3.5 - 82-MA-NEWS-February-2022-last-1

1 | M&A NEWS | #82 | February 2022
28 Credit Swiss bank

appoints Axel P.
Lehmann as new
chairman COVER STORY
4 What you should know about the manufacturer
James Dyson – About Sir James Dyson NEWS
EUROPE
18 Mercedes-Benz bought a small stake in LiDAR Company
Luminar
21 Benetton scion plans changes at family holding company
22 The Togg car comes from Turkey
27 Lufthansa*s CEO
Carsten Spohr in talks to 25 Spanish hotel investment hit €3.2 billion in 2021,
buy 40% stake in Italy's third-highest figure on record
ITA Airways 27 Germany's Lufthansa in talks to buy 40% stake in Italy's
ITA Airways
28 Credit Suisse chairman resigns
30 Piraeus Bank to buy additional stake in real estate
company Trastor
31 Luxury Made in Germany: Motorhomes for millionaires
36 How UK firms are increasingly seeking business growth
49 Elon Musk reveals tax in the Gulf
bill. Here’s how many 39 Mercedes-AMG SL: Sporty in all openness
billions he spent in 2021
AMERICAS
44 Joint Venture pays $25.5 million for Embassy Suites Hotel
in Tucson
46 Access to talent drives consolidation among mid-market
investment banks
47 Citi says Mexico consumer bank a 'jewel,' as it gears up to sell
47 Citi Bank’ CEO Jane 49 Elon Musk reveals tax bill. Here’s how many billions
Fraser exiting Mexico he spent in 2021
retail banking 51 Honeywell signs 19GWh ‘next-gen’ battery deal with
Start-up FREYR Battery
53 Mergers and Acquisitions to remain strong in 2022
55 Why Twitter is buying a minority stake in digital
advertising firm Aleph
57 Businesses opportunities for sales in the USA
53 Mergers and
Acquisitions to remain
strong in the USA in 2022
ASIA-PACIFIC
58 UOB to acquire Citi consumer banking business in four
ASEAN markets
60 Indian minister says UAE free trade deal is ‘nearing conclusion’
63 Australia's Lynas posts record revenue on strong demand
for rare earths 60 Indian Trade
64 Myanmar junta backs Telenor unit sale after buyer M1 Minister Piyush Goyal
pairs with local firm says UAE free trade deal
67 LGT Group acquires Crestone Wealth Management is ‘nearing conclusion’
68 Singtel, Grab acquire minority stakes in Indonesian bank
70 Japan's Nippon Steel buys Thai steelmakers in $763m deal
ME-AFRICA
72 Dubai property market breaks 12-year record in 2021,
value of sales transactions peaks at $41.1bn
74 Al Qatif beach in Eastern Province sold at $1bn in KSA’s 70 Takahiro Mori,
‘largest real estate transaction’ executive vice president.
75 Government works on turning Sharm El-Sheikh into green city Japan's Nippon Steel
77 Sheikh Mohammed opens $107m Infinity Bridge in Dubai buys Thai steelmakers
78 Qatar opens World Cup ticket sales, top seats costing $1,598 in $763m deal
79 brief ME news
82 South African cannabis company details expansion plans
following R300 million cash injection, including Europe and US
86 Entrepreneur returns home from Europe to start fintech
company
REAL ESTATE 72 “Investor sentiment

90 No bidders for Rome villa with world's only Caravaggio mural remains strong” says
94 Luxury quintas in Portugal for sale Lynnette Sacchetto,
95 Sharjah’s Arada forays into Dubai property market Property Finder, Dubai
with a $65m land deal
EXTRAS
98 Differentiating buyers that are strategic from those
that are financial
100 Succession planning: These requirements you should meet
as a future boss 82 Brian van Rooyen,
102 Letter to the editor Labat’s CEO - South
104 Last minute entry: The unique sensational flying car African cannabis
company expands
86 Entrepreneur Serge
.Cover story – Cover ## Boupda returns home
3 | M & A N E W S | # 8 2 | F e b r u a r y 2 0 2 2 from Europe to start
fintech company
Cover Story
What you should know about

the manufacturer James Dyson
The fact that so much money can be made even from dirt, or
more precisely from dust, that it is enough for a place in "The
1000 Richest People" ranking according to Forbes Magazine, is
what James Dyson stands for. The Briton owes his fortune
primarily to the hoovers of the same name.
January 5, 2022 - To be precise, James Dyson was ranked 234th in 2021 with around
8.6 billion euros - which also means that he has moved up almost 100 places in the
past three years. So the business with the iconic hoovers, hand dryers and fans, still
seems to be thriving.

Dyson's history begins in 1991
Founded by Dyson in 1991, the eponymous company is now a global technology

corporation with around 12,000 employees. In addition to hoovers, it also
manufactures and sells hand dryers, fans, humidifiers and fan heaters.
The company's headquarters have been in Singapore since 2019, which has brought
Dyson a lot of criticism at home. Not only because the founder was an energetic
advocate of a hard Brexit, an unconditional exit from the EU.
It all started with the try-and-error principle. The 74-year-old had already designed
more than 5,000 prototypes before he was finally able to present his first hoover in
1983. What made the G-Force, as the model was called, so revolutionary was that it
did without the bag typical of hoovers. Instead, the trained engineer had used the
principle of the centrifugal separator. The centrifugal separator, or cyclone separator,
is commonly used in technical plants such as grain mills, blast furnaces or nuclear
power plants to separate solid or liquid particles. This separation process relies on
centrifugal forces, which are created by generating a vortex flow.
Bagless hoover becomes a success
Dyson recognised that the bag hoovers

commonly used at the time were
suffering from a steady decline in
suction power as the bag filled up. With
the dual cyclone technology, which uses
not one but two cyclone chambers in the
vacuum cleaner, he convinced not only
the design world.
Bagless hoovers from Dyson - Dyson is best
known for its bagless vacuum cleaners. Photo:
Getty Images
Over the decades, Dyson products have won a whole series of international design
prizes, such as the Red Dot Award. Especially at the start, the technology-savvy
Japanese were enthusiastic.
Because Dyson had already mastered his craft not only as an inventor but also as a
businessman, he sold a licence for the Japanese market. In no time at all, the G-
Force, which sold for the equivalent of around 1700 euros at the time, attained the
status of a status symbol.

With the profits from this licensing business, Dyson finally founded the company we
know today as Dyson in 1993. In the years that followed, he expanded the product
range to include a hair dryer, a hand dryer, a fan, a fan heater, and a humidifier.
And like the hoover, the other Dyson products are also characterised by a futuristic,
sometimes even astonishing design. The fan, for example, does without blades.
Design and innovation for a lot of money
Another thing these products have in common is their high price. For example, the
SV17 V11 Absolute Extra Pro, a kind of Rolls Royce among cordless battery hoovers,
is not available for less than 750 euros. The Dyson Purifier Cool TP07 fan is also
quite expensive at around 500 euros, considering that you can buy a traditional fan
for around 30 euros. Well, the Purifier Cool TP07 advertises that it not only circulates
the air, but also cleans it. Sensors are supposed to be able to automatically detect
particles and gases in the air. A filter system consisting of an activated carbon filter
and a HEPA 13 filter is supposed to absorb 99.95 per cent of microscopically small
allergens and pollutants with a size of only 0.1 micron, according to the promise. Of
course, connectivity is also a given: The Purifier Cool TP07 can be controlled not only
via an included remote control, but also via the Dyson app.
It is not surprising that such a device sells like hot cakes, especially at a time when
"aerosols" are literally on everyone's lips, despite its high price. The good news is
that tests have shown that the Purifier Cool TP07 does not promise too much. For
example, it is able to filter formaldehyde from the air, which is suspected of being
carcinogenic.
Less pleasing: since this only works with a correspondingly powerful filter, high
follow-up costs are incurred when replacing it. In addition to the purchase price, you
have to reckon with about 70 euros per year. But since the Purifier Cool TP07 does
its job very well, this may still be bearable.
Dyson failed in the "electric car" project
However, not all Dyson products are characterised by convincing performance. In

2016, for example, the Dyson SV05 v6 absolute failed to convince in a comparison
of cordless vacuums by Stiftung Warentest. It was only rated "sufficient". However,
Dyson seems to be capable of learning.
In the meantime, Dyson hoovers determine some of the best lists at will and have
five models in the top 10. And Stiftung Warentest now also agrees: The Dyson SV17
V11 Absolute Extra Pro won another comparison of cordless vacuums in June 2021
with a score of 2.3.

For all his success, however, James Dyson also had to accept a particularly bitter
defeat. In 2017, he had announced his intention to launch the first Dyson electric
car on the market in 2020. But such a (development) project always means a risk,
even for a company as potent as Dyson.
Dyson electric car prototype. Drive comes from a 268-horsepower electric motor positioned at each axle
and each paired with a single-speed transmission, a setup that delivers 0-62 mph acceleration in 4.8
seconds and a top speed of 125 mph. Not bad considering the vehicle weighs about 5,730 pounds.
2.5 billion British pounds, almost three billion euros, was to be invested. How
meticulously the company was planned was not only evident in the specialist staff -
among others, the former Nissan manager Roland Krüger was part of the team, who
had been responsible for Infiniti, the posh brand of the Japanese - but also in the
move to Singapore mentioned at the beginning.
In addition to high technological expertise, Dyson expected to gain "access to

markets with high growth potential", as Spiegel Online reported in 2018.
But things were to turn out differently. In 2019, Dyson had to bury the project, which
was already far advanced (at that time, they were said to have already tested
prototypes). Despite persistent attempts, he admitted at the time that he had not
managed to find a buyer for the project. The adage about the cobbler who should
stick to his last had proven true once again. The "electric car" project had simply
proved too big for the hoover billionaire. Source: TECHBOOK

About Sir James Dyson
Sir James Dyson OM CBE RDI FRS FREng FCSD FIEE (born
2 May 1947) is a British inventor, industrial designer, farmer
and billionaire entrepreneur who founded Dyson Ltd.
He is best known as the inventor of the dual cyclone bagless

vacuum cleaner, which works on the principle of cyclonic
separation. According to the Sunday Times Rich List 2021,
he is the fourth richest person in the UK with an estimated
net worth of £16.3 billion.
Dyson in 2013 while visiting Sydney, Australia
He served as the Provost of the Royal College of Art from August 2011 to July 2017,
and opened a new University, the Dyson Institute of Engineering and Technology,
on Dyson's Wiltshire Campus in September 2017.
Dyson married Deirdre Hindmarsh in 1968. They have three children, two sons and
a daughter.
In 2003, Dyson paid £15 million for Dodington Park, a 300-acre (1.2 km2) Georgian
estate in South Gloucestershire close to Chipping Sodbury. He and his wife own
Domaine des Rabelles, near Tourtour, France, and a house in Chelsea, London.
His vessel Nahlin is the largest British-flagged and -owned super yacht with an overall
length of 91 metres (299 ft) and was ranked 36th in a 2013 survey of the world's
100 biggest yachts.
Dyson owns two Gulfstream G650ER private jets registered G-VIOF and G-GSVI. He
previously owned an older Gulfstream G650, registered G-ULFS and currently owns
a AgustaWestland AW-139 helicopter.
In July 2019, Dyson spent £43 million on a 21,108 square foot (1,961.0 m2) triplex
flat at the top of the Guoco Tower, the tallest building in Singapore. He sold the flat
in October 2020 for £36 million, and in April 2021 it was reported that he had moved
his place of residence back to the UK.
Dyson has also invested heavily into buying agriculture lands across Lincolnshire,
Oxfordshire, and Gloucestershire. Source: Wikipedia

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Bitcoin drops almost 9%, loses half its
value amid cryptocurrency meltdown
Bitcoin stands at $35,161 as of Saturday, 7:25 PM GST, an 8.7% drop from Friday’s $38,440.12.
Image by Chinnapong / Shutterstock.com
Dubai, January 22, 2022 - Bitcoin, the world's largest cryptocurrency, resumed its
steady decline to lose almost 9% on Saturday, losing nearly half of its value since
hitting the record high of $69,044 reported by Forbes US in November, adding further
to the cryptocurrency crash.
Crypto meltdown
Bitcoin settles at $35,161 as of 7:25 pm GST according to crypto data website

CoinGecko. This is a 8.7% drop from Friday’s $38,525.72 and a 28% drop from
$48,755.90 recorded one month ago. The value is, however, up 2.7% from last
year's low of $36,146.42, Reuters reported. Bitcoin has lost more than $600 billion
in market value since hitting a record high of $69,044 in November, with the crypto
market losing more than $1 trillion, according to a separate report by Bloomberg.

