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    Talking Heads: Software defined vehicles
    Software-defined vehicles (SDVs) have been everywhere these past few months, with the noise reaching a crescendo after the recent CES in Las Vegas. Trouble is, it’s not exactly new. It’s just that the auto industry loves a mega trend or a concept that helps explain everything. And to be fair, SDV does knit together a whole gamut of developments in the industry rather neatly.  Click the link above to download the whole article.
    Assessing Tesla's in-house chips plan: it's complicated
    One of the key highlights of Tesla’s recent Investor Day was their commitment to move to 100% in-house designed microcontroller units (MCUs). This would take the percentage inhouse from 20% in the Model S to 85% in the Cybertruck with 100% achieved for the next generation vehicle. From an implementation standpoint their target is not impractical, and their history suggests the goal is in line with their accomplishments to date. However, whether it’s a target they ought to be aiming at...
    BorgWarner completes acquisition of Surpass Sun Electric’s charging business
    US component major BorgWarner Inc. announces the completion of its acquisition of Hubei Surpass Sun Electric’s (SSE’s) Electric Vehicle Charging Solution, Smart Grid, and Smart Energy businesses. The company made the announcement through a press release on 1 March 2023. The acquisition of SSE is a strategic fit, bolstering BorgWarner’s charging expertise and footprint, capitalizing on the profound industry shift toward electrification. Announcing the acquisition in September 2022, ...
    Ouster, Velodyne concludes merger of equals to accelerate lidar adoption
    According to a press release on 13 February 2023, Ouster and Velodyne has announced the successful completion of their merger of equals, effective 10 February 2023. The combined company will keep the name Ouster and continue to trade on New York Stock Exchange under the ticker ‘OUST’. Key strengths of the combined company: Wide product portfolio including Ouster OS and DF series sensors, Velodyne Lidar sensors, and Ouster Gemini and Bluecity software Expanded partner ecosystem and...
    Otonomo to merge with Urgent.ly in an all-stock transaction
    Otonomo Technologies has entered into a definitive agreement to merge with Urgent.ly in an all-stock transaction, it said in a company press release dated 9 February. Upon the closing of the transaction, Otonomo’s shareholders will receive common stock of Urgent.ly and Otonomo will be a wholly owned subsidiary of the company. Urgent.ly and Otonomo shareholders will own about 67% and 33%, respectively, of the combined company on a fully diluted basis. “This transaction enables us to transf...
    Wejo enters into business combination agreement with TKB Critical Technologies 1
    Wejo Group has announced that it has entered into a definitive business combination agreement to combine with TKB Critical Technologies 1, according to a company press release on 10 January. The transaction is expected to close in the second quarter of 2023, following which the combined company will retain Wejo’s ticker symbol at the Nasdaq stock exchange. “This transaction is transformative for Wejo, providing significant funding progress in our bridge to profitability and allowing us to...
    Ouster, Velodyne announce proposed merger to accelerate lidar adoption
    Ouster and Velodyne announced that they have entered into a definitive agreement to merge in an all-stock transaction, according to a press release by Velodyne Lidar on 7 November 2022. The proposed merger is expected to drive significant value creation and result in a strong financial position through product offerings, increased operational efficiencies, ​​and a complementary customer base in fast-growing end-markets. The combined company has an intellectual property portfolio of 173 grant...
    Semikron, Danfoss complete merger to form Semikron-Danfossmerge
    According to a press release on 22 August 2022, Semikron and Danfoss Silicon Power have completed the merger to form Semikron-Danfossmerge, the majority owned by Danfoss. With a current workforce of more than 3,500 devoted experts in power electronics, Semikron Danfoss will provide technological know-how. The merger opens the door for green growth and a more sustainable, energy-efficient, and decarbonized future by coming with a solid growth plan and a firm commitment to future investmen...
    ECARX to merge with COVA Acquisition to advance automotive intelligence development
    ECARX, a global mobility tech company has entered into a merger agreement with COVA Acquisition to accelerate the development of next-generation automotive intelligence, according to a press release on 26 May 2022. The closing of the transaction is expected to occur in the fourth quarter of 2022. Values of transactions ECARX has a pro forma equity value of USD3.82 billion, or a pre-money equity value of USD3.4 billion. COVA Acquisition Corp. has USD300 million in cash in trust, with USD45 mil...
    Battery maker Amprius Technologies plans public listing via SPAC merger
    California-based lithium-ion battery maker Amprius Technologies, which is known for its patented Si Nanowire Anode Platform, has signed a definitive agreement with Kensington Capital Acquisition Corp. IV, a special purpose acquisition company (SPAC), to become a publicly listed company on the New York Stock Exchange (NYSE), it said on 12 May 2022. Founded in 2008, Amprius Technologies is the developer of ultra-high energy density lithium-ion batteries using its innovative, patent-protected si...
    Mainland China-based startup ECARX in talks for public listing in US via SPAC merger
    ECARX is looking to make a public listing in the US via a special purpose acquisition company (SPAC) merger, PanDaily reported on 2 March, citing a report by Bloomberg. The mainland Chinese startup could be reportedly valued at about USD4 billion. Significance: ECARX is an automotive intelligence technology company founded in 2016 by Li Shufu and Shen Ziyu. The company develops advanced open intelligent connected operating systems (OS) that enable automotive companies to collaborate to c...
    Virtuoso Acquisition Corp. approves proposed merger with startup Wejo
    Virtuoso Acquisition Corp. announced on 16 November that Virtuoso Acquisition’ stakeholders approved the proposed merger with Wejo Group Limited. The merger is expected to close on 18 November 2021. Significance: Upon the merger of Virtuoso Acquisition Corp. and Wejo Group Limited all the common stock and warrants of the combined company will be called Wejo and will begin trading on the Nasdaq Stock Market on 19 November 2021 under "WEJO" and "WEJOW," respectively. Commenting on the transac...
    Arbe Robotics and Industrial Tech Acquisitions complete business combination
    Arbe Robotics has completed the business combination agreement with Industrial Tech Acquisition, it said in a press release on 6 October. ITAC stockholders have approved the merger completion between the two companies. The merged company will be called Arbe Robotics post transaction. Through the business combination Arbe will receive approximately USD18 million of cash and USD118 million in gross proceeds following ITAC’s public stockholders of their stock redemptions with an additional USD...
