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Joele Frank handles Core Scientific as the data center infrastructure company gets acquired by CoreWeave in a stock deal valued in the $9B range.
Core Scientific, which emerged from Chapter 11 in 2024, operates 10 digital asset mining facilities in Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas that support AI-related workloads.
“Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory,” according to CoreWeave CEO & co-founder Michael Intrator.
CoreWeave, which went public in March at $40 per share, now trades at $161.74.
Adam Sullivan, CEO of Core Scientific, said the deal delivers the “greatest value for our shareholders, who will be able to participate in the tremendous upside potential of the combined company.” Those shareholders will own less than 10 percent of the combined company.
Joele Frank, Wilkinson Brimmer Katcher partners Joseph Sala and Mahmoud Siddig represent Core Scientific.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