Other cryptocurrencies saw drops Saturday, with Ethereum falling 13.7% to settle at
$2,405.73. According to CoinGecko, Solana and Cordano have both dropped by
19.2% and 8.2% respectively. Crypto billionaire and CEO of financial services firm
Galaxy Digital, Mike Novogratz, told CNBC earlier in January that Bitcoin could find a
bottom at $38,000, a level not seen since early August.
Key background
November's high followed Bitcoin prices spiking by nearly $2,500 or 4% within about
45 minutes following the consumer price index report released by the US
Department. The report showed consumer prices grew around 6.2% year on year in
October, the highest since December 1990 and more than experts anticipated,
Forbes US reported earlier.
According to a separate report by Forbes US, the price of bitcoin had dropped to a
three-month low earlier in January, continuing a slide that debuted when the Federal
Reserve sparked a broad sell-off a week earlier by warning that it may act more
quickly than previously expected to reverse policy intended to boost the economy
during the pandemic. Experts had predicted the crypto drop to last for weeks if the
central bank's hawkish stance becomes more aggressive.
El Salvador, the first country to adopt bitcoin as a legal tender, bought 410 bitcoin
for $15 million on Friday, when the currency was trading at its lowest level in six
months, President Nayib Bukele said on Twitter.
Despite an ongoing crypto crash, NFTs on OpenSea surpassed $4 billion in trading

volume for the month of January on Thursday, after reporting $218 million in
transactions last Wednesday. This adds to a monthly record that's up about 20%
from the previous peak of $3.4 billion in August, according to data from Dune
Analytics.
What to watch for
The Biden administration is reportedly planning to release a first government-wide

strategy for digital assets next month and will urge federal agencies to assess the
risks and opportunities they hold, according to Bloomberg.
Big number
$1.72 trillion. This is the value of the world's cryptocurrency market cap as of 7:35
pm GST time Saturday, a 10.1% drop from Friday, according to CoinGecko. Source:
Forbes ME

Allianz, IFC and HKMA step forward in
sustainable investment
The new sustainable investment vehicle is expected to target
more renewable projects in Latin America, Africa and South Asia.
Hong Kong, January 4, 2022 - Under a new partnership called MCPP One Planet,
Germany-based insurer Allianz Group and International Finance Corporation (IFC), a
member of the World Bank Group, have joined up to create a new global platform
for climate smart-investment that will provide up to $3 billion to private enterprises
in developing economies.
The two organisations signed a partnership under the Managed Co-Lending Portfolio
Program (MCPP) in November.
The Development Finance team of Allianz Global Investors (Allianz GI), Allianz’s asset
management arm of the insurer, will manage the vehicle on behalf of investors.
“The latest platform is an expansion of the existing partnership with IFC. Originally,
the partnership focused on infrastructure and now it makes sense to extend the
partnership beyond infrastructure to all Paris Aligned sectors of the IFC.”

Nadia Nikolova, lead portfolio manager at Allianz GI Development Finance, told
FinanceAsia’s sister publication, AsianInvestor.
Nikolova noted that ESG has only become a major topic in recent years and investors
are expecting more in both public and private markets.
“A few years ago, ESG was not a topic. Today, investors expect ESG assessment for
private markets transactions. Climate has become a significant topic – for many asset
managers, renewable debt was part of the infrastructure portfolio, nowadays we see
dedicated renewable energy debt funds – this is driven by investor demand,” she
added.
Targets
In terms of favoured markets, Nikolova believes markets which have an established

pipeline of bankable and scalable renewable energy projects will likely see the first
wave.
“Certain countries in Latin America for instance have had a consistent investment
flow. There is a significant effort by the development banks on upstream work in
Africa and South Asia – my hope is that new bankable and scalable projects become
more readily accessible in the near future,” she said.
As one of the fastest-growing green financing centres in the world, China has also
been striving to secure investors and funds.
“China is of course key for the global energy transition: in 2019 China emitted 27%
of the world’s greenhouse gases and has ever-rising energy demands. Having said
that, China’s rate of uptick in renewable energy has been significant (partly driven
by the announcement for end of onshore wind subsidies starting 2021),” Nikolava
added.
But she is sceptical about where the extra money in China will come from. “I expect
the portion of green finance in China to increase over the coming years, but I don’t
expect a significant portion of that to be financed by offshore capital.”
The Hong Kong Monetary Authority (HKMA) is also playing a part in the new
investment platform.
The territory’s central bank will support responsible investment and adopt a guiding
principle so that priority will generally be given to ESG investments if the long-term
risk-adjusted return is comparable to other investments.

“Underpinned by the guiding principle, the HKMA has incorporated ESG factors into
the investment process for both public and private market investments of the
Exchange Fund, and has been expanding its ESG investments,” a spokesperson from
HKMA told AsianInvestor in an email reply.
At the end of September, Allianz GI had a total of €647 billion assets under
management, of which 21% was under sustainable product categories and 20% was
ESG risk-focussed, she shared.
While it did not respond to emailed questions about the partnership’s future
investment focus at time of AI publication, in the 2021 financial year, the IFC
invested $31.5 billion in long-term and short-term finance, including $10.8 billion
mobilised from other investors. Source: Finance Asia
Surprising! The new "most powerful"

passport in the world
The website "Passport Index" shows in its Global Passport Power
Rank 2022 which passports are most useful when travelling. The
German passport is still at the top of the ranking. However,
another country is now in first place.
January 6, 2022 - Imagine that for almost every trip you had to apply for a visa in
advance, fulfil strict conditions and even expect to be refused in the end. What
fortunately remains the exception for Europeans is the rule for many people
worldwide. Depending on your nationality, your freedom to travel is more or less
restricted.
The website "Passportindex", run by the consulting firm Arton Capital, regularly
analyses the visa regulations of states. It then compiles a ranking from the data. For
the Global Passport Power Rank 2022, the company compared a total of 199
countries and territories to determine which passports have the most advantages
and disadvantages when travelling.
Passports that allow entry without a visa (visa waiver in the narrow sense) or apply
for and receive one directly on arrival (visa waiver in the broader sense) receive one
point for each country where this is possible.

The most powerful passports in the world. A ranking shows which passports are the most "powerful" in
the world, i.e. how easy it is to get a visa or even enter countries without a visa altogether. Getty Images
On the methodology, the Passport Index website says: "The data is based on official
information from governments, updated with information in real time, obtained
through crowdsourcing and supplemented by our own research from highly credible
sources."
The "most powerful" passports in the world
Surprisingly in first place for the most powerful passports: the United Arab Emirates.
These include Abu Dhabi, Ajman, Dubai, Fujairah, Ra's al-Khaima, Sharjah and Umm
al-Qaiwain.
Anyone with a passport from one of these emirates can currently enter 159 countries
without a visa or with a "visa on arrival". In last year's ranking, the UAE did not even
appear in the top ten.
Second place is shared by Germany, Finland and Italy. E.g. holders of German
passports can enter 151 countries without a visa or with a visa on arrival. This is 17
more countries than in the previous year. Source: TRAVELBOOK

Meet 5 serial entrepreneur billionaires
Dubai, January 16, 2022 - These billionaires are worth a combined $542.5 billion.
These five self-made billionaires have founded at least two businesses. Combined,
they are worth $542.5 billion. Net worths are as of December 1, 2021.
Jack Ma
Net worth: $37.3 billion; Country: China
Ma’s first venture as an entrepreneur was Hangzhou Hope, a translation agency
launched in 1994. The billionaire has since built an empire with e-commerce giant
Alibaba Group, launching 13 subsidiary companies, including retail marketplace
Taobao and streaming platform Youku. Ma founded private equity firm YunFeng
Capital in 2010 and fintech Ant Group in 2014. The latter was set for a record-
breaking $34.5 billion IPO until Chinese regulators suspended it in 2020. Alibaba’s
shares declined by about 46% until December 13, 2021, as government crackdowns
on Ma’s businesses continued.
Richard Branson
Net worth: $3.9 billion; Country: UK
Branson has established over 45 companies in 50 years under the umbrella of the
Virgin Group, his global investment company. The billionaire became an
entrepreneur at 15 when he launched Student magazine in 1967. Branson found
start-up success with Virgin Records in 1970 and went on to diversify into several
industries, from travel to technology.

His Virgin businesses include the aerospace company Virgin Galactic, launched in
2004, which had a market value of $3.7 billion as of December 3, 2021.
Elon Musk
Net worth: $297 billion; Country: South Africa / US
Best known as the CEO of Tesla and SpaceX, Musk has founded six companies over
the past two decades. He launched Zip2, a navigation software, with his brother
Kimbal in 1995. The company was acquired for $307 million in 1999. Musk’s second
start-up, online bank X.com, found success when it merged with Confinity in 2000,
which became PayPal in 2001. The company was sold to eBay for $1.5 billion in
2002. Although Musk was ousted as CEO, he invested $100 million from his share of
the sale to cofound SpaceX, reportedly valued at $100 billion in 2021. The world’s
richest person according to Forbes’ real-time estimates as of December 2021, Musk
bought back the domain name X.com from PayPal in 2017. The serial entrepreneur
has since cofounded Tesla, Neuralink, and The Boring Company.
Oprah Winfrey
Net worth: $2.6 billion; Country: US
Winfrey founded Harpo Productions, a privately held media company, in 1986. Harpo
bought the rights to The Oprah Winfrey Show in 1988. As host, Winfrey became the
second- highest-paid TV personality in the world, earning $68 million between 1989
and 1990, according to Forbes estimates. Winfrey is also the founder and CEO of
OWN Network, a 50/50 joint venture with Discovery Communications launched in
2011. In 2017, Discovery paid $70 million for an additional 24.5% stake and acquired
20.5% more in 2020. For the latter deal, Winfrey received 1.3 million Discovery
shares, worth $32.1 million as of December 3, 2021. Winfrey became the first female
African-American billionaire in 2003 and was the highest-ranked African-American
on the Forbes 400 in 2012.
Jeff Bezos
Net worth: $201.7 billion; Country: US
In 1994, Bezos founded online bookstore Amazon. com. Between 1995 to 1997, the
company made more than $164 million in sales. In Q3 2021, it made $110.8 billion.
Bezos is also the founder of investment firm Bezos Expeditions, which manages over
100 of Bezos’ investments, including his $250 million purchase of The Washington
Post in 2013.
With assets under management worth $107.8 billion as of December 2021 according
to SWFI, the firm’s portfolio includes Twitter, Uber, and Airbnb. In 2000, Bezos
founded his own space company, Blue Origin, preceding space rivals Musk and
Branson. Bezos flew on the company’s first space mission in July 2021. Source: Forbes
ME

Germany / United States
Mercedes-Benz bought a small stake in

LiDAR Company Luminar
Mercedes-Benz has announced a partnership with self-driving
hardware expert Luminar.
Stuttgart, January 21, 2022 - The German carmaker will buy 1.5 million shares in it
Luminar, giving small business shares less than 1 percent. Luminar has been a leader
in LiDAR technology and Mercedes-Benz plans to use these advanced laser sensors
in its upcoming production vehicles.
“This partnership is an important moment in the industry, showing how to improve
safety and autonomous driving functionality in consumer vehicles from sci-fi to the
mainstream,” added Luminar founder and chief executive Austin Russell. “Mercedes-
Benz has always been the technology leader and first driver for the industry, with a
brand synonymous with automotive innovation, safety, luxury, and quality.”
Mercedes-Benz has not yet announced when it will start using the LiDAR Luminar
system or the production model it will use. It’s also unclear what level of autonomy
car manufacturers want with LiDAR but it could be beyond that Pilot Drive System
Level 3 available with S-Class and EQS.
The Mercedes Benz EQS
“Luminar is the perfect addition to a first-class collaboration with a superior and

sophisticated technology company,” said Daimler and Mercedes-Benz Board of
Management member Markus Schäfer.
“Mercedes-Benz’s achievement of SAE Level 3 has marked a major milestone for

auto driving, and I am confident that the partnership will increase our ambitions for
what we can do in the future. Cooperation is an important part of Mercedes-Benz’s
strategy. Therefore, I am very pleased. have Austin Russell and Luminar on board
for our trip.
Talk to him The Verge, Russell added that the partnership will also allow for the
collection of data from Mercedes vehicles, helping to improve autonomous driving
technology.

