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☆ Life insurers binge on US financing aimed at helping housing
▼ + stars: | 2023-12-05 | by ( Koh Gui Qing | ) www.reuters.com time to read: +8 min

It has been predominantly used by life insurers, because they need to boost their investment returns with cheap funding to meet long-term liabilities. They provide the cheap funding to banks and insurers in exchange for collateral to ensure they get their money back. Insurers are entitled to tap FHLB funding. Insurers’ borrowing from FHLBs picked up in 2008 financial crisis, as those that spread themselves thin with aggressive investments scrambled for cash. They did not explain why insurers need FHLB funding to invest in mortgages.

Persons: Sarah Silbiger, Ryan Donovan, CMBS, Lawrence White, White, Graphics JUICING, Cynthia Beaulieu, Cornelius Hurley, Hurley, FHLBs, ’, Michael Ericson, Jack Dolan, Koh Qui, Greg Roumeliotis, Anna Driver Organizations: REUTERS, Loan, Federal Housing Finance Agency, of Federal Home Loan, FHLBs, FHLB, National Association of Insurance, New York University, MetLife Inc, Equitable Holdings Inc, Corebridge, Brighthouse Financial, MetLife, TIAA, Equitable, Graphics, Wellington Management, Boston University School of Law, Coalition, Silicon Valley Bank, First, American, of, Insurance Coalition, Reuters, Thomson Locations: Washington , U.S, U.S, Boston, Silicon, First Republic, Chicago, New York

☆ New York City investment chief calls on Tesla to sanction Musk unless he apologizes
▼ + stars: | 2023-11-21 | by ( Ross Kerber | ) www.reuters.com time to read: +5 min

Lander's remarks make him the latest Tesla shareholder to call on the EV maker to rein in Musk. Musk endorsed an antisemitic post on social media platform X, formerly known as Twitter, on Nov. 15. It remains unclear whether Tesla's board will take any action. If Musk fails to do so, Tesla's board should consider actions such as docking his pay, suspending him or terminating him, Lander added. He wrote to Tesla board chair Robyn Denholm on Monday that failing to take action would show Tesla's code of business ethics to be "toothless."

Persons: Tesla, Elon Musk, Rishi Sunak, Kirsty Wigglesworth, Brad Lander, Lander, Lander's, Ross Gerber, Musk, Linda Yaccarino, Robyn Denholm, Henry Ford, Nazism, Kristin Hull, Nia, Tesla's, Ross Kerber, David Gaffen, Sheila Dang, Greg Roumeliotis, Matthew Lewis Organizations: British, New York, Reuters, Nia Impact, Gerber Kawasaki Wealth & Investment Management, U.S . Securities, Exchange Commission, SpaceX, Boring Company, Ford Foundation, White, Media, America, Defamation League, Thomson Locations: London, Britain, New, New York City, New York, Dallas

This raised doubts over whether SEC rules would survive a court challenge. An SEC spokesperson declined to comment on Scope 3 emissions and when the climate disclosure rules will be finalized. Even some advocates of climate action have expressed concerns about the logistical challenges of accurately calculating Scope 3 emissions. For many businesses, however, Scope 3 emissions represent more than 70% of their carbon footprint, according to consulting firm Deloitte. Some voluntary initiatives such as the International Sustainability Standards Board already specify that it is best practice to disclose Scope 3 emissions.

Persons: Rebecca Cook, Gary Gensler, Joe Biden's, Biden, Gensler, Jarrett Renshaw, Douglas Gillison, Isla Binnie, Chris Prentice, Ross Kerber, Simon Jessop, Michelle Price, Greg Roumeliotis, David Gregorio Our Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Union, Republican, Commission, Democrat, Deloitte, Gensler, Republican SEC, Sustainability, U.S . Chamber, Commerce, Thomson Locations: Detroit , Michigan, U.S, CALIFORNIA, California, Washington, New York, Boston, London

New York is the $1.35 trillion fund's only office outside mainland China besides Hong Kong. CIC asked Bai Xiaoqing, who was in charge of some of its private equity investments from Beijing, to move to New York for the North America head role, the sources said, requesting anonymity because the move has not been publicly announced. U.S. authorities have been especially suspicious of investments originating from entities close to China's communist government, like CIC. CIC is also a significant investor in U.S. private equity funds, as so-called alternative assets comprise almost half of its portfolio. One of its most prominent investments has been a $2.5 billion Goldman Sachs Group Inc (GS.N) private equity fund aimed at investing in companies that can benefit from closer U.S.-China ties.