    Veoneer files definitive proxy statement with SEC regarding merger with Magna
    Swedish automotive parts manufacturer announced via press release on 9 September that it had filed a definitive proxy statement with the Securities and Exchange Commission ahead of its October stockholder meeting in which Veoneer stockholders are expected to consider the announced merger agreement with Magna International Inc. According to the press release, Veoneer also noted that it was continuing to engage in discussions with Qualcomm Incorporated in response to Qualcomm’s competing prop...
    EV battery startup SES to list on NYSE via merger with SPAC Ivanhoe Capital
    Lithium-metal battery startup SES (formerly SolidEnergy Systems) has entered into a definitive agreement with special-purpose acquisition company (SPAC) Ivanhoe Capital Acquisition Corp. to list on the New York Stock Exchange (NYSE), the company said in a press announcement on 13 July. SES said that the SPAC merger was supported by strategic investors and global automakers that include General Motors (GM), Hyundai Motor Company, Kia Corporation, Geely Holding Group, SAIC Motor,...
    EV charging solutions startup Wallbox to list on NYSE via SPAC merger
    Electric vehicle (EV) charging solutions startup, Wall Box Chargers SL has entered into an agreement with Kensington Capital Acquisition Corp. II, a special purpose acquisition company (SPAC), wherein upon closing the transaction, the combined entity will be listed on the New York Stock Exchange (NYSE), the company stated in a press release on June 9. “Upon closing of the transaction, the combined company will be named Wallbox and listed on the NYSE and trade under the new ticker symbol WBX...
    EV charger company Tritium to go public through SPAC deal
    Australia-based manufacturer of DC fast chargers for electric vehicles (EVs), Tritium, and a special purpose acquisition company (SPAC) called Decarbonization Plus Acquisition Corporation II (DCRN) have announced an agreement for their business combination, according to a company press release on 26 May. The merger would result in Tritium becoming a publicly listed company, with the combined company being named Tritium. The business combination is expected to generate gross proceeds in cash o...
    Self-driving sensor startup Innoviz completes SPAC merger with Collective Growth Corp for USD1.4 billion
    Innoviz Technologies, the Israeli provider of solid-state lidar sensors and perception software, has completed its merger with Texas-based special purpose acquisition company (SPAC) Collective Growth Corporation and will begin trading under the ticker symbols INVZ and INVZW at a valuation of USD1.4 billion.  As a result of the Business Combination, Innoviz has received approximately USD371 million in gross proceeds comprised of Collective Growth's USD141 million of cash held in...
    ChargePoint completes merger with Switchback Energy Acquisition Corporation to become public
    ChargePoint has completed its previously announced merger with special purpose acquisition company (SPAC), Switchback Energy Acquisition Corporation, to become a public company, listed on the New York Stock Exchange (NYSE), the US-based electric vehicle (EV) charging solution provider said in a press release on 26 February. The merger was approved by Switchback’s shareholders on 25 February. The shares and the warrants of the merged company, renamed ChargePoint Holdings, Inc., are scheduled to...
    Lidar startup AEye to go public through merger with CF Finance Acquisition Corp. III
    AEye, a US-based startup developing intelligent lidar solutions, has announced plans to become a public company through merging with CF Finance Acquisition Corp. III (CF III), a special purpose acquisition company (SPAC) sponsored by Cantor Fitzgerald, the company said in a press release on 17 February. The merged company, to be called AEye Holdings, Inc., will be listed on NASDAQ, following the conclusion of the transaction in the second quarter of 2021. The transaction values AEye at a pro ...
    Merger: FCA, PSA complete merger; Stellantis starts operations
    On 16 January, FCA and PSA completed a previously-announced merger paving the formation of Stellantis, the two companies said in a joint press release. As decided upon earlier, following the merger, Stellantis’ common shares will begin trading on Euronext in Paris, France, and the Mercato Telematico Azionario in Milan, Italy, on 18 January and on the New York Stock Exchange (NYSE) on 19 January, under the ticker symbol “STLA”. Significance: FCA and PSA first announce...
    Hitachi Automotive Systems, Keihin, Showa, and Nissin Kogyo complete management integration
    On 1 January, Japan-based automotive suppliers Hitachi Automotive Systems, Keihin Corporation, Showa Corporation, and Nissin Kogyo concluded management integration to form Hitachi Astemo, the company said in a press release on 6 January. According to the company, the new corporate brand name Astemo is derived from the initials letters of Advanced Sustainable Technologies for Mobility and reflects the integrated company’s goals to provide “a safe, sustainable and comfortable mobility life thr...
    Aeva, InterPrivate Acquisition raise USD200 million from investors as part of business combination
    In November 2020, lidar startup Aeva announced a business combination agreement with the US-based special purpose acquisition company (SPAC), InterPrivate Acquisition Corp., as part of its plans to become a public listed company. On 4 January, Aeva and InterPrivate entered an investment agreement with Sylebra to purchase an additional USD200-million worth of common stock of InterPrivate to facilitate the business combination. Sylebra has also reached a one-year lock-up agreement on the majority ...
    Merger: FCA, Groupe PSA merger obtains shareholders’ approval
    Groupe PSA and Fiat Chrysler Automobiles (FCA) have announced that their respective shareholders’ meetings, which were held on 4 January, has approved the merger of the two companies to form Stellantis N.V., which will be the fourth largest automotive group after the Volkswagen Group, Toyota, and Renault-Nissan-Mitsubishi. According to a press release issued by Groupe PSA on 4 January, the shareholders also approved merger related matters including adoption of the Stellantis’ Articles of ...
    Romeo Power completes business combination with RMG Acquisition, becomes public company
    Romeo Power, an energy technology startup delivering large-scale electrification solutions for commercial applications, has announced that it has completed its business combination with RMG Acquisition Corp. according to a press release issued by Romeo Power on 29 December, the company stated that this business combination was approved by RMG stockholders in a special meeting held on 28 December. The business combination valued Romeo Power at a USD900 million pre-money enterprise value and re...
