Connect with us

Merger and Acquisition

Ideanomics To Buy VIA Motors For Nearly $630M

Published

on

Ideanomics- Investors King

Financial technology company Ideanomics Inc said on Monday that it will acquire VIA Motors International Inc in an all-stock deal that would value the electric commercial vehicle firm at about $630 million.

The acquisition comes as several automakers are competing to develop electric vehicles after China, Europe and other countries and regions mandated lower carbon emissions.

Ideanomics will offer 162 million shares to shareholders of VIA Motors International, and the latter is expected to own about 25 percent of the combined entity, the companies said in a joint statement.

“Ideanomics is separately issuing $50 million of the secured convertible note to VIA Motors to fund its growth, and that will be subject to purchase price adjustment,” they said.

Utah-based VIA Motors is eligible for potential earnout consideration of up to $180 million, which would be paid in Ideanomics’ stock, according to the statement.

VIA Motors Chief Executive Officer Bob Purcell will maintain his leadership role and the company would operate as a distinct business unit reporting to Ideanomics’ Chief Executive Alf Poor.

New York City-based Ideanomics operates as a fintech company and its Mobile Energy Global unit helps commercial fleet operators procure electric vehicles.

A slew of fast-growing EV startups has taken advantage of the boom in capital markets in the past 12 months, either through initial public offerings or via a merger with special purpose acquisition companies, with the latest being Amazon.com Inc-backed Rivian filing to go public last week.

Continue Reading
Comments

Merger and Acquisition

Access Bank Plans Expansion Into Angolan Market

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Published

on

Access bank

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Investors King learnt that Access Bank Plc is expanding its presence to Angola through the acquisition of a 51 percent stake in Finibanco.

The acquisition of Finibanco was disclosed in a filing to the Nigerian Exchange Limited by Access Holdings Plc.

Finibanco is a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.

According to Access Holding Secretary, Mr Sunday Ekwochi, the Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population, represents a strong potential for the bank’s growth aspirations

The Secretary further stated that the transaction is subject to regulatory approvals in Nigeria and Angola. The transaction is expected to be completed during the first half of 2023. This will however be subjected to customary conditions.

Access Bank has been on an acquisition spree since the beginning of 2021. The acquisition of a majority stake in Finibanco makes it Access’s sixth acquisition in the last 18 months.

In June 2022, it acquired a $37 million stake in Kenya Sidian Bank. Other acquisitions include African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.

Access bank is one of the leading banks in Nigeria. As a commercial bank, it operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 45 million customers.

The lending bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom. It also has a branch in Dubai, UAE and representative offices in China, Lebanon and India.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

Continue Reading

Merger and Acquisition

Shell to Acquire Nigerian Solar Energy Provider, Daystar Power

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Published

on

Shell

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Daystar Power, which is one of the leading providers of hybrid solar power solutions to commercial and industrial (C&I) hubs in West Africa, announced the potential acquisition in a press release. 

According to the energy provider, the acquisition will help Daystar Power to continue its growth in West Africa while expanding its presence to other African countries in East and Southern Africa. 

The Lagos-based company has a target to increase its installed solar capacity to 400MW by 2025. 

Daystar Power currently has an installed solar capacity of 32 Megawatts (MW).

This could make Daystar Power to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

The Chief Executive Officer of Daystar, Jasper Graf von Hardenberg disclosed that Daystar Power needed more capital to expand operations to meet the rising demand for solar energy and the choice of Shell as the new parent company comes at the right time. 

Jasper further stated that Shell’s strong balance sheet and long history in Africa will help to take Daystar to a new height.

On the other hand, Shell’s Executive Vice-President, Renewable Generation, Thomas Brostrøm noted that the deal will be Shell’s first power acquisition in Africa. 

He noted further that the deal is a fundamental step for Shell in growing its presence in the emerging power market. 

“We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space,” he said.

“Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.” Shell’s Executive Vice-President concluded.

Investors King learnt that Daystar Power currently has a presence in Nigeria, Ghana, Senegal and Togo. The company also received $20 million in funding last year to boost its operations.

 

Continue Reading

Merger and Acquisition

PowerDFI Acquires Nigerian Startup Naijacrypto to Impove BlockChain Transparency And Security

PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.

Published

on

naijacrypto

PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.

The Nigerian cryptocurrency exchange startup expanded its offering into six new markets this year and also improved its presence in existing markets.

It is one of the few Nigerian cryptocurrency exchange platforms with its presence in the Caribbean, and has on several occasions indicated an interest in expanding to other Latin American countries.

Speaking on the recent acquisition, PowerDFI CEO Tim Webb said “Adding the work done by Naijacrypto to what we are building in PowerDFI fills out our technology suite to handle trillions in assets over the next decade.”

“We are set to lead the transition of the $57 trillion shadow banking market to the blockchain to improve transparency and security,”

Our combined strengths of being first in the market to allow the staking of physical assets using smart contracts on the blockchain and the integration of various yield mechanisms to be a leading fintech globally.” 

We’re also building a derivative platform on the blockchain to help businesses hedge against native currency and asset exposure risk to global markets,” Webb explained.

Also speaking on the acquisition, Naijacrypto CEO Chiagozie Iwu in an email to its users said;

“Harnessing its innovative blockchain technologies, PowerDfi also expects to lead the way in “bringing physical asset economic utility to the Blockchain.

This acquisition allows us to bring the future of financing vast amounts of critical assets to the blockchain. No other DeFi platform is making it possible for tokenized assets to be leveraged for staking, loans, and derivative creation.

Large amounts of equity can now be unlocked and unfrozen because of the PowerDfi platform and its staking and lending protocols.

At a time of job-cutting and freezing client funds in this sector, we’re creating a robust new platform that will drive asset financing on the blockchain globally.

PowerDfi’s acquisition of Naijacrypto is a fit-like-a-glove, synergistic arrangement in which the capabilities of each company perfectly meet the needs of the other”.

PowerDfi is the next phase of the DeFi evolution, and I am glad Naijacrypto and its entire team will have a front seat on this journey”.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending