Eyeing Water Scarcity, Xylem to Buy Evoqua for $7.5 Billion
With risks surrounding the global water supply becoming increasingly apparent, tech company Xylem Inc. agreed in January to acquire Pittsburgh-based Evoqua Water Technologies Corp. in a $7.5 billion all-stock deal. Evoqua serves industrial, municipal, and recreational customers in nine countries. Evoqua shareholders will receive 0.480 new Xylem shares for each Evoqua share they own...
Thoma Bravo to Acquire Magnet Forensics for $1.3 Billion
Investment firm Thoma Bravo has agreed to purchase Magnet Forensics Inc., a developer of digital investigations software, for about $1.3 billion, the companies said in January statements. The deal is expected to close in the second quarter of 2023, pending customary approvals...
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At Davos, Optimism About AI and Green Transition
Despite the UN Secretary General’s concern that the climate battle is being lost, a prolonged Russian invasion, a debt crisis, persistent inflation, and an ever-present pandemic, the mood at the World Economic Forum in Switzerland was surprisingly positive, according to The Guardian’s Economics Editor Larry Elliott. The optimism, Elliott writes, comes from a longing for good news and some evidence that it may be imminent...
China’s Dropping of COVID Restrictions May Boost Global Economy but Cause...
Global growth may benefit from China’s abandonment of zero-tolerance COVID-19 policies. But leaders at January’s World Economic Forum (WEF) in Davos, Switzerland were concerned about its effect on inflation, according to CNBC...
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JPMorgan, Standard Chartered Approved for Fully-owned Chinese Ventures
JPMorgan Chase gained full control of its Chinese mutual fund in January, buying out local partners Shanghai International Trust with rival Manulife Financial. A final price was not disclosed. The China Securities Regulatory Commission (CSRC) approved the bank’s 49% stake in China International Fund Management (CIFM), the watchdog said in a statement...
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Emerson Electric Makes $7.6 Billion Hostile Bid for National Instruments
Emerson Electric Co. has revealed a $7.6 billion bid for National Instruments Corp. (NI), which specializes in making automated testing and measurement tools for the semiconductor, transportation, aerospace, and defense industries. Emerson has been trying to buy NI for several months...
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KKR to Buy S&P Global’s Engineering Solutions Arm for Nearly $1...
S&P Global has entered into an agreement to sell its Engineering Solutions business to KKR-managed investment funds for $975 million in cash, the financial information company announced in mid-January. KKR has been a longstanding S&P customer. The agreement follows S&P Global's November announcement that it would divest the business...
IMF: Fragmentation May Cost 7% of GDP
Trade fragmentation could cost the global economy as much as 7% of GDP, the International Monetary Fund (IMF) said in a January report. Predictions for the cost to the global economy of this fragmentation range from 0.2% to 7%, with the top-end of the predictions being equivalent to about the combined annual output of Germany and Japan...
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Trillions Available for Climate Mitigation in Global South
Money is available to help the low-income global south mitigate climate change, but to get private investors to spend it, blended finance is critical, a range of experts say. Africa alone needs $3 trillion by 2030, and the world needs between $3 and $6 trillion by 2050, according to the International Monetary Fund (IMF)...
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Investment Banking Business Slides in Q4
Investment banking business at Wall Street banks took a dive in the fourth quarter, spurring thousands of job cuts. Mergers, acquisitions, and initial public offerings fell off at Morgan Stanley and Goldman Sachs, causing a decline in profits. Goldman Sachs fired more than 3,000 employees in its biggest round of job cuts since the 2008 financial crisis, and Morgan Stanley cut around 1,600. Global banks will lose more than 6,000 jobs in total, according to Reuters...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
Navan Appoints Amy Butte as Chief Financial Officer
Navan, the comprehensive super app simplifying travel and expense management, announced the appointment of Amy Butte as Chief Financial Officer effective June, 2024. Butte, who joined Navan's Board of Directors in April 2024, has resigned from her role as Audit Committee Chair to assume this executive position...