    European Commission approves FCA, PSA merger
    The European Commission has approved the previously announced merger of Fiat-Chrysler Automobiles (FCA) and PSA Group, according to a press release by the executive arm of the European Union on 21 December. The approval will pave the formation of Stellantis, which will be the fourth-largest automotive group after Volkswagen (VW) Group, Toyota, and Renault-Nissan-Mitsubishi (RNM). The European Commission gave approval for the merger after PSA agreed to address the commission’s competiti...
    indie Semiconductor signs agreement with SPAC Thunder Bridge Acquisition II
    indie Semiconductor has entered into an agreement with Thunder Bridge Acquisition II to combine their businesses, according to a press release dated 15 December. The combined entity, which will be called indie Semiconductor, would be a publicly listed company. The transaction is worth around USD1.4 billion. “Our mixed-signal SoC platforms are enabling a diverse set of rapidly emerging automotive megatrends that have reached an inflection point. Accordingly, we are excited to partner with Th...
    Luminar completes merger with Gores Metropoulos to become public company
    Luminar has completed its previously announced merger with special purpose acquisition company (SPAC), Gores Metropoulos, to become a public company, the company said in a press release on 2 December. The merger was approved at a special meeting of Gores Metropoulos’ shareholders on 1 December. As finalized earlier, the combined company will retain the Luminar Technologies Inc. name and will commence trading at NASDAQ under new ticker symbol “LAZR” from 3 December. “Over the past few ...
    MERGER: Hitachi Automotive Systems completes merger with Keihin, Showa and Nissin Kogyo
    Hitachi Automotive Systems has completed previously-announced merger agreements with Keihin Corporation, Showa Corporation Nissin Kogyo, the companies said in a joint press release on 18 November. Following the absorption type merger, Hitachi Automotive System will continue operating as the surviving company, and Keihin, Showa and Nissin Kogyo will cease to exist, from 1 January 2021. Significance: In October 2019, Honda reached a basic merger agreement to merge its three affiliates Keihin, S...
    Velodyne, Graf Industrial complete merger
    Velodyne Lidar and Graf Industrial Corp. (Graf) have closed their previously announced business combination, pursuant to which Velodyne became a wholly owned subsidiary of Graf and Graf changed its name to Velodyne Lidar, Inc., Velodyne said in a press release on 29 September. Beginning 30 September 2020, the common stock and warrants of Velodyne Lidar, Inc., the post-combination company, are expected to begin trading on The Nasdaq Global Select Market under the ticker symbols “VLDR” and ...
    3D printing startup Desktop Metal to go public through merger with Trine Acquisition Corp.
    US-based 3D printing startup Desktop Metal is set to go public through a business combination with Trine Acquisition Corp., the company announced in a press release on 26 August. Combined company will have an estimated post-transaction equity value of up to USD2.5 billion. The transaction with Trine is expected to close in the fourth quarter of 2020. Upon closing of the transaction, the combined operating company will be named Desktop Metal and will remain listed on the New York Stock Exchange (...
    M&A: Canoo to go public through merger with Hennessy Capital Acquisition
    Electric vehicle (EV) startup is set to go public with a listing on NASDAQ through merger with Hennessy Capital Acquisition, the company announced in a press release on 18 August. Upon closing of the transaction, the combined operating company will be named Canoo Inc. and will continue to be listed on the Nasdaq Stock Market under the ticker symbol “CNOO.” Canoo informed that the pro forma equity value of the merger is approximately USD2.4 billion. The combined company will receive approx...
    Porsche invests in connected car startup Aurora Labs
    Porsche Automobil Holding has acquired a minority stake in Israel-based startup Aurora Labs for USD2.5 million, the company said in a press release on 13 August. The venture capital arm of Porsche has already invested in two U.S-based 3-D printing specialists Markforged and Seurat Technologies and LIDAR specialist AEVA. Porsche SE expects such services to become increasingly relevant for automotive manufacturers such as the Volkswagen Group. “In the future software will be the major diff...
    M&A: Veoneer completes divestiture of US brake control business to ZF
    Swedish automotive technology provider, Veoneer, has announced that it has completed the divestment of its US-based brake control business unit. According to a press release issued by Veoneer on 11 August, the company stated that its US brake control business unit has been divested to German automotive components and systems manufacturer, ZF Friedrichshafen AG, for an agreed purchased price of USD1, net. The two companies have also agreed on collaborating on a transition plan for a limited durat...
    M&A: MiddleGround Capital acquires majority ownership in US supplier Dura Automotive
    MiddleGround Capital has acquired a majority stake in Dura Automotive Systems, the US-based supplier said in a press release on 6 August. The US-based private equity firm bought the stake in Dura from Bardin Hill Investment Partners. Dura Automotive specializes in highly-integrated mechatronic systems and lightweight solutions. The company caters to automakers and tier-1 suppliers worldwide, with presence over 300 platforms across all light vehicle and powertrain types. Dura Automotive operat...
    M&A: Fastned acquires EV charging network MisterGreen
    Dutch electric vehicle (EV) charging stations operator Fastned has acquired the fast-charging network of local vehicle leasing company MisterGreen Electric Lease, Fastned announced in a press release on 1 July. Fastned has acquired 100% of the shares in The Fast Charging Network B.V. from Mistergreen for EUR1.98 million (USD2.3 million). Fastned paid for the purchase by issuing 165,000 new depositary receipts, which represent 1.1% of its total outstanding depositary receipts. On 1 July 2021, ...
    M&A: dSPACE acquires real-time software developer Intempora
    Germany-based dSPACE has acquired real-time software developer Intempora, the Germany-based company said in a press release on 9 July. France-based Intempora has over 20 years of expertise in providing advanced software solutions for automotive industry. The company offers RTMAPS, a modular tool kit for multimodal applications, and Intempora validation suite (IVS), a software solution for the benchmarking and validation of advanced driver assistance systems (ADAS) and highly automated driving (H...
    M&A: French automotive supplier Delfingen to buy Schlemmer’s activities in Europe/Africa
    Delfingen has entered into a negotiation for the acquisition of Schlemmer’s business activities in Europe/Africa, the company said in a press release on 17 July. The acquisition would give Delfingen acccess to five factories in Germany, Romania, Russia, Morocco, and Tunisia which will have 1000 employees. The two latter plants are joint ventures. The assets have a turnover of around EUR100 million (USD114 million). Significance: Delfingen is a global automotive supplier of protection and ro...
