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☆ Israel's ThetaRay raises $57 mln in private round
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Sept 5 (Reuters) - Israel's ThetaRay said on Tuesday it raised $57 million in a private funding round led by global fintech platform Portage. ThetaRay's technology uses artificial intelligence to identify financial cyber threats like money laundering so users can take action against suspicious transactions. "Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds," said Peter Reynolds, CEO of ThetaRay. Venture capital funds JVP, the largest investor in ThetaRay, OurCrowd and others also participated in the funding round. (This story has been corrected to remove reference to ThetaRay being a cyber security firm in paragraph 1)Reporting by Steven ScheerOur Standards: The Thomson Reuters Trust Principles.

Persons: Israel's ThetaRay, Peter Reynolds, Steven Scheer Organizations: Venture, JVP, Thomson Locations: Portage, ThetaRay, OurCrowd

☆ Gen Z is giving up on college
▼ + stars: | 2023-09-05 | by ( Charlotte Lytton | ) www.businessinsider.com time to read: +11 min

"The world is rapidly evolving — and so is the college experience." Srivastava is one of a soaring number of Gen Zers who has decided to skip college altogether. The widening gap between the value and the cost of college has started to shift Gen Z's attitude toward higher education. They're not as interested in the typical "college experience" — whiling away four years rooming with friends and drinking at frat parties. But other members of Gen Z are taking a hard look at the "essence" of college.

Persons: Rushil Srivastava, you'll, Srivastava, he's, Gen Zers, haven't, millennials, Gen Xers, Nora Taets, James Connor, Connor, they're, —, Richard Saller, Saller, COVID, Meghan Reinhold, Reinhold, hasn't, María Gorgojo, Gen Z, Gen, Charlotte Lytton Organizations: UC Berkeley, Pew Research Center, Higher Education Authority, Pew, Iowa State University, of Computing, Data Science, Society ., School of Business, Information Technology, San Francisco Bay University, Harvard, Marymount University, Stanford University, Miami University of Ohio, Arizona State Locations: San, San Francisco, Silicon, COVID, Berkeley, Arizona, London

☆ Chinese electric carmakers ramp up push overseas, setting up clash with U.S., European auto giants
▼ + stars: | 2023-09-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Arjun Kharpal | CNBCMunich, GERMANY — The IAA in Munich, Germany is one of Europe's most high-profile auto shows. And it was dominated by Chinese electric car firms looking to expand their presence on the continent and challenge incumbents from BMW to Ford in the new era of battery-powered vehicles. But a slowing market at home, due to tepid consumer spending after Covid-19 restrictions were lifted, coupled with an attractive market in Europe, has seen Chinese firms launch cars abroad and expand their footprint. Many of the European carmakers have been seen lagging in their push into EVs at a time when Chinese players have launched dozens of new vehicles. watch nowThe entrance of Chinese firms into Europe is seen as a threat to big automakers who have been perceived to be moving too slow on EVs.

Persons: BYD, Arjun Kharpal, Daniel Roeska, Roeska, Zhu Jiangming, Warren Buffett, Xpeng, Brian Gu, Gu, Bernstein, Tesla, Mercedes, Xpeng's Gu Organizations: CNBC, BMW, Ford, EV, Bernstein Research, Leapmotor, Tesla, IAA Locations: Europe, Munich, Germany, CNBC Munich, GERMANY, China, Hangzhou, Norway, Sweden, Denmark, Netherlands, Guangzhou, EVs

☆ Big startups are a bust so prestige investors are fighting for deals into tiny European companies
▼ + stars: | 2023-09-05 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Funding to European startups across the board dropped by almost 60% to $23 billion in the first six months of 2023, according to Crunchbase data. ElevenLabs, a London-based artificial intelligence startup founded by Google and Palantir alumni, pulled in $18 million at a $100 million valuation a year after it was founded. Mistral, another European startup set up by ex-Facebook and DeepMind staffers, raised $113 million a month after it was founded. AI has been of particular interest to investors with similar hype surrounding a deal for London-based text-to-voice startup ElevenLabs. Industry stakeholders believe that teams springing from already successful companies to set up their own startups will be very attractive with some predicting startups founded between 2022 and 2024 primed to be very in demand in the future.

