(Reuters) – U.S. supply chain management software firm E2open LLC is nearing a deal to go public through a merger with blank-check acquisition company CC Neuberger Principal Holdings I at a valuation of more than $2.5 billion, including debt, people familiar with the matter said on Tuesday.
An agreement could be announced as soon as Wednesday, the sources said, cautioning that talks could still falter. E2open is owned by private equity firm Insight Partners.
The sources requested anonymity because the matter is confidential. CC Neuberger declined to comment. E2open and Insight Partners did not immediately respond to requests for comment.
CC Neuberger I shares rose as much as 10.7% on the news but pared gains to close 3.2% higher at $10.53.
CC Neuberger I is a special purpose acquisition (SPAC), or shell, company that uses proceeds from an initial public offering to acquire a private company, which then becomes public as a result.
Merging with a SPAC has become a popular alternative to going public in a traditional initial public offering, as it involves less regulatory scrutiny and more certainty over the market valuation and funds raised.
So far this year, sports betting platform DraftKings Inc and electric commercial truck maker Nikola Corp have gone public by merging with a SPAC.
Insight Partners took E2open private in 2015 in a roughly $273 million deal. The Austin, Texas-based company sells software that allows companies to manage their supply chain.
E2open’s revenue is around five times what it was in 2015, one of the sources said. It stands to benefit as companies automate their supply chains further in the COVID-19 pandemic.
Led by veteran Wall Street dealmaker Chinh Chu’s investment firm, CC Neuberger I raised $414 million in an IPO in April with the aim of buying a company in the financial,
Google said on Wednesday it was close to a digital copyright deal with French newspapers, which would be the first under EU rules aimed at ensuring news publishers are paid for content displayed in search results.
The main points of a deal have been hammered out, including Google’s agreement to share ad revenue generated from displaying news results, the firm said in a joint statement with an association representing French newspaper publishers.
The news comes on the eve of a court ruling sought by Google whether France’s competition authority overstepped its jurisdiction in ordering the tech firm to negotiate with French media groups.
The US internet giant is in a standoff with European media groups including Agence France-Presse over its refusal to comply with a new European Union “neighbouring rights” law.
The law seeks to give some copyright protection to media firms when their work features on websites, search engines and social media platforms.
France was the first European country to ratify the law in 2019 and in April this year the French competition authority ordered Google to open talks about compensating news publishers.
But Google, which dominates internet searches, had insisted that articles, pictures and videos would be shown in search results only if media groups consent to let the tech giant use them for free.
The firm says it should not have to pay to display items produced by news companies since they benefit from seeing hundreds of millions of visits to their websites.
“Google’s offer covers neighbouring rights as defined by the law,” said the statement.
The head of the Les Echos – Le Parisien newspaper group, Pierre Louette said the talks “have clarified numerous points and confirmed that Google accepts the principle of remuneration for newspapers”.
If a deal is finalised it will be the first
This story is part of , CNET’s coverage of the run-up to voting in November.
Toward the end of an April 2018 hearing in the nation’s capital, Sen. Kamala Harris leaned into her microphone and offered Facebook CEO Mark Zuckerberg a frank and unflattering assessment of his company.
“I have to tell you, I’m concerned about how much Facebook values trust and transparency,” the California Democrat told Zuckerberg. The CEO was being, a data consultancy that scraped user information from the social network to help Donald’s Trump’s 2016 candidacy.
Then Harris, who is now the Democratic nominee for vice president, zeroed in on a particularly troubling point: Facebook’s failure to tell users that Cambridge Analytica had. “Were you part of a discussion that resulted in a decision not to inform your users?” the senator asked Zuckerberg.
Looking uncomfortable, the CEO responded, “I don’t remember a conversation like that.”
Congressional hearings are always political theater, but the encounter gave a glimpse of the adversarial stance Harris could take with Big Tech, despite her being a fan favorite in the industry for years. During her campaigns for California attorney general, US senator for California and president, Harris received donations from major tech leaders, including Facebook COO Sheryl Sandberg, former Apple design guru Jony Ive and Salesforce CEO Marc Benioff. She’s made speeches at Google and Facebook, and her brother-in-law, Tony West, is Uber’s top lawyer. But, as Silicon Valley
- Foxconn, Apple’s main iPhone assembler, has ramped up iPhone production at its factory in Zhengzhou, China ahead of the expected iPhone 12 launch next month.
- The factory is working 24 hours per day, offering worker bonuses, and canceling holidays to focus on iPhone production, according to a report from the South China Morning Post.
- Zhengzhou is often referred to “iPhone City” by locals because of the factory’s massive presence in the city.
- Apple typically unveils its new iPhones in September, but the company is instead expected to reveal its latest lineup in October after facing delays because of the coronavirus pandemic.
- Visit Business Insider’s homepage for more stories.
Apple is reportedly ramping up production of the iPhone 12 ahead of its expected launch next month.
The factory in Zhengzhou, China, operated by Foxconn, Apple’s main iPhone assembler, is working 24 hours per day and implementing measures such as offering worker bonuses and scrapping holidays to ensure the new iPhone is delivered on time, according to a new report from the South China Morning Post.
One employee told the paper that workers at the facility had begun working night shifts, while another said overtime shifts had picked up since the summer. Employees have also been asked to cancel upcoming holidays, the report says.
Apple and Foxconn did not immediately respond to Business Insider’s requests for comment.
Apple is expected to introduce four new iPhone models this year: two smaller-sized versions and two premium editions meant to succeed the iPhone 11 Pro and 11 Pro Max. All four new devices are expected to support 5G connectivity, and the high-end model is said to come with the same Lidar sensor as the newest iPad Pro.
Apple typically reveals its new iPhones in September, but Apple said in July that it expected supply of