AMERICAS
Curaleaf, a leading vertically integrated cannabis operator in the United States, agreed to acquire Grassroots, the largest private vertically-integrated multi-state operator, for $875m.
"With the acquisition of Grassroots and the pending acquisition of Select, Curaleaf is the world's largest cannabis company by both revenue and operating presence," said Joseph Lusardi, CEO of Curaleaf. "With a combined 68 open dispensaries, this transaction significantly accelerates our expansion strategy and strengthens our reach across the medical and adult-use markets. In addition, it enhances the depth of our retail and wholesale platform across the country. By leveraging our scale, as well as our market leading capabilities and expertise, we will continue to deliver value for our shareholders."
Cannacord Genuity, Stoic Advisory and Katten Muchin Rosenman are advising Grassroots. Eight Capital, Loeb & Loeb and Stikeman Elliott are advising Curaleaf.
CAFCU to acquire Ben Franklin Bank.
Corporate America Family Credit Union, a financial services provider, has agreed to acquire Ben Franklin Bank, a banking services provider. Financial terms were not disclosed.
"We have spent a long time seeking to maximize stockholder value and believe that we have negotiated an outstanding transaction for our stockholders. We are enthusiastic about our consolidation with Corporate America Family Credit Union as it significantly expands opportunities for our customers, our employees, and our community. Corporate America Family Credit Union has a history of focusing on the financial success of its members, and this collaboration ensures that customer-focused banking will remain in our community." C. Steven Sjogren, Ben Franklin Financial President, and CEO.
Ben Franklin Bank of Illinois was advised by Janney Montgomery and Scott and Luse Gorman. CAFCU was advised by Howard & Howard.
WHP was founded to acquire and manage multiple global consumer brands, leveraging a shared platform to unlock competitive advantages at scale and fuel growth for each distinctive brand in its portfolio.
“The seismic changes in the retail industry have created a unique opportunity for us to form a fresh platform. Together with the strength of Oaktree, we have the pipeline, team and capital to leverage this opportunity and scale.” Yehuda Shmidman, WHP Chairman and CEO.
Kirkland & Ellis advised Oaktree.
As part of WHP, Anne Klein will sharpen its focus on driving growth with key retailers in the US, including Macy’s, as well as identifying new categories and expanding globally. WHP plans to invest significantly in marketing, social media and digital commerce to drive increased brand engagement.
“With its extensive heritage and strong sales base, Anne Klein is the perfect brand to kick off the WHP portfolio. We believe there is ample opportunity for even further growth and look forward to supporting this iconic brand’s next chapter.” Ted Crockin, Vice President at Oaktree and member of the WHP Board of Directors.
WHP Global was advised by BlackRock Private Credit, TCP Capital, BOies Schiller Flexner, Kirkland & Ellis and Pryor Cashman. Premier Brands Group was advised by Guggenheim Securities and Kramer, Levin, Naftalis & Frankel.
Two Sigma-backed Integrated Specialty Coverages, a Managing General Agent that builds end-to-end insurance products, acquired Safebuilt Insurance Services, an insurance company in Carlsbad, California. Financial terms were not disclosed.
"We are excited by the recent acquisition of SIS as this further positions ISC for diversification and growth within the sizeable contractors' market," said ISC Chief Executive Officer, Matt Grossberg. "We look forward to partnering with the leadership team at SIS to build a world class MGA with a diverse suite of offerings that will produce low loss ratio portfolios for all of our carrier and reinsurance partners."
Morrison & Foerster advised Safebuilt Insurance Services.
The Middleby Corporation, an American publicly traded commercial and residential cooking and industrial process equipment company, acquired Packaging Progressions, a market leader in automated packaging technologies for customers in the protein and bakery segments. Financial terms were not disclosed.
“Pacproinc has been very successful in the development of highly-engineered, proprietary equipment that automates bacon, deli meat, fresh beef patty, protein alternative patty and pizza crust food processing lines. They have built a reputation as an innovative leader,” said Middleby CEO Tim FitzGerald. “The Pacproinc solutions are highly complementary to our existing processing technologies and will enable Middleby to supply a more complete system to customers and further extend our offerings in new and fast growing categories.”
Skadden Arps Slate Meagher & Flom advised The Middleby Corporation.
The acquisition creates an opportunity for Plymouth Rock to invest more deeply in the motorcycle insurance segment, while also allowing the company to market its auto and home insurance products to Rider customers. For Rider, the transaction places its valued customers and business partners with an A.M. Best A- ("Excellent") rated company with the scale, financial resources and expertise to continue to provide the superior level of service with which they have grown accustomed.