Persons: Bai Xiaoqing, Zhang Hong, Bai, Zhang, Peng Chun, Larry Fink, Milken, Echo Wang, Roxanne Liu, Kane Wu, Greg Roumeliotis, Edwina Gibbs Organizations: China Investment Corp, North America, CIC, Foreign Investment, American Enterprise Institute, Public, Goldman Sachs Group Inc, China -, China - U.S . Industrial Cooperation Fund, Britain, BlackRock Inc, BlackRock, China's Ministry of Finance, Industrial, Commercial Bank of China, U.S . Treasury, Thomson Locations: North, New York, China, Hong Kong, Washington, Beijing, United States, U.S, China - U.S, BlackRock

☆ SoftBank's WeWork, once most valuable US startup, succumbs to bankruptcy
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

WeWork had office space available at 777 locations worldwide as of the end of June. In a filing with the New Jersey bankruptcy court, WeWork listed assets of $15.06 billion and liabilities of $18.66 billion as of June 30. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."

Persons: WeWork, SoftBank, Cadwalader, Taft, Kate Munsch, Adam Neumann, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur, Rashmi Aich, Jamie Freed, Edmund Klamann Organizations: SoftBank, New, REUTERS, JPMorgan Chase, Intelsat, Thomson Locations: Canada, New Jersey, Wickersham, San Francisco , California, U.S, WeWork, SoftBank, Tokyo, New York, Bengaluru

☆ SoftBank's WeWork, once most valuable U.S. startup, succumbs to bankruptcy
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Profitability has remained elusive, as WeWork grapples with its expensive leases and corporate clients cancelling because some employees work from home. In a filing with the New Jersey bankruptcy court, WeWork listed estimated assets and liabilities in the range of $10 billon to $50 billion. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."

Persons: Kate Munsch, WeWork, Cadwalader, Taft, Adam Neumann, SoftBank, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur Organizations: REUTERS, SoftBank, New, JPMorgan Chase, Intelsat, Thomson Locations: San Francisco , California, U.S, Canada, New Jersey, Wickersham, WeWork, New York, Bengaluru

☆ KKR raises $2.8 billion for second global impact fund
▼ + stars: | 2023-11-05 | by ( Greg Roumeliotis | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 5 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has completed the raise of its second global impact fund dedicated to investments that advance sustainability and social equity, amassing $2.8 billion. To fall within the impact fund's scope, investments must advance one or more of the United Nations 17 sustainable development goals in a measurable way. The impact fund can invest in companies alongside KKR's other private equity funds, though in the majority of its investments it is the sole KKR fund participating. KKR's global impact team, which has grown from four people when it launched in 2018 to more than 20, so far has made 18 investments. "We target middle-market private equity returns in line with our other businesses," Antablin said.

Persons: Brendan McDermid, Ken Mehlman, Robert Antablin, Mehlman, Antablin, Greg Roumeliotis, Will Dunham Organizations: KKR, New York Stock Exchange, REUTERS, Co Inc, Reuters, United Nations, Systems, Alliance, Thomson Locations: New York, U.S, India

REUTERS/Lucy Nicholson Acquire Licensing RightsNEW YORK, Nov 1 (Reuters) - U.S. amusement park operator Cedar Fair LP (FUN.N) is exploring a potential merger with peer Six Flags Entertainment Corp (SIX.N), people familiar with the matter said on Wednesday. Cedar Fair shares and Six Flags rose more than 6% and 7% on the news, respectively, in afternoon trading in New York. They have both underperformed the Refinitiv United States Leisure & Recreation Price Return Index by more than 15% this year. Cedar Fairs owns 11 amusement parks and four gated outdoor water parks in 10 U.S. states and in Toronto, Ontario. Six Flags is the largest operator of water parks in North America, with 27 parks across the United States, Mexico and Canada.

