09-14 OCTOBER 2017
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
Ola raises US$ 1.1 billion from Tencent Holdings & SoftBank
DENSO invests US$ 1 billion in U.S. automotive manufacturing
GM acquired LIDAR developer Strobe, Inc <��_�2I
Alibaba Group to invest US$ 15 billion in R&D over next 3 years
Cooke Inc. to acquire Omega Protein Corp. for US$ 500 million
Lupin acquires Symbiomix Therapeutics
Alstom commences production at India’s first electric locomotive manufacturing facility
Carlson Rezidor Hotel Group adds three hotels to its African Pipeline
Alibaba Group to invest US$ 15 billion in R&D over
next 3 years
Alibaba Group Holding Ltd. (“Alibaba Group”) announced the launch of an innovative global research program, “Alibaba DAMO Academy (“Academy”),” which is designed to increase technological collaboration worldwide, advance the development of cutting-edge technology and strive to make the world more inclusive by narrowing the technology gap. With the setup of the Academy, the company expects to invest more than US$15billion in research and development over the next three years.
The Academy, which stands for the “Academy for Discovery, Adventure, Momentum and Outlook,” will oversee the opening of research and development labs worldwide and seek to recruit talented scientists and researchers to join the program. Alibaba Group’s Chief Technology Officer, Jeff ZHANG will be the head of the Academy.
In the beginning, the Academy will focus on the opening of seven research labs in China (Beijing and Hangzhou), the United States (San Mateo and Bellevue), Russia (Moscow), Israel (Tel Aviv) and Singapore. The labs will focus on both foundational and disruptive technology research including data intelligence, Internet of Things (IoT), fintech, quantum computing and human-machine interaction. Within those broad research areas, the labs will focus on topics such as machine learning, network security, visual computing, Natural Language Processing (NLP), etc. In addition, the Academy is currently looking to recruit 100 talented researchers from around the world.
“The Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and our partners. We aim to discover breakthrough technologies that will enable greater efficiency, network security and ecosystem synergy for end-users and businesses everywhere,” said Jeff ZHANG.
Read full article on globalfdi.net
CDPQ, CKD IM partner in US $1.35 billion acquisition of Enel Green Power assets
The Caisse de dépôt et placement du Québec (Caisse), a long-term institutional investor, and CKD Infraestructura México (CKD IM), a consortium of Mexican institutional investors, announce the acquisition of 80 % of a portfolio of eight wind and solar assets owned by Enel Green Power (Enel), a leader in the renewable energy sector. Upon completion of the transaction, Enel will continue to act as an asset operator and will retain a 20 % interest in the portfolio.
This is a significant investment for the Caisse and CKD IM, a grouping of Mexican pension fund managers (Afores) XXI Banorte, Afore SURA, Banamex and Pensionissste, as well as the Fonadin infrastructure fund. Since the creation of their investment platform in 2015, the Caisse and CKD IM have invested in road and telecommunications infrastructure. With the transaction, they now add the renewable energy sector to their portfolio.
This new partnership between the Caisse, CKD IM and Enel is in a highly favorable context for the wind and solar energy sector, while the Mexican government has set a target of 40 % of its electricity generation from sources renewable energy by 2035.
"This is an important step in the partnership between CKD IM and the Caisse, which now rely on a well-diversified investment platform in growth sectors such as renewable energy and transport, " added Eduardo Ramos, General of CKD IM. " Enel is a world-class company with a strong footprint in Mexico, and its qualities in development, construction and project operation make it an important strategic partner. "
Ola, India’s most popular app for ridesharing, announced its latest round of funding of US$1.1 billion led by Tencent Holdings Limited (0700.HK). Ola’s existing investor SoftBank, in addition to other new US-based financial investors have also participated in this round. Tencent Holdings Limited, a leading Internet company in China, will bring significant expertise to Ola as it furthers its leadership position across the mobility market in India. Ola is also in advanced talks with other investors to close an additional US$1 billion as part of the current financing round, concluding a total raise of over US$2 billion.
Ola is currently present in 110 cities across the country with over 14 unique categories to serve the various transportation use cases for India’s 1.2 billion people. These include India-centric categories like auto-rickshaws and bikes, as well as vehicles equipped with the world’s only connected car platform for ridesharing, Ola Play. Ola has also pioneered sustainable transportation solutions in the interest of solving for long term problems in the country around congestion and pollution with solutions like Ola Share and Multimodal Electric Vehicles on its platform.
With its latest round of funding, Ola will be making strategic investments in supply, technology, and cutting edge innovations to build for the country’s unique transportation needs. The company will make significant technology investments into Artificial Intelligence and Machine Learning capabilities to solve for India’s unique mobility problems. By doubling down on penetration, Ola intends to go deeper into the Indian market to serve the vast majority of Indians who are looking for affordable and reliable commute and transportation.
Equinix acquires Zenium's Istanbul data center for US$ 93 million
Equinix, Inc., the global interconnection and data center company, announced that it has acquired the Zenium data center business in Istanbul from the existing shareholders in an all-cash transaction for US$93 million. The data center currently generates approximately US$2.5 million of annualized revenues.
The Zenium data center, which will be renamed Equinix IS2, will further strengthen the Equinix position in Europe. As the largest metro in Turkey, Istanbul acts as a strategic gateway between Europe and Asia with critical economic and geopolitical importance. IS2 provides Equinix with key capacity and a growth path which enables the company to address growing demand for colocation and interconnection services in Turkey.
According to the International Monetary Fund, Turkey has the world's 17th-largest nominal GDP1 and a population of approximately 80 million people. The acquisition of IS2 extends Equinix's ability to provide Turkish businesses with the direct and secure connectivity they need to expand their global reach in new and existing markets. Equinix currently operates a single facility—IS1—in Istanbul, and has 67 International Business Exchange™ (IBX®) data centers across Europe and the Middle East, strategically located in 18 metropolitan areas across 13 countries.