"Plymouth Rock has always been interested in expanding our presence in the motorcycle line of business. Rider Insurance has a strong reputation within the riding community for delivering exceptional service to motorcycle enthusiasts, which is something that aligns very closely with the core values of Plymouth Rock. We are very excited about this transaction and growing our motorcycle business." Gerry Wilson, Plymouth Rock Management Company President, and CEO.
TMP Worldwide to acquire Perengo.
TMP Worldwide, a global leader in talent acquisition technologies, has agreed to acquire Perengo, a programmatic recruitment platform that helps large companies automate and improve their recruitment process. Financial terms were not disclosed.
"The acquisition of Perengo further advances our commitment to provide our clients with the most robust and efficient recruitment technology in the industry. The combination of ambition and differentiating technology makes them the perfect addition to both our team and our platform." Michelle Abbey, TMP Worldwide President, and CEO.
Leslie Doggett Industries acquires Truck Enterprises.
Leslie Doggett Industries, through its Doggett Truck Group subsidiary, acquired privately-held Truck Enterprises, an authorized Western Star, Detroit Diesel and extreme heavy duty trailer dealer located in El Paso, Texas, and Carlsbad, New Mexico.
Doggett will operate these dealerships under the name Truck Enterprises.
"Doggett will roll out our independent used truck and trailer model through this acquisition which will compliment and build on the celebrated history of Truck Enterprises created and nurtured by founders Lanny and Linda Golucke. Lanny will remain on as the leader of Truck Enterprises." William Doggett, General Counsel of Leslie Doggett.
Boyne Capital to acquire Rapid Fire Protection. (FS)
Boyne Capital has acquired Rapid Fire Protection, a full-service fire protection solutions firm specializing in the design, installation, inspection, testing, and maintenance of fire suppression and alarm systems across the Midwestern and Western US. Financial terms were not disclosed.
"We see immense opportunity to expand our capabilities and geographic reach, leveraging the relationships and track record built over 25+ years in the industry, and Boyne is the right partner to help us take this platform to the next level." Matt Hammon, Rapid Fire's CEO.
XTEK to acquire HighCom Armor Solutions.
XTEK, a leading Australian defense and homeland security company, has agreed to acquire HighCom Armor Solutions, a US-based body armor and personal protective equipment company. Financial terms were not disclosed.
"This transformational transaction, which represents a key milestone in XTEK's evolution to becoming a leading ballistic armor player globally. XTEK is now in a strong position to accelerate the commercialization of its proprietary products by combining XTclave technology and existing manufacturing capabilities with an established and growing distribution network in the lucrative US market." Philippe Odouard, XTEK managing director.
Fenix Parts to acquire the assets of Cox Truck and Van. (FS)
Stellex-backed Fenix Parts, a leading recycler and reseller of original equipment manufacturer automotive products, has agreed to acquire the assets of Cox Truck and Van, a full-service auto recycling facility operator. Financial terms were not disclosed.
"We are pleased to announce this agreement with CTV. We look forward to welcoming CTV to Fenix Parts and are excited to work with this highly talented team. CTV is a high-quality auto recycler whose strategic locations will allow us to expand our distribution, dismantling, warehouse, and yard capacity in the Southeast region. Their strong leadership and company culture are an excellent fit for Fenix Parts." Bill Stevens, Fenix Parts CEO.
MYR Group acquires CSI Electrical Contractors for $80m.
MYR Group, a national electrical contractor specializing in transmission and distribution, has acquired all the assets of CSI Electrical Contractors. CSI is a leading full-service electrical contractor. The transaction closed was valued at approximately $80m. There could be contingent payments based on the successful achievement of certain performance targets.
CSI will operate as CSI Electrical Contractors as one of MYR Group’s subsidiaries.
“CSI brings a high-quality workforce and strong management team with decades of experience, who share our culture, values and commitment to delivering superior service to our customers through operational excellence. We are most impressed by CSI’s reputation in the clean energy market and provided the opportunity to leverage this strength across a wider footprint." Rick Swartz President and CEO of MYR Group.
Convelo Therapeutics enters into a strategic partnership with Genentech.
Convelo Therapeutics, a biotechnology company with a mission to discover a new class of medicines that regenerate the protective myelin coating around nerve cells, has entered into a strategic partnership with Genentech, a member of the Roche Group, to accelerate discovery and development of novel remyelinating medicines for patients with neurological disorders such as multiple sclerosis.
