LONDON: The Board of Directors of Finnvera plc has appointed M.Sc. (Tech.), M.Sc. (Econ.) Juuso Heinilä CEO of the company as of 1 June 2024. Heinilä has been working at Finnvera since 2016. Currently, he acts as Executive Vice President responsible for SME and midcap financing at Finnvera. Before this, he had worked as regional…
Arch Insurance to acquire Allianz’s U.S. MidCorp and Entertainment Divisions for $450m
Arch Insurance North America, a subsidiary of Arch Capital Group, has announced a definitive agreement to purchase the U.S. MidCorp and Entertainment insurance operations from Allianz Global Corporate & Specialty SE (AGCS). The deal, valued at $450 million in cash, will also include a selection of specialty insurance programs. The acquisition encompasses businesses currently underwritten…
Obsidian Therapeutics secures $160.5 million in oversubscribed Series C Funding
CAMBRIDGE: Obsidian Therapeutics, Inc., a trailblazer in engineered cell and gene therapies, has successfully completed a $160.5 million Series C financing round. This round was notably oversubscribed and led by Wellington Management, a new investor in the company. The funding round saw participation from a host of new investors, including Foresite Capital, Janus Henderson Investors,…
Ingka Group explores renewable energy investments in Asia
Ingka Group, the principal owner of IKEA stores globally, is exploring its first renewable energy investment opportunities in South Korea and Japan. The company’s investment arm, Ingka Investments, has identified offshore wind as a particularly promising option for these markets. Peter van der Poel, Managing Director of Ingka Investments, shared with Reuters that while the…
Apple supplier Foxconn posts 11.8% increase in revenue
Hon Hai Precision Industry Co Ltd, as Foxconn is formally known, reported a robust T$447.54 billion ($13.96 billion) in revenue last month, marking an 11.8% increase from the previous year and the second-highest figure for the period on record. However, the first quarter witnessed a 9.6% decline in revenue year-on-year, totaling T$1.322 trillion, which did…
Apple to layoff of 614 employees in California
Apple Inc. has announced the layoff of 614 employees across various facilities in Santa Clara, California. This move marks the tech giant’s first major reduction in workforce since the onset of the pandemic. The affected personnel, who were notified on March 28 with the changes set to take effect on May 27, held positions ranging…
Virtusa Corporation has acquired ITMAGINATION in Poland
Virtusa Corporation, a global provider of digital strategy services and solutions announced the acquisition of ITMAGINATION Sp. z o.o., a leading technology consulting firm headquartered in Warsaw, Poland. This strategic move reflects Virtusa’s commitment to enhancing its digital transformation offerings and expanding its nearshore delivery capabilities. Founded in 2008, ITMAGINATION has established itself as a…
Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs
Kia Corporation is accelerating its transformation into a leading provider of sustainable mobility solutions. At the recent CEO Investor Day in Seoul, the company unveiled its updated roadmap, designed to navigate the evolving landscape of the mobility industry with a particular emphasis on the electric vehicle (EV) market. Expanding the EV Horizon Kia’s commitment to…
Hitachi Industrial Equipment Systems acquires Mitsubishi Electric’s Distribution Transformer Business
TOKYO: Hitachi Industrial Equipment Systems Co., Ltd., headquartered in Chiyoda-ku, Tokyo, has reached an agreement with Mitsubishi Electric Corporation to acquire the latter’s distribution transformer business from its Nagoya Works. This acquisition is part of a broader business integration strategy aimed at enhancing the development and manufacturing of factory automation equipment. The transfer process, which…
John Bean Technologies to launch takeover offer for Marel in May
AMSTERDAM: Marel has announced its entry into a transaction agreement with John Bean Technologies Corporation (JBT). This move comes after JBT’s voluntary takeover offer for all issued and outstanding shares in Marel, signaling a potential consolidation in the sector. John Bean Technologies proposes to acquire Marel in a euro 2.7 billion deal The Boards of…
Tokens.com has acquired AI and robotics firm, Simulacra Corporation
TORONTO: In a significant move within the technology investment landscape, Tokens.com Corp. (TSX-V: COIN) has entered into a definitive agreement to acquire Simulacra Corporation, a Nevada-based innovator in artificial intelligence and humanoid robotics. The agreement, dated April 4, 2024, will see Tokens.com, also known by its stock symbols on the Frankfurt Stock Exchange (76M) and…
Trinity Investments, Oaktree Capital, and UBS consortium acquires Park Hyatt Zurich
LONDON: A consortium consisting of Trinity Investments, Oaktree Capital Management, and UBS Asset Management’s Real Estate & Private Markets Multi-Managers business has successfully acquired the prestigious Park Hyatt Zurich. “The Park Hyatt Zurich is the perfect launch of Trinity’s business model into Europe,” said Ryan Donn, Managing Partner of Trinity Investments. “We were able to…