the next results report will be the first to fold Miro into guidance. This follows the October 14 Berkshire Hathaway private placement of $330 million and the October 2 upsized $1.25 billion plus €395 million term loan B add-ons that funded the acquisition pipeline.
At the time of this announcement, BSP was trading at $43.95 on NASDAQ in the Technology sector, with a market capitalization of approximately $28B. The 52-week trading range was $30.11 to $59.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.