The collaboration will build on the remyelinating targets and proprietary screening platform developed by Convelo's scientific founders Drs Paul Tesar and Drew Adams. Convelo and Genentech will collaborate to discover novel remyelination therapies for MS and other myelin disorders. Convelo will receive an undisclosed upfront payment and research support from Genentech.
"We are excited to be working with Genentech to discover and develop first-in-class therapies for patients suffering from diseases driven by myelin loss such as multiple sclerosis. This partnership combines the strengths of our two organizations to potentially bring new medicines to patients." Derrick Rossi, Convelo Chief Executive Officer.
100 Thieves has completed a $35m Series B funding round. (FS)
Artist Capital Management, a New York-based growth investment firm, has led a $35m 100 Thieves Series B funding round. The round also includes a new investment from Aglaé Ventures, the technology investment firm of Groupe Arnault.
"This past year has been a massive success for 100 Thieves. Our esports teams are winning championships, our apparel is selling out, and our podcasts have topped the charts. Artist Capital Management saw our vision and our progress and has stepped up to support us. We now have everything we need to be the biggest gaming & esports brand in the world." Matthew "Nadeshot" Haag, Founder & CEO of 100 Thieves.
WILsquare Capital Partners Fund II was closed at $190m. (FS)
WILsquare Capital, a lower-middle market private equity firm, has closed its WILsquare Capital Partners Fund II at $190m.
"We are pleased with the quick response received from investors, which we believe is indicative of the quality investments and strategies deployed since we began WILsquare Capital. Fund II received significant support from existing Fund I investors and included a substantial number of new relationships. Our investor base is reflective of the broader market, including endowments, foundations, fund of funds, family offices, and other institutional investors." Bill Willhite, WILsquare Capital Managing Partner.
WILsquare Capital was advised by Winston & Strawn.
Brazilian development bank BNDES plans the sale of $26bn in listed assets.
Brazilian development bank BNDES is looking to expedite the sale of nearly $26bn in listed assets, Gustavo Montezano BNDES CEO said. He did not specify what BNDES plans to sell.
BNDESPar, the bank's holding company, has investments in equities, domestic bonds, private equity funds and partnerships in small companies, worth around $21bn. Its largest stakes are in state-controlled oil company Petroleo Brasileiro.
Joseph Landy is stepping down as co-chief executive officer of Warburg Pincus. (People)
According to a Bloomberg report, Joseph Landy is stepping down as co-CEO of Warburg Pincus, the private equity firm he has helped manage since 2000. Mr Landy will transition out of the co-CEO role over the next year. Charles Kaye, Warburg Pincus' second co-CEO will become sole CEO while former US Treasury secretary Timothy Geithner will remain president of the private equity firm.
RA Capital Nexus Fund being closed at $300m. (FS)
RA Capital Management, an investment company, closed its venture fund, RA Capital Nexus Fund, at $300m. The financing is boosting RA Capital's private deal capacity to nearly $1bn and total assets under management to approximately $2.5bn.
"We are grateful for the continued support of our existing limited partners and welcome new LPs who share our optimism that there is so much more good that biotechnology can do for humanity." Peter Kolchinsky, RA Capital co-founder and Portfolio Manager.
DouYu International Holdings raised $775m in an IPO. (FS)
DouYu International Holdings, Chinese video-game live-streaming platform, and its shareholders raised $775m after pricing its US initial public offering. The company sold 45m American depository shares for $11.50 each, Bloomberg reported.
Its existing investors sold 22.5m shares of the base offering, which had been marketed for $11.50 to $14.00 apiece.
EMEA
Rothschild & Co has agreed to acquire a minority investment in Redburn, a premium European equity research and agency execution services provider. Financial terms were not disclosed.
"Through our investment, Redburn will be able to expand both research coverage of new companies and the geographical depth of its distribution, whilst maintaining its independence." Robert Leitão, Rothschild & Co Managing Partner.
Visa to acquire Payworks.
Visa, the world's leader in digital payments, has agreed to acquire Payworks, a Munich-based provider of next-generation payment gateway software. Financial terms were not disclosed.
Visa will bring Payworks' cloud-based solution for in-store payment processing together with its CyberSource digital payment management platform to create a fully integrated payment acceptance solution for merchants and acquirers. The joint offering will provide acquirers and payment service providers with a modern, fully white-labeled omnichannel payment management platform.
