|
AMERICAS
Sandy Spring Bancorp and Sandy Spring Bank, a wholly-owned subsidiary of Sandy Spring, acquired Revere Bank. According to the terms and subject to the conditions of the Merger Agreement, Revere Bank will merge with and into Sandy Spring Bank, with Sandy Spring Bank as the surviving entity. Under the terms of the agreement, Revere shareholders will receive 1.05 shares of Sandy Spring common stock for each share of Revere common stock. The transaction, which is expected to close in the first quarter of 2020, has a value of $461m.
Revere, headquartered in Rockville, has 11 banking offices and more than $2.6bn in assets. Revere has achieved exceptional growth and momentum, as demonstrated by their record annual earnings in 2018 and record quarterly earnings announced in June 2019. With combined assets of $11.2bn, this acquisition deepens Sandy Spring’s presence in its core market and authoritatively pushes the company through an important growth benchmark of $10bn.
“Our company has great momentum, and the announcement today reinforces our position of strength in this market. Over the past two years, we have significantly expanded our geographic footprint, delivered record annual earnings, marked our 150th anniversary, and continued to build out a strong team of local professionals and industry experts. This acquisition further solidifies Sandy Spring Bank as a premier bank in the Greater Washington region and the largest, locally-headquartered community bank. Our success is evidence that our highly personalized approach to client service works, and we are well-positioned for continued growth.” Daniel J. Schrider, Sandy Spring Bank President and Chief Executive Officer.
Revere Bank is advised by Sandler O'Neill + Partners, and Windels Marx Lane & Mittendorf. Sandy Spring is advised by Boenning & Scattergood, The Kafafian Group, and Kilpatrick.
EQT Infrastructure portfolio company Kodiak Gas Services acquired Pegasus Optimization Managers, one of the market-leading providers of contract compression and related services for the oil and gas industry, from affiliates of Apollo Global Management. Financial terms were not disclosed.
Kodiak's acquisition of Pegasus solidifies it as an industry leader in service and quality. The combination of Kodiak and Pegasus brings together the two fastest-growing contract compression businesses, with the combined youngest fleet in the industry, a focus on exceptional customer service, and technical performance leading to best-in-class mechanical availability and reliability.
"The combination of Pegasus and Kodiak is truly transformational, as it will create a differentiated, large-scale leading contract compression company in the US. Similar to Kodiak, Pegasus' differentiated service offering, a strong commitment to customers and critical infrastructure make the Company and combination unique in the industry, embodying EQT Infrastructure's approach of targeting high-quality businesses with transformation potential and strong culture. We are excited to support the combined business in its visionary growth plans and look forward to continuing our partnership with such an experienced and talented group of people." Alex Darden, EQT Partners Partner, EQT Infrastructure Investment Advisor.
Pegasus and Apollo Global Management are advised by Jefferies and Vinson & Elkins. EQT and Kodiak Gas Services is advised by Kirkland & Ellis.
Vox Media, an independent modern media company, is merging with New York Media, the publisher of the influential New York magazine. Financial terms were not disclosed.
This merger will bring together a sophisticated suite of products and platforms for modern marketers, across premium products in content, video, audio, events, commerce, print, lead generation, and display. The new Vox Media will also boast multiple, diverse revenue streams including the most scaled premium brand advertising solutions, affiliate commerce shopping, digital and print subscriptions, conferences and events, and a leading TV and audio studio.
"This combination puts Vox Media in an unparalleled position to lead the media industry forward by focusing on the highest-quality offerings, most robust business models, and strongest company culture." Jim Bankoff, Vox Media Chairman and CEO.
Vox is advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. New York Media is advised by LionTree Advisors and Wachtell Lipton Rosen & Katz.
Golden Gate Capital acquired Invo Holdings, a leading provider of autism and childhood behavioral health services. The Jordan Company, which invested in Invo in 2017, and Invo’s management will retain minority ownership stakes in the business. Financial terms were not disclosed.
“Invo has created a unique, proprietary platform that enables its clinicians to provide highly effective and efficient care pathways that lead to superior outcomes for children. We deeply admire Invo’s compassionate team of expert professionals, the critically important work that they do, and their impressive track record of changing the lives of children and their families. Golden Gate Capital is excited to partner with Invo’s management team and its growing and highly talented group of clinicians to support their mission.” Neale Attenborough, Golden Gate Capital Operating Partner.