The purchase of the Zenium business includes a total of three buildings and land. The IS2 data center building is partially fitted out; the two other buildings are shell and core and prepared for data center fit out. IS2 provides Equinix with 1,500 square meters of colocation space today with the ability to increase this to 12,000 square meters and up to 22MW of critical customer load at full build—creating the ability for a future campus environment.
There are 10 networks, including Turk Telecom, already present at the new IS2 data center, providing network choice to the many multinationals, hyperscalers and IT vendors who use Istanbul as a regional headquarters or a gateway to markets in Asia and the Middle East. This connectivity is the foundation for cloud adoption, as enterprises continue to increase IT consumption of cloud-related services to accelerate business performance.
According to the Global Interconnection Index, which measures and forecasts the growth of Interconnection Bandwidth, Europe is expected to grow 44% per annum to reach 1451 Tbps of installed capacity by 2020. Europe's growth will be driven by a number of factors, including data sovereignty and the need for European businesses to exchange information with other businesses in-region.
Istanbul is a key traffic route for submarine cables between Europe, Asia and Africa. These cable systems enable accelerated traffic globalization and data consumption, as well as rapid growth of cloud and online services. They are increasingly important for industries that rely on low-latency connectivity, such as the online gaming and CDNs — many of which already use Istanbul as a regional hub today.
Equinix currently operates more than 180 IBX data centers in 44 markets, providing customers even more ways to connect with other businesses around the world on Platform Equinix™.
Slaughter and May acted as lead external legal advisor for Equinix. RBC Capital Markets served as Zenium's financial advisor.
bpost announces, the acquisition of US-based company Radial, to expand offerings and accelerate the development of bpost’s e-commerce logistics solutions. The acquisition leverages Radial’s e-commerce service, expertise and scale with bpost to provide an industry-leading cross-border value proposition for its customers in Europe and North America.
Radial is a leading provider of integrated e-commerce logistics and omnichannel technology solutions, headquartered in King of Prussia, Pennsylvania (USA). In 2016, Radial fulfilled over 306 million units for its retail customers, across 24 fulfillment centers. Radial is largely ahead of its peers in terms of scale, geographic coverage and breadth of services. In addition to gaining an important foothold in the US, this acquisition brings a distinctive set of expertise and capabilities from the advanced e-commerce market. Radial also offers integrated services such as payment, tax and fraud protection services, fulfillment and customer care for brands and retailers.
The expected normalized annual revenues of Radial for 2017 are forecasted between $970 and $1,020 million. The expected normalized EBITDA is forecasted to be between $65 and $70 million in 2017.
In light of e-commerce growth, the development of parcel logistics is one of the most promising areas in a new digital world. bpost continues to deliver on innovation in this sector with the acquisition of Radial. bpost seeks to capture the fast-growing e-commerce logistics supply chain by enabling a strong cross-border value proposition for its customers. With Radial, bpost will build upon its successful US-based Landmark Global business to scale its presence in one of the largest e-commerce countries and expand bpost’s product offering throughout the entire value chain in e-commerce logistics.
bpost announces the acquisition of Radial
for US$ 820 Mn
Canada Pension Plan Investment Board closes merger with Parkway, Inc.
Canada Pension Plan Investment Board ("CPPIB") and Parkway, Inc., a Houston-based real estate investment trust, announced the completion of the previously announced merger of Parkway with an affiliate of CPPIB for US$1.2 billion.
Under the terms of the merger agreement, Parkway stockholders are entitled to receive cash payments totaling US$23.05 per share for each share of Parkway common stock held from the record date of Parkway's cash dividend through the closing date. The US$23.05 per share consideration consists of US$19.05 per share payable pursuant to the merger, plus a US$4.00 per share special cash dividend paid on October 10, 2017..
Read full article on
Asia-Pacific economies play a central role in the evolving digital economy, as producers as well as consumers. At the same time, many Asian and Pacific Island States remain relatively unprepared for the new digital era. In its Information Economy Report 2017: Digitalization, Trade and Development, UNCTAD calls for concerted effort to ensure that no-one is left behind as a result of digitalization.
Underlining the region's important place in the digital economy is the fact that 42 of the 135 largest digital economy corporations by market capitalization are based in Asia.
“The Asia-Pacific region accounts for about 74 % of world exports of information and communications technology (ICT) goods, led by China, which exported such products to a value of more than US$600 billion in 2015”, says Shamika Sirimanne, Director of the Division on Technology and Logistics at UNCTAD
Meanwhile, India is a giant in terms of computer software service exports, which amounted to US$53 billion in 2016, three times higher than those of the United States.
E-commerce is also growing fast in Asia. Three of the four largest national e-commerce markets in the world are in this region: Japan, China and the Republic of Korea, and China boasts the world’s largest market for business-to-consumer e-commerce. The region has witnessed the emergence of some major e-commerce platforms (box 1). Data from the Universal Postal Union (UPU) on the volume of international postal traffic furthermore show that developing countries, especially in the Asia and the Pacific are becoming increasingly important participants in cross-border trade. Their share in global postal deliveries sent abroad rose from 26%to 43% between 2011 and 2016. During this period, global deliveries of small packets, parcels and packages more than doubled, likely due to e-commerce.
IER - Digital Economy evolving at different speeds in Asia-Pacific: UNCTAD
Tata Consultancy Services, a leading global IT services, consulting and business solutions organization, unveiled the industry findings of its Global Trend Study titled, “Getting Smarter by the Sector: How 13 Industries Use Artificial Intelligence.” Focusing on the current and future impact of Artificial Intelligence (AI), the study polled 835 executives across 13 global industry sectors in four regions of the world, revealing that they all identified artificial intelligence as increasingly important to their strategic competiveness by 2020.
According to the study, 80% of executives in all 13 industries currently invest in AI and almost 100% plan to invest by 2020. The insurance industry outspent the other twelve verticals surveyed, investing on average $124 million in AI systems, compared to a cross-industry average of $70 million. Consumer packaged goods reported the second most significant spend at $95 million.