The combined capability will enable Visa's clients to offer a unified payment experience whether their customers are paying in-store, in-app, or online. The acquisition builds on a strategic partnership and investment Visa made in Payworks in February 2018.
"For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource's clients worldwide. As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship. Payworks has built a state-of-the art software technology and an impressive client base. We are thrilled to welcome the strong and talented team to our family." Carleigh Jaques, Visa SVP, global head of digital merchant products.
Payworks was advised by FT Partners.
"The market for bespoke research and analytical support to the global financial services sector has expanded significantly in the past decade, fuelled by a growing appreciation that utilizing offshore, specialist services can enhance output and provide operational benefits. Knowledge Services has firmly established itself as one of the leading providers in this fast-growing space." Tim Swales, Equistone Partners Europe Partner.
Equistone Partners was advised by DC Advisory, Ernst & Young, Marsh, Latham & Watkins. Moody's was advised by Centerview Partners and Slaughter & May.
"Both Katherine Ellis and Alex McNee are extremely experienced and highly regarded in the trust and fiduciary sector, and they have been instrumental in growing Boston's client base and developing the business internationally. They will make a formidable team, and I wish them well as they go forward to write the next chapter of Boston's story." Richard Moore, Rockpool Chairman.
Boston Multi Family Office was advised by Mazars Corporate Finance and Charles Russell Speechlys. Rockpool was advised by Dow Schofield Watts, Heystone Law, Taylor Wessing and Catalysis Advisory.
Chardan Healthcare Acquisition, a special purpose acquisition company, has agreed to acquire BiomX, a microbiome company developing both natural and engineered phage therapies. Financial terms were not disclosed.
"We believe this transaction leaves BiomX with a strong balance sheet and sufficient cash for the company to reach multiple value inflection points in its leading clinical programs. We also believe we have structured a transaction that will deliver value to all stakeholders and create an opportunity for new investors. We are excited to make use of inherent features of the SPAC in combination with the fundamental qualities of BiomX and supportive shareholders for the benefit of all of our partners." Jonas Grossman, CHAC's President, and Chief Executive Officer.
BiomX was advised by Cantor, Goodwin Procter, Mayer Brown, and ZAG-S&W. Chardan Healthcare Acquisition was advised by Loeb & Loeb.
Altarea Cogedim, a French company dedicated to both the development and investment in real estate, acquired a 50% stake in Woodeum Residentiel, a French real estate developer, for €50m ($56m).
Alain Taravella, Altarea Cogedim Group Founder and Chairman, said: “Faced with the mobilisation against climate change, we have an unprecedented responsibility to develop more sustainable and resilient towns and cities. This is the driver behind the strategic partnership we are forging with Woodeum. As an urban entrepreneur, we are firmly convinced that timber construction will play a key role in the development of low-carbon towns and cities. We are committed to speeding up our development in this field by providing an ambitious offering designed to meet the needs of local authorities and the expectations of users.”
Rothschild & Co advised Woodeum Residentiel.
BioDiscovery to invest $133m in AM-Pharma. (FS)
BioDiscovery, a leading venture capital life sciences investor, managed by Andera Partners, has agreed to invest $133m in AM-Pharma, a clinical-stage biopharmaceutical company. Financial terms were not disclosed.
"Raising this amount of capital from highly experienced life sciences venture capital firms LSP and Andera Partners with continued support from existing investors highlights the urgent medical need in AKI and the potential of recAP as a life-saving treatment. We look forward to working with our expanded investor syndicate and to initiating the Phase III trial." Erik van den Berg, AM-Pharma CEO.
Croda International to acquire Rewitec.
Croda International, a high-performance ingredients and technologies provider, has agreed to acquire Rewitec, a specialist in improving the efficiency and longevity of wind turbines and moving machinery through their patented additives. Financial terms were not disclosed.
"Together, we are extending our leadership in friction and wear management. We see many new opportunities for their technologies within existing and new markets, such as marine lubrication where the performance of their ingredients has already been proven." Maarten Heybroek, Croda President.
"We are extremely fortunate to be aligning with Quilvest Private Equity. Quilvest has approximately 125 professionals (of which 55 work at QLS) focused on providing private equity and real estate investment programs to investors worldwide. The QLS platform will enable Gen II to further develop its relationship with Quilvest, while also providing Gen II's clients with capabilities to have a Luxembourg base of operations and trusted partner in Europe, " Norman Leben, Managing Principal and Co-Founder of Gen II.
Quilvest Private Equity was advised by Deloitte.
Henry Schein to acquire Elite Computer Italia.