Invo is advised by Cain Brothers and Winston & Strawn. Golden Gate Capital is advised by Berkery Noyes, Guggenheim Securities, Nob Hill, and Ropes & Gray.
Private equity firm Halifax Group invested in Prairie Industries and Nu-Pak, collectively a leading contract packager and manufacturer of consumer products and ready-to-eat food. Financial terms were not disclosed.
"As consumer product companies continue to outsource their increasingly complex packaging and manufacturing needs, there is a growing demand for the high-quality services offered by Prairie Industries and Nu-Pak. As part of an active, thesis-driven search process, we have evaluated businesses in the sector for several years and believe that this business sets itself apart through its specialized offerings, flexible service model, superior customer service, and best-in-class product quality and food safety," Scott Plumridge, Halifax Partner.
Sentinel Capital Partners, a private equity firm that invests in promising companies in the lower midmarket, recapitalized New Era Technology, a technology solutions provider serving customers in the United States, the United Kingdom, New Zealand, and Australia. Financial terms were not disclosed.
"As technology systems increase in complexity and the pace of technological change accelerates, organizations require integrated, flexible, and scalable solutions that incorporate a wide range of technologies. Partnering with Sentinel provides us a tremendous opportunity to continue our acquisition strategy, which complements our organic growth. The New Era team is excited to be working with a partner with Sentinel's experience and continue our successful partnership with Gemini." Joe Ewart, New Era's CEO.
Smokefree Innotec and Betta4u Brands, a Delaware corporation managing a growing portfolio of world-class beverages in the health and wellness space, merged businesses. Financial terms were not disclosed.
"The focus and strategy going forward in the coming weeks will be to bring the status of the company current with OTC Markets, and begin to reveal existing contracts and revenues as well as the strategy for growing the business model exponentially with planned acquisitions," Bernard Rubin, Betta4u Chief Executive Officer.
Amazon agreed to acquire INLT, a logistics tech start-up. Financial terms were not disclosed.
Amazon is seeking to expand the services it offers merchants to add tools for complicated cross-border sales processes, which sellers mostly needed to manage on their own.
“INLT is a smart, nimble team that is helping companies simplify and lower the cost of importing goods into the US,” an Amazon spokeswoman said in a statement.
Juul boss stepped down amid vaping crisis as Philip Morris and Altria end merger speculations.
The CEO of e-cigarette maker Juul stepped down, with his company beset by a regulatory backlash against vaping, and merger speculations between its biggest investor Altria and Philip Morris collapsed.
Philip Morris and Altria said they would instead focus on the joint launch of tobacco-heating product iQOS in the United States.
"After much deliberation, the companies have agreed to focus on launching iQOS in the US as part of their mutual interest to achieve a smoke-free future" André Calantzopoulo, Philip Morris CEO.
Elliott to push Marathon Petroleum for a break-up. (FS)
Elliott Management, Paul Singer’s activist hedge fund, has launched a second campaign to persuade Marathon Petroleum to remedy its “chronic underperformance” by splitting into three separate entities.
The $38.2bn hedge fund, which previously lobbied Marathon’s current management in late 2016, said the company should divide into a convenience store business, a midstream operator and an independent merchant refiner. The fund on Wednesday also called for a “comprehensive review” of Marathon’s governance, board, and management, FT reported.
Elliott, which owns a 2.5% economic interest in the company, said Marathon’s board failed to keep an earlier promise to consider splitting off its convenience store business seriously, and instead acquired another oil refiner, Andeavor, further expanding its conglomerate structure. In a letter to Marathon’s board, Elliott portfolio managers John Pike and Phillip Zeigler said: “shareholders continue to suffer, prompting our letter and presentation today.” The units have “little to no synergy value” and could be better managed separately, they said.
WeWork's Neumann quits as CEO. (FS, People)
Adam Neumann, WeWork's CEO, stepped down from his role after plans to take the company public failed.
"I have decided that it is in the best interest of the company to step down as chief executive." Adam Neumann.
AT&T Operating Chief denies planning to sell DirecTV.
John Stankey, AT&T chief operating officer, protected the company’s strategy in the media business and said it doesn’t plan to sell its DirecTV unit, viewing the satellite TV provider as central to its ambitions in streaming video.