    M&A: STMicroelectronics to acquire UWB specialist BeSpoon and cellular IoT connectivity assets of Riot Micro
    STMicroelectronics (ST) has announced two acquisitions to strengthen the wireless connectivity capabilities of its STM32 microcontrollers (MCUs), the company said in a press release on 16 July. ST has reached an agreement to acquire the entire share capital of BeSpoon, a France-based company specializing in ultra-wide band (UWB) communication technology, from its majority shareholder TRUMPF and from its founders. ST and TRUMF have agreed to enter into a strategic partnership for UWB tracking tec...
    Mullen Technologies raises funding to acquire EV manufacturing plant in the US
    Mullen Technologies has signed a letter of intent with Axiom Financial to raise USD135 million to acquire an electric vehicle (EV) manufacturing plant in the United States, the company announced in a press release on 13 July. The company expects to begin production by 2022 and enter the electric sport utility vehicle (SUV) market with the launch of the MX-05, a mid-size all-electric luxury SUV. “As we move forward with our acquisition of Net Element, the immediate need to develop a facility...
    FCAꟷGroupe PSA merged entity will be named ‘Stellantis’
    Groupe PSA and Fiat Chrysler Automobile (FCA) have announced that the name of the entity that will be created when the two companies merge will be ‘Stellantis’. In a press release issued by Groupe PSA dated 15 July, the company revealed the name in a step toward the planned merger that was first announced in December 2019. A binding agreement for the 50:50 merger was signed in December 2019, which is expected to result in the world’s fourth-largest automotive group, in terms of ann...
    M&A: Fisker Inc to go public through merger with Spartan Energy Acquisition
    In a press release dated 13 July, electric vehicle (EV) startup Fisker announced that it is set to list on New York Stock Exchange (NYSE) through merger with Spartan Energy Acquisition Corp, which is a special purpose acquisition company sponsored by an affiliate of Apollo Global Management. The deal will provide more than USD1 billion of gross proceeds to the company, including USD500 million fully committed common stock PIPE at USD10.00 per share anchored by existing and new investors, includi...
    M&A: Analog Devices to acquire Maxim Integrated Products in an all-stock transaction
    Analog Devices (ADI) has signed an agreement to acquire Maxim Integrated Products in an all-stock transaction, the company said in a press release on 13 July. Under the agreement, Maxim stockholders will receive 0.630 of ADI stock for each Maxim share at the closing of the transaction. Upon closing, current ADI stockholders will own about 69% of the total entity, while Maxim shareholders will own about 31%. Analog Devices says the combined enterprise will be valued at over USD68 billion at th...
    M&A: Austrian supplier ams completes acquisition of Osram
    Austrian sensor specialist ams has announced the successful closing of Germany-based OSRAM Licht AG acquisition, ams said in a press release on 9 July 2020. “The takeover offer has been fully settled today and the offer price paid to the holders of the tendered shares,” according to a company statement. Subsequent to closure of the deal, ams holds 69% of all shares in OSRAM (excluding treasury shares) on the basis of the takeover offer and additional purchases equivalent to a transactio...
    M&A: LeddarTech buys Israeli sensing software company VayaVision
    Leddartech has acquired sensor fusion and perception software company VayaVision for an undisclosed amount, the company said in a press release on 7 July. VayaVision will become a wholly owned subsidiary of LeddarTech. “The acquisition of VayaVision adds a vital building block by combining their sensor fusion and perception technology with LeddarTech’s proven LeddarEngine platform. The existing single sensor solutions in the market do not provide the performance, flexibility, scalability,...
    M&A: Austrian sensor firm ams receives EU approval for Osram acquisition
    Austria-based sensor specialist ams has received unconditional regulatory approval on 6 July from the EU commission for the acquisition of Germany-based Osram Licht AG, ams said in a press release. “The EU regulatory approval constituted the last remaining condition precedent for closing the transaction which is now fulfilled,” the company said in a statement. ams now expects the payment of the offer price to the holders of the tendered shares and the closing of the takeover offer on 9 July ...
    M&A: Daimler to acquire 3% stake in battery maker Farasis
    Daimler has entered into a strategic partnership with mainland Chinese battery maker Farasis Energy, including a stake acquisition, Daimler announced in a press release today (3 July). Daimler Greater China is investing a multi-million-euro amount as part of Farasis's IPO to acquire a 3% stake. This equity stake is conditional upon required regulatory approvals. It will give Daimler the option to nominate a representative for a seat on the supervisory board of the battery cell manufacturer. A...
    M&A: Velodyne confirms reverse merger agreement with Graf Industrial
    Velodyne Lidar has entered a definite merger agreement with Graf Industrial, a US-based, publicly traded, special purpose acquisition company (SPAC), the two companies said in a joint press release on 2 July. The proforma market capitalization of the merged company will be around USD1.8 billion. The transaction is being structured as reverse merger where Velodyne’s existing shareholders, including Ford, Baidu, Nikon Corporation, and Hyundai Motor, will retain more than 80% equity in the new...
    M&A: Faurecia acquires Canadian startup IRYStec to enhance in-vehicle user experience
    Faurecia has acquired Canadian startup IRYStec Software to enhance user experience of cockpit display systems, the company said in a press release on 1 July. IRYStec has developed a software platform using perception and physiology to optimize user experience of display systems. The software platform enables the personalization of the display according to the driver’s vision. Following the acquisition, IRSYtec has been changed to Faurecia IRYStec Inc. IRSYtec claims its technology...
    M&A: Recticel completes divestment of Automotive Interior business
    Recticel has completed the previously-announced divestment of its Automotive Interior division, the company said in a press release on 1 July. The Belgium-based company has also divested its 50% stake in joint venture (JV) company Eurofoam Flexible Foam to JV partner Greiner AG. Recticel generated net cash proceeds of EUR210 million (USD236 million) from these transactions. The planned divestments also reduces leasing debt by EUR36 million. “The closing of the transactions went smoothl...
    M&A: Delphi Technologies’ shareholders approve acquisition by BorgWarner
    Delphi Technologies PLC announced during a special meeting of its shareholders conducted on 25 June, the planned acquisition of the company by American powertrain components manufacturer, BorgWarner, has been approved by the majority of Delphi’s shareholders. The two companies are working towards the completion of the transaction in the second half of 2020, subject to the receipt of all pending regulatory approvals and the satisfaction or waiver of other closing conditions, which inclu...
