edition: What started as a $2 trillion proposal that included money for “human infrastructure” like home health care emerged from the horse-trading process as a narrower $1 trillion package focused on the physical upkeep of roads, bridges, public transit and broadband internet. Adam Neumann, the company’s ousted founder, said there had been “multiple lessons and multiple regrets.”ĭeal of the year, D.C. Honorable mention: Two years after a spectacularly failed I.P.O., as the pandemic threatened its core co-working business, WeWork went public in October via a SPAC deal, managing to raise more than $1 billion in the process. Caught in the escalating tension between China and the United States, Didi’s time in New York didn’t last long: Six months after its I.P.O., during which its market value fell by half, Didi announced that it would delist from New York and shift its shares to Hong Kong. ĭo-over deal: Less than a week after Didi’s blockbuster initial public offering in New York in June, China cracked down on the Beijing-based company, halting new user sign-ups and ordering it off app stores. Honorable mention: Pinterest investors loved the punchy price that was pitched by PayPal, but the payment firm’s shareholders weren’t pleased so it pulled the plug. It was the Biden administration’s first challenge to a potential merger, and its success set the tone for a broader push against corporate consolidation. The Justice Department sued in June this year to block the deal, and the companies gave up about a month later, rather than fight it in court. The deal that never was: The $30 billion acquisition of Willis Towers Watson by Aon was announced with great fanfare - for an insurance deal - in March 2020, and things went slowly downhill from there. It has since given up its early gains, like many other meme stocks. The no-fee brokerage firm, whose app was the tool of choice for traders who fueled the frenzy in GameStop, AMC and others, went public in July and briefly became a meme stock itself. Gensler’s speeches about tightening rules for crypto, SPACs and other industries made waves.ĭeal that captured the 2021 zeitgeist: In the year of the meme stock, Robinhood reigned. Khan to recuse herself from antitrust investigations and Mr. Big Tech firms preemptively petitioned for Ms. Gensler at the Securities and Exchange Commission - rattled boardrooms and trading floors from Wall Street to Silicon Valley. Khan at the Federal Trade Commission and Mr. As part of his push to rein in corporate power, President Biden’s picks to run key regulatory agencies - Ms. What’s more, his $31 billion winning bid was lower than the rival offer, but won the day when it brought more regulatory certainty.ĭealbreakers of the year: Hello, Lina Khan and Gary Gensler. Creel, who leads the railroad operator Canadian Pacific, beat out his former employer, Canadian National, in a long-running bidding war for Kansas City Southern that had more twists and turns than a steep mountain pass. Zaslav, the chief of Discovery, maneuvered himself to the helm of a blockbuster media deal that combined his firm with AT&T’s larger WarnerMedia unit in a $43 billion deal. de la Mercedĭealmakers of the year: Step forward, David Zaslav and Keith Creel. Here are some of the most consequential deal making developments of the year, according to the DealBook team. The flood of SPACs made it harder for these funds to raise financing, while poor post-deal performance and closer scrutiny by regulators interrupted the party mood.Īside from these record-breaking trends, 2021 had plenty of memorable moments: Media moguls hatched audacious deals, geopolitics scrambled companies’ plans and meme stocks became a thing. Experts chalk up the drop to a glut of blank-check funds hitting the market: SPACs comprised 20 percent of mergers in the first quarter. Yet, what was by far the hottest deal trend of 2020, the special-purpose acquisition company, quieted down after a rollicking start to 2021. Feldgoise said that’s because buyout firms have enjoyed huge returns on asset sales and, having raised enormous war chests in recent years, have more money than ever that they need to put to work. Private equity deal making was on fire, with a record $1.1 trillion in deals struck this year, according to Refinitiv.
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