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WSJ DIGEST 2021-08-26

WSJ DIGEST 2021-08-26

1. Shared office space firms like WeWork and Industrious are enjoying a rise in sales this summer as U.S. businesses grappling with the seismic changes in the workspace world sparked by the pandemic seek flexible and short-term solutions. “Companies are still in that discovery phrase that work is going to be done differently. The beauty of these providers is that if something doesn’t work they can bail and try something new.”

2. Yale University named internal endowment veteran Matthew Mendelssohn as the next head of its more than$31 billion endowment, capping a search of the successor to famed endowment manager David Swenson. Yale’s venture footprint makes up more than a quarter of its endowment’s portfolio and has been an important contributor to the endowment’s returns in recent years.

3. TPG has hired JPMorgan Chase & Co. And Goldman Sachs Group Inc. to underwrite its planned initial public offering, moving the private-equity powerhouse closer to a milestone it has flirted with for years.

4. Chip Makers in Talks For $20 Billion Merger. Western Digital Corp. is in advanced talks to merge with Japan’s Kioxia Holdings Corp., according to people familiar with the matter, in a deal that could be valued at more than $20 billion and further reorder the global chip industry. There is no guarantee Western Digital will seal an agreement, and Kioxia could still opt for an initial public offering it had been planning or another combination. Any transaction would require the blessing of the Japanese government, given Kioxia’s significance there and the political sensitivities of transferring ownership of such key technology. Washington would also likely play a role, but a deal could fit with a push by the U.S. to boost its chip-making capabilities and increase competitiveness with china. Perhaps the biggest regulatory hurdle would be China, which has been increasing aggressive in its antitrust enforcement, helping scuttle potential deals. There has been a burst of acquisition activity among chip makers, with the industry accounting for several of the biggest deals of the past few years. Those include Advanced Micro Devices Inc.’s roughly $35 billion purchase of Xilinx Inc., Nvidia Corp.’s roughly $40 billion buyout of SoftBank Group Corp.-backed Arm Holdings and Analog Devices Inc.’s $20 billion acquisition of Maxim Integrated Products Inc.

5. Biden Presses CEOs to Boost Cybersecurity, holding a summit on national cybersecurity, calling the issue “the core national security challenge we are facing.”

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Harvey Yan

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