    M&A: Amazon acquires autonomous driving startup Zoox
    Amazon has signed an agreement to acquire Zoox, a US-based startup developing autonomous driving technology for ride-hailing services, the company said in a press release on 26 June. The completion of the deal is subject to customary closing conditions. The two companies did not disclose the financial details including sell price of the acquisition. According to the Financial Times, the US-based retail conglomerate roughly paid USD1.2 billion for the takeover. Zoox has raised around USD1 bill...
    M&A: Siemens acquires analytics solutions firm UltraSoC
    Siemens has signed an agreement to acquire UltraSoC Technologies, the company said in a press release on 23 June. Financial details of the deal were not disclosed. The rationale behind the acquisition is that it will enable a unified data-driven infrastructure to improve product quality, safety and cybersecurity, and create solutions for manufacturing defects, software and hardware bugs, device early-failure and wear-out, functional safety, and malicious attacks in the semiconductor industry....
    M&A: EU opens in-depth investigation into PSA-FCA merger
    The European Commission (the Commission) has opened an in-depth investigation into the proposed merger of PSA and FCA under the European Union (EU) Merger Regulation, the Commission said in a press release on 17 June 2020. The Commission expressed concerned that the proposed transaction may reduce competition in light commercial van segment in the European Economic Area (EEA), specially in 14 EU member states and the United Kingdom. According to the Commission, either PSA or FCA is already th...
    M&A: Facebook acquires mapping startup Mapillary
    Facebook has acquired Sweden-based crowdsourcing mapping startup Mapillary, Jan Erik Solem, cofounder and CEO of Mapillary confirmed in a company blog post on their website on 18 June. Founded in 2013, Mapillary is building a street-level imagery platform that allows everyone to get the imagery and data they need to make better maps. Mapillary’s solutions are also useful for the automotive market, especially in the emerging field of autonomous driving. The company’s solutions help au...
    Evergrande acquires remaining shares of NEVS
    Evergrande has acquired the remaining 17.6% stake in all-electric Swedish startup NEVS, the company announced in a press release on 10 June. Evergrande Health Industry Group has paid National Modern USD379.5 million. The acquisition was completed on 12 June 2020. Following the acquisition, NEVS has become a wholly-owned subsidiary of Evergrande group. Significance: Evergrande first acquired stakes in NEVS in January 2019, when it acquired a 51% stake. Since then, the company had increased its...
    Mitsubishi Electric to acquire Sharp’s factory in Japan to expand power device business
    Mitsubishi Electric has announced that it will acquire a plant in Fukuyama, Hiroshima Prefecture in Japan from Sharp Fukuyama Semiconductor, a wholly owned subsidiary of Sharp Corporation, a company press release on 11 June read. Mitsubishi will process wafers in the plant, used for the manufacture of power semiconductors. The new production facility is expected to begin operation from November 2021. Significance: Mitsubishi will make an investment of about JPY20 billion (USD187 million) ...
    Ascend Performance Materials acquires assets of two materials company in mainland China
    Ascend Performance Materials, an integrated producer of polyamide 66 resin, has signed an agreement to acquire the assets of NCM (Changshu) Co., Ltd., and Tehe Engineering Plastic (Suzhou) Co., Ltd., located in Changshu Yushan High-tech Industrial Park in mainland China, according to a company press release on 11 June. Terms of the transaction were not disclosed. The company plans to complete the deal in August. Phil McDivitt, Ascend’s president and CEO, said “Ascend’s long-range plan i...
    M&A: Minda Industries’ planned merger of four subsidiaries gets court approval
    Minda Industries’ planned merger of four subsidiaries receives court approval, the company said in a regulatory filing on 2 June. The company has informed that the National Company Law Tribunal (NCLT), Special Bench, New Delhi, has made the pronouncement of the order on 1 June 2020, sanctioned the scheme of amalgamation of wholly owned subsidiary companies, namely M J Casting Limited, Minda Distribution and Services Limited, Minda Auto Components Limited, and Minda Rinder Private Limited into ...
    M&A: Mitsubishi, NTT complete joint acquisition of 30% stake in HERE Technologies
    HERE Technologies has announced that Mitsubishi Corporation and Nippon Telegraph and Telephone Corporation (NTT) have completed a joint acquisition of a 30% stake in the company, according to a press release on 2 June. The investment was made via the two companies’ jointly owned COCO Tech Holding B.V. based in the Netherlands. HERE added Yutaka Kyoya, who is the executive vice-president and group CEO of Mitsubishi’s Consumer Industry Group and Hiroki Kuriyama, executive vice-pre...
    M&A: Knorr-Bremse completes acquisition of R.H. Sheppard Co.
    Knorr-Bremse has completed the acquisition of R.H. Sheppard from WABCO Holdings Inc., United States, which sold Sheppard in connection with the acquisition of WABCO by ZF Friedrichshafen AG, Knorr-Bremse announced in a press release on 2 June. Bendix Commercial Vehicle Systems LLC, a North America–based subsidiary of Knorr-Bremse and part of the Commercial Vehicle Systems division, has acquired R.H. Sheppard for USD149.5 million. The transaction involves the entire Sheppard business, includ...
    Volkswagen ups stake in JAC Volkswagen, acquires 26% stake in battery maker Gotion High-Tech
    In a press release dated 29 May, Volkswagen has confirmed that it has increased its stake in its joint venture (JV) JAC Motors, JAC Volkswagen, from 50% to 75%. The company has also acquired 50% in JAG, the parent company of the Volkswagen partner JAC. Volkswagen has invested EUR1 billion toward these two deals. Letters of intent were co-signed by Volkswagen (mainland China) Investment Co. Ltd. and the government of Anhui province. The parties intend to close the deal by the end of the year...
    M&A: ZF completes acquisition of WABCO
    German automotive supplier ZF Friedrichshafen AG has announced that it has completed the acquisition of WABCO, a US automotive components manufacturer. According to a press statement issued by ZF on 29 May, the company has received all required regulatory approvals and has commenced the integration of WABCO. WABCO will be integrated into ZF as its commercial vehicle control systems division in order to transform ZF into a global integrated technology and systems provider for commercial vehicl...