Luminar founders Austin Russell (left) and Markus Schäfer (right)
Luminar stock jumped nearly 19% in Thursday trading following the deal with
Mercedes Benz. Luminar also has deals with Volvo, Audi, Airbus, and others. Shares
of Luminar Technologies surged 18.8% in Thursday trading after Mercedes-Benz
announced plans to use the technology supplier's laser sensors as part of a new
autonomous vehicle platform and said it would take a stake in the company.
Luminar's stock jump marked the largest intraday gain for the company in over two
months. The company went public in 2020 in a $3.4 billion reverse merger with a
special purpose acquisition company. The stock was down about 20% year-to-date
before Thursday's announcement of the company's deal with Mercedes.
As part of the deal, the German auto maker will be taking a minority stake in the
lidar developer, acquiring 1.5 million shares, according to Luminar, which amounts
to less than 1% of the company.
Mercedes intends to use Luminar's lidar sensors for future production of self-driving
vehicles. However, the company did not share a timeline for when it plans to
integrate the new technology into its cars. Lidar technology uses lasers to detect the
shapes of objects so vehicles can "see" them on the road.
In 2020, Daimler Trucks, a division of Mercedes-Benz's parent company, also

acquired a minority stake in Luminar, which has a growing list of partnerships with
big car makers. So far, the technology supplier has deals with Intel's Mobileye,
Airbus, Audi, Volvo. Last year, it was reported that Tesla was testing the technology,
although Elon Musk has criticized it as "expensive" and "unnecessary." Sources: Market
Insider / North Carolina Time

Italy
Benetton scion plans changes at family

holding company
Milan, January 13, 2021 -
Alessandro Benetton said on Friday
he accepted the position of chair-
man in his family's holding company
Edizione to lead change in the group
that controls some of Italy's biggest
companies such as Atlantia and Auto-
grill.
A logo of the Atlantia Group is seen outside its

headquarters in Rome, Italy August 31, 2018.
REUTERS/Alessandro Bianchi/File photo
"I saw an opportunity for a change, to reinterpret the business strategy that has
characterized us as a family over time," the scion of the Benetton family said in a
Instagram video. He replied to a follower that the group would follow the principle
of sustainability in a broad, social and global sense.
Benetton said the group had made same serious
mistakes in the past due assigning tasks to the wrong
people, and the collapse of the Morandi bridge in Genoa
was a "tragic consequence."
In 2018 a bridge run by Atlantia's tollway unit in the

northern city of Genoa collapsed, killing 43 people. The
Benetton family backed the sale of Atlantia's Italian
motorway assets to avoid the threatened cancellation of
its lucrative concession.
Benetton, who leads Italian private equity firm 21

Invest, was appointed on Thursday as chairman of the
family's holding company Edizione in a move that brings
the Benettons back to the helm. Source: Reuters
Alessandro Benetton, President
of Cortina 2021 Foundation, 2021/
Handout via Reuters

Turkey
The Togg car comes from Turkey

Istanbul, January 12, 2022 - Turkey is establishing its own car brand. What's more,
the start-up Togg wants to act as a provider of comprehensive mobility concepts in
which the car is just one component of many. An electric SUV is to be launched on
the market at the beginning of 2023, soon followed by a coupe-like sedan. The
"Transition Concept Smart Device" study provides a first glimpse of this.
Study by Togg: The design of the coupe sedan comes from Pininfarina and Murat
Günak, who has already designed for Mercedes and Volkswagen.Togg
Gemlik, located in the western Turkish province of Bursa, is actually known for its
black olives. But soon, cars will also be coming off the production line near the port
city.
If everything goes according to plan, the start-up Togg, founded in 2018, will begin
production of an electric SUV this year, with the first units to be delivered in early
2023.As a second strike, a coupé sedan, also electrically powered, is getting ready,
based on the same "Smart Life" platform as the SUV.

Premiere in Las Vegas
The fastback was on display as a study at the Consumer Electronics Show CES in Las
Vegas, which is now frequented by many automakers. The model is called the
"Transition Concept Smart Device", a somewhat unwieldy name. On the exterior, the
first thing that catches the eye are the narrow, camera-based "exterior mirrors,"
which are just as conducive to aerodynamics as the flush-recessed door handles.
Counter-opening portal doors allow easy access to the light, brightly furnished
interior with its opulent screen landscape. Four passengers can ride along, seated
on individual seats. There is also a touchscreen in the rear.
Up to 500 kilometres range
Togg Cockpit - Opulent

screenscape: The interior of the
Togg study. Image Togg
Exact details on perfor-

mance and drive have not
yet been communicated.
However, it can be assumed

that, like the SUV, the coupe
sedan will be available with
either 147 kW/200 hp or 297
kW/404 hp and in two
battery sizes, the smaller of
which will provide a range of
300 kilometres and the
larger 500 kilometres. The 200-hp expansion stage gets rear-wheel drive, the 404-
hp version all-wheel drive.
Togg CEO Gürcan Karakas has also already announced other models - first a
hatchback version of the sedan, then an SUV that belongs to the B segment (VW T-
Cross, Skoda Kamiq & Co.) and a minivan (MPV) that is at home in the C segment
of compacts.
There will be no traditional, dealer-based sales network for the Togg models.
Customers will be able to order online and approach the brand in so-called flagship
stores - a route also chosen by Volvo's sister companies Polestar and Lynk, for
example.

Ambitious goals
The Turkish brand is seeking its identity not only as an automaker. "We define
ourselves as a technology company," says Gürcan Karakas. Thus, the company also
wants to take care of battery research and production itself. To this end, the joint
venture "Siro Silk Road Clean Energy Solutions" was founded together with the
Chinese manufacturer Farasis. In general, the Togg models are to be embedded in
an entire "mobility ecosystem" (Karakas), in which the car - fully networked up to
the smartphone and washing machine, potentially self-driving - represents just one
of many modules and which include "data-based business models" as well as new
mobility solutions.
Togg describes how these interlock as follows: A customer could park his e-car at a
charging station reserved in advance, change there to an e-scooter that has also
already been booked, and use it to scoot to a meeting with a friend. The two would
then use a ride-sharing service to continue their journey together. These services
would also be paid for within the Togg ecosystem. In Turkey in particular, plans call
for the establishment of a dense charging infrastructure.
Opposed-opening portal doors: whether they will make it into volume production is still uncertain.Togg
"Togg" is an acronym for Türkiye'nin Otomobili Girisim Grubu; the full English name
is Turkey's Automobile Initiative Group. Behind it is a conglomerate of large Turkish
companies and business organizations, including, for example, the conglomerate
Anadolu, the mobile communications provider Turkcell, and the truck and commercial
vehicle manufacturer BMC.
The Turkish Chamber of Commerce and Industry is also involved. Togg CEO Gürcan
Karakas has a long history at Bosch, while chief designer Murat Günak previously
worked for Mercedes and the Volkswagen Group.
Prestige project for Erdogan
Production facilities for cars have existed in Turkey for a long time. The country's
location at the interface between Europe and Asia is attractive from a logistics point
of view, and the well-trained specialists work at relatively favourable conditions.
However, production takes place for foreign manufacturers - for Ford, for example,
Toyota, Renault, Fiat or Hyundai. A "real" Turkish car brand, even more so one that
turns to the future with electric drive and comprehensive mobility services, is also an
important prestige project for Turkish President Recep Tayyip Erdogan. Source: Image
(translated by M&A NEWS)
Spain
Spanish hotel investment hit €3.2 billion

in 2021, third-highest figure on record
Pipeline of deals in progress stands at €1.5 billion.
Barcelona, January 12, 2022 - Hotel investment in Spain reached €3.2 billion in 2021,
the third-highest figure on record after 2017 and 2018, according to research from
Colliers.
The pipeline of deals in progress, with volumes approaching €1.5 billion, indicates
that the trend is expected to continue during the first part of 2022.
Last year, a total of 127 hotels and 22,249 rooms changed hands in Spain, versus
68 hotels and 7,228 rooms in 2020. Another 18 transactions took place for hotel
development land and properties to be converted into hotels.
Barcelona and Madrid were once again the leading urban destinations with €760
million and €468 million respectively, accounting for almost 39% of the total, or €1.2
billion, for the second consecutive year. Significant deals, such as the sale of the
Hotel Sofía and Expo, as part of the sale of Grupo Selenta to Brookfield; the NH
Collection Gran Calderón acquired by Lasalle Investment; and the Grand Hotel
Central and the former Tryp Apolo, both acquired by Schroders, are just a few of the
23 transactions, which led Barcelona to reach its highest annual figure.

Barcelona achieved its highest volume on record. (Getty Images)
Madrid, with 10 transactions, recorded the largest single asset transaction. Hotel
Edition was acquired by Archer for over €200 million, the highest price paid per room.
Listed Mexican real estate firm RLH Properties acquired the 111-room, 27 of which
are suites, Bless Hotel from Raphael Ardid’s Grupo Didra and Aina Hospitality, for
€115 million (€1.03 million per room). In the holiday segment the Canary Islands
and the Balearic Islands were the main destinations, totalling €633 million and €541
million respectively, representing 37% of total investment.
The year saw a revival of portfolio transactions as 12 changed hands, comprising 56

hotels and 9,375 rooms for a total volume of €1.2 billion. These include Brookfield's
purchase of Selenta Group for €440 million, Riu's acquisition of the minority position
held by Tui in its joint venture, Meliá's sale of a majority stake in its Victoria Hotels
& Resorts company to Bankinter's private banking investors and Castlelake's entry
into the capital of Socimi Millenium Hotels to boost its growth.
Investment by international funds reached €1.8 billion, representing 58% of the

total. Most of these players are core or value-added managers such as Brookfield,
Archer Capital, Schroders, Castlelake or LaSalle Investments which are firmly in the
Spanish market. After a record-breaking 2021, the outlook for the new year is very
positive considering a pipeline of deals in progress with volumes approaching €1.5
billion.

“Overall, we believe that the trend of the past year will
continue and that, with a few exceptions, we will not see
many distressed transactions,” said Laura Hernando
(photo right), head of hotels at Colliers in Spain. “As
already observed, quality assets have weathered the storm
best and will continue to do so. The market fundamentals
are very positive, including the country's global leadership
in tourism, strong investor appetite, excess liquidity with
interest rates at historic lows, high purchasing pressure
and plenty of repositioning opportunities." Source: CoStar
Germany / Italy
Germany's Lufthansa in talks to buy 40%

stake in Italy's ITA Airways
A new state-owned
Italian carrier Italia
Trasporto Aereo
(ITA Airways)
plane with the new
blue livery
dedicated to the
Italian sprinter
Pietro Mennea, is
seen at Fiumicino
airport, in Rome,
Italy, January 11,
2022. Picture taken
January 11, 2022.
Ita Airways Press
Office/Handout via
REUTERS
Frankfurt / Rome, January 11, 2022 - Germany's flagship carrier Lufthansa

(LHAG.DE) is in talks to buy a 40% stake in state-owned Alitalia's successor ITA
Airways, two people familiar with the negotiations said on Sunday, following a
newspaper report that a deal could be unveiled next week.
The talks about a tie-up between Germany's partly state-owned Lufthansa and ITA
Airways are still ongoing with all outcomes possible, one of the sources said on
condition of anonymity, adding the stake price was still under negotiation.

Lufthansa’s CEO Carsten Spohr
The second source said Lufthansa and ITA were

in talks over a 40% stake sale, but it could take
longer than a few days to reach a comprehensive
deal.
A Lufthansa spokesperson declined to comment

but reiterated an earlier statement that the
German carrier was open to the possibility of a partnership with ITA. Source: Reuters
Switzerland
Credit Suisse chairman resigns

Following the resignation of António Horta-Osório, the Swiss
bank appoints Axel P. Lehmann as new chairman.
Zurich, January 17, 2021 - Switzerland-headquartered bank, Credit Suisse, today

(January 17) announced the appointment of Axel P. Lehmann (pictured) as its new
chairman, effective immediately. He will be put forward for election as chairman at
the bank’s upcoming AGM, to be held on April 29, 2022. The former UBS Group chief
operating officer succeeds António Horta-Osório, following his resignation, which
comes on the back of an investigation commissioned by the bank’s Board of
Directors.
Media reports allege a conscious evasion of Covid-19 quarantine rules as being
behind the investigation and Horta-Osório’s subsequent departure.
In the bank’s announcement, Horta-Osório said, “I regret that a number of my

personal actions have led to difficulties for the bank and compromised my ability to
represent the bank internally and externally. I therefore believe that my resignation
is in the interest of the bank and its stakeholders at this crucial time.”
A British-Portuguese national, Horta-Osório had been appointed on 30 April 2021 as

group chairman and spent his eight-and-a-half-month tenure in the post conducting
a global review of the business, before announcing plans to reshape the bank’s
strategy at its Investor Day summit on November 04, 2021.
He sought to overhaul the bank’s strategic direction following several reputational

hits and increased regulatory scrutiny over recent months, including severe losses
tied to the collapse of Archegos Capital Management, as well as Australian-British
financial services firm, Greensill Capital. In October 2021, Credit Suisse agreed to
pay approximately $475 million to UK and US authorities following a corruption
scandal involving fraudulently misleading investors to contribute to the development
of Mozambique’s tuna fishing industry through “tuna-bonds”.
Horta-Osório’s announced plans included the implementation of a new organisational

structure, comprising four divisions (Wealth Management, Investment Bank, Swiss
Bank and Asset Management), which would be further developed across four core
regions (Switzerland, EMEA, APAC, Americas). The strategy outlined an increase in
investment across the Wealth Management division of 25% through to 2024 through
the deployment of CHF 3 billion ($3.29 billion). With regards to Asia-Pacific, the
bank’s strategy outlined capturing growth opportunity through investment in its
Mainland China franchise, as well as building on its Singapore and Hong Kong hubs,
and further leveraging investment, financing, advisory and capital markets solutions.
Prior to joining Credit Suisse and taking residence in Switzerland, Horta-Osório

served as group chief executive of Lloyds Banking Group for a decade. He started
his career at Citigroup in Portugal and also held positions at Goldman Sachs in New
York and Grupo Santander in Portugal, Brazil, Spain and the UK.
Lehmann, who is a Swiss citizen, was elected as a member of the Board of Directors
and chair of the Risk Committee at the bank's Extraordinary General Meeting held
on October 1, 2021. He commenced his career at Zurich Insurance Group where he
served for nearly two decades, nearly 14 of which as a member of the Group
Executive Committee in a number of roles. Credit Suisse declined to comment in
relation to the news. Source: Finance Asia

Grece
Piraeus Bank to buy additional stake in

real estate company Trastor
A man walks
past a
Piraeus Bank
branch in
Athens,
Greece,
January 17,
2022.
REUTERS/
Louiza Vradi
Athens, January 21, 2022 - Piraeus Bank (BOPr.AT) has agreed with investment firm
Varde Partners to buy its controlling stake in Trastor Real Estate Investment
Company for about 98 million euros ($111.04 million), the bank said on Friday.
Under the agreement, Piraeus, which now holds a 45% stake in Trastor , will acquire
an additional stake of 52% in Trastor, it said. Once concluded, the transaction will
trigger a mandatory tender offer by Piraeus to buy the remaining 3% stake in
Trastor. Piraeus Bank CEO Christos Megalou said that the transaction would instantly
enhance the bank's fee revenue profile and further bolster its real estate sector
know-how. ($1 = 0.8825 euros). Source: Reuters

Germany
Luxury Made in Germany: Millionaires

travel in these motorhomes
• Camping is booming. Every year, new registrations of caravans and

motor homes reach new records.
• Volkner Mobil, based in Wuppertal, Germany, specializes in luxury-

class motorhomes.
• The motorhomes cost between 400,000 and two million euros. They
are custom-built for each customer.
Wuppertal, January 6, 2022 - The motorhomes manufactured by Volkner Mobil cost

more than most single-family homes in Germany. They are made individually for
each customer - and luxury does not have to be sacrificed in the process.
Camping is booming. Every year, new registrations of caravans and motorhomes

reach new records. In 2020, there were 107,000 - an increase of more than 40
percent compared to the previous year. At the same time, the industry generated
12.5 billion euros in Germany, according to the Caravaning Industrie-Verband. And
manufacturers are optimistic about the future, because younger people in particular
are also interested in camper vacations.

"Camping used to mean brushing my teeth at the sink with 20 other people and
someone going to the bathroom behind me," says Stephanie Volkner, who runs the
Wuppertal-based company with her husband, in an interview with Business Insider.
"Today, camping means flexibility and freedom. You can cook your own spaghetti
Bolognese for dinner one day and go out to eat at a fancy restaurant the next."
The motorhomes offer plenty of interior space. Volkner Mobile
Company founder Gerhard Volkner had the right instinct. Originally, the trained
locksmith manu-factured trailers and commercial vehicles. One day he bought his
parents a motor home. But he was dissatisfied with it when he used it himself, as
his wife tells it. That's why he simply built one himself, based on a truck chassis. "In
1997, he exhibited it for the first time at a trade show," Stephanie Volkner says. "And
then it took off."
Most campers cost between 1.1 and 1.8 million euros
The first models still had a rear garage in which a car could be stowed for joyrides
at the vacation spot. Volkner later redesigned the vehicle: the garage came in the
middle, the engine in the back. The entrepreneur patented the centre garage.

"Unlike the rear garage, this way there are no restrictions on the interior space,"
Volkner says. The garage can be extended and used as a patio. A retractable wall -
called a wall-out - also provides more living space.
Stephanie Volkner has been with the company since 1998, and the couple has two
sons together. Last year, the eldest started an apprenticeship as a body and vehicle
builder in the family business - voluntarily, as the mother emphasizes.
Bedroom with ocean view:

Volkner Mobil customers
appreciate the flexibility.
Volkner Mobil
Volkner does not

want to reveal how
many motorhomes
the company builds
each year.
Only this much: "We

get more orders than
we can deliver." It
takes two years from
the first contact to
delivery of the
vehicle.
Such motorhomes have their price. Customers

must put down at least 400,000 euros for them.
Most of their campers, however, cost between

1.1 and 1.8 million euros, according to Volkner -
a good ten to twenty times as much as a normal
motorhome. Source: BUSINESS INSIDER (translated from
German by M&A NEWS)
Company founder Gerhard Volkner

United Kingdom / Middle East
How UK firms are increasingly seeking

business growth in the Gulf
New research shows UK-based businesses have been expanding
their operations across the Middle East as a result of Brexit
London, January 12, 2021 - UK-based businesses have been expanding their
operations across the Gulf as a result of Brexit-fuelled global geographic growth,
according to new research.
Lumina Capital Advisers noted the growth in UK to Middle East and North Africa
(MENA) cross-border trade and deal activity between 2018-2020, fuelled by Brexit
and revenue diversification opportunities.
Its report predicted that 2022 is likely to be a record year for cross-border mergers
and acquisitions (M&A).

Lumina said that since 2018, the Middle East’s contribution to overall revenue for UK
companies has increased by 1 percent year-on-year.
It added that in 2020, the MENA region generated 14 percent of revenue for FTSE
listed companies, compared to 13 percent in 2019 and 12 percent in 2018.
Lumina Capital Advisors said it anticipates that this growth will continue in 2022, with
the percentage of MENA revenues generated by FTSE listed companies exceeding
15 percent by year-end.
Andrew Nichol, partner, Lumina Capital Advisers said:

“There is a significant push in a number of key sectors as
the GCC looks to diversify away from oil and establish itself
as a key player in the aerospace, healthcare, and
infrastructure markets.
Andrew Nichol, Lumina Capital Advisers
“Moreover, GCC countries are committed to being important

players in the energy sector and are making significant ESG
investments in other geographies with the objective of
bringing these innovations to the region.”
He added: “Additionally, we are seeing strong growth in the technology sector, where
the GCC has a young, tech-savvy population to tap into as the world continues to
innovate through technology. Several GCC countries have taken notable steps to
advance this agenda, including the establishment of a number of Fintech regulatory
sandboxes and a number of technology-specific government investment funds.”
While UK companies already established in the region are growing their operations,
Lumina said it also sees new companies eyeing up the MENA opportunity and
expanding to the region for the first time.
The number of FTSE listed companies with operations in the MENA increased from
22 to 25 between 2018 and 2020.
Lumina noted that while there are multiple examples of capital flowing from the UK
into the GCC, capital is also moving back the other way, with a number of high-
profile investments being announced in recent months.
Abu Dhabi-based Mubadala’s £10bn commitment into UK clean energy and tech
sectors and SABIC’s Teeside investment provide recent examples of the GCC’s push

into ESG. Saudi-based PIF’s investment in Newcastle Football Club is also seen as an
opportunity to both raise the profile of the region and bring ties closer with the UK.
George Traub, managing partner, Lumina Capital Advisers, said: “The recent free trade
agreement negotiations between the GCC and the UK will have a significant impact on
future M&A activity. The reduction in trade barriers and
establishment of a more secure regulatory environment will
encourage UK firms to the region as the GCC looks to imports skills
not currently available to them.
George Traub, Managing Partner Lumina Capital Advisors
“This is also on the back of Brexit where this is a key move for
the UK as they seek to highlight and maintain their position as
a world player while taking advantage of their ability to form
their own trade agreements.”
Lumina focuses on matching capital and transactions between the Middle East and
the UK, with offices in London, Dubai and Riyadh. Source: ARABIAN BUSINESS

Germany
Mercedes-AMG SL: Sporty in all openness

Roadster icon in a new generation - eight-cylinder engine, all-
wheel drive and rear-axle steering
Comes now from the sports studio: Responsible for the SL is the performance department AMG.
Stuttgart, January 21, 2022 - The Mercedes SL is one of those automobiles that have
earned the noble title of icon over the decades. That's why the new and now eighth
generation can be forgiven for literally doing without the now ubiquitous
electrification and relying on classic eight-cylinder bliss for its powertrain.
The Roadster has fundamentally retreated in the direction of top modernity - right
down to the cloth hood, 2+2 seating and achievements such as all-wheel drive and
rear-axle steering. The roadster is now at home with Mercedes' AMG sports division.
You can feel it.
Herbert von Karajan drove one, as did Gerd Müller and Princess Diana, and the fact
that the black SL 190 of the high-class prostitute Rosemarie Nitribitt, who was
murdered in 1957, also went down in history as the "Nitribitt Mercedes" should no
longer be seen by Mercedes as a loss of image from the distance of several decades.

The history of the SL began in 1952, "Sport Leicht" meant the abbreviation. The icon
on wheels has survived to this day, retaining its legendary status for over 70 years.
Even the dawning of the electric age did not manifest the twilight of the gods. In the
form of a new generation, internally called the R 232, the SL has been granted a
future, at least for the time being.
From the stable of the performance subsidiary
However, Mercedes, who has taken up the cause of electrification both explicitly and
with great publicity, has entrusted the development of the new SL to the
performance subsidiary AMG from Affalterbach. Jochen Hermann, head of
development, says this is a "great honour" and notes that the company was able to
"start from scratch.
Compared to its two predecessors, which ambitious drivers had complained were
lacking in driving dynamics and whose sales figures in Germany had fallen to an
unworthy level, at least by Mercedes standards, AMG's expertise was to trim the SL
back to what it was created for in the beginning: Dedicated sportiness to the point
of racetrack competence.
Mercedes-AMG SL - With a textile hood again: modern fabric hoods offer all-season suitability, so the
hardtop could be discarded. Photo AMG
In other respects, too, the SL has returned to its classic virtues: The last hardtop
installed gave way to a fabric hood that opens and closes within 15 seconds, even
while driving and there up to a speed of 60 km/h.
The structural change saves 21 kilograms of weight and generates more trunk space,
specifically 213 to 240 litres, due to the Z-shaped folding design. Above all, the new
hood fits better with the well-proportioned roadster dress with the long hood, the
AMG-typical Pan Americana radiator grille and the sportily modelled rear end, which
is adorned with a four-pipe exhaust system and where a rear spoiler whirs up from
80 km/h, depending on the driving condition in five stages.
Now also with rear bench seat
Underneath the outfit is a chassis constructed in a lightweight composite aluminium

structure, self-supporting and the prerequisite for the desired driving dynamics.
Another new feature is that the SL is now a 2+2-seater. The rear is only intended as
a place for passengers up to 1.50 meters tall. But it's perfectly suitable for children,
and even Isofix mounts are available. Alternatively, there's room for light luggage on
the back seat, which is a plus in terms of practicality.
There is no question of purist roadster minimalism in the interior. Luxury defines the
ambience, and a combination of large-format driver's display and vertically installed
XL touchscreen sets the scene. Aesthetically and ergonomically, this is extremely
satisfying, and thanks to the excellent MBUX infotainment system, including the fine
ear of the voice assistant, the SL also makes the leap into top modernity in terms of
connectivity. Finally, it takes account of the changing incidence of sunlight: the tilt
angle of the touch-sensitive screen can be adjusted electrically. And on cool days,
the warm airflow of the "Airscarf" wraps itself around the neck and shoulders.
Mercedes-AMG SL - Minimalist
looks different: The cockpit
conveys luxury and
comprehensive connectivity.
Photo AMG
Of course, it can and

must be debated
whether it is really in
keeping with the times
that the SL does without
any electrification or
hybridization in terms of
drive technology.
However, most of the
cars leave the factory
for the U.S., where the eight-cylinder engine under the hood will be welcomed and
granted to the roadster icon even more readily than in Europe, which has become
more sensitive.
The four-litre V8 biturbo has already proven itself in AMG's service; it works as a
team with a finely shifting 9-G automatic and is available in two versions. "Small" at
AMG means 350 kW/476 hp and 700 Newton meters of torque, provided in the SL
55 4Matic+. The SL 63 4Matic+ packs a punch and treats the driver to 430 kW/585
hp and a mighty 800 Newton meters.
315 km/h top speed
The resulting driving performance is something you'll only want to push to the limit
on the racetrack: From 0 to 100 in 3.6 seconds, top speed 315 km/h. Even what the
55 can do, in its final consequence, is not compatible with the conditions of public
traffic - 295 km/h top plus 3.9 seconds for the standard sprint.
For the first time in its history, the SL gets all-wheel drive, permanent and with fully
variable torque distribution. AMG also provides rear-axle steering as standard. The
roadster also faces up to its potential existence at the physical limit with a multi-link
suspension and an AMG high-performance composite brake system, with extra-brittle
ceramic brake discs available as an option. The SL 63 in particular is given the active
suspension with hydraulic roll stabilization; hydraulic elements replace the usual
mechanical anti-roll bars here.
Mercedes-AMG SL - Doubly talented: For all its sporty talent, the SL-AMG can also cruise comfortably.
Photo AMG
So much for the theory. Now to the practical side. And to the question of how the
concentrated technological resources pay off. The answer: to an impressive degree.
The SL has indeed become a sports car that is as powerful as it is technically resilient.
The V8 raises its voice with an unobtrusive but nevertheless present sound and
pushes the SL forward powerfully, although there is - yes - a blink-and-you'll-miss-it
turbo lag. The AMG roadster handles extremely smoothly and precisely, remains very
controllable, and the limit range - we didn't test it on the road - is obviously high and
probably beyond the limits of most drivers' courage.
Race mode for experts
Six driving programs allow character fine-tuning, with Race mode - included in the
optional AMG Dynamic Plus package - delivering an exportation of sharpness and,
recommended only to experienced drivers, sending the ESP into pause. At the same
time, the SL also makes life easy as a well-groomed cruiser, sensitively ironing out
big and small niggles as you stroll along.
What the open-top sports car will cost is still written in the (Mercedes) stars.
However, the SL 55 will probably cost less than 160,000 euros and the SL 63 190,000
euros. Those who want to have the place in the sun at a lower price should wait a
little longer. A four-cylinder is pretty much certain to come. And the "performance
hybrid drive" is already set. So even an icon can't completely ignore electrification.
Mercedes-AMG SL coming in Spring 2022, targeting Jaguar F-Type convertible,

Porsche 911 Turbo convertible. It is powered by a four-litre V8 biturbo gasoline
engine with 350 kW/476 hp or 430 kW/585 hp. The Price is not yet known. What
else follows: "performance hybrid," probably a four-cylinder, possibly six-cylinder.
Source: Bild, translated from German by M&A NEWS

United States
Joint Venture pays $25.5 million for

Embassy Suites Hotel in Tucson
Summit Hotel Properties, GIC Joint Venture also owns nearby
Homewood Suites Hotel
Tucson, January 11, 2022 - A joint venture between Summit Hotel Properties and
GIC has purchased the 120-room Embassy Suites by Hilton Tucson Paloma Village
for $25.5 million.
The joint venture acquired the property from an entity taking title as LDK Tucson
LLC, according to Pima County real estate records. The entity shares the same Utah
address as Lodging Dynamics Hospitality Group. The joint venture acquired the
property with a combination of cash and an assumed loan that has a balance of
about $13.3 million. The loan has a fixed interest rate of 4.99% and a maturity date
of June 2028.
The Embassy Suites hotel is located on nearly 6 acres in the Catalina Foothills at
3110 E. Skyline Drive in Tucson, Arizona. The hotel is adjacent to La Encantada, an
outdoor luxury shopping centre, and east of La Paloma Country Club. It was built in
2007, and since then, no other hotels have been built within a 3-mile radius,
according to the joint venture.
"The property's excellent location and dominant Embassy Suites brand affiliation
have allowed the hotel to consistently rank at the top of its competitive set,
commanding an average RevPAR Index of nearly 150% over the last five years," the
joint venture said in a corporate statement announcing the acquisition.