Looking ahead to 2020, AI continues to be seen as a long term strategic bet, with ten of the 13 industries planning to increase their investments in AI. The increases are most dramatic among industries with the lowest current investment levels, including the travel, transport and hospitality industry, which plans to increase its spend by 750%, from $4 million in 2015 to $34 million to 2020. This is followed by rises in media, entertainment and information services (292%), industrial manufacturing (74%), healthcare (44%), and banking and finance (29%).
TCS Global Trend Study on Artificial Intelligence reveals industry wide investment by 2020
Enel Sells Majority Stake in Mexican Renewables Plants for US$ 340 Million
Enel S.p.A. ("Enel"), acting through its renewables subsidiary Enel Green Power S.p.A. signed agreements with the Canadian institutional investor Caisse de dépot et placement du Québec ("CDPQ") and the investment vehicle of the leading Mexican pension funds CKD Infraestructura México S.A. de C.V. ("CKD IM") for the sale of 80% of the share capital of a newly formed Mexican holding company ("Holdco"), owner of the entire capital of eight special purpose vehicles ("SPVs"). The SPVs, currently owned by EGP through the subsidiary Enel Green Power México S.r.l. de C.V., in turn own three plants in operation and five under construction for a total capacity of 1.7 GW.
This agreement is a further step into the BSO (Build, Sell and Operate) model, that combined with EGP consolidated investments, will foster the growth of our renewables footprint” Antonio Cammisecra, Head of Enel Green Power, said. “The new model represents an opportunity for partners willing to invest in a large and diversified portfolio of projects in strategic areas, supported by long-term power purchase agreements, with the plants developed, built and operated by Enel Green Power. This strategy enables us to further exploit our global pipeline of solar and wind projects whereby gain access to additional resources, accelerating our growth. By attracting solid long-term partners in this transaction, EGP confirms the strategic role that Mexico plays in its global presence. We are enthusiastic about the opportunities offered by the Mexican renewables market and it is our intention to continue to invest in the country where EGP will play an active role by managing operating assets and developing new initiatives”.
Under the agreements, EGP will continue to operate the plants owned by SPVs and will complete those still under construction by two newly formed subsidiaries. In addition, as from January 1st, 2020, EGP may transfer additional projects to Holdco. As a result of these possible transfers, it could therefore increase its interest in Holdco until it becomes the majority shareholder.
The transaction is worth 1.35 billion US dollars, of which a price of about 340 million US dollars for the sale of 80% of the Holdco’s share capital and about 1,010 million US dollars for financing (related-party loans) granted to the SPVs by CDPQ-CKD.
RAI Energy, acquires interest in 70 MW Solar Project in Florida
RAI Energy International, Inc. ("RAI"), the global renewable energy development company, announced it has acquired an ownership interest in a 70 megawatt (MW) solar farm from Hamilton Energy Resource Opportunities LLC (HERO). With this acquisition, RAI further strengthens and diversifies its North American solar portfolio.
The HERO project is currently in advanced development in Hamilton County, Fla. and is expected to enter operation in 2019. RAI now serves as co-developer for the HERO project along with Jack Levine and the HERO team.
Jack Levine, HERO's Managing Director and Founder, said, "We're excited to bring RAI's 75 years of energy sector experience to this project. RAI will help us ensure we can meet growing demand for solar energy in Florida. We want to continue to acknowledge the exceptional and ongoing support and assistance of Hamilton County, its Economic Development Authority, County Commissioners, officials and citizens without whom the project's road to completion would not have been possible."
HERO recently requested Duke Energy Florida to undertake a restudy to ensure the project taps the maximum technological efficiencies currently available. RAI and HERO are eagerly anticipating those study results and the subsequent construction of the project.
"RAI is encouraged to see more favorable market conditions in the Florida solar energy sector as evidenced by Duke Energy's and Tampa Electric Company's recent announcements to add 700 MW and 600 MW, respectively, of solar energy," said RAI President and CEO Mohammed S. Alrai.
DENSO invests US$ 1 billion in U.S. automotive manufacturing
DENSO, one of the world’s largest automotive technology, systems and components suppliers, is expanding its U.S. footprint with a $1 billion investment in its Maryville, Tennessee location. The investment is part of DENSO’s commitment to advancing automotive innovation in North America, and will significantly increase the role North America plays in the global trend toward vehicle safety and electrification.
DENSO has been developing its roadmap for future mobility for the past three years, including determining the best location to establish its North American manufacturing hub. DENSO will create more than 1,000 jobs in Maryville, Tennessee to make it a primary manufacturing center in North America for electrification and safety systems. Globally, DENSO is a leading developer of electrification systems for environmentally-friendly automobiles, sophisticated functions involved in vehicle safety and security, and new services that connect vehicles and society. These systems will play a crucial role in meeting increasing electric vehicle demand.
“This is an investment in the future of DENSO, and also the future of transportation. We are seeing dramatic shifts in the role of transportation in society, and this investment will help position us to meet those changing demands,” said Kenichiro Ito, chairman of DENSO’s North America Board of Directors and chief executive officer of DENSO International America.
“Since setting roots here, DENSO has played a major role in helping Tennessee transform into an automotive production leader,” said Jack Helmboldt, member of DENSO’s North America Board of Directors and president of DENSO Manufacturing Tennessee. “This investment enables us to provide new opportunities for top talent to advance the next generation of vehicles.”
General Motors Co, announced it acquired LIDAR technology company Strobe, Inc. As part of the deal, Strobe’s engineering talent joins GM’s Cruise Automation team to define and develop next-generation LIDAR solutions for self-driving vehicles.
“Strobe’s LIDAR technology will significantly improve the cost and capabilities of our vehicles so that we can more quickly accomplish our mission to deploy driverless vehicles at scale,” said Kyle Vogt, Founder and CEO, Cruise Automation.
LIDAR uses light to create high-resolution images that provide a more accurate view of the world than cameras or radar alone. As self-driving technology continues to evolve, LIDAR’s accuracy will play a critical role in its deployment.