    M&A: Indian regulator approves merger of Takata India with KSS Abhishek Safety Systems
    The Chennai division bench of the National Company Law Tribunal (NCLT) has approved the merger of India-based KSS Abhishek Safety Systems (KSSA) with Takata India, according to a report by ET Auto on 30 May. The new amalgamated entity will be called Joyson Anand Abhishek Safety Systems (JAASS). All employees of KSS Abhishek Safety Systems will become employees of Takata India. Significance: The merger is part of a triparty joint venture (JV) announced in June 2019 by Anand Group. The triparty...
    Volkswagen in talks to invest in two EV companies in mainland China
    Volkswagen is planning to invest in two electric vehicle (EV) companies in mainland China and is already in the last stages of the talk, Reuters reported on 27 May citing sources. Volkswagen is planning to buy a 50% stake in Anhui Jianghuai Automobile Group Holding for CNY3.5 billion (USD490 million). The German automaker is also aiming to invest in an EV batterymaker Guoxuan High-tech, and become its biggest shareholder by acquiring a 27% stake. Significance: This investment will be Vol...
    Amazon in talks to acquire autonomous vehicle startup Zoox
    Amazon.com Inc. is in advanced talks to acquire autonomous vehicle startup Zoox Inc., according to a report by Wall Street Journal (WSJ) on 26 May. The two companies are discussing a deal that would value Zoox at less than the USD3.2 billion, a level attained after its last funding round in 2018, WSJ reported, citing sources familiar with the matter. There is no final agreement yet, and the timing a signed deal is still unclear clear. Significance: The acquisition, if successful, wo...
    Mobileye CEO expects ‘great consolidation’ in autonomous driving
    The budding autonomous driving industry needs to consolidate as it is too difficult for separate companies to cooperate in developing self-driving vehicles, Amnon Shashua, CEO of Intel-owned Mobileye, was quoted as saying by Reuters. According to Shashua, the current strategy of individual companies each focusing on one component, such as safety, sensors, or maps, is “not sustainable” because this is “an end-to-end system that cannot be broken down.” “It’s a formidable task, ...
    M&A: ZF, WABCO receive regulatory clearance in mainland China for proposed merger
    German auto components supplier ZF Friedrichshafen and American auto parts manufacturer WABCO have announced that the companies have received a vital regulatory clearance for their planned merger. According to a joint press statement issued on 15 May, WABCO and ZF have stated that the companies have received the requisite regulatory clearance from the Chinese State Administration for Market Regulation. Significance: The companies had previously announced in March that they have received ...
    M&A: JTEKT acquires Canadian R&D facility to reinforce ECU development
    Japanese auto component manufacturer JTEKT has announced that it has strengthened its presence in the research and development (R&D) space with the acquisition of a Canada-based R&D facility. According to a press release issued on 13 May, JTEKT has stated that it has taken over an R&D center that belonged to KSR International Inc. The facility is based in the Halifax, Nova Scotia. This company was engaged in the development of ECUs for vehicle steering and driveline products. S...
    M&A: Freudenberg completes acquisition of performance materials firm Low & Bonar
    Freudenberg has completed the acquisition of performance materials firm Low & Bonar, the company announced in a press release on 12 May. Low & Bonar PLC will be delisted from the London Stock Exchange on May 13. The company will be integrated in the Freudenberg Performance Materials Business Group. “As a pioneer in spunbonded nonwoven production, Freudenberg has offered its customers materials manufactured with a one-step production process since 1968. Thanks to the two-step process...
    BorgWarner consents to Delphi’s revolver draw down, amends acquisition agreement
    Automotive powertrain components manufacturers BorgWarner and Delphi Technologies have announced that certain terms of the definitive transaction agreement the companies entered into, under which BorgWarner was to acquire Delphi Technologies in an all-stock transaction, have been amended. In a press release issued by BorgWarner on 6 May, the company stated that it has consented to Delphi Technologies’ recent draw down of its revolving credit facility of USD500 million, a move that has been ...
    M&A: Intel acquires transit app Moovit for USD900 million
    Intel has acquired Moovit, as Israel-based startup specializing in Mobility-as-a Service (MaaS), for around USD900 million, the US-based chipmaker said in a press release on 4 May. Moovit, founded in 2012, has developed an urban mobility app that offers commuters the best multimodal trip planning by combining public transportation, bicycle and scooter services, ride-hailing, and car sharing. Moovit’s transit app is used by more than 800 million users in more than 100 countries. The compan...
    M&A: Intel in talks to acquire Israeli start-up Moovit
    Intel is in the advanced stage of talks to acquire Moovit, an Israel-based startup specializing in Mobility-as-a-Service (MaaS) for USD1 billion, Globes reported on 3 May. Moovit, founded by Nir Erez, Roy Bick, and Yaron Evron in 2011, has developed a public transport journey planner and mobility app. The company’s app is used by 720 million people in 3,100 cities in more than 100 countries globally and 45 languages. Moovit expects its user base to cross 1 billion by 2021. Moovit has so far...
    M&A: BorgWarner plans to complete acquisition of Delphi Technologies in second half of 2020
    American multinational automotive components supplier, BorgWarner, has announced its intention to close its acquisition of Delphi Technologies in the second half of this year. According to a report filed by news agency Reuters, the company stated that although final terms have not been decided yet, the companies are collaborating to complete the deal. This acquisition of Delphi Technologies was meant to add Delphi’s expertise in power electronics to BorgWarner’s extensive powert...
    Fortum sells majority share in EV charging company Fortum Recharge to Infracapital
    Fortum has agreed to sell a majority stake of 63% in electric vehicle (EV) charging point operator (CPO), Fortum Recharge AS to Infracapital, according to a company press release on 27 April. The transaction is expected to close in the second quarter of 2020. Subsequent to this transaction, Fortum’s stake in Recharge will be reduced to 37%. Recharge, which is the largest CPO in the Nordics, owns close to 1,300 public charging points and operating an additional 1,400 charging points in Norwa...
    M&A: USA Rare Earth acquires rare earth permanent magnet manufacturing capability from Hitachi
    USA Rare Earth has acquired the neodymium iron boron (NdFeB) permanent magnet manufacturing equipment formerly owned and operated in North Carolina, US, by Hitachi Metals America, USA Rare Earth announced in a press release on 7 April. According to the company, the equipment purchased by USA Rare Earth should provide most of what is needed to reestablish rare earth magnet production in the US and, with the addition of some readily-available components, can produce at least 2,000 tonnes annually ...