The Embassy Suites hotel is located on nearly 6 acres in the Catalina Foothills. (CoStar)
The joint venture also noted that while occupancy and average daily rates in the
Tucson market are historically the strongest in February and March, driven
predominantly by leisure travel, the Embassy Suites hotel benefits from year-round
demand from government, group, and business transient segments.
Summit Hotel Properties expects the hotel to generate a full year of 2022 net
operating income yield between 7% and 7.5%. After this purchase, Summit
maintains nearly $450 million of total liquidity and over $150 million of current
investment capacity permitted under its current credit facility amendments to pursue
future investments. Summit Hotel Properties and GIC also own the Homewood Suites
by Hilton Tucson/St. Phillip's Plaza University hotel located less than 3 miles from the
Embassy Suites hotel, which will allow the joint venture to implement operational
synergies and revenue enhancement strategies that will benefit both hotels. Source:
CoStar

United States
Access to talent drives consolidation

among mid-market investment banks
Wilton, CT., January 21, 22 -
Instead of competing for top
M&A talent in the midst of
surging deal flow, it is easier
to acquire a middle-market
investment bank with an
established team.
This is the case with B. Riley’s

pending $175 million purchase
of FocalPoint Securities, which
was announced this week.
B. Riley has little to no presence in mid-market M&A. Hiring a top dealmaker and
building out a team underneath them takes at least a couple of years, and a cultural
fit is not guaranteed. On other hand, acquiring a proven investment bank is a quicker
and cheaper process. With FocalPoint, B. Riley is gaining 50 investment bankers.
“Hiring a banker means giving them a big guarantee to bring them over and it takes
them six to 12 months to put up a pipeline,” says Gagan Sawhney a managing
director in Houlihan Lokey’s financial institutions group who worked on the deal.
“So, before they start producing revenue, you’re in 24 months. Think about it, you
make an investment today and after 24 months you figure out if it’s going to work
out or not. On the other hand, acquiring a firm means you get a well-established
pipeline and a well-established team.”
Another deal driver among mid-market investment banks is international buyers

looking to expand their U.S. presence, especially with firms that have a specific sector
expertise. In December, Vancouver-based Canaccord Genuity said it is buying
consumer-focused Sawaya Partners.
If you are looking to dip your toe in the dealmaking game, buying an investment
bank is the way to go. Source: MERGERS&ACQUISITIONS

Mexico / United States
Citi says Mexico consumer bank a 'jewel,'

as it gears up to sell
The logo of Citibanamex is pictured at a bank branch in Mexico City, Mexico

January 13, 2022. REUTERS/Gustavo Graf
New York, January 14, 2021 - Citigroup Inc (C.N) described the Citibanamex
consumer bank in Mexico it is planning to shed as a "jewel" as it gears up to be
active with potential buyers in the coming months.
The lender has been shedding the last of its consumer businesses outside of the
United States as part of a "strategy refresh" started by Chief Executive Officer Jane
Fraser, who took the helm in March.
The bank said this week it would wind down its massive consumer bank in Mexico,
the No. 3 consumer bank in the country, and earlier on Friday announced the sale
of its retail arms in Indonesia, Malaysia, Thailand and Vietnam to Singapore-based
lender United Overseas Bank (UOBH.SI).

On a conference call on Friday, Fraser said
separating the consumer business from the
institutional business would not be a simple
process.
"We will be looking to go to market in the

spring and be active with potential buyers" in
the coming months, Fraser said.
Citi Bank’ CEO Jane Fraser
"We think this is a jewel for someone," said Fraser, who added that it was "not for
us."
Analysts have said homegrown billionaires such as Carlos Slim and Ricardo Salinas
Pliego were among front-runners to buy the Citibanamex assets. Analysts said it
would likely carry a price tag between $4 billion and $8 billion.
Citigroup results show restructuring has its costs
Citigroup Inc (C.N) displayed some of the financial bruises required for its current
restructuring as it reported a 26% drop in fourth-quarter profit on Friday. The bank
said results were depressed by $1.1 billion in after-tax expenses for its ongoing
divestitures of consumer banking businesses outside of the United States.
The lender has been shedding the last of its non-U.S. consumer businesses as part
of a "strategy refresh" started by Chief Executive Officer Jane Fraser, who took the
helm in March. Operating expenses were up 18% from a year earlier with the charges
but still up 8% for its ongoing businesses.
It has also spent more in the past few quarters to fix issues regulators identified in
its controls systems, leading to questions from investors on how much money and
time the remedies will require.
The bank said this week it would wind down its massive consumer bank in Mexico
and earlier on Friday announced the sale of its retail arms in Indonesia, Malaysia,
Thailand, and Vietnam to Singapore-based lender United Overseas Bank (UOBH.SI).
Fraser said the decision on the Mexico business is the last big move to come from
the new strategy which will focus more tightly on Citigroup's institutional businesses.
She said the Mexico business is "a jewel," but for someone else. Source: Reuters

United States
Elon Musk reveals tax bill. Here’s how

many billions he spent in 2021
Elon Musk has revealed his steep 11 figure tax bill in retaliation
to those who claim the Tesla CEO isn’t paying his fair share.
Johannesburg, Elon Musk might currently be the richest man on Earth but that
doesn’t mean we can’t sympathize over his steep tax bill. The Tesla CEO has taken
to social media to confirm that he will be forking over R174 billion to the US
Internal Revenue Service.
Elon Musk. His tax bill is enough to make even the most dedicated payers flinch. Image: Tesla / Twitter
The payment is exclusively for the 2021 year with some reporting that this could
possibly be one of the largest payments in United States history. Taking to his official
social media account, Musk confirmed the hefty price tag.
“For those wondering,
I will pay over $11 billion in taxes this year.”
Elon Musk
Musk has sold off $14 billion worth of Tesla stock since the start of November 2021.
Interestingly, Musk had made the move after asking social media if he should sell
10% of his holdings.
Reports indicate that Musk is running out of time to sell Tesla stock. In fact, the
deadline looms as close as August 2022. However, Musk would need to pay income
tax on the gain.
Musk’s wealth is generated by stock awards and gains in Tesla’s share price.
Furthermore, the SA-born billionaire opts to go this route rather than pulling a salary.
Although Musk’s decision to turn to social media for financial advice saw Tesla shares
taking a knock, they remain valuable.
Musk slammed over tax avoidance claims
The Tesla CEO’s habit of borrowing money using stock as collateral has been met
with criticism. Nevertheless, it appears to be a tax loophole for the extremely
wealthy.
ProPublica recently went public with its investigation

into this practice. Interestingly, it revealed that Musk
and other billionaires had managed to avoid federal
income taxes in 2018. Certainly, this is likely the reason
for the snarky post.
Senator Elizabeth Warren recently questioned Musk

being named Time Magazine’s Person of the Year. The
US politician is one of the many sparring with Musk over
what they view as tax avoidance.
Senator Elizabeth Warren
In response to Warren, Musk boldly declared that he is set to break taxation records.
“I will pay more taxes

than any American
in history this year.”
Elon Musk
In conclusion, if Musk truly is forking over billions of dollars his claim will soon
become fact. Source: The South African

United States
Honeywell signs 19GWh ‘next-gen’

battery deal with start-up FREYR Battery
Image: Andy Colthorpe / Solar Media
Charlotte, January 19, 2022 - A major supply deal and exchange of energy storage
system (ESS) technologies and components has been agreed between Honeywell
and Norwegian lithium-ion battery manufacturing start-up FREYR Battery.
US-headquartered technology company Honeywell is involved in a wide range of

industries, from building and industrial controls systems to aerospace and
performance materials.
The group is also deeply involved in the energy storage space, offering both
technology solutions and service contract and financing in numerous global markets.

FREYR is building out giga factories in Europe, beginning with its first 2GWh plant
currently under construction in Mo i Rana, Norway and targeting up to 83GWh of
annual production capacity by 2028, with an interim target of 43GWh by 2025.
The company has said it is committed to sustainability, including signing a deal with
Glencore for partially recycled cobalt, and is powering its production processess with
cheap renewable energy in its home country.
According to the agreement announced today by both companies, FREYR will

leverage Honeywell’s various relevant technology offerings, such as industrial
software, integrated automation, field instrumentation and security integration
solutions into its manufacturing processes, subject to viability.
Honeywell meanwhile will purchase 19GWh of FREYR’s battery cells between 2023
and 2030.
These cells will be used for ESS in a wide range of

applications, with the pair primarily targeting the
commercial and industrial (C&I) market segment,
although a press release did say they could be
used at front-of-meter sites as well as behind-the-
meter.
Honeywell’s HQs in Charlotte, North Carolina
The deal follows FREYR Battery’s December announcement of a 31GWh off-take

agreement worth around US$3 billion with an undisclosed energy storage industry
customer.
In October FREYR formed a joint venture (JV) with Koch Strategic Platforms, a
venture capital investment arm of Koch Industries, to evaluate the construction of
battery manufacturing facilities in the US, floating the possibility of creating an initial
50GWh of annual manufacturing capacity in the country by 2030.
The battery company is currently pursuing another JV with Taiwan-based

manufacturer Aleees to establish localised production of lithium iron phosphate (LFP)
cathodes in the Nordic region and has in place a technology partnership with US
advanced lithium-ion battery tech company 24M.
24M, a spin-off from MIT, has a manufacturing platform called SemiSolid, which
enables low-cost production of batteries with thick electrodes, claiming the
technology can enable higher energy density in batteries as well as robustness.

In June last year Honeywell launched its own battery energy storage system (BESS)
platform, as well as a no-money-down, energy storage-as-a-service offering to the
C&I sector in partnership with sustainable infrastructure solutions company Alturus.
Other related technologies the company has in its range include fire safety systems
marketed through its Xtralis brand, as well as its own flow battery which it launched
in October and which will begin field testing this year.
“Introducing decarbonised storage solutions at scale across multiple geographic

markets is vital to our continued sustainability efforts and in turn, helps to make
renewable energy accessible and efficient,” Ujjwal Kumar, president and CEO of
Honeywell Process Solutions, the company division for industrial automation control
which is also responsible for deploying and servicing battery storage, said in
announcing the agreement with FREYR.
“This collaboration will pair FREYR’s next-generation battery solutions with

Honeywell’s 20 years of lithium-ion battery industry know-how and established
routes to markets and customers.” Source: Energy Storage
United States
Mergers and
Acquisitions to
remain strong in
2022
New York, January 176, 2022 - Deal
volume in North America remained
consistently strong during 2021, with
acquirers closing 614 deals, almost double the 325 deals achieved in the previous 12
months, although they only outperformed their regional index by the narrowest of
margins ...
In 2021, global deal makers achieved their first positive M&A performance for a full
year since 2016, according to latest research on completed deals from Willis
Towers Watson’s Quarterly Deal Performance Monitor (QDPM). Based on share
price performance, companies making M&A deals outperformed the World Index by
+1.4 percentage points on average.
Run in partnership with the M&A Research Center at The Bayes Business School
(formerly Cass), the data also reveal that global activity achieved new highs as
completed deals valued over $100 million reached 1,047 in 2021. This represents a
significant increase over the previous year (674) and is the highest annual volume
since Willis Towers Watson’s analysis began in 2008. Deal volume in North America
remained consistently strong during 2021, with acquirers closing 614 deals, almost
double the 325 deals achieved in the previous 12 months, although they only
outperformed their regional index by the narrowest of margins (+0.5 percentage
points).
For the full year, Asia Pacific deal makers recorded their strongest performance since
2016, outperforming their index by +16.8 percentage points, despite closing only
fractionally more deals regionally compared with 2020 (196 versus 173), as fewer
Chinese acquisitions continued to depress volume levels. European acquirers
outperformed their regional index, showing a positive performance of +3.9
percentage points and 199 deals closed in 2021, up a quarter on 155 deals in the
prior 12 months. UK acquirers have consistently outperformed the FTSE All-Share
index over the past five years, recording a positive performance of +5.7 percentage
points for the year.
“The M&A boom in 2021 looks set to continue, fuelled by abundant investment
capital, strong equity markets and cheap debt, and companies under pressure to
make their businesses greener by hunting for targets with the right climate
credentials,” said Duncan Smithson, senior director, HR Mergers & Acquisitions,
North America, Willis Towers Watson. “M&A data from North America also highlights
the impact that historically high asset valuations, pushed up by competition and
increasing complexity, can have on deal performance. The question is whether prices
being paid now will continue to make sense over time.” Source: CP Practice Advisor, image:
Mergers and Acquisition 1 54298f636f49a
LATEST – BUSINESS FOR SALE IN ITALY

Italian company active in the telecom infrastructure business
Player in the turnkey construction & maintenance of Italian mobile and fixed
telecommunication systems. The company designs, develops and builds telecommunication
networks and systems using state-of-the-art advanced technologies (including related civil
works). It is also active in the management of infrastructure maintenance.