“The successful deployment of self-driving vehicles will be highly dependent on the availability of LIDAR sensors,” said Julie Schoenfeld, Founder and CEO, Strobe, Inc. “Strobe’s deep engineering talent and technology backed by numerous patents will play a significant role in helping GM and Cruise bring these vehicles to market sooner than many think.”
Last month, Cruise Automation revealed the world’s first mass-producible car designed with the redundancy and safety requirements necessary to operate without a driver. The vehicle will join Cruise’s testing fleets in San Francisco, metropolitan Phoenix and Detroit.
GM acquired LIDAR developer Strobe, Inc
Cooke Inc., a New Brunswick company and parent of Cooke Aquaculture Inc., and Omega Protein Corporation (“Omega Protein” or the “Company”), a nutritional product company and a leading integrated provider of specialty oils and specialty protein products, announced that they have entered into a definitive agreement (the “Merger Agreement”) under which Cooke will acquire all outstanding shares of Omega Protein for $22.00 per share in cash. The Merger Agreement has been unanimously approved by the Board of Directors of each of Omega Protein and Cooke.
“We are very pleased to sign this agreement with Omega Protein,” said Glenn Cooke, CEO of Cooke Inc. “Omega Protein will provide us with another platform in Cooke’s growth strategy through further diversification in the supply side of the business. We believe this will be a very good fit between our two cultures. Omega Protein has a 100- year history with an experienced and dedicated workforce, which we value, and a tradition of operating in small, coastal towns and communities that we share. Their focus on sustainable aquaculture and agriculture and the production of healthy food is also a great fit with our experience and culture.”
Cooke carries on the business of finfish aquaculture globally through its wholly-owned subsidiary Cooke Aquaculture Inc. The New Brunswick, Canada based Cooke family also has significant investments in wild fisheries globally through their ownership of Cooke Seafood USA, Inc. and Icicle Seafoods, Inc. Cooke Aquaculture Inc. is an aquaculture corporation founded in Blacks Harbour, New Brunswick, Canada with salmon farming operations in Atlantic Canada (operated by its affiliate, Kelly Cove Salmon Ltd.), the United States (Maine and Washington), Chile and Scotland, as well as seabass and seabream farming operations in Spain. In 2015, Cooke Seafood USA, Inc. was created, and grew rapidly through the acquisitions of Wanchese Fish Company, Inc. in the USA and the assets of Fripur S.A., the largest fishing company in Uruguay. The Cooke family also acquired Icicle Seafoods, Inc. in 2016. The addition of Omega Protein serves as a perfect strategic piece for the Cooke family of companies.
Capol GmbH, a Business Unit of Freudenberg Chemical Specialities, SE & Co. KG (FCS), announced to acquire ColarÃ´me Inc., Saint Hubert, Canada with immediate effect. Capol expects to benefit from future important synergies both for product innovation and market penetration. As part of the acquisition Capol obtains a new production plant in North America which will further strengthen the business in this region and abroad.
Both Capol and ColarÃ´me have deep expert knowledge in special applications of the food industry, particularly in the confectionery market. The Capol portfolio serves all applications of the confectionery industry requiring surface treatment, e.g. anti-sticking agents for gums and jellies, glazes and polishing agents for sugar dragÃ©es or chocolate-coated centers. ColarÃ´me, based in St. Hubert in the greater Montreal region, was founded in 1998. The company holds patents on a production technology for a unique line of natural pigments allowing to create innovative coating products for food applications. The company offers flavor formulations and natural color pigments as well as natural vanilla extracts. ColarÃ´me currently employs 17 people. The acquisition builds the foundation to further expand the global Capol business.
Capol GmbH acquires ColarÃ´me Inc.
L Catterton, the largest and most global consumer-focused private equity firm in the world, announced that it has acquired Uncle Julio’s, a leading polished casual Mexican restaurant. Terms of the transaction were not disclosed.
Founded in 1986 in Dallas, Texas, Uncle Julio’s is an upscale Mexican concept known for its made-from-scratch menu, offering the highest-quality Mexican food and fresh, handcrafted margaritas. Uncle Julio’s offers a unique and authentic dining experience built around original recipes served in a warm, welcoming atmosphere. Uncle Julio’s has a history of high average unit volumes (AUVs) and consistent performance across the U.S. and, with the support of L Catterton, plans to open new units in both existing and new markets.
"We are impressed by L Catterton’s unparalleled experience growing leading restaurant brands and deep understanding of consumer food and beverage trends and are excited to partner with their dedicated team," said Tom Vogel, President and Chief Executive Officer of Uncle Julio’s. "L Catterton appreciates our commitment to providing our guests with high-quality, made-from-scratch Mexican food and exceptional customer service. Ultimately, L Catterton’s willingness to invest in the long-term success of our brand and their alignment with our values makes them the perfect fit to help us execute our growth strategy.”
"Uncle Julio’s is a unique and authentic upscale dining experience with an on-trend brand and broad consumer appeal," said Andrew C. Taub, a Managing Partner in L Catterton's Buyout Fund. “Uncle Julio’s is a leader in the growing polished casual Mexican restaurant space, and its differentiated concept resonates across a variety of occasions and demographics. We are delighted to partner with Tom and the company’s talented management team to accelerate their expansion.”
L Catterton acquires
LT Foods & Kameda Seika to launch premium snacks brand “Kari Kari” in India
LT Foods, a global Indian Food brand with presence in more than 65 countries, announced the launch of premium rice based snacks brand “Kari Kari” in India. In the launch phase LT Foods in partnership with Kameda Seika, “Kari Kari” will be available in Delhi-NCR, Mumbai and Bengaluru in exclusive tie-up with modern trade and premium stores. The Company will invest around USD 5 million in the launch phase and plan to expand its presence across India in coming months. LT Foods is aiming to generate revenue of USD 15 million over next 5 years from “Kari Kari” brand.
With this launch, LT Foods will enter the premium healthy snacks market which is growing at exponential rate with rice based baked snacks that have an international flavor customized for the Indian palate. The products will be available in four flavors including Spice Mania, Salt & Pepper, Wasabi and Chili Garlic. “Kari Kari” snacks will be exclusively available across three cities in packs of 70 and 150 grams with a pricing of Rs. 50 and Rs. 99 respectively. LT foods will roll out a 360 degree communication campaign which will include digital marketing campaigns, in-store promotions and interactive in-store POS material.
