Bending Spoons skyrockets 35% as Berkshire Hathaway makes $330 million investment
Berkshire Hathaway increases stake in the Italy-based company to 4% with new $330 million capital infusion.
Quick Look
- Bending Spoons shares rose 35% after Berkshire Hathaway invested an additional $330 million in the company.
- The deal involves issuing 10 million shares at $33 each, bringing Berkshire's total stake to 4% following a previous $600 million investment in July.
AI-generated summary
Why It Matters
Bending Spoons went public on the Nasdaq in July, receiving an initial $600 million investment from Berkshire Hathaway.
Shares of Bending Spoons skyrocketed 35% after a new securities filing revealed that Berkshire Hathaway made a fresh $330 million investment into the company.
The latest infusion follows the conglomerate's $600 million investment from July, when the Italy-based serial acquirer went public on the Nasdaq.
Under the deal, Bending Spoons will issue 10 million ordinary shares to Berkshire at $33 a share.
"Bending Spoons continuously evaluates M&A opportunities, and our pipeline remains strong," said Francesco Patarnello, Bending Spoons' co-founder and head of business acquisitions, in a statement. "We believe Berkshire Hathaway's investment reflects confidence in our team and Platform and will further enhance our financial flexibility and ability to pursue attractive acquisitions as part of our broader financing strategy."
The investment now brings Berkshire's stake in the company to 4%, according to the filing, and is the conglomerate's latest investment decision as CEO Greg Abel took the helm from founder and legendary investor Warren Buffett at the start of the year.
Open Questions
- What specific acquisitions does Bending Spoons plan to pursue with the new capital?