Persons: Lucy Nicholson, Greg Roumeliotis, David French, Jonathan Oatis Organizations: REUTERS, Flags Entertainment Corp, Cedar Fair, Fair, United States Leisure, Cedar Fairs, Thomson Locations: Valencia , California, U.S, New York, Toronto , Ontario, North America, United States, Mexico, Canada

☆ Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals
▼ + stars: | 2023-10-26 | by ( David French | ) www.reuters.com time to read: +2 min

CrownRock's investment bankers have asked interested parties to submit initial offers next week, two of the sources added. Diamondback Energy (FANG.O), Devon Energy (DVN.N), Marathon Oil (MRO.N) and Continental Resources are also studying potential bids for CrownRock, the sources said. The company is led by Texas billionaire businessman Timothy Dunn and backed by private equity firm Lime Rock Partners. Bloomberg News reported last week that Devon was considering a bid for CrownRock, and that Devon has also held preliminary talks about a tie-up with Marathon. Reporting by David French in New York; Editing by Greg Roumeliotis and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, CrownRock, Timothy Dunn, Conoco, Devon, David French, Greg Roumeliotis Organizations: ConocoPhillips, REUTERS, Houston, Exxon Mobil Corp, Chevron Corp, Diamondback Energy, Devon Energy, Continental Resources, CrownRock, Marathon Oil, Continental, Diamondback, Exxon, Natural Resources, Chevron, Hess Corp, Lime Rock Partners, EOG Resources, Devon, Bloomberg News, Marathon, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Texas, Conoco, Devon, Midland, Marathon, New York

☆ Analysis: Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +5 min

Since our shareholders are getting Chevron stock, we get to participate in the upside, and also get a higher dividend," he said. He added that Hess shareholders who keep their shares in their combined company will see their dividend rise from $1.75 to $6 per share following the close of the deal. Exxon and Chevron are keen on these deals because they want to avoid the risk of exploring unproven reserves as oil and gas become scarcer. Exxon and Chevron had $29.5 billion and $9.3 billion in cash, respectively, as of the end of June. Keeping dividends and share buybacks strong helps compensate existing Exxon and Chevron shareholders for the dilution incurred in the all-stock acquisitions.

Persons: Hess, John Hess, Andrew Dittmar, David French, Greg Roumeliotis, Marguerita Choy Organizations: Exxon Mobil, Chevron, Exxon, Natural Resources, PDC Energy, Noble Energy, Morningstar, Anadarko, Occidental Petroleum, Thomson Locations: Ukraine, U.S, Guyana, New York

☆ Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +5 min

Oct 16 (Reuters) - Nelson Peltz's activist hedge fund Trian Fund Management has built a stake in Allstate Corp (ALL.N), one of the insurers struggling to cope with the fallout of natural disasters such as the Maui wildfire in Hawaii, people familiar with the matter said. It has blamed natural disasters that are sometimes amplified by climate change for its poor performance. Allstate has hired investment bankers to advise it on how to handle Trian, the sources said. Allstate and Trian did not immediately respond to requests for comment. Trian has previously pushed for change at companies such as Procter & Gamble (PG.N), Unilever (ULVR.L) and Invesco (IVZ.N).