“DirecTV is an important part of what we’re going to be doing going forward.” John Stankey, AT&T COO.
Schwarzman warns of asset bubble reckoning for investors. (FS)
Stephen Schwarzman, Blackstone CEO, warned that the inflating bubble in asset values could lead to a painful reckoning, particularly for late-stage investors in private technology companies like WeWork.
Private valuations are getting "very high," adding that later-stage funding rounds in companies planning initial public offerings were helping to escalate those values, even for companies that often have little prospect of profitability.
Amphivena raised $62m Series C funding for clinical development. (FS)
Amphivena Therapeutics, a private clinical-stage immuno-oncology company developing T cell engager therapeutics for cancer, announced the closing of a $62m Series C financing.
The round was co-led by NanoDimension and Qiming Venture Partners USA and included new investors Clough Capital, Aju IB, Korys Merieux, Kaitai Capital, Industrial Investors, Nawton and insiders MPM Capital, funds managed by Tekla Capital Management and Franklin Berger, Amphivena.
"The Series C financing is an endorsement by new and existing investors of our leadership in the evolving T cell engagement space," Peter Van Vlasselaer, Amphivena Executive Chairman.
EMEA
Bain and its new partner Advent are prepared to make a takeover offer for Osram, the German lighting group said, citing a letter from the two buyout groups as a bid battle heats up.
Osram said the Bain-Advent consortium had said it would offer a price "meaningfully" above that provided by Austrian sensor specialist AMS worth €38.5 ($42) a share, or €4.3bn ($4.7bn).
Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco and FTI are advising Bain and Carlyle. Osram is advised by Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, Gleiss Lutz, and Hengeler Mueller. AMS is advised by PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Allen & Overy, Schellenberg Wittmer, and Brunswick Group.
The head of the Hong Kong stock exchange group tried to soothe concerns about Beijing's influence on the proposed merger with its London counterpart, saying that the board of the combined business could be altered.
"We are completely open to having a discussion on governance," Charles Li, chief executive of Hong Kong Exchanges and Clearing, said as he tried to defrost the so-far chilly response to his £32bn ($39bn) merger proposal.
The boss of the Hong Kong stock exchange has admitted he would reject his takeover offer if he were running the London Stock Exchange as he put forward his arguments in a public "boxing match" between the two chiefs.
Barclays, RBC Capital Markets, Goldman Sachs, JP Morgan, Morgan Stanley, Robey Warshaw, and Teneo are advising LSEG. UBS, HSBC, Cravath Swaine & Moore, Slaughter & May Moelis & Co, and Headland Consultancy are advising HKEX.
Montagu Private Equity, a European private equity firm with headquarters in London, acquires Jane’s Intelligence, an aerospace and defense publishing unit of IHS Markit, a data analytics and technology information provider, for $470m.
Jane’s is a leading provider of open source intelligence, providing timely information and data for the aerospace, defense, and security industries. These insights are underpinned by a team of global analysts, covering areas ranging from information on military capabilities and budgets to national threat intelligence and defense markets forecasts.
“Jane’s is well-positioned to benefit from a world which is growing increasingly reliant upon data-driven intelligence. Jane’s insights are respected and valued across the aerospace, security, and defense industries, and we look forward to working with Blake and his leadership team deliver on the next step in their growth strategy.” Ed Shuckburgh, Montagu Director.
Montagu is advised by Robert W Baird. IHS Markit is advised by Bank of America Merrill Lynch and Goldman Sachs.
Technogroup IT-Service has acquired the network specialist BSW-COM. BSW-COM, based in Kerpen, specializes in IT infrastructure solutions, especially in the areas of network, security and unified communications. Technogroup IT-Service, the service provider in the data center and DACH market leader for third-party maintenance is continuing to expand its solution portfolio. Financial terms were not disclosed.
"With the takeover of BSW-COM, we are continuing our growth course. We are investing in growth areas that optimally complement our strengths in the server and storage sector. This concerns both the network components in the data center as well as the modern networking and collaboration services for the expansion of future-oriented digital workplaces," Klaus Stöckert, Technogroup CEO.
Metito, a global provider of smart water management solutions to provide clean and safe water access, acquired a majority stake in the Turkish chemical company Info Group. Financial terms were not disclosed.
