L3Harris, an agile global aerospace and defense technology innovator, completed the acquisition of Aerojet Rocketdyne, an American manufacturer of rocket, hypersonic, and electric propulsive systems for space, defense, civil and commercial applications, for $4.7bn.
"I'm thrilled to welcome more than 5k employees to the L3Harris team today. With national security at the forefront, we're combining our resources and expertise with Aerojet Rocketdyne's propulsion and energetics capabilities to ensure that the Department of Defense and civil space customers can address critical mission needs globally," Christopher E. Kubasik, L3Harris Chair and CEO.
Assertio, a specialty pharmaceutical company offering differentiated products to patients, announced that its stockholders and the stockholders of Spectrum Pharmaceuticals, a biopharmaceutical company focused on novel and targeted oncology, have each approved the proposed definitive agreement pursuant to which Assertio will acquire Spectrum in a $291m all-stock and contingent value rights transaction.
"We are pleased to announce the positive voting results of each meeting and look forward to closing the transaction in the coming days. We believe this transaction provides extensive new growth opportunities and will be accretive to our stockholders in 2024. We plan to provide updated guidance on our second quarter results call, scheduled for August 3," Dan Peisert, Assertio President and CEO.
Pantogran, Proud Moments, a national provider of ABA services, and New Story, a provider of special and alternative education and pediatric mental health services, agreed to acquire Center for Autism and Related Disorders, an organization that provides a range of services based on applied behavior analysis for children and adults on the autism spectrum. Financial terms were not disclosed.
"We are pleased to have reached an outcome that ensures our centers will stay open and our patients will continue to receive outstanding care. Both Dr. Granpeesheh and the teams at Proud Moments and New Story bring considerable expertise and track records of excellence in this space, and I am confident our patients are in good hands. I would also like to acknowledge the entire CARD team for their unwavering focus and steadfast commitment to our patients throughout this process," Jennifer Webster, CARD CEO.
CARD is advised by Livingstone Partners, Portage Point Partners (led by Steven Shenker), Kirkland & Ellis and Joele Frank (led by Meaghan RepkoandJed Repko). Pantogran is advised by Calex Partners, Locke Lord and Nevers Palazzo Packard Wildermuth & Wynner. Proud Moments and New Story is advised by Fredrikson & Byron.
TC Energy, an energy company, agreed to spin off into TC Energy post-Transaction, a natural gas and energy solutions company, and Liquids Pipelines, an energy infrastructure company. Financial terms were not disclosed.
"This transformative announcement sets us up to deliver superior shareholder value for the next decade and beyond. Fundamentals have always driven our strategic direction, and as a result, we have grown into a premier energy company with incumbency across a wide range of energy infrastructure platforms. As we have become the partner of choice for a magnitude of accretive, high-quality opportunities, we have determined that as two separate companies we can better execute on these distinct opportunity sets to unlock shareholder value," François Poirier, TC Energy President and CEO.
TC Energy is advised by Bain & Co, Evercore, JP Morgan, RBC Capital Markets, Blake Cassels & Graydon and White & Case.
Biogen, a biotechnology company, agreed to acquire Reata Pharmaceuticals, a biopharmaceutical company, in a $7.3bn deal.
"Biogen's expertise and commercial footprint make it the optimal choice to help SKYCLARYS realize its full potential. With its clear understanding of the rare disease patient journey and existing commercial infrastructure, we believe Biogen will establish SKYCLARYS as the standard of care in the treatment of this devastating genetic disease," Warren Huff, Reata Chairman and CEO.
TopBuild, an installer and specialty distributor of insulation and building material products, completed the acquisition of Specialty Products & Insulation, a provider of bulk solutions for insulation & building materials, from Incline Equity Partners, a private equity firm, for $960m.
"The acquisition of SPI is highly strategic for TopBuild, accelerating Specialty Distribution's growth and enhancing our leadership position in the very diverse and fragmented insulation industry. In addition, SPI generates significant recurring revenue from industrial maintenance and repair. When combined with our Specialty Distribution business today, we estimate recurring revenue will account for approximately one third of the segment's overall revenue stream," Robert Buck, TopBuild President and CEO.
Western Asset Mortgage Capital announced that WMC's board of directors has determined in good faith, after consultation with its financial advisors and outside legal counsel, that the unsolicited proposal from AG Mortgage Investment Trust to acquire WMC is a "Parent Superior Proposal" within the meaning ofWMC's merger agreement with Terra Property Trust.
