Bending Spoons Signs Agreement to Acquire Brightcove
Deal News | Nov 26, 2024 | Legal Community Italy
Italian technology firm Bending Spoons has announced an agreement to acquire Brightcove, a global streaming technology company, for a total consideration of approximately $233 million. The acquisition is structured such that shareholders of Brightcove will receive $4.45 in cash per common share, representing a 90% premium over the stock's weighted average price over the last 60 days leading up to November 22, 2024. Legal advisory for Bending Spoons is being provided by Latham & Watkins LLP, while EY Advisory is responsible for financial and tax due diligence. Goodwin Procter LLP is serving as legal counsel for Brightcove. The purchase, unanimously approved by Brightcove's Board of Directors, is pending typical regulatory and shareholder approvals and is expected to close in the first half of 2025.
Sectors
- Technology
- Legal Services
- Financial Advisory
Geography
- Italy – Bending Spoons is an Italian company acquiring an international target.
- United States – Brightcove is a US-based company involved in the acquisition.
Industry
- Technology – The acquisition involves Brightcove, a company specializing in streaming technology, and Bending Spoons, a tech firm.
- Legal Services – Legal advisory roles are being fulfilled by Latham & Watkins LLP for Bending Spoons and Goodwin Procter LLP for Brightcove.
- Financial Advisory – EY Advisory is conducting financial and tax due diligence.
Financials
- $233 million – Total value of the acquisition deal.
- 4.45 dollars per share – The cash consideration offered for each share of Brightcove.
- 90% premium – The premium offered over Brightcove's 60-day weighted average share price as of November 22, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bending Spoons | Bidding Company | Company | An Italian technology firm acquiring Brightcove. |
| Brightcove | Target Company | Company | A US-based company specializing in streaming technology. |
| Latham & Watkins LLP | Legal Advisor for Bending Spoons | Company | Provided legal advisory services to Bending Spoons. |
| EY Advisory | Financial and Tax Advisor | Company | Conducted financial and tax due diligence for the acquisition. |
| Goodwin Procter LLP | Legal Advisor for Brightcove | Company | Served as legal counsel for Brightcove in the transaction. |