Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[Private Equity] KKR has agreed to take UK Infrastructure investor John Laing private in a £2 billion ($2.83 billion) deal. John Laing is currently listed on the London Stock Exchange but will now go private - 6 years after its IPO. Private Equity interest in London-listed companies has increased as valuations have fallen drastically due to the pandemic and Brexit.
[M&A] Adani Green Energy Limited (AGEL), an Indian renewable energy firm, agreed to acquire SB Energy for $3.5 billion. SB Energy was a joint venture between SoftBank and Bharti Group and had 4,954 MW of renewable assets in India. Chairman of AGEL, Gautam Adani, hopes to make the company the world’s largest solar player by 2025 and the world’s largest renewable energy firm by 2030.
[Semiconductors] Shortages in the semiconductor industry, which have already slammed automakers and consumer electronics companies, are getting even worse. Chip lead times, the gap between ordering a chip and taking delivery, increased to 17 weeks in April, indicating users are getting more desperate to secure supply.
[Bonds] Green bonds and loans from the global banking sector exceed the value of fossil financing this year, an unprecedented reversal since the clinching of the Paris Agreement at the very end of 2015. This may indicate a tipping point for banks prioritizing underwriting green projects over planet-warming ones for the fossil fuel industry.
[Cryptocurrencies] The price of Bitcoin dropped by 14% as the Chinese government intensified its crackdown on the use of cryptocurrencies by financial institutions. China hopes to limit the institutional use of cryptocurrencies as it prepares to launch its digital currency. China’s stance is a stark contrast to that of the West, where cryptocurrency exchanges are now allowed to be publicly listed. Banks like JP Morgan and Goldman Sachs are looking at crypto solutions for wealth management clients.
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