WMC has notified TPT that it intends to terminate their merger agreement unless WMC receives a revised proposal from TPT by August 3, 2023 such that the WMC board of directors determines that MITT's proposal is no longer a parent superior proposal, after taking into account all aspects of any such proposal WMC may receive from TPT.
AG Mortgage Investment Trust is advised by Piper Sandler, Hunton Andrews Kurth and Gasthalter & Co (led by Jonathan GasthalterandAmanda Shpiner). WMC is advised by Financial Profiles.
KKR completed the acquisition of Industrial Physics, a manufacturer of testing and measurement instruments, from Union Park Capital, a private equity investment firm. Financial terms were not disclosed.
"I am honored to join Industrial Physics and work alongside Lance and the rest of the talented team at Industrial Physics. Industrial Physics has created an impressive global portfolio of leading brands and I am excited to build upon this foundation to better serve our customers and drive future growth, both organically and through acquisitions. I am enthused to work with KKR as a strategic partner and to lead the roll out of a broad-based equity plan in which all Industrial Physics colleagues will become owners of the business," Barry Lyon, Industrial Physics CEO.
Pharmaceutical companies Alexion and AstraZeneca, agreed to acquire the preclinical gene therapy programs of Pfizer, a pharmaceutical and biotechnology corporation, for $1bn.
"Today's announcement represents another major step forward in Alexion and AstraZeneca's ambition to be an industry leader in genomic medicine, which has potential to be transformative and even curative for patients with devastating diseases. We look forward to continuing our work to develop enhanced platforms and technologies with broad therapeutic application while integrating best-in-class expertise to accelerate promising therapeutics into the clinic," Marc Dunoyer, Alexion CEO.
Alexion is advised by Covington & Burling. Pfizer is advised by Centerview Partners.
Peak Rock Capital, a middle-market private investment firm, agreed to acquire Rochester Midland, a supplier of specialty chemical products and value-added services across water energy, food safety, facility hygiene, and other applications. Financial terms were not disclosed.
"RMC represents an exciting opportunity to invest in a supplier of mission-critical services that enable customers to operate safely and efficiently. We look forward to helping the Company accelerate its growth trajectory while pursuing complementary acquisitions to extend RMC's production capabilities, geographical presence, and service offerings," Jordan Campbell, Peak Rock Managing Director.
Vestwell, a fintech services provider, agreed to acquire Gradifi Solutions, a student loan benefits provider, from Morgan Stanley. Financial terms were not disclosed.
"We're delighted to bring Gradifi Solutions onto the Vestwell platform and offer a full suite of financial wellness programs to meet the needs of our clients. As millions of Americans carry student loan debt, it's essential for employers to provide accessible tools and programs that enable individuals to pay down their student debt while saving for retirement simultaneously. Bringing Gradifi Solutions into Vestwell accelerates our product roadmap initiative alongside a top-tier client base. Through this acquisition, Vestwell is realizing its vision of enabling all savings in the workplace and beyond, with more offerings coming soon," Aaron Schumm, Vestwell Founder and CEO.
AXA, Swiss Life AM and Morrison & Co-backed lyntia Networks completed the acquisition of Evolutio Business Connectivity, an IT services provider, from Portobello Capital, a private equity firm. Financial terms were not disclosed.
"We are very thrilled with our new alliance with Evolutio Group. The combination of resources and experience of lyntia Networks and Evolutio Business Connectivity will allow us to offer more innovative and high-quality solutions, as well as expand our network and continue to add value to the businesses of our wholesale customers," José Antonio López, lyntia Networks CEO.
Teradata, an American software company, completed the acquisition of Stemma Technologies, a software developer. Financial terms were not disclosed.
"Stemma is helping redefine how enterprises find trustworthy data and providing a consistently up-to-date view of data anytime, anywhere. We are thrilled to welcome Stemma's strong team of engineers and metadata experts to help advance Teradata's product roadmap in data lineage, data governance and data compliance—all driving to greater self-serve analytics in the age of AI," Hillary Ashton, Teradata Chief Product Officer.
TPG Real Estate, the real estate investment platform of TPG, agreed to acquire an 80% stake in three stabilized hyperscale data centers in Northern Virginia from Digital Realty, a global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, for $1.3bn.
