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Honda to invest $65bn over ten years to bolster EV push.
Reliance Retail to sell UK's ASOS apparel in India.
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KPS Capital Partners , an American investment company, agreed to acquire Innomotics , a motor and large-drive systems supplier, from Siemens , a German multinational technology conglomerate, for €3.5bn ($3.8bn).
"KPS, with its demonstrated track record of manufacturing excellence and its global platform, is the ideal owner for the new Innomotics. We will extend our extensive track record of successful technological innovation and providing our customers with world-class products, solutions and services," Michael Reichle, Innomotics CEO.
Innomotics is advised by Gleiss Lutz (led by Jan Balssen and Dr. Olaf Hohlefelder ). KPS Capital Partners is advised by Bank of America , Lazard and Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Neel Sachdev , Will Aitken-Davies and Angelo Bonvino). Siemens is advised by Hengeler Mueller (led by Prof. Dr. Hans-Joerg Ziegenhain and Daniel Möritz ). Debt financing is provided by Barclays , Citi , Goldman Sachs , Intesa Sanpaolo , MUFG , Morgan Stanley , Standard Chartered , UBS and UniCredit .
Crescent Energy , a US independent energy company, agreed to acquire SilverBow Resources , an independent oil and gas company, for $2.1bn.
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“The combination with SilverBow, which is expected to be immediately accretive to all key per share metrics, solidifies Crescent as a leading operator in the Eagle Ford and strengthens the company’s growth platform with increased scale. The SilverBow team has built a complementary and high-quality position in the Eagle Ford, and we believe the combination offers a unique value proposition in our evolving sector. The combined company will have an attractive and balanced portfolio of stable, low-decline and highly cash-generative production with a deep inventory of proven drilling locations, well-positioned for flexible capital allocation through commodity cycles,” David Rockecharlie, Crescent Energy CEO.
Crescent Energy is advised by Intrepid Financial Partners , Jefferies , Wells Fargo , Richards, Layton & Finger and Vinson & Elkins (led by Jackson O’Maley, Doug McWilliams , Robert Hughes and Jordan Fossee ). SilverBow Resources is advised by Bank of America , Evercore , Gibson Dunn and Joele Frank (led by Adam Pollack and Jed Repko ).
Johnson & Johnson , a pharmaceutical, and medical technologies corporation, agreed to acquire Proteologix, a privately-held biotechnology company focused on bispecific antibodies for immune-mediated diseases, for $850m.
“Atopic dermatitis is the most common inflammatory skin disease, impacting more than 100m adults worldwide. About 70% of patients using existing standard of care therapies do not reach remission1. Current advanced therapies for AD either target a single pathway and have limited efficacy or are more broadly immunosuppressive, resulting in significant safety concerns. We see an opportunity for best-in-disease efficacy for both PX128 and PX130 as each bispecific antibody targets two different combinations of disease driving pathways that are mediating the skin inflammation in heterogenous subpopulations of AD patients,” David Lee, Johnson & Johnson Global Immunology Therapeutic Area Head.
Honda to invest $65bn over ten years to bolster EV push.
Honda will invest JPY10tn ($65bn) in its electrification strategy this decade as it expects demand for battery-powered vehicles to rebound from short-term headwinds that are stifling purchases, Bloomberg reported.
The spending, which will run through fiscal 2031, will cover areas including software, research and development, and establishing supply chains in key markets like the US, Canada and Japan, the company said on May 16 in its business plan update. The carmaker maintained its goal of battery and fuel-cell EVs accounting for 100% of global sales by 2040.
Reliance Retail to sell UK's ASOS apparel in India.
India's Reliance Retail entered a partnership to sell British online retailer ASOS.com ' products in India, Reuters reported.
U.K.-listed shares of ASOS, whose products cater to young adults, rose as much as 3.9% on the news. The partnership is the latest in a string of deals by Reliance Retail, bringing international brands such as American jewellery seller Tiffany & Co. and French luxury brand BALENCIAGA to India.
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