Kameda Seika, Japanese snacks major in JV with LT Foods are planning to manufacture “Kari Kari in Haryana. India is only the 5th country outside Japan after US, China, Thailand and Vietnam where Kameda Seika has invested looking at the growing demand for healthy snacks in specialty premium segment.
Commenting on the development, Ashwani Arora, Managing Director and CEO, LT Foods said,“Growing urbanization, rising disposable incomes, growing working class and increasing health consciousness is creating greater demand for innovative value-added products. The launch of “Kari Kari” brand is our response to customers looking for healthy premium snacking.”
Adding further, Ashwani said ”LT Foods is steadily focusing on creating a vibrant portfolio which already includes several leading brands such as Daawat, Royal, Ecolife, Devaaya, and many more.”
CryoLife, Inc., a leading medical device and tissue processing company focused on cardiac and vascular surgery, announced that it has entered into a definitive agreement to acquire JOTEC AG (“JOTEC”). JOTEC is a German-based, privately-held developer of technologically differentiated endovascular stent grafts, and cardiac and vascular surgical grafts, focused on aortic repair. The combination of CryoLife and JOTEC will create a Company with a broad and highly competitive product portfolio focused on aortic surgery, and will position CryoLife to compete strongly in the important and growing endovascular surgical markets.
Pat Mackin, Chairman, President, and Chief Executive Officer of CryoLife, said, “We believe this acquisition will enable CryoLife to deliver sustained, high single-digit revenue growth, while also diversifying our revenues into a significantly larger addressable market. JOTEC has a technologically differentiated product portfolio addressing the $2 billion global market for stent grafts used in endovascular and open repair of aortic diseases. Their advanced product portfolio has allowed them to achieve a 17 percent revenue CAGR over the past five years, significantly outpacing the growth in the overall European market.
We expect the acquired portfolio to continue to post double-digit growth outside of the United States for at least the next five years. In addition, the acquisition will leverage our global infrastructure and accelerate our ability to go direct in Europe, and will foster considerable cross-selling opportunities between the CryoLife and JOTEC product portfolios. The transaction will also drive gross margin expansion and accelerate our trajectory towards 20 percent or higher operating margins. We believe this will position CryoLife to deliver growth in non-GAAP EPS at a CAGR of at least 20 percent over the next five years.”
Thomas Bogenschütz, Chief Executive Officer of JOTEC, commented, “CryoLife is ideally positioned to accelerate adoption of our products through its highly complementary and global cardiac and vascular surgery business. We are looking forward to working with CryoLife’s team to drive growth of our existing business, expand into new geographies, and accelerate our R&D initiatives in key markets such as the U.S.”
CryoLife to acquire JOTEC
Lupin acquires Symbiomix Therapeutics LLC
Pharma major Lupin announced that its US subsidiary, Lupin, Inc., has acquired Symbiomix Therapeutics, LLC. Lupin had entered into an option to acquire the company earlier this year. Symbiomix is a privately held company focused on bringing innovative therapies to market for gynecologic infections that can have serious health consequences. The acquisition has been made for a cash consideration of USD 150 million including a USD 50 million upfront and other time-based payments. In addition, there are sales based contingent payments. The acquisition is funded from internal funds.
The acquisition of Symbiomix and the Solosec™ franchise significantly expands Lupin’s branded women’s health specialty business, which is presently anchored by Methergine® (methylergonovine) tablets.
On September 15, 2017, the US FDA approved Symbiomix’s lead product, Solosec™ (secnidazole) oral granules, for the treatment of bacterial vaginosis (BV) in adult women. Lupin expects Solosec™ to be commercially available by mid-2018. Solosec™ has been designated as a Qualified Infectious Disease Product (QIDP) by the U.S. Food and Drug Administration (FDA) for the treatment of BV. QIDP designation is for medications intended to treat serious or life-threatening infections and makes Solosec™ eligible for at least 10 years of exclusivity in the United States.
The FDA approval of Solosec™ was supported by a comprehensive set of studies, including two pivotal trials in BV and an open label safety study, which demonstrated efficacy for single-dose Solosec™ 2g. Solosec™ is the first and only single dose oral treatment approved for BV, the most prevalent gynecologic infection in the U.S., affecting 21 million women ages 14 to 49 annually. Compliance with the current leading therapy for BV has been shown to be only approximately 50%, and more than 50% of women treated for BV have a recurrence within 12 months. If left untreated or inadequately treated, BV can increase the risk of contracting sexually transmitted diseases and increase the risk of pre-term birth. US physicians prescribe more than 6 million prescriptions a year for bacterial vaginosis.
China Biologic Products Holdings, Inc., a leading fully integrated plasma-based biopharmaceutical company in China, announced that it has agreed to acquire 80% equity interest in Tianxinfu (Beijing) Medical Appliance Co., Ltd.
("TianXinFu") from PW Medtech Group Limited ("PWM"), a company listed on The Stock Exchange of Hong Kong Limited (Stock Code: 1358).
TianXinFu, a medical device company primarily engaging in the manufacturing and sale of regenerative medical biomaterial products, is currently owned as to 80% by PWM and 20% by a third party. In exchange for its acquisition of 80% equity interest in TianXinFu from PWM, CBPO will issue 5,521,000 ordinary shares to PWM. Upon the closing of the proposed transaction, PWM is expected to hold approximately 16.66% of the outstanding share capital of CBPO taking into effect the new issuance.
CBPO's board of directors has determined to exempt the proposed transaction from causing PWM to be deemed an "acquiring person" under CBPO's preferred shares rights agreement dated July 31, 2017. In addition, CBPO has decided to follow its home country practice and elected to be exempted from the shareholder approval requirement under the applicable rules of the NASDAQ Stock Market for the proposed transaction.
Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We are excited to welcome TianXinFu to the China Biologic family. We believe that the synergies created by this transaction will further expand our top and bottom line financial performance. TianXinFu is the largest manufacturer of its core product, artificial dura mater, and together with other surgical consumable products it serves over 1,600 hospitals with a strong professional marketing and sales force in China. As well-established brands in our respective markets, we will be able to strengthen our core plasma therapeutics businesses by leveraging each other's existing market presence to cross-sell and offer bundle pricing opportunities; expand our customer bases by growing into each other's sales channels, hospitals, and departments. This acquisition will also enable us to unlock the market potential of our new or upcoming high margin coagulation factor products which have greater synergies with some of TianXinFu's main products. At the same time, our combined scale means reduced costs, optimized spending, broadened market exposure, and improved bargaining power with distributors, customers, and suppliers."
China Biologic to acquire TianXinFu from PWM
Piramal Pharma expands API manufacturing facilities
Piramal Pharma Solutions (PPS), a leading Contract Development and Manufacturing Organisation (CDMO) and part of Piramal Enterprises Ltd. (PEL), announced investments of $55 million across its sites in North America & Asia, to expand its API manufacturing capabilities and capacities.
A part of this investment will go into new state-of-the-art, multi-purpose plants, with over 270kL of total capacity, to support the current pipeline of approximately 80 late-stage programs that PPS is currently assisting its partners with at various global sites. PPS will also expand its potency footprint (new Occupational Exposure Limit: ≥10 ng/m3) at its plant in Riverview, Michigan, while augmenting early development capabilities out of Ennore, India through additions of GMP kilo labs and a pilot plant. To serve its European biotech customers better, PPS will add early development capabilities in both, drug substance and drug product, out of its Morpeth, UK facility. Support functions such as Analytical capabilities, R&D infrastructure, automation, and IT systems will also be expanded at all API sites through this investment.
Piramal supports API development and manufacturing through an integrated model across its five sites in North America, Europe and Asia. API Development activities including route scouting and process development are conducted at facilities in Aurora (CA), Ennore (IN) and Riverview (USA). These facilities are forward integrated with commercial API manufacturing units at Aurora (CA), Ennore (IN), Digwal (IN), Morpeth (UK) and Riverview (USA).
A KPMG survey of more than 1,000 consumers reveals a shift in people turning to technology for instant advice on health and wellness, instead of seeking professional help in person. Millennials in particular are looking for convenience.
KPMG surveyed more than 1,000 UK consumers on their health and wellness
Majority use the internet to self-diagnose before seeking professional help
Almost half of under-35s are willing to pay privately for access to improved health and wellness services
Pharmacies are seriously underutilised, revealing clear opportunities to improve services.
A KPMG survey of more than 1,000 consumers reveals a shift in people turning to technology for instant advice on health* and wellness**, instead of seeking professional help in person. Millennials in particular are looking for convenience.
Almost two-thirds (62 per cent) of respondents said they attempt to self-diagnose when they have a health issue – looking for immediate and convenient advice from the internet. Strikingly, only 15% said they seek advice from a pharmacist.
Pay for better services
Fifty per cent of all respondents rated our country’s healthcare system as ‘poor’ or ‘very poor’. Under-35s in particular revealed that they are looking for convenience and are willing to pay for access to improved services over and above what is provided for free by the NHS. Almost half (42%) of those millennials surveyed revealed they would delve into their pockets to get a better health service, compared to only 32 per cent overall saying they would cough up.
More than 40 per cent agreed they would be willing to pay for improvements in services delivered outside of GP practices or hospitals – such as nutrition advice and support for smoking cessation. While more than 60 percent in the under-35 group said that they would be prepared to fork out.
Prescription for change: consumers demanding greater choice and convenience from health services
Carlson Rezidor Hotel Group, one of the fastest growing hotel companies in the world, is proud to announce the addition of three hotels to its robust African portfolio. The new 530 rooms bring the group’s African portfolio to a tally of 80 hotels and over 17,200 rooms in operation and under development.
“Africa remains a focus market for our growth journey and we remain committed to the continent” said Elie Younes, Executive Vice President & Chief Development Officer of Carlson Rezidor Hotel Group. “The additional three hotels include two in Ethiopia, a Radisson Blu in Bishoftu and the first Park Inn by Radisson for the country in its capital city, Addis Ababa and a luxury hotel in Abuja. We are thankful to our partners for their trust in our brands and people – and look forward to long-standing relationships with them.” continued Younes
Radisson Blu Bishoftu, Ethiopia:
Bishoftu is a popular MICE and leisure destination within Ethiopia. It is located 35km southeast of the country’s capital city, Addis Ababa. It is also within easy access of the country’s first international five-lane highway, leading from Addis Ababa to Djibouti. The hotel will be located on Lake Babogaya, which forms part of the region’s renowned five crater lakes.
“Radisson Blu Hotel, Bishoftu is a great addition to our Ethiopian portfolio as we expand outside of the capital city,” said Andrew McLachlan, Senior Vice President of Business Development, Africa & Indian Ocean for the Carlson Rezidor Hotel Group. “The hotel will be the first internationally branded hotel with the largest meeting and events center in Ethiopia, outside of Addis Ababa.”
The 152-room Radisson Blu hotel will have a restaurant and terrace, a specialty restaurant and a pool bar on the terrace, offering picturesque lake views. The 1,045 sqm meeting and events spaces will include a state-of-the-art ballroom and six contemporary meeting rooms. Radisson Blu Hotel, Bishoftu will also offer a luxurious spa and well-equipped gym.
Alstom successfully commenced production at its greenfield electric locomotive manufacturing facility in India. Located at Madhepura, in the state of Bihar, it is Alstom’s first electric locomotive manufacturing facility in the country, set to transform the heavy freight transport landscape in the country.