"We welcome this partnership with TPG, a highly distinguished investment partner. The completion of this stabilized hyperscale data center joint venture bolsters and diversifies Digital Realty's capital sources with an experienced partner and further enhances the efficiency of our balance sheet. We remain focused on positioning Digital Realty to prudently support our stakeholders' longer term capacity requirements and look forward to executing on the remaining elements of our capital plan for 2023," Greg Wright, Digital Realty Chief Investment Officer.
ROMCO Equipment, a distributor of heavy equipment for the construction, mining, paving and aggregate industries, completed the acquisition of Sierra Machinery, a premier full-service distributor of construction, mining, and industrial equipment. Financial terms were not disclosed.
"Sierra Machinery has been an employee focused company offering premium products and outstanding customer support for over 40 years. These core values align with ROMCO Equipment Co., and we are excited to welcome Sierra Machinery and their customers into the ROMCO family," Steve Passmore, ROMCO President.
Teck CEO says mulls partial sale of coal unit as Glencore circles.
Jonathan Price, the CEO of Teck Resources, said that the Canadian miner is considering a range of proposals including a partial sale of its coal business from various interested parties after Glencore offered up to $8.2bn for the unit. Price did not reveal the names of the other potential suitors, but said the company is 'actively' engaged in the process,Reutersreported.
Teck is banking on the limited coking coal mines in the world to help it secure a better valuation as the company runs a comprehensive review, which was sparked by Glencore's initial bid for the whole company in April. Swiss miner and trading firm Glencore initially offered to buy Teck Resources for $22.5bn, which the Canadian miner twice rebuffed. Glencore came back with an offer just to buy Teck's coal business in June.
"This business is positioned to capitalize on the global supply gap from existing mine depletion and a lack of new projects coming into production. We are not sitting on our hands here and we are taking an active approach," Jonathan Price.
Southern Bancorp CEO sees more consolidation after PacWest's rescue.
Bloomberg reported that more regional-bank consolidation is likely in the wake of Banc of California's agreement to combine with PacWest Bancorp, Southern Bancorp Chief Executive Officer Darrin Williams said.
"I wish I could say that you've seen the end of it. I believe you'll probably see more. That made sense probably for them. Hopefully that'll be better for folks in California, merging two good institutions together to make one stronger institution," Darrin Williams, Southern Bancorp CEO.
Deutsche Boerse said that it was extending an offer period to shareholders for its takeover of the Danish investment management software company SimCorp, a move it had expected as it awaits European Union regulatory approval.
The German exchange operator had already announced an extension earlier this month, but it said it doesn't expect any more delays,Reuters reported.
SimCorp is advised by Credit Suisse, Covington & Burling (led byUri DoronandBruce Bennett) and Kromann Reumert. Deutsche Boerse is advised by Deutsche Bank, Morgan Stanley, Cravath Swaine & Moore (led byBethany A. Pfalzgraf),Hengeler Mueller, Linklaters, Plesner (led by Thomas Holst Laursen) and Sullivan & Cromwell. Debt financing is provided by Morgan Stanley.
Wavestone, a French consulting company, agreed to merge with Q_Perior, a business consulting company, in a €330m ($363m) deal.
"Q_PERIOR is undoubtedly the best partner for us to realize such a project. Together we can set our sights high: to become a recognized, world-class European Champion able to support large companies in their global transformations," Pascal Imbert, Wavestone CEO.
Q_Perior is advised by Rothschild & Co and Taylor Wessing. Wavestone is advised by BNP Paribas, DC Advisory, Grant Thornton, Arsene Taxand, Dentons and Hoche Societe D'Avocats.
MinervaHub, an industrial enterprise in the fashion sector, completed the acquisition of New and Best, a plastic fabrication company. Financial terms were not disclosed.
With this new acquisition, additional extraordinary skills enter the MinervaHub group serving the highest beautiful and well-made sector in Italy, with the aim of further implementing the Artisan Industrial model of integrated platform at the service of the main high range players.
New and Best was advised by Mediobanca and Gatti Pavesi Bianchi Ludovici. MinervaHub was advised by Greenwich, Deloitte, OC&C Strategy Consultants, PricewaterhouseCoopers, Pavia e Ansaldo Studio Legale and Morena Piacentini.
Wendel, a family-held investment company, completed the acquisition of an 82% stake in Scalian Group, a European consulting firm in digital transformation, project management and operational performance, for €557m ($613m).
"Wendel will be an active partner for Scalian, contributing its recognized expertise in developing global leaders in business services, through both organic and external growth. We share the ambition of its leader, Yvan Chabanne, of unlocking the company's full value creation potential in Europe and North America and making it an international leader in its field. Scalian's highly entrepreneurial culture and its recognized ESG performance are fully in line with Wendel's values. This majority investment by Wendel in an unlisted company will be fully in line with the strategic roadmap we announced a few weeks ago, including the ambition to invest two billion euros over the next twenty-four months," Laurent Mignon, Wendel Group CEO.
KSL Capital Partners, a private equity firm, completed the acquisition of a majority stake in Sereno Hotels, an operator of ultra-luxury hotels. Financial terms were not disclosed.
"We are thrilled to have the opportunity to partner with Luis and the Contreras family for the next journey of growth for this remarkable business. At KSL, we seek to invest in the unforgettable to create the enduring, something which is core to Sereno's mission. What Luis and his family have created is unparalleled, and we could not be more excited about what the future will bring for Sereno and to work with a partner that shares our vision and values," Martin Edsinger, KSL Capital Partners Principal.
Sereno Hotels was advised by GribbonBerry PR and Magrino Public Relations. KSL Capital Partners was advised by Joele Frank.
Booking Holdings has offered to make concessions to the EU in order to win the approval of its $1.84bn purchase of Sweden's Etraveli Group, as one of the world's biggest online travel sites seeks to overcome competition concerns surrounding the deal. EU regulators are concerned that Booking's acquisition of the flights-only company will strengthen its market position and will hurt rivals.
The proposed concessions come in response to concerns from the European Commission, the executive body of the EU, that the Etraveli deal would allow the travel group a further advantage in the hotels sector, while helping it move into other services like car rentals and flights, FTreported.
Booking is advised by Hengeler Mueller. CVC Capital is advised by Freshfields Bruckhaus Deringer.
Waterland-backed Carton Group, a packaging company, agreed to acquire Europoligrafico, a supplier of innovative and high-quality packaging solutions. Financial terms were not disclosed.
"With Carton Group, we are joining a strong group. We are convinced that this merger is now the next right step in the success story of our company. We benefit from the Carton Group's customer network and know-how and will continue to build on our strengths. As part of the Carton Group, we are well equipped to grow and shape the future in a rapidly changing market environment," Federico Riccio, Europoligrafico General Manager.
Carton Group is advised by Brunswick Group. Waterland is advised by IWK Communication Partner.
Vitruvian Partners-backed OAG, a data platform for the global travel industry, completed the acquisition of Infare, a competitor air travel data provider, from Ventiga Capital, a growth capital firm. Financial terms were not disclosed.
"The increasing dynamism in global travel and technology is fuelling a need for more sophisticated, granular data to understand, manage and unlock growth in air travel. The acquisition of Infare strengthens our ability to deliver consistent and accurate information across the wider supply and demand value chain. Together, we are enabling new and existing customers to thrive and innovate ahead of their counterparts. I am excited to welcome Infare colleagues to the OAG family," Phil Callow, OAG CEO.
Stellantis, an automakers and a mobility provider, completed the acquisition of a 33.3% stake in Symbio, a hydrogen company, from Faurecia, an automotive technology company and Michelin, a tire manufacturing company. Financial terms were not disclosed.
"Symbio's technical roadmap perfectly matches with Stellantis' hydrogen roll-out plans in Europe and in the US. This move will foster the speed of development to bring low emission products to our customers, beyond traditional electric vehicles. We're grateful to the teams at Faurecia, Michelin and Symbio for their commitment to innovation, excellence, and collaboration as we all work to achieve decarbonized mobility," Carlos Tavares, Stellantis CEO.
Stellantis was advised by Societe Generale. Faurecia was advised by Santander.
Kering, a multinational corporation specializing in luxury goods, and Mayhoola, an investment entity, agreed to acquire a 30% stake in Valentino, an Italian luxury fashion house, for €1.7bn ($1.86bn).