Persons: Nelson, Tom Wilson, Carl Icahn, Matthew, Walt Disney, Bob Iger's, Trian, Svea Herbst, Bayliss, David French, Greg Roumeliotis, Rod Nickel Organizations: Management, Allstate Corp, Allstate, Trian, Insurance, Walt, Procter, Gamble, Unilever, Svea, Thomson Locations: Hawaii, Northbrook , Illinois, New York

☆ Exclusive: Natgas producer Chesapeake explores buying Southwestern Energy -sources
▼ + stars: | 2023-10-17 | by ( David French | ) www.reuters.com time to read: +3 min

A 3D printed oil barrels and oil pump jack are seen in front of displayed Chesapeake Energy logo in this illustration taken January 25, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 17 (Reuters) - U.S. natural gas producer Chesapeake Energy Corp (CHK.O) has approached Southwestern Energy (SWN.N), a peer valued by the stock market at $12 billion including debt, about a potential acquisition, people familiar with the matter said. Since then, Chesapeake has been shedding oil-producing assets to focus on its competence in natural gas. U.S. natural gas prices have been sluggish in recent months, as oversupply and warmer weather erode producers' profitability. Some analysts expect prices to go up in the next few months, as a pick-up in U.S. natural gas exports creates more domestic scarcity.

Persons: Dado Ruvic, Chesapeake's, David French, Greg Roumeliotis, David Gregorio Our Organizations: Chesapeake Energy, REUTERS, Chesapeake Energy Corp, Southwestern Energy, EQT Corp, Southwestern, Chesapeake, Exxon Mobil Corp, Natural Resources, Thomson Locations: U.S, New York, Chesapeake, Southwestern, Louisiana, West Virginia, Pennsylvania

☆ Exclusive: Ratcliffe would pay more than $1.5 bln for 25% Manchester United stake-source
▼ + stars: | 2023-10-15 | by ( Anirban Sen | Thomson Reuters | Anirban Sen Is The Editor In Charge For U.S. M A At Reuters In New York | ) www.reuters.com time to read: +3 min

That is slightly higher than a rival offer from Qatar's Sheikh Jassim bin Hamad al Thani for $100% of the Premier League club. Manchester United is currently valued by the stock market at $3.3 billion. Sheikh Jassim informed the Glazer family in the last few days that he would not be raising his bid further. Ratcliffe has offered to be in charge of hiring and managing talent at Manchester United should his bid prevail, the source said. Manchester United and Ratcliffe did not immediately respond to a request for comment.

Persons: Jim Ratcliffe, Glazer, Qatar's Sheikh Jassim bin Hamad al, Sheikh Jassim, Ratcliffe, Malcolm Glazer, Ineos, Todd Boehly, Erik ten Hag, Anirban Sen, Greg Roumeliotis, Sandra Maler, Diane Craft Organizations: Manchester United Plc, Manchester United, Premier League, Tampa Bay Buccaneers, Forbes, Ligue, Nice, Swiss Super League, FC Lausanne, Racing Club Abidjan, Ivory Coast Ligue, Grenadiers, Chelsea Football Club, Clearlake, Manchester, League, Manchester City, Thomson Locations: Qatar's, Qatar's Sheikh Jassim bin Hamad al Thani, Manchester, Ineos, British, New York

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCOPENHAGEN, Oct 13 (Reuters) - U.S. private equity firm Apollo Global Management (APO.N) is seeking to join the consortium that Scandinavian airline SAS (SAS.ST) last week picked to take it through bankruptcy proceedings, according to a source familiar with the matter. Long-struggling SAS, ravaged by the pandemic and pressured by low-cost rivals, sought bankruptcy protection last year. SAS announced last week that Air France-KLM (AIRF.PA) and U.S. investment firm Castlelake would become new major shareholders alongside the Danish state. Total investments by new shareholders, which also include Danish investment firm Lind Invest, in the reorganized SAS would amount to 12.9 billion Swedish crowns ($1.18 billion). SAS, Castlelake, Air France-KLM and Apollo all declined to comment.