    M&A: AEM Canada acquires high purity alumina Producer Orbite Technologies
    AEM Canada Group has acquired the assets of high purity alumina (HPA) Producer Orbite Technologies Inc. AEM Canada announced in a press release in early April. Orbite has been under the protection of the Companies' Creditors Arrangement Act since April 2017. The assets AEM Canada is buying from Orbite includes its Cap-Chat process plant, its technical development center located in Laval, and its suite of 41 patents associated with the process technology it has developed for the Cap-Chat pla...
    M&A: Hitachi Automotive Systems completes acquisition of automotive device software developer seneos
    Hitachi Automotive Systems has announced the completion of acquisition of Germany-based automotive device software developer seneos, a company press release on 16 April read. Financial details of the deal were not disclosed. seneos offers system engineering services for automotive electronics design, process management, and embedded system software development. The company employs 64 people and is based in Cologne. The acquisition will help Hitachi’s frontend engineering capabilities and im...
    M&A: Infineon completes acquisition of Cypress Semiconductor
    Infineon has announced that it has completed the acquisition of Cypress Semiconductor, according to a company press release on 16 April. The acquisition is funded through a combination of cash on hand and a financing facility given by a consortium of 20 national and international banks. Infineon expects the acquisition to be earnings accretive in fiscal year 2021. The profitability is expected to rise while capital intensity of the combined business will decrease, increasing free cash flow. T...
    COVID-19 pandemic impact: Japanese suppliers Nippon Shokubai, Sanyo Chemical postpone merger
    Japan-based chemical companies Nippon Shokubai and Sanyo Chemical have postponed their previously announced plans to merge their respective businesses and establish a joint holding company amid the uncertainty due to the coronavirus disease 2019 (COVID-19) pandemic, the two companies said in a joint press release on 13 April. The two companies were earlier planning to complete the merger and formation of the new company to be called Synfomix on 1 October 2020. However, the respective boards of N...
    M&A: Novelis completes acquisition of Aleris
    Novelis has completed the acquisition of Aleris Corporation, the company announced in a press release on 14 April. Novelis will acquire Aleris’ 13 plants across North America, Europe, and Asia. However, to satisfy regulatory conditions, the company is required to divest Aleris’ plants in Lewisport, Kentucky, US, and Duffel, Belgium. “The Aleris deal marks a major milestone for Novelis, on its path to global leadership. The closure of this deal amidst challenging market conditions, refle...
    M&A: Software engineering firm Luxoft completes acquisition of CMORE Automotive
    Luxoft, a DXC technology company, has completed its previously announced acquisition of CMORE Automotive, a Germany-based company specializing in the development and validation of AI-driven mobility systems, according to a company press release on 9 April 2020. CMORE operates a network of advanced driver assistance systems (ADAS) testing facilities in Lindau, Gutmadingen, Böblingen, and Eschbor (all located in Germany), offering its customers vehicle prototyping and system testing of ve...
    M&A: Novelis receives last clearance from European Commission for acquisition of Aleris
    Novelis Inc. has received the final clearance from the European Commission for its proposed acquisition of Aleris Corporation, a global supplier of rolled aluminum products, Novelis announced in a press release on 8 April. Novelis secured final approval from the Commission for the sale of Aleris’ aluminum production plant in Duffel, Belgium, to the Liberty House Group. With the European Commission's approval of the buyer for Belgian plant, Novelis has now received all regulatory clea...
    M&A: Infineon gets final regulatory approvals to acquire Cypress Semiconductor
    Infineon Technologies has announced it has received all necessary regulatory approvals for its acquisition of Cypress Semiconductor Corp, a company press release on 7 April showed. Infineon expects to close the transaction within five business days. The transaction will be funded through a combination of cash on hand and a committed acquisition financing facility provided by banks. Infineon will use the proceeds totaling EUR2.7 billion (USD2.9 billion) from share placement and the issuan...
    M&A: Recticel divests controlling stake in Automotive Interiors division, 50% stake in Eurofoam JV
    Recticel has entered into a definitive agreement with a Germany-based private investment firm Admetos GmbH to partially divest its ownership in Automotive Interior business, the company said in a press release on 6 April. Under the agreement, Recticel’s Automotive Interior division will be transferred to a new joint venture (JV) holding company, in which Admetos will have controlling stake of 51%, while Recticel will own the remaining 49%. The agreement also offers reciprocal call/put options ...
    M&A: BorgWarner-Delphi acquisition clears regulatory hurdle
    US-based automotive powertrain components supplier BorgWarner’s planned acquisition of Delphi Technologies has received the requisite antitrust clearance from the Federal Trade Commission. The acquisition is being monitored closely since it came under risk when Delphi drew down its full USD500 million revolving credit facility. Significance: Towards the end of January 2020, BorgWarner had finalized an agreement for the acquisition of Delphi Technologies for an all-equity transaction amounti...
    M&A: Austrian sensor specialist ams completes USD1.8 billion share sale to fund Osram acquisition
    ams has announced that it has completed a CHF1.75 billion (USD1.81 billion) share sale to partially fund the acquisition of Germany-based Osram Licht, according to a company press release on 31 March. ams shareholders exercised the subscription rights for 117.5 million new shares, corresponding to 62% of the 189.9 million shares offered. Delivery of the new shares against payment of the offer price is expected for 3 April. Significance: The Austrian sensor specialist submitted an all-cas...
    M&A: BorgWarner issues statement regarding breach of agreement by Delphi Technologies
    American powertrain components manufacturer BorgWarner has issued a statement regarding its impending acquisition of Delphi Technologies. According to a press release issued by the company on 31 March, BorgWarner has stated that Delphi Technologies PLC provided notice to the lenders pursuant to its Credit Agreement to draw the full available amount under the revolving facility, resulting in a total of USD500 million outstanding under the revolving facility. Delphi Technologies has also releas...
    Diodes gets approval from Taiwanese authorities for acquisition of Lite-On Semiconductor
    Diodes has announced that it has been granted approval by authorities in Taiwan for the acquisition of Lite-On Semiconductor (LSC), according to a company press release on 30 March. Approvals from the authorities include the Taiwan Fair Trade Commission and the Foreign Investment Approval from the Investment Commission of the Ministry of Economic Affairs. Diodes expects the transaction to close as planned after receiving the final regulatory approvals. Significance: Diodes first announced its...