"I am impressed with the evolution of Valentino under Mayhoola ownership and very delighted that Mayhoola has chosen Kering as its partner for the development of Valentino, a unique Italian house that is synonymous with beauty and elegance. I am very pleased of this first step in our collaboration with Mayhoola to develop Valentino and pursue the very strong strategic journey of brand elevation that Jacopo Venturini will continue to lead," François-Henri Pinault, Kering Chairman and CEO of Kering.
Portobello Capital-backed Serveo, a facilities services firm, completed the acquisition of Sacyr Facilities, a real estate facilities services provider, from Sacyr, a real estate services firm, for €87m ($96m).
With this recent acquisition, Serveo advances in its growth strategy in facility management and consolidates itself as one of the main operators in the sector with a presence in Spain, Portugal and with this operation, in Chile. In this sense, the incorporation of Sacyr Facilities will increase the capacities to continue growing with value-added services, process engineering and operational excellence.
Sacyr was advised by Cuatrecasas Goncalves Pereira.
Richemont, a luxury brands conglomerate, completed the acquisition of Gianvito Rossi, an Italian shoes and accessories company. Financial terms were not disclosed.
"I have found in Richemont a partner who shares common values such as the greatest attention to quality, design and craftsmanship and the preservation of tradition handed down from generation to generation. I decided to choose them to keep developing the brand worldwide and for their expertise and model of global expansion. Our partnership will be beneficial for the company's next stage of growth, and we look forward to starting this exciting new chapter together with a spirit of fruitful cooperation," Gianvito Rossi, Gianvito Rossi Founder and CEO.
Avesi-backed memoryBlue, a sales development consulting firm, completed the acquisition of Operatix a sales acceleration services provider for B2B technology companies. Financial terms were not disclosed.
"Our merger with Operatix represents a key strategic milestone for memoryBlue. Not only does Operatix represent our first acquisition, but the transaction enables us to serve technology clients across the globe and be their go-to partner for business development efforts across North America, LATAM, the public sector, and now EMEA and APAC. This global reach is a capability we have long sought but haven't been able to offer until now," Chris Corcoran, memoryBlue Managing Partner and Co-Founder.
Telefonica has approached Vodafone on Spanish broadband deal.
Telefonica has approached British telecoms group Vodafone about a potential deal involving internet broadband networks in Spain. Vodafone has reportedly sought to unwind assets in Spain, where it has suffered cut-throat competition. But given its size in the country, a sale to rivals would face steep anti-trust hurdles,Reutersreported.
Telefonica had presented a number of proposals to Vodafone in talks in recent months. "The ball is now in their court," Angel Vila, Telefónica COO.
Vodafone's new chief executive Margherita Della Valle launched a strategic review of the company's Spanish operation in May, saying a full or partial sale of the business was an option. Telefonica said the same month it was open to discuss a potential fibre network partnership in Spain with Vodafone.
Air France in talks with Apollo to fund new commercial partners arm. (FS)
French-Dutch carrier Air France-KLM has started talks with Apollo Global Management regarding the potential financing of a new unit which will hold the trademark and most of the group's commercial partner contracts of its fidelity programme.
The potential financing amounts to $1.65bn, Air France-KLM said in a statement, adding the deal would enable Air France-KLM to further strengthen its balance sheet,Reutersreported.
Czech Tycoon, Asterion last remaining bidders for Steag. (FS)
Czech tycoon Daniel Kretinsky and Spanish infrastructure investor Asterion Industrial Partners are the last remaining bidders for German utility Steag.
Kretinsky's energy holding company EPH is competing with Asterion to win over the eight west German municipalities that own Steag. Steag's shareholders aim to sign a deal with a winning bidder next month.
Private equity firms KKR and EQT, which had earlier expressed interest in Steag, have dropped out in the mean time. Deliberations are ongoing, and there's no certainty they will lead to a transaction,Bloombergreported.
Queens Park Rangers is courting investors.
English second-tier football team Queens Park Rangers is pitching investors in a bid to capitalize on strong demand for investment in the world's most popular sport.
The West London team, which recently opened new facilities at its training center close to Heathrow Airport, has been showing potential investors around its sites,Bloombergreported.
"The board is open to new investment. There are two key parts to it: one is the investment itself but the second is whether the person can add to the strategic process at board level," Lee Hoos, QPR CEO.
BP in talks to sell Turkish gas stations to Vitol.
Vitol's Turkish fuel distribution company Petrol Ofisi is in advanced talks to buy BP's gas station network in the country.