Persons: Andrew Kelly, Lind, Tim Hepher, Greg Roumeliotis, Josie Kao Organizations: Airlines, SAS, Copenhagen, REUTERS, Rights, Apollo Global Management, Scandinavian, Air France, KLM, U.S ., Lind Invest, Castlelake, Apollo, Thomson Locations: Copenhagen, Denmark, Rights COPENHAGEN, Danish, U.S, Air

☆ Exclusive: Activist hedge fund Starboard eyes Rupert Murdoch's News Corp -sources
▼ + stars: | 2023-10-13 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

The fund's plans and the size of its stake in News Corp could not be learned. News Corp declined to comment and Starboard did not respond to a request for comment. Starboard, which has pushed for changes at companies ranging from Salesforce (CRM.N) to Darden Restaurants (DRI.N), would struggle to shake up News Corp without Murdoch's consent. Irenic did succeed in drumming up investor opposition to Murdoch's proposed merger with his other company Fox Corp (FOXA.O), forcing him to abandon the plan. Reporting by Svea Herbst-Bayliss in New York Editing by Greg Roumeliotis and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Rupert Murdoch, Lachlan Murdoch, Bing Guan, Jeffrey Smith, Rupert Murdoch's, Smith, Murdoch, Dow Jones, Irenic, Murdoch's, Lachlan, Svea Herbst, Bayliss, Greg Roumeliotis, David Gregorio Our Organizations: News Corporation, News Corp, Fox, REUTERS, 13D, Investment, New York Times Co, Darden, Corp, Irenic Capital Management, Wall Street, Fox Corp, Reuters, Svea, Thomson Locations: New York, U.S

[1/2] The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch. Pioneer, which had a market value as of Thursday of $50 billion, is the third-largest producer of oil in the Permian basin after Chevron Corp (CVX.N) and ConocoPhillips (COP.N). Exxon produced about 620,000 boed in the Permian basin in the second quarter, a record for the company. Chevron Corp (CVX.N), for example, agreed in May to acquire shale producer PDC Energy Inc in a stock-and-debt transaction worth $7.6 billion.

Persons: Angus Mordant, Bill Smead, Exxon, Scott Sheffield, Richard Dealy, David French, Anirban Sen, Sabrina Valle, Greg Roumeliotis, Lincoln, Kim Coghill Organizations: REUTERS, Exxon Mobil, Natural Resources, Mobil, Chevron Corp, ConocoPhillips, Exxon, Pioneer, Street Journal, Smead Capital Management, Energy Inc, DoublePoint Energy, Parsley Energy, Thomson Locations: Loving County , Texas, U.S, Texas, New Mexico, Ukraine, dealmaking, Dallas, New York, Houston

[1/2] The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch. Pioneer, which had a market value as of Thursday of $50 billion, is the third-largest producer of oil in the Permian basin after Chevron Corp (CVX.N) and ConocoPhillips (COP.N). If the negotiations conclude successfully, an agreement between Exxon and Pioneer could be reached in the coming days, the three sources said, asking not to be identified because the matter is confidential. Exxon produced about 620,000 boed in the Permian basin in the second quarter, a record for the company.

Deal negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement, Reuters reported on Thursday. These transactions were eventually allowed to be completed, and the regulator has not sued to thwart an oil and gas production deal since 2000. The lawyers and experts interviewed said the FTC would face an uphill struggle in challenging Exxon's attempted acquisition of Pioneer. "The modern U.S. experience is that oil and gas deals of any notable size get a close look. It sued to block the merger and only agreed to drop its objections after BP offered to divest oil production acreage in Alaska.

Persons: Joe Biden, Janet Yellen, Leah Millis, producer's, Lina Khan, Andre Barlow, Doyle, Barlow, Mazard PLLC, Sheldon Whitehouse, William Kovacic, George Washington, consultancies Wood MacKenzie, David Kass, Diane Bartz, David French, Mike Stone, Greg Roumeliotis, Marguerita Choy Organizations: Treasury, White, REUTERS, Exxon Mobil, Natural Resources, Exxon, Pioneer, Reuters, Federal Trade Commission, Democratic, George, Companies, Activision, FTC, Atlantic, BP, RBC Capital Markets, Chevron, PDC Energy, University of Maryland, Thomson Locations: Washington , U.S, U.S, Atlantic Richfield, Alaska, West Texas, New Mexico, Rystad, Denver, Julesburg, Washington ,, Atlanta

Overall, up to 300 employees may lose their positions in this round of layoffs across the bank, the sources added. Venkatakrishnan has been seeking to stabilize Barclays' investment banking franchise after a shakeup in the division's leadership in January led to an exodus of dozens of bankers. Barclays has also hired more than 30 investment bankers and promoted another 20 bankers in various positions since then. Barclays ranked 6th in LSEG's global investment banking league table for the first nine months of the year. Barclays warned in July that its profit margins were being squeezed by consumers repaying debt in the wake of high interest rates.

