Berkshire Hathaway adds US$330 million investment in Bending Spoons
Bending Spoons said the purchase and Berkshire’s earlier investment give it a 4% stake, with the new transaction still subject to closing conditions.
Berkshire Hathaway is purchasing 10 million additional shares in Bending Spoons for US$33 apiece, the Milan-based company said on October 14. The US$330 million transaction follows Berkshire’s US$600 million investment when Bending Spoons listed on Nasdaq in July.
The private placement remains subject to customary closing conditions, and Bending Spoons said a forthcoming US Securities and Exchange Commission filing would provide further information. Reuters, citing LSEG data, reported that Berkshire’s new holding makes it the company’s sixth-largest investor.
Francesco Patarnello, the co-founder responsible for acquisitions, said the funding would increase the company’s flexibility to pursue purchases. Bending Spoons agreed to acquire Airtable in August and reached an agreement to buy Miro in September. Its businesses also include AOL, Vimeo, Evernote, Eventbrite and WeTransfer.
CEO and co-founder Luca Ferrari told CNBC on October 15 that profits from the company’s businesses fund growth, with acquisitions accounting for most of that expansion.
According to figures reported by CNBC’s Alex Crippen, Bending Spoons stock gained 41% on the announcement day, closing at US$53.46 after reaching US$58.56. Berkshire’s purchase price was about 12% below the prior closing price of US$37.86. The shares subsequently retreated to US$47.07 by October 16.