Talks have been ongoing for around three months and are not finalized. Acquired by global energy and commodities trader Vitol in 2017, Petrol Ofisi has the biggest share of Turkey's fuel market at 23%. Its has over 1,900 gas stations as well as LPG and airport fuel supply operations, Bloombergreported.
Draslovka screens banks for IPO.
Draslovka, the world's largest producer of sodium cyanide, has been sounding out banks to manage a possible stock market listing as early as next year. The privately-held Czech group is selecting underwriters for an initial public offering after inviting them to pitch over the summer.
Plans for an IPO are still at an early stage, and there is no certainty that a deal will happen. The company continues to work on the capital raise alongside the IPO preparations. Draslovka has not yet decided on an IPO venue, and there is a chance it may list its shares abroad, including in London, Reutersreported.
BPEA EQT-backed Vistra, a fund and corporate service provider, completed the merger with Tricor, a business expansion specialist, in a $6.5bn deal.
"This is an exciting day for both Vistra and Tricor colleagues and clients and is a significant milestone in the growth strategy of both organisations. We have an extraordinary future ahead of us as we create a new purpose-led company and shape the future of our industry. As we bring together the strengths and valued heritage of both Tricor and Vistra, I look forward to what we can achieve together – to deliver a consistent and frictionless client experience across the investment execution lifecycle," Simon Webster, Vistra CEO.
BPEA EQT was advised by Oliver Wyman, Barclays, Ernst & Young, Goldman Sachs, HSBC, Lazard, PricewaterhouseCoopers, Latham & Watkins, Milbank, Ropes & Gray.
BPEA EQT, an Asian investment firm, agreed to acquire a majority stake in Indira IVF, a provider of fertility services in India, from TA Associates, a global private equity firm. Financial terms were not disclosed.
"Fertility services and reproductive health is a large and fast-growing opportunity in India and Indira IVF is a pioneer in this space. We are truly impressed by its scalable and repeatable model with best-in-class medical infrastructure and technology systems that have the ability to help realize the dreams of couples who want to become parents. We see strong potential in further expanding India IVF's presence across India and entering adjacent markets, while continuing to invest in its R&D capabilities and technology, drawing on EQT's in-house expertise within healthcare and digitalization," Ashish Agrawal, BPEA EQT Partner.
BPEA EQT is advised by Awelin, Lincoln International, PricewaterhouseCoopers and J. Sagar Associates. TA Associates is advised by Goldman Sachs and JP Morgan.
Tata Capital, Trifecta and Xponentia led a $57m round in Auxilo Finserve, a finance loan company, with participation from ICICI Bank.
"We are excited to support Auxilo's mission - helping smart Indian students to fulfill their aspiration of studying at their dream colleges around the world. Our investment in Auxilo fits with Xponentia team's track record of being in the vanguard of financial services investment opportunities," P R Srinivasan, Xponentia Founder and Partner.
Auxilo Finserve was advised by Alvarez & Marsal and Trilegal. Xponentia was advised by Stratage Law Partners and Ernst & Young.
Astra International, a banking firm, led a $100m Series D round in Halodoc, a health-tech platform, with participation from Openspace and Novo Holdings.
" Openspace is very proud to participate in this funding round and continue the partnership with Halodoc which kicked off in 2017. We are among a group of experienced local and international investors supporting its journey in meeting Indonesia's intense demand for quality and efficient healthcare. Digital health options are becoming the preferred choice for patients and Halodoc leads the way, having built a relationship of trust and a breadth of services that drives special insights," Shane Chesson, Openspace Partner.
Tencent-backed Beijing Taoche Technology seeks $200m in fresh funds.
Tencent-backed Beijing Taoche Technology, a used car sales platform in China, is considering raising as much as $200m in fresh funds.
The company is working with an adviser on the new funding round. It is currently valued at about $1bn. Taoche is targeting an initial public offering as soon as 2024, and is considering the US among potential listing venues, Bloombergreported.
Evergrande EV unit applies to resume trading on HK exchange.
China Evergrande New Energy Vehicle Group said that it had applied to the Hong Kong Stock Exchange to resume trading in the company's shares.
Trading in shares of the company, the electric vehicle unit of China Evergrande Group, has been suspended since April 1, 2022, after it got sucked into a debt crisis in mid-2021, DealStreetAsia reported.
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