The Main Edition - Exits & Deep Reads

Waystar IPO raises $1B; Robinhood buys Bitstamp for $200M (TWIF 6/9)

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📖 Read of the Week

☯️ Exits

💻 IPOs & SPACs

Is the IPO window back open? Health-care payments software company Waystar priced its IPO at the midpoint of a marketed range to raise $968 million at a market value of $3.6 billion, in one of 2024’s biggest listings so far.
Melar Acquisition I, a SPAC targeting the "emerging finance" sector, filed with the SEC to raise up to $150 million in an IPO.

🤝 M&A - Fintech

Consumer investing platform Robinhood agreed to buy crypto exchange Bitstamp for about $200 million in cash (a 50% drop from its prior valuation), in the platform's continued push into digital assets and crypto markets. Bitstamp holds 50 active licenses and registrations globally, giving Robinhood the ability to quickly compete with other global exchanges.
Customer experience, billing, and payments provider CSG acquired iCheckGateway, a North American ACH and credit card payment processing company, for $17 million.
American home warranty provider Frontdoor entered into an agreement to acquire 2-10 Home Buyers Warranty in an all-cash transaction valued at $585 million.
insightsoftware, a provider of reporting, analytics, and performance management solutions, acquired FXLoader, a UK provider of automated exchange rate loading software for financial applications.
Commerce platform Shopify acquired Checkout Blocks, allowing Shopify Plus merchants to make no-code customizations in their checkout to enhance customer experience and potentially boost sales.
Stablecoin provider Tether bought $100 million of shares in Bitcoin miner Bitdeer.
TRANSACT, an annual event in the payments processing industry, was acquired by trade show platform Trifecta Collection from the Electronic Transactions Association.

🏦 M&A - Bank and FinServ

Qatar’s sovereign wealth fund agreed to buy a 10% stake in China Asset Management Co., one of the nation’s largest mutual fund firms, for $490 million.
Preqin, a British provider of data on private markets, is exploring a sale that could value the company at £1 billion, using Goldman Sachs as its advisor.
The US arm of accounting firm Grant Thornton agreed to sell a majority stake to the investment group New Mountain Capital.
Private equity firm JC Flowers completed the sale of Romanian bank First Bank S.A. to Italian banking group Intesa Sanpaolo.
Investment bank Piper Sandler agreed to buy smaller rival Aviditi Advisors.