Key facts
- Berkshire Hathaway invested an additional $330 million in Bending Spoons.
- Berkshire Hathaway's stake in Bending Spoons now stands at 4%.
- Bending Spoons' shares surged 40% in early trading following the announcement.
- The latest investment follows Berkshire's initial $600 million stake from Bending Spoons' July IPO.
- Bending Spoons will issue 10 million ordinary shares at $33 per share.
- The funds will enhance Bending Spoons' financial flexibility for its acquisition strategy.
Berkshire Hathaway has increased its investment in Italian technology firm Bending Spoons by an additional $330 million, bringing its total ownership stake to 4%. The announcement on Wednesday sent Bending Spoons' shares up 40% in early trading.
This latest funding round follows Berkshire Hathaway's initial $600 million investment during Bending Spoons' initial public offering in July. The company stated that it will issue 10 million ordinary shares at $33 per share in a private placement, subject to customary closing conditions.
Bending Spoons, which specializes in acquiring and transforming struggling digital businesses, indicated that the new investment will enhance its financial flexibility and bolster its acquisition strategy. The company continues to explore merger and acquisition opportunities, with a strong pipeline of potential deals, according to co-founder Francesco Patarnello.
Bending Spoons' portfolio includes notable digital businesses such as Airtable, AOL, Brightcove, Eventbrite, Evernote, Tractive, Vimeo, and WeTransfer. Berkshire Hathaway, a diversified conglomerate with interests in insurance, energy, rail transportation, manufacturing, and retail, has a long-standing history of cross-industry investments.