Henry Schein, a solutions company for health care professionals, has agreed to acquire Elite Computer Italia, a full-service software company that delivers state-of-the-art practice management solutions to dental practices and dental laboratories in Italy. Financial terms were not disclosed.
The addition of Elite complements Henry Schein One's strategy to deliver integrated technology platforms that help dental teams become more productive and improve each stage of the patient experience, and marks Henry Schein's entry into the Italian dental practice management software market.
"Having the right practice management system is one of the most essential facets of any successful dental practice. We have served dental practitioners in Italy since 2004 and are now well-positioned to offer the highly regarded OrisLine family of software products. We look forward to a strong partnership with Elite that will enable a true digital workflow to help dental teams streamline office procedures and make the most of their practice management investment." Stanley M. Bergman, Henry Schein Chairman of the Board and Chief Executive Officer.
CAPZA to acquire Groupe Saint Aubin. (FS)
CAPZA, an investment company, has agreed to acquire Groupe Saint Aubin, a food retailer. Financial terms were not disclosed.
"Groupe Saint Aubin will become a key player in its market by upgrading its production facilities, aligning and reinforcing its governance, and seizing external growth opportunities that will create a high degree of added value for its customers." Emmanuel Bonnaud, CAPZA Transition Managing Partner.
"We welcome Generis Capital Partners with great enthusiasm on our side to meet the dual ambition of \making our customers even more innovative and attracting talent from our employees. In addition, we are actively working on external growth projects with complementary expertise that will enable us to offer an unprecedented range of consulting services in France for all players in the research and innovation ecosystem." François Chollet, Absiskey Chairman.
Gi Group to acquire OnTime Group.
Gi Group, an employment agency, acquires OnTime Group, which is operating in the temporary and permanent staffing sector and in the national and international mobility sector. Financial terms were not disclosed.
With this acquisition, Gi Group’s presence in Germany increases to over 60 branches, with an overall turnover of more than €150m ($168m) and more than 4,000 FTE work placements, placing it among Germany’s top 20 recruitment agencies.
“With the acquisition of OnTime Group we are greatly increasing our presence in the German market, which remains a strategic area in terms of size and the presence of top national and international market players. This transaction is also in line with our medium-term global objective, that is to become a €6bn ($6.7bn) global player within the next 5 years.” Stefano Colli-Lanzi, Gi Group’s CEO.
The deal adds more than 1,45k homes to the lettings portfolio of the agency which now stands at 8k properties across 16 branches in North and West Yorkshire. It also brings together the land and new homes specialisms of both agencies, as well as Morgans' property consultancy services, to support the ever-growing pipeline of new-build across Leeds.
"As the cranes return to the Leeds skyline in ever-increasing numbers, this is a timely opportunity to bring together all our skillsets under one roof amidst this latest phase of Leeds' urban revolution." Will Linley, Chief Executive of Linley & Simpson.
Novaport, a Russian airport holding, is set to buy an airport in the city of Voronezh before September.
"The deal is at the closing stage, we will definitely have closed it by September 1. If we speak about the total amount of investment, our investment in the Voronezh airport will stand at RUB5bn ($80m), like we've planned." Novaport's co-owner.
Carrefour starts partnership with Glovo for fast home delivery.
Carrefour has started the collaboration with Spanish start-up Glovo to provide a fast home delivery service to compete with Amazon as well as domestic rivals.
Carrefour's Glovo partnership will cover four countries – France, Spain, Italy, and Argentina – and is expected to start operation by early October at the latest. The service will aim to deliver 2,5k products to customers within 30 minutes.
"With this new partnership, Glovo and Carrefour will offer a 30-minute home delivery service that complements their existing e-commerce offers and allows them to address the needs of new customers," Amélie Oudéa-Castéra, Director of Carrefour.
Curve has secured $55m from Series B funding round. (FS)
Curve, a banking platform that consolidates multiple cards and accounts into one smart card and an app, has secured $55m from a Series B funding round. The company, after funding, is valued at $250m. The round is being led by Gauss Ventures, a fintech investor.
"While the challenger and traditional banks are busy fighting to win or retain new customers, Curve is building an Over-The-Top Banking Platform that provides customers with a better banking experience with no need to change their bank. Curve is playing a completely different ball game, it is not a challenger bank which means that we can focus on creating a radically better customer experience, without asking customers to trust their salaries with us or the significant overhead of becoming a regulated bank. Receiving this level of investment from such prominent investors is a fantastic endorsement of the value and experience Curve brings to its customers." Shachar Bialick, Curve founder and CEO.
