Welcome to another edition of 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.
[Automobiles] A global shortage of semiconductors is forcing automobile manufacturers to reduce production capacity. Volkswagen announced that it would produce 100,000 fewer cars in this quarter. Similarly, Honda also decided to cut its production of certain models.
[Private Equity] Abu Dhabi’s ADQ will invest $75 million for a 1.8% stake in Biocon Biologics, a subsidiary of Biocon. The deal values the biosimilar business at $4.17 billion. In November 2020, the company had raised $150 million from Goldman Sachs.
Over60: Economic Times
[IPO] SoFi, an online lender will go public via a SPAC set up by Chamath Palihapitiya in an $8.7 billion deal. SPACs set up by Chamath Palihapitiya have already taken companies like Virgin Galactic and Opendoor public.
[Electric Vehicles] Hyundai confirmed that it is in talks with Apple regarding the tech giant’s entry into the EV market. Hyundai’s shares surged by 20% on the news. Analysts expect Apple’s technological advancements to disrupt the driverless segment of automobiles.
[IPO] In a rather astonishing change of plans, video game developer Roblox has decided to conduct its IPO through a direct listing rather than go through the regular route via banks. Goldman Sachs, Morgan Stanley and JP Morgan were hired as lead underwriters for the potential IPO in 2020. The company was recently valued at $29.5 billion.
[Aviation] Boeing has agreed to pay $2.5 billion as a settlement for the criminal case filed against the company. The case related to Boeing misleading federal aviation regulators of the safety of its 737 MAX model. The company will pay $244 million in fines, $1.8 billion to airline customers of the 737 MAX and $500 million towards the crash victim’s next of kin.
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