Persons: Andreessen Horowitz, David Schreiber, Duco van, Pivot, Marc, Antoine Lacroix, Romain Libeau, Sifted, Filip Dames, Dames Organizations: Google, Mistral, Facebook, Ventures, Cocoa, Club, Cherry Ventures, Sequoia, Industry Locations: Europe, London, Paris, Berlin

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 1 (Reuters) - Robinhood (HOOD.O) said on Friday it had entered into a share repurchase agreement with the United States Marshal Service (USMS) for $605.7 million to buy back stock from Sam Bankman-Fried's Emergent Fidelity Technologies. The shares of Robinhood were seized and subsequently transferred to the custody of the U.S. government after Bankman-Fried's FTX and Emergent filed for bankruptcy protection last year. Robinhood shares climbed more than 3% in premarket trading on the news. The online brokerage said the sale of the 55.3 million shares at $10.96 apiece had been approved by the U.S. District Court for the Southern District of New York. Robinhood first disclosed its intention to buy back the stake in February and said the company's board had authorized it to pursue purchasing most or all of the stock.

Persons: Andrew Kelly, Sam Bankman, Robinhood, Fried, FTX, Palo, Manya Saini, Hannah Lang, Devika Syamnath, Mark Potter Organizations: Inc, REUTERS, United States Marshal Service, Emergent Fidelity Technologies, U.S, Southern, of, Reuters, Thomson Locations: New York City, U.S, Robinhood, of New York, United States, Manhattan, Palo Alto , California, Bengaluru, Washington

☆ I earned up to $130K in tech roles, but the jobs felt fake. Here's why I think startups hire people to build a brand only to fire them later on.
▼ + stars: | 2023-09-01 | by ( Ananya Vahal | ) www.businessinsider.com time to read: +5 min

Arias was earning $130,000 at her second "fake" tech job. During that time, I had two tech jobs that felt like fake jobs. I believed so much in their product that I decided to apply for a business development role at the company. Some venture-capital tech startups build a company with the sole purpose of creating a brand good enough to sell to a buyer. AdvertisementAdvertisementAlthough I had tech jobs that felt fake, I did walk away with new skills that I can now use to help other businesses.

Persons: Celia Arias, Arias, I'd, haven't Organizations: Service Locations: Wall, Silicon, New York City

A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.

Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington

☆ McLaren Applied's Lavoie buys bankrupt Dutch e-bike maker VanMoof
▼ + stars: | 2023-08-31 | by ( Nick Carey Tosterling | Nick Carey | ) www.reuters.com time to read: +3 min

The logo of e-bike maker VanMoof is seen on a bicycle in Amsterdam, Netherlands August 17, 2023. REUTERS/Piroschka van de Wouw Acquire Licensing RightsLONDON/AMSTERDAM, Aug 31 (Reuters) - Lavoie, the electric scooter unit of Formula One engineering and technology firm McLaren Applied, said on Thursday it has agreed to buy bankrupt premium Dutch e-bike maker VanMoof and will invest to stabilize and expand its business. Fry said McLaren Applied - bought from McLaren Group by private equity firm Greybull Capital in 2021 - would retain VanMoof's departmental managers and would "engage and retain or rehire some of the great people" the Dutch e-bike maker employed. VanMoof had also struggled with quality problems, which McLaren Applied's Fry said had hurt sales. McLaren Applied recently launched the premium Lavoie e-scooter brand.

Persons: de Wouw, Lavoie, Nick Fry, Fry, Jan Padberg, Robin de Wit, McLaren, VanMoof, McLaren Applied's Fry, Nick Carey, David Holmes Organizations: REUTERS, Formula, McLaren, Reuters, VanMoof, McLaren Group, Capital, Norwest Venture Partners, Nasdaq, Thomson Locations: Amsterdam, Netherlands, AMSTERDAM, Silicon

☆ A VC firm has built an AI-powered pitch deck generator for startup founders — and is giving it away for free
▼ + stars: | 2023-08-31 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

Growth Warrior Capital is launching a new tool Elevo, an AI-powered pitch deck generator. For Phelon as an investor, the sheer amount of pitch decks that she was sorting through began to become overwhelming. Elevo will then generate a pitch deck for them with the key details that VCs are looking for. Elevo's interface allows founders to input details about their startup and generate a short pitch deck. Growth Warrior CapitalThe designs are typically simple and the slide numbers are short, but that's oftentimes what investors who see dozens of decks a week prefer.