Commencing production on schedule, the construction of the plant is a remarkable achievement in the construction of greenfield facilities in the country. The Prima T8 (WAG12) locomotive, which will be produced in this new factory, is part of Alstom’s Prima range of locomotives and has been specially adapted for Indian network. The first two car body shells have already arrived at Madhepura and will be soon fitted and assembled at the plant. The first locomotive will be ready for roll-out early next year. The first 5 locomotives by 2019 followed by 35 locomotives by 2020, 60 in 2021, and by 100 every year till the target of 800 is completed.
A true embodiment of government’s ‘Make in India’ vision and built to the highest standards of quality and safety, this facility is part of a joint venture between Alstom (74%) and Indian Railways (26%). Spread across 250 acres, it currently employs 70 people, with plans to ramp it up at a rate of 25% every year till it reaches full capacity. The facility also aims to employ local youth, basis the required skill sets, to support socio-economic development of Madhepura.
Commenting on this feat, Jean-Francois Beaudoin, Senior Vice President Asia Pacific at Alstom said, “The E-loco project is one of the most prestigious projects for Alstom worldwide and this feat, therefore, is a commendable achievement for the entire company. The facility is a multimillion euro investment by Alstom and is a proof of our commitment to infrastructure development in India. In order to make a difference in this market, we need local expertise, competitive manufacturing capacity and close relationships with our customers. The commencement of production at the plant is a perfect testimony to our strategy to develop and grow a localized ecosystem to bring wide reaching benefits for railways and the community at large.”
Hilton announced the opening of its newest hotel, the dual-branded Homewood Suites by Hilton Los Angeles International Airport and H Hotel Los Angeles, Curio Collection by Hilton. Located less than a mile from Los Angeles International Airport (LAX), the new hotel brings 290 rooms to the City of Angels, and provides a great new lodging option for the more than 40 million* leisure and business travelers that come through what is considered one of the country's busiest airports**. The property is the first hotel in Los Angeles for both brands, Homewood Suites' fourth in Los Angeles County. The opening also adds to the growing number of multi-brand hotels Hilton currently has open or in the pipeline throughout the U.S., Canada, Mexico, South America, Europe and the Middle East to better serve both travelers and developers.
"We are pleased to expand our Los Angeles-area footprint with the opening of this dual-branded hotel," said Adrian Kurre, global head of Homewood Suites by Hilton. "Moreover, with its proximity to Los Angeles Airport, business and leisure travelers from across the globe will have the opportunity to experience Homewood Suites' unique value-driven all suites offering."
The dual-brand concept creates larger and enhanced communal areas and amenities than what would be standard at a standalone property, benefiting both business and leisure travelers. The hotel has a mix of unique offerings - each catering to the needs of their respective guests - including two distinct 24-hour fitness centers, a shared outdoor pool. The hotel also offers 1,800 square feet of flexible meeting space.
Homewood Suites by Hilton Opens First Los Angeles Property
Autograph Collection Hotels Opens Fourth Hotel in Roomers Munich Germany
Autograph Collection Hotels, Marriott International’s distinctive collection of passionately independent hotels, announced its fourth hotel in Germany with the opening of Roomers Munich, located in the city’s burgeoning Westend.
“With its unparalleled location, immersive design and bespoke dining experiences , Roomers Munich perfectly embodies the exactly like nothing else ethos of the brand,” said Brian Povinelli, Senior Vice President and Global Brand Leader, Autograph Collection Hotels. “We are thrilled to welcome it to our growing global portfolio of 125 distinctive hotels around the world.”
Created by the visionary Gekko Group with an avant-garde approach to the hotel’s interiors led by Amsterdam design company, concrete, Roomers Munich boasts a refreshing individuality through its furnishings and flair that reflect an urban zeitgeist. The juxtaposition of natural materials – wood, leather and marble – perfectly contrast with polished copper elements through the public spaces; and the 281 thoughtfully designed guestrooms and suites subtly layer contemporary décor with unconventional touches and exceptional art, all evoking the feeling of an intimate boutique hotel. Additionally, each guestroom is equipped with a Bang & Olufsen Sound System, Nespresso Machine, Apple TV and Android Miracast to the free WiFi and well-stocked Room Bar.
Hampton by Hilton continues its expansion in Colombia
The brand Hampton by Hilton of Hilton (NYSE: HLT), global mid - priced hotels recognized for providing travelers your Hamptonality service, announced the opening of its newest property in Bogota, Colombia.
Property owned by Metro Operación Inmobiliaria SAS, the new Hampton by Hilton Bogota Airportwith 144 rooms is the ninth hotel of the brand in the country.
"With more than five million international travelers visiting Colombia in 2016 *, we are proud to expand the presence of Hampton by Hilton in the country and focus on the needs of our business travelers and tourists in this important market," said Gregory Gonzalez, General Manager. "Our guests will enjoy a prime location and our friendly service, backed by the 100% unconditional Hampton Guarantee."
Hampton by Hilton Bogota Airport features contemporary, bright and comfortable rooms equipped with LCD flat-screen TV with movie channels, coffee maker, mini-fridge and the clean and new Hampton Bed® bed. Located on the 12th floor of the building, the lobby has a 180 degree view of the city.
Hampton by Hilton Bogota Airport offers its guests value-added amenities included in the rate as a buffet breakfast with hot options such as delicious waffles and seasonal options, or their signature "On-The-Run" breakfast to take away. In addition, the hotel offers free Wi-Fi, 24-hour business center, state-of-the-art fitness center and event space for up to 40 people.
Hampton by Hilton Bogota Airport is located approximately five miles from El Dorado International Airport and only 15 kilometers from downtown Bogota. Guests can visit the region of La Candelaria, which has several museums, cultural attractions and art exhibitions, as well as historical attractions such as the Museum of Mint and Quinta de Bolivar.
Rotana, one of the leading hotel management companies in the region with hotels across the Middle East, Africa and Turkey, and SHUAA Capital Saudi Arabia (SCSA), a leading investment manager, have announced the opening of the Centro Waha Riyadh Hotel. This is the second hospitality project to be developed courtesy of the sharia compliant SHUAA Saudi Hospitality Fund I and under the Centro by Rotana brand in the Saudi market.