Italian yacht maker Ferretti plans IPO. (FS)
Chinese Weichai Group plans IPO of its Italian luxury yacht builder Ferretti. The offering is expected to be launched just after the summer.
Ferretti was delisted in 2003 before being bought a decade later by Weichai Group. The Chinese group has a stake of nearly 87% while Piero Ferrari, the son of the founder of the sports car maker with the same name, holds a minority stake.
It is said that the company picked Barclays, BNP Paribas, and UBS as global coordinators for the IPO. It will hold a detailed presentation of the company's business for analysts of the banks forming the IPO consortium in the next few weeks.
APAC
Renault has formed a joint venture partnership with Jiangling Motors Corporation Group, an automobile manufacturer. Financial terms were not disclosed.
"China is a key market for Groupe Renault. This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities." Francois Provost, Renault Senior Vice President and Chairman of China region.
Visa, the world's leading digital payment technology company, has agreed to invest in GOJEK, the largest on-demand service provider and digital payment platform in Southeast Asia, as part of a series F funding round. Financial terms were not disclosed.
The two companies will work together in advancing the non-cash payment system and providing seamless services for consumers throughout Indonesia and Southeast Asia. This funding round will encourage the acceleration of the growth of the GOJEK payment system at the Southeast Asian level. GOJEK's collaboration with Visa will include cooperation in creating innovative solutions for payment systems for digital-first consumers and also a population that is not yet bankable throughout Southeast Asia.
"We are grateful for the support of investors in this funding round. We see this high enthusiasm as a form of investor confidence in our long-term vision to encourage technology-based growth in Southeast Asia to the next phase. Visa investment for GOJEK shows their trust in the business model, the sincerity and ability of GOJEK in advancing the lives of many people through various services and digital payments in our ecosystem." Andre Soelistyo, GOJEK President.
VinaCapital to acquire Smartly Pte. (FS)
VinaCapital, one of Vietnam's leading investment companies, has agreed to acquire Smartly Pte, one of the first robo-advisory investment platforms. Financial terms were not disclosed.
"By partnering with VinaCapital, we took a different approach to launch a robo-advisory platform than the rest of the pack. We were able to allocate valuable capital to places where it was most needed, stay focused on execution, and maintain strong financials and unit metrics. VCG Partners clearly saw the potential of the market and the platform. This acquisition of Smartly's operations and the additional capital injections will enable Smartly to scale-up, expand to new markets, and realize its full potential to become the leading digital wealth management platform in the region." Keir Veskivali, Smartly Founder.
Larsen & Toubro, a global technology consulting and digital solutions company, has agreed to acquire Lymbyc, a specialist AI, machine learning, and advanced analytics company. Financial terms were not disclosed.
The acquisition further strengthens LTI's fast-growing digital and analytics offerings.
"We believe self-service capabilities for AI and advanced analytics will be the next wave of disruption in the marketplace, and Lymbyc brings this capability to our Mosaic platform. Leni by Lymbyc is an industry-agnostic platform that solves business user's need for experience, speed, and comprehension. I welcome Lymbyc's experienced management team and all its employees to the LTI family." Sanjay Jalona, LTI Chief Executive Officer & Managing Director.
Toyota to collaborate with China's CATL for new energy vehicle batteries.
Toyota Motor has teamed up with Chinese company Contemporary Amperex Technology to supply and develop batteries for new energy vehicles.
The Japanese announced that the firms had also started talks covering a range of areas including new technology development and the reuse and recycling of batteries.
The company has said it aims to get half of its global sales from electrified vehicles by 2025. Last month it announced a partnership with CATL and BYD another Chinese firm, for battery procurement.
India considers spinning off Coal India units.
India may spin off several Coal India units, the world's largest coal miner, into few companies. The action will boost competition and raise government funds, Bloomberg reported. The development is in an early stage, and it was unclear how long it may take.
Budweiser APAC's IPO failure hurt retail investors.
The failure of Budweiser APAC’s $9.8bn Hong Kong listing has hurt retail investors. Bright Smart Securities & Commodities Group urged bourse operator Hong Kong Exchanges and Clearing and regulator Securities and Futures Commission to reform the listing process.
Investors awaited the pricing of Budweiser APAC shares in what would have been the world’s largest IPO this year. However, Anheuser Busch InBev, the firms Belgian parent, cancelled the pricing and called off the IPO.
Retail investors nevertheless had to pay interest on the money they had borrowed to subscribe to the IPO.
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