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  1. #1
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010
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    15,002

    [EN] Intel Mulls Sale of $1 Billion Venture Capital Portfolio




    Company working with UBS Group on finding buyers for assets.

    In 2015 alone, Intel Capital invested $514 million in 143 companies focused on everything from security software to wearable devices.


    Kiel Porter
    March 11, 2016


    Intel Corp., one of the world’s largest makers of computer components, is planning to sell part of its venture capital unit, assets that could be worth as much as $1 billion, said people familiar with the matter.

    The Santa Clara, California-based company is working with UBS Group AG to look for potential buyers for the assets, said the people, who asked not to be identified because the information is private. The portfolio, which is made up of companies across the world, is housed within Intel’s corporate venture unit, Intel Capital, the people said.

    Intel restructured its venture capital unit in January with President Arvind Sodhani’s retirement after 35 years with the company. He was replaced by head of mergers and acquisitions Wendell Brooks. The combination of the teams was designed to unify investment decisions across the firm, Intel said in a statement.

    Discussions over the structure of the sale are at an early stage, with Intel open to selling the assets as a whole or divided by geography or sector focus, the people said. The sale is expected to attract private equity houses that specialize in buying portfolios, known as secondaries firms.

    Since its start in 1991, Intel Capital has invested about $11.6 billion in more than 1,440 companies in 57 countries across a range of sectors including security, wearable technology and digital media, according to the company’s website. Last year, the unit invested $514 million in 143 companies, split almost evenly between new ventures and follow-on investments.

    A spokeswoman for UBS declined to comment. Intel Capital’s Brooks declined to comment.
    http://www.bloomberg.com/news/articl...ital-portfolio
    Última edição por 5ms; 12-03-2016 às 16:14.

  2. #2
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010
    Posts
    15,002

    The sale of Intel’s VC unit may cause more markdowns in values of startups

    Intel has been one of the most aggressive corporate investors in up-and-coming startups for the past 25 years.

    Alexei Oreskovic
    March 12, 2016

    Intel is shopping around its in-house venture-capital business.

    The move to sell part of Intel Capital, which comes two months after the retirement of the group's president, is an abrupt change of plans at the world's largest chip maker. Intel has been one of the most aggressive corporate investors in up-and-coming startups for the past 25 years.

    The move could cause reverberations across the tech landscape that extend far beyond Intel.

    It would be selling its investments in startup companies. In 2015 alone, Intel Capital invested $514 million in 143 companies focused on everything from security software to wearable devices.

    Intel is obviously aware of the markdowns in valuations that Fidelity and other big mutual funds have recently made to their tech-startup holdings. Those markdowns may have convinced Intel that now is a good time to cash out some of its own tech-startup investments.

    Mark to market

    By selling its portfolio, Intel will essentially be giving the market an opportunity to affix a new, and very public, price onto dozens of startups in its portfolio.

    Unlike the Fidelity write-downs, which are calculated through a process that's as much art as it is science, a sale of assets on the open market leaves no room for debate. The price paid is the price paid.

    If the Intel Capital assets sell at a discount to what Intel paid for them, that resets the value of the equity that other investors have in those same startups. And that price reset could extend beyond just Intel's portfolio companies, if investors decide to apply the same multiples to other startups that are in similar businesses or have similar products.

    Sure, sales of private-company investments happen quietly all the time in the secondary markets, as limited partners in venture funds look to get liquidity. But typically these sales are much smaller, and are not nearly as public as the Intel Capital assets on the auction block, which Bloomberg pegged at $1 billion.

    It's also possible that Intel Capital has some winning investments in its portfolio, and that it will sell the overall portfolio at a premium. In that case, the sale could help buoy the startup market, at least for some companies.

    But would Intel be so eager to part with its startup investments if it were doing so well? The answer to that question will have big implications across Silicon Valley's tech startups over the coming months.
    http://www.businessinsider.com/intel...alanche-2016-3
    Última edição por 5ms; 12-03-2016 às 16:14.

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