The new hotel includes 290 rooms, studios and hotel suites, all designed and furnished in an elegant, contemporary style ensuring that guests are provided with maximum comfort and relaxation. The hotel offers a new hospitality concept across the region and is expected to resonate powerfully among business and leisure travelers alike.
During the official opening ceremony, the CEO of SHUAA Capital Saudi Arabia, Mr. Omar Al Jaroudi, noted that, after the opening of Centro Shaheen in Jeddah last year, Centro Waha Riyadh is another significant milestone in the successful strategic partnership between SHUAA Capital Saudi Arabia and Rotana.
“The new hotel is the embodiment of our long-term vision for the Saudi hospitality market which is undergoing a period of rapid growth. Our partnership with Rotana has already proved to be a winning formula and we look forward to building on this success with the opening of more Centro hotels across the Kingdom,” Al Jaroudi said.
For his part, Vice Chairman of Rotana, Mr. Selim El Zyr, welcomed attendees and expressed his thanks and appreciation for all the group’s partners in this important opening. “Today, we are proud and happy to participate in the Kingdom’s development journey, as we seek to contribute to the realization of
the ambitious Vision 2030 and achieve the goals of the National Transformation Program 2020, which entails the activation of the Kingdom’s regional and global role as a commercial and economic center, as well as a destination for tourists and investors alike,” he said.
Rotana Group, opens Centro Waha Riyadh Hotel
Asian Development Bank (ADB) Vice-President Wencai Zhang, on a 3-day visit to Afghanistan, met with Afghanistan President Ashraf Ghani and Minister of Finance and ADB Governor Eklil Ahmad Hakimi to discuss ADB’s new Country Partnership Strategy and reaffirm commitment to support the country’s infrastructure development and reform priorities.
Mr. Zhang delivered a keynote address at the third Senior Officials Meeting in Kabul on 5 October 2017. The 2-day meeting, which was attended by delegations from 41 countries and 11 international development agencies, focused on the latest phase of partnership with Afghanistan, reviewed the progress made in implementation of the Afghanistan National Peace and Development Framework (ANPDF), and planned for advancing priorities.
“The Government of Afghanistan has made significant progress on the implementation of ADB projects in the past 2 years resulting in important development impacts,” said Mr. Zhang. “ADB looks forward to continuing its partnership with the government and other stakeholders to develop infrastructure and bring prosperity to all Afghans.”
ADB is Afghanistan’s largest infrastructure development partner in the transport, energy, and agriculture and natural resources sectors. The support is aligned closely with the ANPDF and the National Infrastructure Plan.
ADB-financed projects include the first energy transmission interconnection with neighboring countries, the first railway line, and new technical assistance to improve the Salang Corridor, which will greatly enhance connectivity between Central and South Asia.
ADB to Support Infrastructure Development in Afghanistan
With the Right Reforms, India is ready for Global Leadership Role: WEF
The most important task for India today is to create jobs, said Ajay S. Banga, President and Chief Executive Officer of Mastercard, in the closing plenary of the India Economic Summit. “Don’t try to boil the ocean,” Banga added, “Break the problem down into bite-sized chunks, create a process of measuring it, put colour-coding against it saying ‘I’m working well on that one, not well on that one’ and then chase it down.”
The private sector must take the initiative on building skills, hiring and retaining more women in the workforce, and employing more people with disabilities, said Dipali Goenka, Chief Executive Officer and Joint Managing Director of Welspun India.
One focus of this year’s summit was inclusion and changing attitudes, said Malvika Iyer, Member, Working Group on Youth and Gender Equality, United Nations Inter-Agency Network on Youth Development, adding that India has a long way to go in removing prejudice against those who are different.
The India Economic Summit was hosted by the World Economic Forum and the Confederation of Indian Industry (CII) under the theme Creating Indian Narratives on Global Challenges. The summit, taking place in New Delhi on 4-6 October, welcomed more than 650 participants from over 35 countries.
AfDB approves US$ 200 million to IDC to support Industrialisation projects in Africa.
The Board of Directors of the African Development Bank Group(AfDB) has approved a private sector multi-currency line of credit of US$ 100 million and 1.3 billion South African Rands to Industrial Development Corporation Plc (IDC) of South Africa. The operation will support industrialization projects in both South Africa and other Regional Member Countries (RMCs).
IDC is South Africa’s pre-eminent development finance institution (DFI), owned by the South African government. Its mandate is to promote industrialization in Africa by investing in, and developing the industrial base of South Africa and other RMS, thereby helping to scale-up the AfDB’ s High 5 agenda, particularly “Industrialize Africa”. Fifty percent of the funding (the rand tranche) will be used for projects in South Africa and the balance (the USD tranche) will be directed to regional projects in Mozambique, Malawi, Ghana, Kenya, Namibia, Mauritius, Swaziland and Sudan.
IDC is managed as an independent DFI, operating in a sustainable and self-financing manner with a strong governance structure. The Bank has a good and long-standing relationship with IDC. The current operation is the 3rd non-sovereign guaranteed Line of Credit from the Bank. The recently concluded extended supervision of the previous facility (US$ 200 million) indicated that the Bank’s support resulted in creation and retention of over 15,000 jobs by supporting agro-industries, logistics, transport and other industry infrastructure in Senegal, Zimbabwe, Mozambique, and Swaziland.
Financed through a $75 million loan from the International Development Association (IDA) of the World Bank, the new Financial Sector Modernization Project (FSMP) was signed today by Idah Pswarayi-Riddihough, World Bank Country Director for Sri Lanka and the Maldives, and R.H.S. Samarathunga, Secretary to the Treasury, Ministry of Finance and Media.
A Modern and Efficient Financial Sector to Benefit all Sri Lankans
Sri Lanka signed an agreement to modernize and improve the efficiency of its financial sector which in turn will help small businesses and entrepreneurs compete in the markets and create better jobs. Financial intermediaries and regulatory institutions stand to benefit from modernized regulatory frameworks and the state-of-the-art financial infrastructure that will ease access to affordable finance and spur an entrepreneurship culture in Sri Lanka.
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