United States
Why Twitter is buying a minority stake in

digital advertising firm Aleph
Aleph said that Twitter’s acquisition would help the company expand its educational tech platform. Image
by Koshiro K/ Shutterstock.com
New York, January 12, 2022 - Twitter has acquired a minority stake in Aleph Group,
the digital advertising firm said Tuesday, the social networking platform’s second
acquisition under the recently appointed CEO Parag Agrawal. The financial terms of
the deal were not disclosed. Jack Dorsey, who cofounded Twitter in 2006 and is CEO
of payments company Square, has an estimated real-time net worth of $8.6 billion
as of January 12, 2022, according to Forbes.
The deal
Aleph in a statement said that Twitter’s acquisition would help the digital advertising
company expand its educational tech platform. The deal comes ahead of Aleph’s
much anticipated listing this year after the company confidentially filed for a US initial
public offering in October last year, said a Reuters report.
“The Group aims to provide digital advertising education, training and certification
to over 50,000 digital professionals in 90 countries worldwide,” Aleph said in a
statement.
Founded in 2005 as IMS Internet Media Services, Aleph’s revenue comes from
helping more than 30 digital platforms connect with advertisers and customers in
emerging markets and counts Facebook parent company Meta Platforms, Spotify,
Snapchat, TikTok and Microsoft’s LinkedIn among its customers.
The digital-media company sold a stake worth $470 million to private-equity firm
CVC Capital Partners last July, valuing the company at $2 billion. Aleph also counts
Sony Group and Latin America e-commerce and fintech MercadoLibre among its
investors after the latter snapped up a stake worth $25 million in August 2021.
Twitter’s acquisitions
Twitter made several acquisitions last year as part of the social networking giant’s
broader strategy to expand and diversify its portfolio. The social media company
acquired Slack competitor Quill last December to help it improve its messaging tools.
As part of the deal, Quill said that its service would shut down as the team integrates
into Twitter.
The company bought news technology company Scroll last May to enhance its
subscription offering. It also acquired Revue, an email newsletter startup in January
last year to attract users who want to make money
from their followers.
After the takeover, the microblogging platform made

Revue’s premium features free for all users and
lowered the paid newsletter fee to help writers retain
more of the revenue generated from subscriptions.
Twitter HQs in San Francisco
The new face of Twitter
Dorsey stepped down as Twitter CEO last November and he was replaced by the
company’s then-chief technology officer Agrawal, as the social networking platform
joined tech giants Apple, Amazon and Alphabet in tapping a company insider for the
top job. A week after taking the reins, Twitter CEO Agrawal reshuffled the company’s
leadership structure across product and engineering, “to drive increased
accountability, speed, and operational efficiency.” Source: Forbes ME

Businesses Opportunities for Sales in the USA
Party & Event Supplies Mega Store
Location: Miami, FL, USA
Price US$3,800,000
Revenues: $2,435,782
Booming Party & Event Supplies Mega Store for Sale in

Miami! Incredible 50%+ sales increase in 2021 vs. 2020. 56%
net income increase in 2020, during COVID! This is a unique
opportunity for an owner operator or investor, willing to
make a solid entry or expand into this booming industry.
This long-established Party Supplies Mega Store is the go-to place for everything related to parties in South Florida.
Click here to read more about this opportunity.
Apparel & Uniform Business

Location: San Antonio, Texas, USA
Price: US$1,800,000
Revenues: US$2,298,564
The business is a leader in a growing segment of the

retail apparel and uniform industry, with a dominant
position in the marketplace and sparse competition.
The strength of the business model is demonstrated by
the fact that the business has been consistently growing
both its top line and bottom line. Even during Covid, the
business was resilient and kept its growth trajectory, remaining stable and very profitable. 2021 is looking out to be
a great year with revenues at par or higher than 2020. Click here to read more about this opportunity.
Bowling and Family Entertainment Center

Location: Aspen, Colorado State Area, USA
Price: US$3,000,000
Revenues: US$2,022,000
Long established bowling and family entertainment

center with up-to-date technology offers steady cash
flow from a consistent and loyal customer base. The
owner of the business owns the underlying real estate
as well and would like to sell the business and the
underlying real estate at the same time. The business
cash flows at $635k (1st half '21 annualized) and is offered at $1mm. The real estate earns $180k/year in rent and is
offered at $2mm. So the combined 2021 annualized cash flow is $815k. Click here to read more about this
opportunity.
VR is CBA’s Alliance Partner in North America

Asean
UOB to acquire Citi consumer banking

business in four ASEAN markets
UOB has agreed to acquire Citi’s consumer banking franchises in
Indonesia, Malaysia, Thailand and Vietnam.
Bangkok skyline
Hong Kong, January 18, 2021 - United Overseas Bank (UOB) announced on Friday
(January 14) that it has entered into an agreement with Citi to acquire the US bank’s
consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam.
The deal will see the Singapore-headquartered institution take over the full suite of
consumer-focussed businesses that Citi had established in the four markets,
including its unsecured and secured lending portfolios, wealth management and
retail deposit businesses, which also includes its credit card division.
According to announcements by both Citi and UOB, the transaction is expected to

finalise between mid-2022 and early 2024, “depending on the progress and outcome
of the regulatory approval process.”
At a press briefing held by UOB on Friday, chief executive officer of UOB, Wee Ee
Cheong, said that the acquisition offered the bank an opportunity to pursue its long-
term vision to gain additional scale in the Southeast Asian region. The management
team added that the Thai market would offer the bank the biggest premium.
Speaking at the briefing, UOB Group chief financial officer, Lee Wai Fai, confirmed
that all-in, the bank would pay approximately S$ 5 billion ($ 3.71 billion) for the net
assets of the the businesses, including a premium of S$915. The deal will see the
transfer of 5,000 members of Citi’s consumer banking staff and the UOB team
confirmed while dismissing any current possibility of cuts, that the bank would focus
on integration of staff.
The transaction constitutes part of an ongoing strategic review announced by Citi in

an SEC filing in April, in which the bank detailed it would redirect investment and
resource to the areas of the business with the greatest scale and growth potential.
A source familiar confirmed with FinanceAsia that the competitive auction process
for the acquisition yielded participation from over 20 institutions. Commencing
immediately after the SEC filing, the first-round of bids took place in June, the second
round in October and the process moved to preferred bidder status in recent weeks.
In total, Citi will withdraw its consumer franchises from 13 markets across Asia and
EMEA. These include Australia, Bahrain, China, India, Indonesia, Korea, Malaysia,
the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The bank instead
aims to pivot its consumer banking effort around four key wealth centres; Hong
Kong, London, Singapore and the UAE, as previously reported. The deal with UOB
follows an agreement in August by National Australia Bank (NAB) to acquire Citi’s
Australia-based consumer banking division for an equity consideration of A$1.2
billion ($881 million), which is due to complete in March, and an announcement in
December that details the bank’s decision to sell its Philippines consumer business
to UnionBank, which is expected to close in the second half of 2022.
At the time of the NAB transaction, a spokesperson for Citi told FA that the bank’s
strategy will see it further invest in its wealth business and continue to support its
institutional clients.

The bank aims to add $150 billion in assets under management (AUM) by 2025,
supported by the recruitment of 2,300 wealth staff to its workforce, including 1,100
relationship managers and private banking staff.
On Friday, Citi announced its full-year earnings for 2021, with its Asia revenues
coming in at $414.7 billion. The source familiar confirmed that in 2021, the bank had
successfully progressed in line with its ambition to invest in its wealth business,
adding several hundred wealth managers to its team.
Credit Suisse is acting as financial advisor to UOB Group on the acquisition, and Allen
& Overy as its legal advisor. Source: Finance Asia
India / United Arab Emirates
Indian
minister says
UAE free
trade deal is
‘nearing
conclusion’
Indian Trade Minister Piyush Goyal
Piyush Goyal delivers upbeat message while meeting 19 top

business and industry associations in India
New Delhi, January 13, 2022 - India’s Minister of Commerce and Industry, Piyush
Goyal, has told the heads of top business and industry associations that a free trade
agreement (FTA) with the UAE is “nearing conclusion”.
Goyal said in a meeting with 19 business and industry associations that the
government was striving to conclude several early harvest agreements with countries
so that their benefits could reach the industry soon.

In comments published by state news agency WAM, he urged industry leaders to be
proactive in giving inputs to the government on matters like FTA negotiations.
“Industry should become more demanding. Business and industry associations

should give suggestions for further decriminalisation of rules and reduction of
compliance burdens wherever feasible,” he said.
He expressed confidence of growth in services exports, in spite of travel and tourism

restrictions caused by the pandemic. “By and large, economic activities are not being
impacted by the current Covid-19 surge,” he added.
Dubai's Burj Khalifa is lit up in the colours of the Indian flag.
In December, India’s Foreign Secretary Harsh V Shringla said India-UAE bilateral

relations will see “extraordinary developments” in the coming months.
Speaking during a visit to the India Pavilion at Expo 2020 Dubai, he said: “There is
a lot more to see in India-UAE bilateral relationship as we progress.
Our relationship is based on technology, finance and energy and today it is further
bolstered by the most important aspect of people-to-people contact.”
He also said FTA negotiations with the UAE were proceeding well.
Indian nationals make up one of the largest population groups in the UAE, a major
source of foreign remittances.
The UAE is seeking to more than double non-oil trade with India to as much as $100
billion over five years as part of efforts to deepen ties with fast-growing economies
beyond the Middle East.
Home to some of the world’s biggest wealth funds, the UAE is looking to reposition
itself as a global hub for business and finance in the face of growing regional
competition from Saudi Arabia.
India is the UAE’s second-largest trading partner, accounting for nine percent of the
UAE’s total foreign trade and 13 percent of non-oil exports.
Toughest times may be over for

India's rupee
During the first half of

2021, bilateral trade
reached $21 billion – a
growth rate of more than
70 percent com-pared to
the first six months of last
year.
Indian nationals make up

one of the largest
population groups in the
UAE, a major source of
foreign remittances.
India is also an important market for UAE airlines Emirates and Etihad. Source: ARABIAN
BUSINESS

Australia
Australia's Lynas posts record revenue on

strong demand for rare earths
A small toy figure and
mineral imitation are seen in
front of the Lynas Rare
Earths logo in this
illustration taken November
19, 2021. REUTERS/Dado
Ruvic/Illustration/File Photo
Sydney, January 19,

2022 - Australia's Lynas
Rare Earths Ltd (LYC.AX)
posted record second-
quarter revenue on
Wednesday, as demand
for metals used in
electric vehicles (EVs)
grew amid a global push for reducing carbon emissions.
The prices of neodymium and praseodymium (NdPr), widely used to make magnets
that power EV motors, have nearly tripled over the past 14 months, as companies
and governments step up efforts to meet climate targets.
Rare earth materials are a group of 17 minerals that are also used in wind turbine
generators, smartphones and military equipment.
"Demand for Lynas products remained very strong during the quarter and favourable
market conditions continued, with customers indicating their expectation of
accelerated demand in the next quarter," Lynas CEO Amanda Lacaze said.
However, shipping delays and disruptions hurt production of NdPr, with output falling
to 1,359 tonnes in the three months to Dec. 31 from 1,367 tonnes a year earlier, the
world's largest producer of rare earths outside China said.
Revenue jumped nearly 70% to A$202.7 million ($145.56 million) for the December
quarter, compared with A$119.4 million a year earlier. ($1 = 1.3926 Australian
dollars). Source: Reuters