Persons: Phelon, Ashley Pilipiszyn, TapInfluence, Lizzie Widhelm, Elevo's waitlist, Elevo, I'm Organizations: Morning, OpenAI, Growth

Major League Baseball was the first to open its coffers to private-investment funds in 2019; a slew of other leagues followed, including the National Basketball Association, Major League Soccer and the National Hockey League. A big participant in that is Sixth Street Partners, a $74 billion behemoth, known historically for its direct lending and growth prowess, and has been making big inroads in the sports world in recent years, with several billion dollars' worth of investments. The firm recently co-founded Bay FC, part of the National Women's Soccer League, alongside several retired players, as well as Sheryl Sandberg. Sixth Street also made investments in FC Barcelona's LaLiga TV broadcasting rights and a majority investment in Legends, a sports and entertainment experiences company. In June 2021, Sixth Street led a strategic investment with Michael Dell in the San Antonio Spurs basketball team.

Persons: Carlyle, David Rubenstein, Sheryl Sandberg, Michael Dell, Alan Waxman, what's, it's, Waxman Organizations: Alpha, CNBC, Major League Baseball, National Basketball Association, Major League Soccer, National Hockey League, Sixth Street Partners, Bay FC, National Women's Soccer League, Sixth, FC Barcelona's LaLiga, San Antonio Spurs basketball, Spanish soccer, Real Madrid Locations: U.S, Spanish

☆ LatAm startups lay off staff, expect more IPOs next year - report
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Aug 30 (Reuters) - Two-thirds of Latin American startups have laid off staff over the last 18 months, as venture capital funding fell sharply in the region, according to "Latin America Digital Transformation" report by venture capital fund Atlantico. Venture capital funding in the second quarter slumped 65% in Latin America, compared with last year, and down more than the 49% globally during the reported period. As the volume of IPOs recovers globally, venture capitalists and Latin American unicorns may return to capital markets. Fintechs are among the fastest growing startups in the region, with digital payment systems such as the Central Bank of Brazil's PIX scheme helping to increase bank account penetration in the region. The launch of a new digital payment system in Mexico, as well as the arrival of digital banks, can change the scenario, according to the report.

Persons: IPOs, Julio Vasconcellos, Tatiana Bautzer, Sherry Jacob, Phillips Organizations: Atlantico, Venture, SoftBank, Arm Holdings, Central Bank of, Thomson Locations: Latin America, Atlantico, Argentina, Mexico

☆ Embedded finance, FinOps, and treasury management are grabbing VC attention right now despite a collapse in fintech funding, investors say
▼ + stars: | 2023-08-29 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +6 min

Global VC fintech funding has been cut in half to $23 billion so far this year, per S&P data. Fintech startups focused on solving business issues have remained somewhat resilient. Globally venture capital funding to fintech companies dropped 49% year-on-year to $23 billion in the first half of 2023, according to S&P data. Within that, investment in consumer-facing fintech startups, such as banking and trading apps, has endured an even more torrid year, sliding by 73.8% to $1.9 billion in Q2. Insider spoke to four fintech investors who identified the areas within B2B fintech that are capturing their attention right now.

