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OpenAI in talks to raise funding at over $100bn valuation. (FS)
Pemberton targets $4bn for European credit fund. (FS)
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Marathon Oil Corporation shareholders approved the US oil producer's nearly $22.5bn acquisition by ConocoPhillips .
Marathon Oil and ConocoPhillips expect the purchase, which is undergoing a Federal Trade Commission review, to close late in the fourth quarter of 2024.
Marathon Oil is advised by Morgan Stanley and Kirkland & Ellis (led by Sean Wheeler, Debbie Yee and Camille Walker). ConocoPhillips is advised by Evercore and Wachtell, Lipton, Rosen & Katz (led by Gregory Ostling and Zachary Podolsky).
ONEOK , a midstream service provider, agreed to acquire Medallion Midstream , a privately held crude gathering and transportation system, from Global Infrastructure Partners (GIP) , a private equity firm, for $2.6bn.
"ONEOK has a longstanding reputation as being intentional in building a premier energy infrastructure company, and today's transactions further solidify that status by adding complementary assets that allow us to continue expanding and extending our value chain," Pierce H. Norton II, ONEOK President and CEO.
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ONEOK is advised by Bank of America , Goldman Sachs , J.P. Morgan , and Kirkland & Ellis . GIP is advised by RBC Capital Markets , Santander , and Vinson & Elkins .
Onex , a private equity firm, completed the acquisition of Farsound , a global supply chain solutions provider for the aerospace engine MRO market, focused on the procurement, supply, and inventory management of high-volume consumable hardware components, from AGIC Capital , a private equity firm. Financial terms were not disclosed.
“The development of our company over the past years has been notable. AGIC has been an excellent partner, supporting our expansion and diversification. We look forward to collaborating with our new equity partner in Onex,” Chris Knott, Farsound CEO.
AGIC Capital was advised by William Blair and K&L Gates .
OpenAI in talks to raise funding at over $100bn valuation. (FS)
OpenAI , the startup behind the popular ChatGPT , is reportedly in discussions to raise billions of dollars in a new funding round that could see it valued at above $100bn.
Thrive Capital is leading the round and will invest $1bn. Microsoft is also expected to put in money. The new funding round would be the biggest infusion of outside capital into OpenAI since Microsoft invested around $10bn in January 2023. Since then, an arms race has developed in Silicon Valley to build the most advanced artificial-intelligence systems in an effort to dominate an industry many say will revolutionize the economy.
Earlier this year, OpenAI was valued at a reported $80bn from $29bn the prior year. Annualized revenue reportedly surpassed $2bn earlier this year, WSJ reported.
Pemberton targets $4bn for European credit fund. (FS)
London-based private lender Pemberton Asset Management is seeking to raise €3.75bn ($4.2bn) for its latest opportunistic credit fund, Pemberton Strategic Credit Fund IV, amid growing challenges faced by traditional banks.
The firm’s fourth strategic credit fund aims to provide financing solutions to European businesses with complex capital needs, arriving just five months after the firm successfully closed its predecessor. It will focus on originating loans with varying risk-return profiles and potentially taking equity stakes in the businesses it finances.
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