Myanmar / Lebanon / Norway
Myanmar junta backs Telenor unit sale

after buyer M1 pairs with local firm
Telenor's logo is seen in central Belgrade, Serbia, March 21, 2018. REUTERS/Marko Djurica
Bangkok, January 21, 2022 - Lebanon's M1 Group will partner with a Myanmar firm
to take over Norwegian telco Telenor's business in the Southeast Asian country after
its military junta sought a local buyer, three sources familiar with the matter told
Reuters.
Telenor, one of the biggest foreign investors in Myanmar, said in July it was selling
its operations there to M1 Group for $105 million, retreating from a country that has
slid into chaos after a military coup in February last year.
Its exit has been mired in difficulties as the junta piles pressure on telecom and
internet companies to install surveillance technology and bars senior executives from
leaving the country.
Military leaders late last year rejected the sale solely to M1.
Instead, they privately approved a partnership between M1 Group and Myanmar's
Shwe Byain Phyu Group, the three sources said. Two of the sources said Shwe Byain
Phyu would be the majority shareholder. They declined to be identified because of
the sensitivity of the matter.
Shwe Byain Phyu is a group of companies with interests in gem mining and petrol
stations. Its chairman, Thein Win Zaw, is a director of Mahar Yoma Public Company,
part of a consortium that has a stake in the military-owned telco Mytel, corporate
records show. He did not respond to a request from Reuters for comment on the
sale and his links to the military.
An October order from the office of junta leader Min Aung Hlaing seen by Reuters
instructed officials at the Ministry of Transport and Communications, the regulatory
body, to reject the sale to M1 Group, which is owned by the family of Lebanese Prime
Minister Najib Mikati. The order did not state a reason but the sources familiar with
the matter said the junta favoured a local buyer. Representatives of M1 Group, which
is based in Beirut, did not immediately answer phone calls from Reuters seeking
comment. A junta representative did not respond to requests for comment. The
decision was not made public, and one person briefed on the matter said it was not
conveyed to Telenor. A spokesperson for Telenor said it was waiting for a response
to its application for regulatory approval of the sale and declined to comment further.
In November, Reuters reported that several Myanmar firms had expressed an

interest in buying Telenor Myanmar’s operations and that M1 had held talks with
Shwe Byain Phyu about a partnership. The two firms made a joint proposal to take
over the Telenor unit that was accepted by the junta leadership a month later, the
industry sources said. Two of the sources said the new venture would be named
Atom.
Surveillance concerns
Activists have expressed concerns that Telenor's exit could deepen the junta's
surveillance of the population. It is one of four telecom operators in Myanmar,
alongside Qatar's Ooredoo, state-backed MPT and Mytel, which is part-owned by a

military-linked company. Activist group Justice for Myanmar called on Telenor on
Friday to suspend the sale. "The fact that Shwe Byain Phyu is a buyer, a
conglomerate with known links to the Myanmar military, deepens the risk to
Myanmar people, whose personal data is exposed through the sale," spokesperson
Yadanar Maung told Reuters. Telenor has said its handover to a new buyer would
include all assets, including call data records, in accordance with licence obligations.

Reuters found last year telecom and internet service providers had been secretly
ordered in the months before the coup to install intercept technology that would
allow the army to eavesdrop on the communications of citizens. Telenor said in
September it was pulling out of the country to avoid European Union sanctions after
“continued pressure” from the junta to activate the technology.
Since the Feb. 1 coup, Myanmar security forces have killed more than 1,400 people
and arrested thousands to try to crush opposition, the non-governmental
organisation Assistance Association for Political Prisoners said. The junta disputes
the casualty figures.
The military seized power alleging widespread fraud in a November 2020 election
won by a landslide by the civilian government led by Aung San Suu Kyi. International
and local monitoring groups said there were no major irregularities with the vote.
The junta has imposed nationwide and regional shutdowns of mobile data, making
it harder for democracy activists to organise protests. It also issued a confidential
order in July restricting senior foreign telecom executives from leaving the country
without permission. Source: Reuters
Latest Purchase Mandate 23.01.2022

One of our clients, a boutique private equity house funded by high-net-worth individuals,
is keen to focus predominantly on some overseas investments.
The executives retired a few years ago from a very large PE fund (which they founded)
and have continued to do investments on their own. They are experienced in overseas
funding (mainly the UK, USA, and Australia), but also like the idea of investments in small
to medium private companies in Holland or Germany (no other European countries),
with enterprise values of between Euro 2 million and Euro 20 million.
They look for businesses that would have significant growth capability with the
introduction of new capital and where the companies have some form of competitive
advantage and global ambitions. They would not be active in the business, other than for
occasional board and strategy meetings.
They are industry agnostic – just looking for high potential companies in growth industry
that are run by enthusiastic, energetic, and competent owners/leaders. importantly,
they are keen to back existing owners/management and not buy 100% of the equity, as
they are unable to provide their own leadership personnel.

Australia
LGT Group acquires Crestone Wealth

Management
Sydney, January 20, 2022 - BigLaw firm Corrs Chambers Westgarth has advised LGT
Group on its acquisition of Crestone Wealth Management for $475 million.
Firm: Corrs Chambers Westgarth (LGT Group).
Deal: Global family-backed private banking and asset management group LGT has
acquired Crestone as it looks to expand its global presence and enter the Australian
market. The transaction, which is subject to Crestone shareholder and regulatory
approvals, is expected to complete in the first quarter of 2022.
Value: $475 million; Area: M&A.
Key players: The matter was led by partner Felicity Saxon, who was supported by
Justin Fox, Russell Philip, Katrina Sleiman, Fadi Khoury, Jack de Flamingh, Andrew
Leadston, Mark McCowan, Cameron Rider, Simon Mifsud, James Morley, James
North, Patrick O’Grady, and Steven Rice.
Deal significance: Speaking about the acquisition, Ms Saxon said: “This is a

significant deal which gives LGT Group an important foothold in the attractive
Australian wealth management market.
“As a complex cross-border transaction,

tapping into the expertise from across Corrs
has been crucial.”
LGT Private Banking chief executive Olivier de

Perregaux said: “Crestone has a successful
entrepreneurial team, an attractive client
franchise and very promising further growth
prospects. Olivier de Perregaux
“This makes it an excellent strategic and cultural fit for LGT, and the intended
transaction allows us to extend our already strong position in the Asia Pacific region.
We very much look forward to welcoming Crestone, its employees and its clients to
the LGT family.” Source: LawyersWeekly
Singapore / Indonesia
Singtel, Grab acquire minority stakes in

Indonesian bank
A woman using a mobile phone walks behind a Singtel signage at their head office in Singapore February
11, 2016. REUTERS/Edgar Su
Singapore, January 21, 2022 - Singapore Telecommunications (STEL.SI), Southeast

Asia's largest telecoms firm, and ridehailing-to-payments firm Grab Holdings Ltd ,
have each bought a 16.3% stake in PT Bank Fama International to pursue banking
opportunities in Indonesia.
Indonesian conglomerate Elang Mahkota Teknologi Tbk (EMTK.JK) (Emtek), the

majority owner of the bank, said on Friday that it sold the stakes to units of Singtel
and Grab to "accelerate and expand business growth" of Bank Fama.
In a statement to the Indonesian bourse, Emtek said that once the share issuance
is completed, it will end up owning 62.76% in the bank, while another firm will own
just under 5%.

Singtel and Grab are each paying 500 billion rupiah ($35 million) for their individual
stakes. Emtek owns the stake in Banka Fama through a fully owned unit.
Grab, Southeast Asia's biggest ride hailing and food delivery firm and operator of a
fast-growing financial services business, confirmed it had bought a minority stake in
Bank Fama.
Regional consumer tech groups are expanding in Indonesia, Southeast Asia's largest
economy - home to more than 1,500 mostly rural banks operating across the vast
archipelago of about 270 million people.
Sea's (SE.N) e-commerce arm Shopee bought a bank last year, while payments and
ridehailing group Gojek bought a stake in Bank Jago (ARTO.JK).
Earlier on Friday, Singtel said one of its wholly owned subsidiaries had acquired 2.4
billion new shares in Bank Fama, for $35 million. Singtel, which has been expanding
outside its traditional telco business, has a digital banking joint venture in Singapore
with Grab. The joint venture has also applied for a digital banking licence in Malaysia.
($1 = 14,335.0000 rupiah). Source: Reuters

Japan / Thailand
Japan's Nippon Steel buys Thai

steelmakers in $763m deal
The logos of Nippon Steel Corp. are didplayed at the company headquarters in Tokyo, Japan March 18,
2019. Picture taken March 18, 2019. REUTERS/Yuka Obayashi
Tokyo, January 21, 2022 - Japan's Nippon Steel said it will buy two electric arc
furnace steelmakers in Thailand in a deal worth up to $763 million, as it seeks to cut
its reliance on blast furnaces that use coking coal and emit carbon dioxide.
The deal on Friday by Japan's biggest steelmaker is also aimed at securing iron-
making bases in the growing market and expanding overseas business to offset
falling demand in its home market, with its ageing and falling population.
"Our aim is to become an insider as a local integrated steel mill in Thailand and
capture growing demand for hot-rolled steel sheets," Takahiro Mori, executive vice
president at Nippon Steel, told a news briefing.

Nippon Steel will pay $419 million to buy a 49.99 stake in
Thai steelmaker G Steel PCL (GSTEEL.BK) and a 40.45%
stake in G J Steel PCL (GJS.BK), including debt, from a fund
managed by Ares SSG.
The Japanese company will then launch a tender offer to

buy the remaining stake, which will cost up to $344 million,
bringing the total acquisition cost to up to $763 million.
The tender offer price for G Steel is 0.27 baht ($0.0082) a

share and for G J Steel it is 0.59 baht.
Takahiro Mori, executive vice president at Nippon Steel
The world's No.5 steelmaker said in March that it may buy integrated steel mills in
China and ASEAN countries to boost its global crude steel output capacity to 100
million tonnes.
By buying the two steelmakers,

which have production capacity of 3
million tonnes, Nippon Steel's global
capacity will rise to 69 million
tonnes.
Nippon Steel is boosting capacity at

its Indian joint venture with
ArcelorMittal (MT.LU) and building
an electric furnace at its U.S. joint
venture with ArcelorMittal.
Nippon Steel’s Hikari Area Yamaguchi Works
"To achieve our goal, we'll need another one or two production bases," Mori said,
adding it will keep tabs on brown-field M&A deals in ASEAN. ($1 = 32.9800 baht).
Source: Reuters

United Arab Emirates
Dubai property market breaks 12-year

record in 2021, value of sales
transactions peaks at $41.1bn
2021 saw a 74.77 percent rise in sales transaction volume and
an increase of 110.19 percent in value compared to 2020, latest
data by Property Finder indicates
Dubai, January 13, 2022 - Dubai’s real estate market broke a 12-year record in 2021,
with the value of industry sales transactions reaching AED151.07billion ($41.1bn),
according to the latest data by Property Finder.
The past year saw a 74.77 percent rise in sales transaction volume and an increase
of 110.19 percent in value compared to 2020, as well as an increase of 55.47 percent
and 90.10 percent in volume and value compared to pre-Covid times, such as in
2019.
In 2021, 59.6 percent of all transactions were for secondary/ready properties and
40.4 percent were for off-plan properties. In terms of the volume of sales
transactions, the off-plan market transacted 24,761 properties worth a total of
AED45.5bn ($12.4bn) and the secondary market transacted 36,480 properties worth
a total of AED105.56bn ($28.7bn), the highest secondary real estate sales
transaction value since 2008.
The fourth quarter of 2021 recorded a total of 17,942 transactions worth

AED46.75bn ($12.7bn), in which both volume and value of transactions peaked at
their highest since Q4 2013.

Dubai eyes more investment amid slower economic growth
In Q4 2021, 55.9 percent of all transactions were for secondary/ready properties and
44.1 percent were for off-plan properties. In terms of the volume of transactions,
the off-plan market transacted 7,913 properties worth a total of AED16.92bn
($4.6bn) and the secondary market transacted 10,029 properties worth a total of
AED29.82bn ($8.1bn).
“Despite the fact that many decided to travel for the first time in over a year during
the holidays, Q4 didn’t seem to see a slowdown in sales transactions. Investor
sentiment remains strong, demand is still very high, and supply is dwindling. This
has put upward pressure on prices as they still continue to rise and will most likely
continue into H1 of 2022,” said Lynnette Sacchetto, director of research and data at
Property Finder.
Expo 2020 was also cited as a key factor impacting Dubai’s real estate market, with
a total of 17,942 sales transactions worth AED46.75bn taking place since October
2021, the highest volume and value the market has transacted during a quarter in
over eight years.
When compared to Q4 2020, the last quarter of 2021 witnessed a 64.12 percent rise
in sales transaction volume and an increase of 114.74 percent in value. When
compared to pre-Covid times such as Q4 2019, Q4 2021 showed an increase of 47.53
percent in volume and an increase of 97.59 percent in value.