Persons: Khalil Hefaf, fintech, Hefaf, Uber, Banks, Alix Brunet, Europe's, Weavr, Griffin cofounders Allen Rohner, David Jarvis Griffin, Dan Chaplin, Kaushik Subramanian, Payrails cofounders Emre Talay, Orkhan Abudullayev, Nicolas Thouzeau Payrails, Chaplin Organizations: Target, Mass Mutual Ventures, Griffin, Dawn Capital, Treasury, Payrails, EQT Ventures, London, UBS Locations: Europe, digitize, London, Germany, Payrails

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said. Shares of Goldman Sachs were up 1.8% in afternoon trade. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Nachmann, Daniel Fannon, Weil, Saeed Azhar, Manya, Marguerita Choy, Megan Davies Organizations: REUTERS, Creative Planning, United Capital Financial Partners, Wealth Management, Reuters, Jefferies, Co, Gotshal, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

☆ Startup extinction season is going to kick into high gear — and there's likely going to be a bloodbath soon for some of the 50,000 VC-backed startups
▼ + stars: | 2023-08-26 | by ( Vishal Persaud | ) www.businessinsider.com time to read: +4 min

There are more than 50,000 US VC-backed startups, and many will be looking for capital soon. Some startups will be looking for funding in Q4 or be forced to look for a sale or shut down. The startup has followed the typical survival strategy of a desperate startup this year by first cutting costs with layoffs. We all know venture capital funding is tough to come by these days. Venture capital funding was overly abundant in the latter half of 2020 and all of 2021.

Persons: Melia Russell, Rob Price, It's cratered, Kyle Stanford, PitchBook, –, they've, it's, aren't, Stanford Organizations: Morning, US VC, Venture, Stanford, Tiger

The development comes days after SoftBank Group-backed (9984.T) chip designer Arm Holdings made public its IPO filing. Instacart said its revenue had surged to $1.48 billion in the six months ended June 30, compared with $1.13 billion in the same period last year. Net income was $242 million during the six-month period, compared to a $74 million loss a year earlier, Instacart said. Customers can order through the Instacart app, and an Instacart "shopper" delivers the product in as little as 30 minutes. Unlike in an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public.

Persons: Dado Ruvic, Mark Schwartz, Mike Bellin, Instacart, Goldman Sachs, Fidji Simo, Frank Slootman, Niket, Savyata Mishra, Shilpi Majumdar, Shinjini, Maju Samuel Organizations: REUTERS, SoftBank, Arm Holdings, PricewaterhouseCoopers U.S, San, underwriters, Nasdaq, Facebook, Canada, CVS, Reuters, Thomson Locations: San Francisco, United States, Snowflake, Bengaluru

☆ 'It seems inevitable': A $254 million hedge fund manager warns that banking and fiscal crises are coming as reckless government spending gets out of hand — but investors can avoid the pain by making t
▼ + stars: | 2023-08-24 | by ( James Faris | ) www.businessinsider.com time to read: +9 min

Investors should prepare for fiscal, banking, and energy crises, a hedge fund manager warned. And thanks to a strong performance in July, the $254 million hedge fund has risen 16.8% after fees in 2023. Oil prices came under pressure when government reserves were released, but Kupperman said that's not a viable long-term recipe for reasonable energy prices. He expects a massive spike in oil prices in either 2024 or 2025, which will greatly benefit companies tied to the commodity. The investing opportunity Kupperman said he's most excited about is uranium, which he's playing through the Sprott Physical Uranium Trust.

Persons: Capital's Harris Kupperman, he's, Harris Kupperman, Kupperman, —, He's, he'll, we've, Macrotrends Banks, it's, that's, Joe, JOE Organizations: Praetorian Capital Management, Praetorian, Fund, Treasury, Uranium Trust, Energy, Florida Panhandle Locations: Kazakhstan, Uzbekistan, Russia, Ukraine, Florida