    Ube Industries to acquire compound manufacturer Premium Composite Technology North America
    Japan-based Ube Industries has announced its decision to acquire Premium Composite Technology North America, Inc. (PCTNA), a consolidated subsidiary of Toyota Tsusho Corporation, according to a company press release on 23 March. Ube Industries and Toyota Tsusho entered into a share transfer agreement on 31 January 2020, under which Ube Industries will receive 100% of the shares in PCTNA. The transaction is expected to close 1 April 2020. Subsequently, Ube Industries plans to launch the business ...
    Austrian sensor firm ams expects to close Osram deal in Q2 2020
    ams has announced that, with respect to the acquisition of Germany-based Osram Licht, it expects the public offer to close in the second quarter of fiscal 2020. In a press release dated 19 March, the Austrian company has said it has increased its direct shareholding in OSRAM to 23.4%, funded from existing cash resources. Considering the coronavirus disease 2019 (COVID-19) pandemic, ams reiterated its financial expectations for the first quarter of 2020, with revenues of USD480–520 million a...
    TDK absorbs its wholly-owned subsidiary TDK-EPC Corporation
    TDK has decided to absorb and merge its wholly-owned subsidiary TDK-EPC Corporation, the company announced in a press release on 25 March. TDK Corporation will be the surviving company and TDK-EPC Corporation will be dissolved. The effective date of merger is scheduled to be 1 July 2020. Significance: While TDK is into manufacturing and sale of electronic components, TDK-EPC Corporation is into investment and financing for affiliated companies, and affiliated company management. In ...
    ZF, WABCO expect to complete merger in Q2 2020
    According to a press release issued on 24 March, American auto parts maker WABCO and German auto components supplier ZF Friedrichshafen have stated that both companies have received all the requisite approvals from relevant regulatory authorities, with the exception of the Chinese State Administration for Market Regulation (SAMR), for the merger that both companies had announced at a prior date. Significance: The two companies expect that the approval from the Chinese State Administration for...
    ABB acquires majority stake in EV charging provider Chargedot
    Switzerland’s ABB has completed its acquisition of a majority stake of 67% in Chargedot Shanghai New Energy Technology Co., Ltd. (Chargedot), according to a company press release on 17 March. The transaction was first announced in October 2019. Significance: Chargedot supplies AC and DC charging stations, as well as the required software platform to a range of customers that includes electric vehicle (EV) manufacturers, EV charging network operators, and real estate developers. The acquisit...
    M&A: TE Connectivity acquires majority stake in sensor maker First Sensor AG
    TE Connectivity (TE) has acquired a majority stake in sensor specialist First Sensor AG, according to a company press release on 12 March 2020. TE, through its wholly owned subsidiary TE Connectivity Sensors Germany Holding AG, holds a total of 71.87% stake in First Sensor. First Sensor is a technology startup focused on sensor technology. With its expertise in chip design and production, as well as microelectronic packaging, it develops and produces standard sensors and customer-specific sen...
    M&A: Accenture to acquire automotive embedded software developer ESR Labs
    Accenture has agreed to acquire ESR Labs, a Germany-based company that develops embedded software for leading German car brands and suppliers, Accenture said in a press release on 10 March. Financial terms of the deal were not disclosed. The completion of the acquisition is subject to customary closing conditions. ESR Labs offers embedded software, which is the code running on the electronic units that control a vehicle’s functions. ESR Labs also offers solutions to update the code remotely...
    M&A: Luxoft to acquire AI mobility systems developer CMORE Automotive
    Luxoft has reached an agreement to acquire CMORE Automotive, a Germany-based company specializing in the development and validation of artificial intelligence (AI)-driven mobility systems, DXC Technology, the parent company of Luxoft, said in a press release on 5 March. CMORE operates a network of advanced driver assistance systems (ADAS) testing facilities in Lindau, Gutmadingen, Böblingen, and Eschbor, Germany, offering its customers vehicle prototyping and system testing of vehicle active sa...
    M&A: Cypress gets CFIUS clearance for merger with Infineon Technologies
    Cypress Semiconductor Corp has announced the Committee on Foreign Investment in the United States (CFIUS) has, on completion of its review of the proposed merger transaction between Cypress and Infineon Technologies AG, determined that there are no unresolved national security concerns. The merger remains subject to regulatory approval from China's State Administration for Market Regulation and other customary closing conditions under the merger agreement. Significance:  Last Jun...
    STMicroelectronics to acquire majority stake in GaN specialist Exagan
    STMicroelectronics has signed an agreement to pick up a majority stake in French Gallium Nitride (GaN) specialist Exagan, the company announced via a press release on 5 March. Exagan will continue to execute its product targets while STMicroelectronics will help with the deployment. STMicroelectronics will fund the transaction with cash and can only acquire the remaining minority stake 24 months after the closing of the initial acquisition. Details of the deal including the consideration were...
    Adient enters agreement to sell fabric business to Sage Automotive
    Adient has entered into a definitive agreement to sell its automotive fabric business, including its lamination business, to Sage Automotive Interiors for USD175 million, the company said in a press release on 5 March. The planned sale include 11 facilities, mainly in Europe, with 1,300 employees. Adient expects its fabric business is expected to generate a revenue of USD240 million in the current financial year ending 30 September 2020. The transaction, subjected to regulatory and customary clo...
    Punch Group acquires General Motors' propulsion engineering center in Italy
    Punch Group and General Motors (GM) have announced an agreement wherein, Punch Group has acquired GM’s propulsion engineering center in Turin, Italy, GM said in a press release on 27 February. The transaction between the two companies includes an engineering services agreement to support GM’s global product programs through the end of 2021. Additionally, the agreement ensures the ongoing viability of the engineering center and employment of its workforce. For GM, the agreement is intended to...
    Envision AESC to merge Envision AESC Energy Devices with Envision AESC Japan
    Envision AESC Group (EA Group) announced that it has decided to merge its subsidiaries Envision AESC Energy Devices (EA Energy Devices) with Envision AESC Japan (EA Japan) in a press release dated 26 February. EA Japan will be the surviving company and the merger's effective date is April 1, 2020. EA Group informed that development and manufacturing operations of EA Energy Devices will continue at the Sagamihara Plant of EA Japan, while its employees will also transfer to EA Japan. Presiden...
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