"Sharing the same vision and quality goals with Metito Info Group are extremely pleased to be found in. Today our forces combining, carries out the entrance to Metito Turkey market. Info Group refers to an important milestone based on growth. Metito, over 60 years of global experience and knowledge, connections with the international business environment, market intelligence and achievement in the field of capacity access to the latest technologies, will continue with Info Group name in Turkey," Fady Juez, Metito Executive Board Member.
BlaBlaCar, the world's leading long-distance carpooling platform that has recently expanded its offer to include buses, has acquired Busfor, Russia and Ukraine's leading online bus ticketing platform. Financial terms were not disclosed.
The acquisition will expand BlaBlaCar's online inventory of third-party bus operators in a region where BlaBlaCar counts over 25m members. With 7k bus carriers across Russia, Ukraine, and Poland, Busfor will reinforce BlaBlaCar's position as the leading road mobility provider in the region, where it will retain a pure marketplace model.
"We are thrilled to join forces with a leading regional player that has strong operating results and state-of-the-art technology. By growing a multimodal bus and carpooling offer together and by accelerating the transition from offline to online travel booking in Russia and the CEE region, we can better serve bus carriers and passengers, and improve long-distance mobility across the region." Nicolas Brusson, BlaBlaCar's co-founder and CEO.
Ubimax, the world market leader for integrated industrial augmented reality solutions, has acquired ESSERT Digital, Europe's leading company for augmented reality-based remote support solutions in after-sales services. Financial terms were not disclosed.
ESSERT's offer complements the existing Ubimax portfolio, highly qualified employees strengthen the Ubimax team of more than 100 people and together serve more than 400 customers. The Ubstadt-Weiher location will remain in place and will bring Ubimax even closer to its numerous customers in the German-speaking region.
“The sale of ESSERT Digital marks the end of a defining period for our company. The initial idea of developing a product to solve our problems turned into a software solution backed by a competent team and over 200 trusting customers. However, to meet market and customer requirements in the long term, integration into a larger organization was the logical next step. The sale allows us to focus more strongly on our core robotics business, requiring much attention to high growth figures. I am especially pleased that Ubimax, one of the world's leading companies for wearable computing and augmented reality solutions, has acquired our business unit. This allows us to ensure the further development of the product as well as continuity for our employees, customers, and the location,” Christopher Essert, ESSERT's CEO.
Jernbro, a provider of industrial services, agreed to acquire the industrial maintenance operations of Veolia Environnement, a French transnational company with activities in three leading service and utility areas traditionally managed by public authorities – water management, waste management, and energy services. Financial terms were not disclosed.
The acquisition of Veolia's industrial maintenance business is part of Jernbro Industrial Services' growth strategy. Jernbro is now a market leader and a complete supplier of maintenance services in, among other things: mechanics, electricity, and automation as well as energy efficiency for the industry. The acquisition means that Jernbro has reached a total turnover of SEK1.4bn ($153m).
"Industrial maintenance is outside Veolia's core business and lacks the critical mass to stand on its own. In Jernbro, we have found a new long-term owner who has all the prerequisites to develop the business to the next level. Jernbro is a player who can incorporate the business in a natural way, which is why I am pleased that we have been able to reach this agreement," Håkon Vist, Veolia Norden CEO.
Eudonet, a French CRM provider, has agreed to acquire ACTEDEV, CRM specialist in economic development and protocol. Financial terms were not disclosed.
ACTEDEV and Eudonet Group will collaborate in the development of the next software version, based on Eudonet’s cloud platform.
“Faced with the technological evolution of our software, we were looking for a partnership to offer our clients a robust and sustainable solution. We are convinced that the new version of our software, based on Eudonet’s technology, will please our clients who are looking for an intuitive, stable solution,” Philippe Lefort, ACTEDEV's CEO.
J Sainsbury looking to cost cuts by £500m after failed Asda bid.
J Sainsbury, the second largest chain of supermarkets in the United Kingdom, is looking to cost cuts by £500m ($623m) over five years by closing some Argos stores after its failed bid to acquire Asda, a British supermarket retailer. The deal, which was supposed to generate similar savings, was blocked by UK's competition regulator.
FT reported that around £50m ($62m) a year of savings would come from reduced pension contributions after a recently completed triennial valuation showed that the actuarial deficit on its two schemes had almost halved to £538m ($670m).