The American Alliance for Equal Rights sued Perkins Coie in Dallas and Morrison & Foerster in Miami two months after the Supreme Court sided with another group founded by activist Edward Blum and rejected affirmative action policies used by many colleges to increase enrollment of racial minorities. The federal lawsuits accused both law firms of unlawfully discriminating against white candidates by limiting which law students could be considered for paid fellowships designed in part to help support the recruitment of people of color. "Excluding students from these esteemed fellowships because they are the wrong race is unfair, polarizing and illegal," Blum, who is white, said in a statement. Perkins Coie, founded in Seattle, offers "diversity fellowships" that provide stipends of $15,000 to $25,000 and paid positions as summer associates, a position that at major law firms can lead to full-time jobs with six-figure salaries. Reporting by Nate Raymond in Boston; Editing by Will Dunham, Alexia Garamfalvi and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Blum, Perkins Coie, Morrison, Foerster, " Blum, Perkins, Nate Raymond, Will Dunham, Alexia Garamfalvi, Alistair Bell Organizations: U.S, Supreme, Harvard University, University of North, Activision, American Alliance for Equal Rights, Activision Blizzard, Kellogg, Gannett, Civil, American, American Alliance for Equal, Atlanta, Thomson Locations: University of North Carolina, Washington , U.S, Dallas, Miami, Seattle, United States, Asia, San Francisco, Blum's Texas, Boston

☆ JPMorgan executive explains why decarbonization is a megatrend that business can't ignore
▼ + stars: | 2023-08-22 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

"It doesn't matter whether you're an energy client, or a consumer products client, or a retail client, there is something about this megatrend that is going to impact your business model, your business," Variankaval told CNBC. Right now, Variankaval says, it's too soon to know exactly which climate tech companies are going to the winners and losers. It's a multi decade-long process," Variankaval told CNBC. In some segments of climate tech, there are debates about which solutions are better than others that take on a near religious fervor. So you need to diversify in terms of technologies, but also in time horizons," Variankaval told CNBC.

Persons: Rama Variankaval, decarbonization, Variankaval, Megatrend, —, Joe Biden, Sen, Joe Manchin, Chuck Schumer, James Clyburn, Frank Pallone, Kathy Catsor, Drew Angerer, Biden, signe, It's, it's, That's, We're Organizations: JP Morgan Securities LLC, Aspen, Bloomberg, Getty, JPMorgan Chase, CNBC, JPMorgan, United Nations, Carbon, SC, White, Federal Reserve Locations: Miami Beach , Florida, Paris, decarbonization, United

Arm's stock market launch is expected to bring back to life a lackluster IPO market, which has over the last year seen several high-profile startups postpone their listing plans due to market volatility. Arm said that more than 50% of its royalty revenue for the most recent fiscal year came from smartphones and consumer electronics. The company, whose chip technology powers most smartphones including iPhones, did not reveal the number of shares it is planning to sell and the valuation it will seek. Arm makes money from upfront licensing fees for technology and then a royalty paid on each chip sold by Arm's customers. Arm's chip designs dominate the smartphone industry, but they are also used in laptops made by Apple (AAPL.O) and some Windows machines.

Persons: Dado Ruvic, SoftBank, Arm, Goldman Sachs, JPMorgan Chase, Manya Saini, Jaiveer, Stephen Nellis, Max Cherney, Echo Wang, Anirban Sen, Stephen Coates Organizations: REUTERS, Arm Holdings, Research, Reuters, Vision Fund, SECOND, Acorn Computers, Apple Inc, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, Nvidia Corp, Apple, Nvidia, U.S, Barclays Plc, JPMorgan, Mizuho Financial Group, underwriters, Thomson Locations: U.S, Saudi, China, Arm China, Bengaluru, San Francisco, New York

☆ $3.7 billion data startup Cohesity gets ready for an IPO, again, as hope rises that IPOs will return this fall
▼ + stars: | 2023-08-18 | by ( Julie Bort | ) www.businessinsider.com time to read: +4 min

Cohesity just hired a new CFO and is talking about getting ready for its IPO. Data startup Cohesity is gearing up to go public as soon as its bankers give the nod, CEO Sanjay Poonen told Insider. But when it last announced it had filed confidential IPO paperwork on December 21, 2021, its timing couldn't have been worse. Before the startup could debut, the tech IPO window was slammed shut by rising inflation and interest rates, and fears of a full-blown recession. The last splashy IPO was HashiCorp on December 9, 2021, so the window has now been closed for 20 months and counting.

