What happened
Bending Spoons shares ripped higher after a new filing revealed Berkshire Hathaway put another $330 million into the business. This marks another step for the conglomerate led by CEO Greg Abel, who took over from Warren Buffett - its founder and famed investor - at the beginning of the year.
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Deal details
Per the deal, Bending Spoons will place 10 million common shares with Berkshire at $33 per share. The move follows Berkshire's $600 million commitment in July, the month Bending Spoons - an Italy-based serial acquirer - debuted on the Nasdaq. The filing shows Berkshire now holds 4% of the company.
Company reaction and context
"Bending Spoons continuously evaluates M&A opportunities, and our pipeline remains strong," Francesco Patarnello - the company's co-founder who leads business acquisitions - said 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."
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