KKR wants to divest the European Locomotive Leasing (FS)
Buyout group KKR has put Austria-based European Locomotive Leasing up for sale, Reuters reported, as the investor seeks to lock in robust asset valuations ahead of an expected downturn.
The private equity firm has asked Credit Agricole to help it find a buyer of the business, which is expected to value ELL at several hundred million euros.
At the time, ELL bought its first 50 Siemens Vectron locomotives for €200m ($220m). In the meanwhile, it owns 130 Vectron locomotives, which are used on tracks from the Netherlands to Romania.
Rheinmetall and Voith in a race for Renk, Volkswagen's transmissions maker.
German auto and defense supplier Rheinmetall and engineering group Voith are competing for transmissions maker Renk, which Volkswagen has put up for sale to free up funds for investment in electric vehicles, Reuters reported.
The industrials groups are among those expected to submit first-round bids for Renk by a mid-October deadline. The bid could give the company an enterprise value of around €700m ($770m).
Metro Bank crashes to a record low after canceling the attempt to raise £250m in debt.
Metro Bank has found itself under intense pressure after its shares slumped almost 36% and it abandoned an attempt to raise £250m ($311m) of debt required by regulators.
Analysts said that the bank faced risks over regulatory investigations into a £900m ($1.2bn) accounting error, potential litigation by shareholders, and the challenging economic environment.
Metro was set up by Vernon Hill, an American millionaire, in 2010, becoming the first new bank in Britain in 100 years. It has 70 high street branches and its focus on customer service and extended opening hours have had a significant impact on retail banking in the UK.
Thyssenkrupp CEO Kerkhoff set to step down, adding woes to the company. (FS, People)
Thyssenkrupp said it was planning to replace Chief Executive Guido Kerkhoff, making him the latest casualty at the German steel-to-submarines conglomerate which has been in crisis mode for more than a year.
It adds more trouble at a company that has struggled to keep up with falling steel prices, a weak car market, and a cooling global economy.
InterGlobe to acquire K + K Elisabeta hotel in Bucharest from Goldman Sachs. (FS)
The US bank Goldman Sachs, one of the largest investment banks in the world, sold, after four years, the hotel it owns in Bucharest, K + K Elisabeta, frequently included in the Tripadvisor rankings of the best hotels in Bucharest.
Fosun among bidders for Thomas Cook name.
Fosun, the Chinese conglomerate which was set to become the firm's majority owner through its failed rescue deal is among potential buyers for the Thomas Cook name, despite the damage it has suffered over the last week, Thisismoney reported.
TeamViewer share prices dropped in Europe's biggest IPO of 2019. (FS)
German software company TeamViewer stock prices dropped in its market debut after they launched Europe's biggest initial public offering of 2019.
Shares started in line with the offer price of €26.25 ($28.8) but slipped to €25.32 ($27.8) in early trading as stocks fell 2%.
"TeamViewer has developed from a small IT company into a truly global player," Oliver Steil, Teamviewer CEO.
A rare private equity listing attracts investors. (FS)
Shares in Sweden's EQT soared more than 25% on their first day of trading on the Nasdaq Stockholm stock exchange, valuing the private-equity firm at more than $8bn.
The IPO was more than ten times oversubscribed, with keen interest from institutional investors and the Swedish public.
EQT joins Switzerland's Partners Group and US rivals including Blackstone Group, KKR, Apollo Global Management, and Carlyle Group, whose shares also rise.
CA Ventures considers investing £500m annually to develop student accommodation in the UK and Ireland. (FS)
CA Ventures, a real estate developer in Chicago, Illinois, considers investing £500m ($623m) annually to develop student accommodation in the UK and Ireland. As part of the European launched, the company has revealed three UK development schemes – in Glasgow, Edinburgh, and Sheffield – totaling 888 beds.
The company plans to invest the amount annually by 2021 and will also be entering other European markets with commitments in its development pipeline of £300m ($373m) a year in the Netherlands, Spain, Portugal, and Italy. CA Ventures is targeting £1.3bn ($1.6bn) in ground-up development starts in Europe over the next three years.
Horizon Capital hires the trio for the investment team. (FS, People)
Horizon Capital, a specialist investor in business services and technology companies, has approved three new hires increasing the firm's investment and origination team to eleven.
Aidan Connelly joins as a manager with six years' private equity investment experience at Capital works Investment Partners.