Persons: Cohesity, Sanjay Poonen, IPOs, He's, it's, Poonen, Eric Brown, Srinivasan Murari, he's Organizations: Microsoft, Web Services, ARM, Electronic Arts, McAfee, Google, VMware, IBM, Cisco, Hewlett Packard Enterprise, IDC, Bloomberg Locations: Informatica

☆ $3.7 billion data startup Cohesity prepares for a public listing, again, as hope rises that IPOs will return this fall
▼ + stars: | 2023-08-18 | by ( Julie Bort | ) www.businessinsider.com time to read: +4 min

The data startup Cohesity is gearing up to go public as soon as its bankers give the nod, CEO Sanjay Poonen told Insider. But when it last announced it had filed confidential IPO paperwork, on December 21, 2021, its timing couldn't have been worse. Before the startup could debut, the tech IPO window was slammed shut by rising inflation and interest rates, as well as fears of a full-blown recession. "I can't predict the market, but, you know, if that happens, I'd say we'd be as ready as we were in 2021," Poonen said. And as the market opens up, we'll pick the right time, whether it's fall, whether it's next year," Poonen added.

Persons: Cohesity, Sanjay Poonen, IPOs, Poonen, He's, it's, Eric Brown, Srinivasan Murari, he's Organizations: Microsoft, Web Services, Electronic Arts, McAfee, Google, VMware, IBM, Cisco, Hewlett Packard Enterprise, IDC, Bloomberg Locations: Informatica

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court. The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20. On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group (0708.HK) announced its own proposed restructuring. Trading in China Evergrande shares was suspended in March 2022.

Persons: Aly, Evergrande, Hong, Evergrande NEV's, Jonathan Stempel, Dietrich Knauth, Manya, Anil D'Silva, Deepa Babington, Matthew Lewis Organizations: China Evergrande Group, REUTERS, HK, Tianji Holdings, British Virgin Islands, British Virgin, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, U.S, United States, Manhattan, Hong Kong, Cayman Islands, British Virgin, British, Dubai, New York, Bengaluru

☆ BAE snaps up Ball's aerospace arm for $5.6 billion in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. He also confirmed the 1.5 billion pound ($1.91 billion) share repurchase announced with its half-year results. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

Persons: Cheney Orr, Tom Arseneault, Chloe Lemarie, Charles Woodburn, Yadarisa Shabong, Chandini, Susan Mathew, Subhranshu Sahu, Jason Neely, Sharon Singleton Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Ball Corp, Jefferies, Reuters, Blackstone Inc, Veritas Capital Fund Management, BAE, General Dynamics Corp, Textron, Shore Capital, Britain's, British, Thomson Locations: Huntsville , Alabama, U.S, Ukraine, Colorado, Bengaluru

☆ McLaren Applied's Lavoie in talks to buy Dutch e-bike maker VanMoof - source
▼ + stars: | 2023-08-17 | by ( Nick Carey Tosterling | Nick Carey | ) www.reuters.com time to read: +2 min

REUTERS/Piroschka van de Wouw Acquire Licensing RightsLONDON, Aug 18 (Reuters) - Lavoie, the electric scooter unit of Formula One engineering and technology firm McLaren Applied, is in advanced talks to buy bankrupt Dutch e-bike maker VanMoof, according to a source familiar with the negotiations. The source said talks are at "quite an advanced stage" and would involve Lavoie taking over "as much as possible" of VanMoof's operations. The company had raised more than $180 million from investors including private equity firm Hillhouse, Silicon Valley venture capital fund Norwest Venture Partners and venture firm Felix Capital. According to another source familiar with the matter, McLaren Applied is one of two suitors remaining for VanMoof. Bought from McLaren by private equity firm Greybull Capital in 2021, McLaren Applied recently launched the premium Lavoie e-scooter brand.

Persons: de Wouw, Lavoie, VanMoof, Felix Capital, Jan Padberg, Nick Carey, Frances Kerry Organizations: REUTERS, Formula, McLaren, Reuters, Norwest Venture Partners, Nasdaq, Capital, Thomson Locations: Amsterdam, Netherlands, Silicon Valley

☆ BAE snaps up Ball's aerospace arm for $5.6 bln in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. The war in Ukraine has led to new demand for those in munitions supply chains, Tom Arseneault, head of BAE's U.S. business, told analysts. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

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