Persons: C.S, Venkatakrishnan, Morgan Stanley, Anirban Sen, Milana, Greg Roumeliotis, Nick Macfie 私 Organizations: Barclays Plc, Barclays, Goldman Sachs Group Inc Locations: San Francisco, New York

NEW YORK (Reuters) -U.S. Steel Corp is locked in a spat with rival steelmaker Cleveland-Cliffs Inc over a confidentiality pact that would allow the latter to participate in a sale process that is underway, people familiar with the matter said on Wednesday. U.S. Steel has made the standstill a condition to allowing Cliffs to carry out due diligence and participate in its sale process, the sources added. It has also told Cliffs that all bidders are being granted access to its sale process on the same terms, according to the sources. Reuters has reported that ArcelorMittal is one of the parties that has been working on a potential bid for U.S. Steel. Cliffs would break into the world’s top 10 steel producers, which are mostly from Asia, should its bid for U.S. Steel succeed.

Persons: steelmaker, David Lawder, ArcelorMittal, Steel, Thomas Conway, Lourenco Goncalves Organizations: YORK, . Steel Corp, Cliffs Inc, REUTERS, U.S . Steel, . Steel, JPMorgan, UBS, MUFG, Truist Securities, Reuters, U.S, Steel, United Steelworkers, Wall, United Auto Workers, UAW Locations: steelmaker Cleveland, Granite City , Illinois, Wells Fargo, Asia

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) is considering pricing its initial public offering (IPO) on Tuesday at the top of its indicated price range or just above it, according to people familiar with the matter. Klaviyo is discussing with its IPO underwriters the possibility of selling shares at $29 or $30 apiece, the sources said. The company revised its indicated IPO price range from $25-27 per share to $27-$29 per share on Monday. At $29 per share, Klaviyo would be raising $557 million in its IPO and would be worth about $9 billion on a fully diluted basis. The sources requested anonymity ahead of the IPO pricing on Thursday evening.

Persons: Klaviyo, Echo Wang, Anirban Sen, Greg Roumeliotis Organizations: Klaviyo Inc, underwriters, Thomson Locations: New York

The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions. Together with other previously unreported deliberations, they shed new light on why SoftBank took a conservative approach in valuing Arm in the IPO. SoftBank, which had owned 75% of Arm, agreed to buy the remaining 25% from its $100 billion Vision Fund at a $64 billion valuation last month. Representatives for Arm, SoftBank, PIF, Mubadala and Raine either declined to comment or did not immediately respond to requests for comment. VISION FUND BOUNCEBACKThe Vision Fund returned to profitability in the latest quarter thanks to investors' excitement around artificial intelligence boosting the value of some of the startups in which it invested.

Persons: Dado Ruvic, Masayoshi Son, Raine Group, Son, SoftBank, Fund's, Abu Dhabi's Mubadala, Raine, Didi Global, Echo Wang, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: REUTERS, SoftBank, Wednesday, Arm Holdings, Nasdaq, Vision Fund, Investors, Saudi Arabia's Public Investment Fund, Vision, Reuters, Nvidia Corp, Thomson Locations: San Francisco, New York, Mubadala, China, United States

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The IPO raised $4.87 billion for SoftBank based on 95.5 million shares sold. It infers a valuation on Arm on a fully diluted basis of $54.5 billion, making it the largest stock market debut since electric car maker Rivian Automotive Inc (RIVN.O) in 2021. Arm did not immediately respond to a request for comment. Reporting by Echo Wang and Anirban Sen in New York Editing by Greg RoumeliotisOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, Arm Holdings, Rivian Automotive Inc, Thomson Locations: New York

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