Giuliana Cian joins the firm from Third Bridge where she worked with mid-market private equity investors developing investment theses. Morgan Johnson joins the team from Dartmouth partners. New associates will focus on executing Horizon's proven Buy & Build growth strategy, which has seen 20 transactions completed over the past year.
APAC
Scorpio Tankers, a provider of marine transportation of petroleum products worldwide, acquired subsidiaries of Trafigura Maritime Logistics, which have leasehold interests in 19 product tankers, for $803m.
“This transaction represents a close alignment between Scorpio Tankers and Trafigura, a strategic customer and now a valued shareholder. We share common beliefs in quality assets, quality service, and most importantly, the favorable fundamentals currently unfolding in the product tanker market. This fleet of 19 ultra-modern product tankers is a singular opportunity in an otherwise diminished global order book. The average age of our fleet will be reducing (from 4.1 to 3.7 years) and our fuel efficiency is expected to increase with the addition of these modern scrubber fitted vessels. At the same time, IMO 2020 and other demand drivers are set to increase ton-mile demand significantly over the coming months." Emanuele A. Lauro, Scorpio Tankers Chief Executive Officer.
Bank of America Merrill Lynch, RBC Capital Markets and Seward & Kissel are advising Scorpio Tankers. Clarksons Platou Securities and Reed Smith are advising Trafigura.
Capricorn Capital Partners, the Hong Kong arm of the family-owned global direct private investment business Capricorn Capital Group, has made its first acquisition in Asia, taking a 67% stake in A-Pass, a provider of corporate formation, secretarial, accounting, taxation reporting, trade, and payroll services. Financial terms were not disclosed.
“We believe there is great potential in the mid-size corporate services segment, companies which need capital to grow but don’t want to be swallowed up, gutted, or passed around. Capricorn’s form may be corporate, but our mindset is very much partnership, and our capital is extremely patient, something we feel differentiates us from traditional PE buyers. With so many markets across the Asia Pacific experiencing rapid growth and attracting new companies, the market for high-quality corporate services and in-depth local knowledge can only grow, and Capricorn has the expertise to help strong local businesses like A-Pass take advantage of this opportunity. We anticipate this to be the first of many such acquisitions for Capricorn Capital,” Robin Harris, Capricorn’s Hong Kong Director.
Netlink, a provider of information technology and business analytics solutions, has acquired Enterprise Touch, an enterprise mobility and digital transformation services provider. Financial terms were not disclosed.
By joining forces with Enterprise Touch, Netlink has now become the leading services provider for enterprise mobility and low-code platforms globally. Together, the companies now provide over 400 experts specializing in low-code development platforms across North America, Europe, Middle East, Africa, and Asia.
“Our successful digital transformation business has been rapidly expanding, and the acquisition of Enterprise Touch is a move to accelerate our growth in this space further. Enterprise Touch has been a pioneer in providing low-code platform implementation services with specialization in the banking domain in the Middle East and Africa. With this acquisition, Netlink is well poised to become a global leader in providing low-code implementation services.” Anurag Shrivastava, Netlink CEO.
Jardine Cycle & Carriage, a Singaporean diversified conglomerate, received all requisite regulatory approvals for its acquisition of a 10% stake in Refrigeration Electrical Engineering, a Vietnam-based company engaged in the construction and engineering sector. The company will now proceed with a PTO for the rest of REE.
Ford likely to make JV deal with Mahindra in India. (FS)
Ford Motor and Mahindra are expected to sign a deal to form a joint venture in India, Reuters reported.
Ford will transfer most of its automotive assets and employees in India to the new company, but the carmaker will retain an engine plant in Sanand in the western state of Gujarat.
Spicejet considers a $10bn deal with Airbus.
SpiceJet is planning to make an order for at least 100 Airbus planes as Boeing struggles with the fallout over its grounded 737 Max.
"Airbus has pushed us hard since the day we started flying Boeing aircraft, and of course with the current problems, they have pushed us harder. They have made us a commercial offer, and we are evaluating it," Ajay Singh, SpiceJet Chairman.
Norway's Equinor partners with China's CPIH in offshore wind.
Norwegian energy firm Equinor and state-owned China Power International Holding plan to cooperate in offshore wind developments in China and Europe.
"Next, we will look at what projects we can develop together in China or Europe." Equinor spokesman.
|