Comparing Q4 to Q3 2021, the volume of off-
plan transactions increased by 14.53 percent and
the secondary/ready property sales transactions
increased by 11.22 percent. The value of off-plan
sales transactions increased by 25.38 percent
and the value of secondary sales transactions
increased by 3.36 percent.
Lynnette Sacchetto, director of research
and data at Property Finder.
Property Finder, the real estate website for residential and commercial properties,
also reported a surge in off-plan sales transactions in Q4, reflected in the fact that
this is the highest volume and value of off-plan sales transactions in a given quarter
since Q1 2010. Source: ARABIAN BUSINESS
Saudi Arabia
Al Qatif beach in
Eastern Province
sold at $1bn in
KSA’s ‘largest real
estate transaction’
Saudis stroll near the beach at the eastern Gulf
coast town of Qatif March 12, 2011. (File/Reuters)
Riyadh, January 3, 2022 - A five-million-square-meter beach in Saudi Arabia’s

Eastern Province has been sold for over SR4 billion ($1 billion), in what was described
as one of the largest real estate transactions in the Kingdom.
Saudi Real Estate Contributions Commission, known as Tasfiah, has concluded the
sale of the Al Qatif beach in a public auction in the governorate of Al Khobar, the
Saudi Press Agency reported. The beach covers more than 5 million square meters
on Tarout Island, one of the oldest settlements in the Arabian gulf. Tasfiah has so
far reached a total of SR15 billion as a return to shareholders through its public
auctions and sale of land contributions. Source: Reuters

Egypt
Government works
on turning Sharm El-Sheikh
into green city
Egyptian tourism sector will be environmentally friendly
Cairo, January 23, 2022 - Egypt’s Ministries of Environment and Tourism are
cooperating to implement a sustainable tourism strategy and transform Sharm
Sharm El-Sheikh into a green city, according to a Sunday Cabinet statement.
This came during a meeting between Minister of Environment Yasmine Fouad and
Minister of Tourism and Antiquities Khaled El-Anany on the preparations for the 27th
Conference of Parties on Climate Change (COP 27) in Sharm El-Sheikh.
Fouad said that the meeting tackled measures to implement environmental

standards in hotels, restaurants, and the eco-hostel guide.
The minister explained that the meeting also dealt with the measures that will be
taken to raise the efficiency of hotels within Sharm El-Sheikh and the steps for them
to obtain the green mark.
Minister of Tourism and Antiquities Khaled El-Anany and Minister of Environment Yasmine Fouad
The meeting also dealt with preparations for eco-tourism trips that will be
implemented for delegations to visit archaeological sites in Egypt during the summit.
These trips will extend outside Sharm El-Sheikh to Luxor, Aswan, and Cairo.
Furthermore, Fouad stressed the importance of the global promotional campaign

that the ministry is currently implementing, which presents Egyptian success stories
in the field of addressing climate change and highlights the transformation of Sharm
El-Sheikh into a green city, which will encourage eco-tourism in Egypt during the
coming period.
For his part, El-Anany stressed the full readiness and keenness of the ministry and
the entire Egyptian tourism sector to make every effort to contribute to the success
of the COP 27. “Just as our ancient ancestors respected the environment, we are
following in the footsteps of our ancestors to achieve sustainability for future
generations,” El-Anany added.
He explained that an action plan is being developed to transform Sharm El-Sheikh

into a green, environmentally friendly city. This will be achieved after all the hotels,
tourist facilities, and diving centres obtain the green certificate from one of the
approved international or local bodies.
He added that work is underway to convert the various types of licensed tourist
vehicles that operate within the city of Sharm El-Sheikh into environmentally friendly
energy-powered vehicles. Source: Daily News Egypt
United Arab Emirates
Sheikh Mohammed opens $107m Infinity

Bridge in Dubai
Dubai, January 14, 2021 - Infinity Bridge consists of six lanes in each direction in
addition to a combined 3-metre-wide track for pedestrians and cyclists
Dubai, January 14, 2021 - Infinity Bridge forms a key component of Al Shindagha
Corridor Project spanning 13km along Sheikh Rashid Street, Al Mina Street, Al
Khaleej Street and Cairo Street. Source: Arabian Business
➢ Watch the video: https://www.youtube.com/watch?v=m8PsV5wk9gA

Qatar
Qatar opens World Cup ticket sales with

top seats costing $1,598
Scheduled to start on Nov. 21, this year’s World Cup – moved
from the summer because of heat – may prove to be the first
major sporting event open to global fans since the start of the
Covid-19 pandemic
Lusail-Stadium-Qatar-2022
Doha, January 20, 2022 - Fans can start applying to buy tickets for the FIFA World
Cup in Qatar, with a prime seat for the final priced at 5,850 Qatari riyals ($1,598).
Ticket applications opened on Wednesday for the world’s biggest soccer tournament,
which starts in November. A seat for a group-stage match starts at 250 riyals for
international visitors, but Qatari residents will get special discounts and can pay as
little as 40 riyals. The current sales round runs through Feb. 8.
Scheduled to start on Nov. 21, this year’s World Cup – moved from the summer
because of heat – may prove to be the first major sporting event open to global fans
since the start of the Covid-19 pandemic. Both Japan and China decided to bar
international visitors from the Summer and Winter Olympics. Source: Arabian News

:::::::::::::::::::::::::::::::::::: brief ME news ::::::::::::::::::::::::::::::::::::
Porsche Middle East’s order book bulges to

highest in a decade
Luxury car maker forecasts strong 2022 on

back of nearly 7,000 deliveries last year.
Dr Manfred Braeunl,
CEO at Porsche Middle East and Africa
Prince William to make first official visit to

the UAE in February
Duke of Cambridge’s visit will coincide with

the UK National Day being held at Expo 2020
Dubai on February 10.
Canadian province opens Dubai office to

chase new trade opportunities
New trade and investment office is launched
as Saskatchewan is the UAE’s largest supplier
of canola seed and lentils.
Reasons to be cheerful about the Saudi

economy amid pandemic gloom
IHS Markit forecasts that Saudi Arabia will see

11% growth in Q4, the best performance of all
G-20 countries.

Dubai rents see biggest rises since 2014 as
villa demand continues
ValuStrat says its index for residential rents

grew 18.9% annually in Q4 and 6.7% on
quarterly basis.
How Saudi Arabia, South Korea plan to

build on $25bn trade relationship
Saudi-Korean Business Forum sees 13

investment agreements in areas such as clean
energy, manufacturing, healthcare and life
sciences.
Steigenberger Porsche hotels set for Saudi

debut after Tourism Development Fund
deal
Deutsche Hospitality set to develop and
operate luxury hotel brand in the kingdom
following agreement. The luxury Steigen-
berger Porsche Design Hotels will feature the
Porsche lifestyle design coupled with
Steigenberger hospitality and service quality.
UK private credit manager opens Dubai

office to launch Gulf growth
Pemberton, which has nearly $16 billion of

assets under management, is seeking to
attract new clients in the Middle East.

Revealed: The most popular places to
rent properties in Dubai
Zoom Property Insights says Jumeirah Village
Circle remained the most popular affordable
destination in Dubai during 2021.
Saudi banking giant Al Rajhi issues $1.7bn

sukuk amid high investor demand
Chairman says issuance marks the largest by
a financial institution in the kingdom
Saudi Arabia's economy is rebounding from
the impact of the coronavirus pandemic.
UPS using Expo 2020 Dubai as testing

ground for sustainable logistics
UPS is testing three new technologies at Expo
2020, including lightweight electric vehicles,
e-assist quad cycles, and a circular power
supply solution.
For Goldman, Saudi Arabia will remain king

of Mideast IPO deals
Tadawul All Share Index is up 8 percent this

year, making it one of the world’s best
performers, data compiled by Bloomberg
show. Saudi Arabia will remain the busiest of
the Middle East’s stock markets, even as the
UAEs pushes more companies to go public,
according to Goldman Sachs Group Inc.
Source: Arabian Business

South Africa
South African cannabis company details

expansion plans following R300 million
cash injection, including Europe and US
JSE-Listed investment holding company Labat Africa says it is

diversifying its healthcare offerings through large-scale
acquisitions and retail expansion.
Johannesburg, January 19, 2022 - The company has acquired a 100% share in
Miami-owned CBD lifestyle brand Echo Life which comprises a diverse FMCG product
portfolio and has obtained exclusive rights to distribute American pre-rolled hemp
smokable Ace & Axle as well as its other products.
Labat listed on the Johannesburg Stock Exchange in 1996, repositioned and made a
strategic shift to become a fully integrated cannabis healthcare company in 2019.

In December, the group announced a R300 million cash injection from California-
based GR Global Ventures in exchange for ordinary shares, funds of which will be
allocated over a three-year period.
Echo Life and Ace & Axle will form part of Labat’s retail portfolio that already includes
Cannafrica, a medicinal and luxury CBD lifestyle brand with three outlets in South
Africa, an online store and three additional stores opening in the coming months. In
addition, e-commerce exists for Cannafrica, Echo Life and Ace & Axle, respectively,
it said.
According to Labat’s group executive for Business

Development, Herschel Maasdorp, the company’s expans-
ion presents potential investors with a unique opportunity to
diversify their stock portfolios as it comes with solid growth
prospects.
“Labat is a first mover in the cannabis economy and a

market leader. We are involved across the value chain in the
cannabis industry, from farming and manufacturing to
beneficiation, distribution and, more recently, retail.” Herschel Maasdorp
Labat said it is going into the market with retail products that are compliant with
health regulators.
Cannafrica’s products, which include cannabidiol medicinal drops, edibles, and

supplements, are aligned to South African Health Products Regulatory Authority
(SAHPRA) regulations whereas Echo Life adheres to standards set out by the US
Food & Drug Administration (FDA), it said.
Retail leap
Labat said it entered into retail in the thick of the Covid-19 pandemic when it opened
its first of three Cannafrica stores in Cape Town in October 2020.
It has since evolved the Willowbridge Cape Town store into a retail 2.0 offering,
which is South Africa’s first cannabis experience store and has also opened additional
outlets in Johannesburg and Hartbeespoort as well as an online store.
“The pandemic placed a premium on wellness and self-care,” said Maasdorp. “CBD’s
popularity rose because it showed that it can contribute towards promoting
homeostasis by boosting endocannabinoid activity and therefore enhance immunity.”

Springboard into retail in Europe and US
Cannabis is transforming from a back-alley product to a sophisticated legal

commodity. Labat Healthcare CEO, Stanton van Rooyen, said that the transition of
cannabis from the informal sector to a formal economy enhances the group’s retail
business, while it also offers a springboard to Europe and the USA through the FSE
listing and its deals with American-based products. “Labat’s responsibility is to ensure
that we take the proposition of South Africa – with its quality raw materials and
processing capabilities – to the globe by being part of the largest capital markets in
Europe and the USA,” said Van Rooyen.
According to Statista, the US is the globe’s biggest and most sophisticated cannabis
market valued at US$61-billion (R927-billion). Recreational cannabis alone is
predicted to exceed $40-billion (R619-billion) in annual sales by the year 2026, he
said.
Prohibition Partners, a cannabis market think-tank, predicted that Germany will

continue to lead the European cannabis market as over a million German patients
will have access to medical cannabis by 2024, and the German medical market alone
will be worth €7.7 billion (R135-billion) by 2028.
Van Rooyen believes Labat’s global footprint can be extended largely through its
retail portfolio.
“It is evident that for us to engage

the cannabis economy on a global
stage, partnering with and acquiring
international retail brands remain an
integral part of our strategy. This will
give us the opportunity to broaden
our retail reach to international
consumers as well as bring quality
international products to South
Africa.”
The group lists on the Frankfurt Stock Exchange (FSE) in 2021

JSE-Listed investment holding company Labat Africa has listed its shares as a dual
listing on the Frankfurt Stock Exchange (FSE).
Labat listed on the Johannesburg Stock Exchange in 1996, repositioned and made a
strategic shift to become a fully integrated cannabis healthcare company in 2019.
Labat Africa chief executive officer, Brian van Rooyen,
said: “The FSE listing is an exciting move for the group.
It comes off the back of Germany’s new coalition
government planning to legalise cannabis for medicinal
and recreational purposes.
“The FSE listing will allow us to accelerate our cannabis

goals in the European market, particularly now with
robust negotiations currently underway in the growing
cannabis economy of the European economic power-
house, Germany.” Brian van Rooyen, Labat’s CEO
Germany, Labat said, is set to legalise cannabis nationwide after major parties
reached an agreement. There will also be provisions related to advertising, with the
intent being to restrict the promotion of cannabis, tobacco and alcohol to deter youth
use, it said, citing Der Spiegel.
“This reform has been a long time coming in Germany. The timing was strategic for
us, we intend to capitalise on the proverbial first-mover advantage, while also taking
advantage of the receptive and bullish European investor climate,” said van Rooyen.
Labat Africa has secured funding from California based GR Global Ventures (GRGV).
GRGV has committed to invest an amount of up to R300 million over the next three
years in cash for equity in exchange for new ordinary shares in Labat Africa.
The Capital Commitment will be drawn down by Labat Africa by way of capital calls
which the company has the right to exercise with the timing and pricing at Labat’s
sole discretion, subject to trading volumes and pricing in accordance with the JSE
Listings Requirements.
As part of the Capital Commitment, GRGV is

also entitled to receive warrants for up to 30
million new Labat Africa ordinary shares at an
exercise price of ZAR0.50 per ordinary share
representing more than a 100% premium on
the current Labat Africa trading price.
Cannabis plant in the Cape
Labat Healthcare Group Executive, Herschel Maasdorp, said: “We expect that the
funding will enable the business to successfully navigate tough South African trading
conditions and secure a prime spot for the business in the growing cannabis sector,”
Maasdorp adds. Source: BUSINESSTECH
Cameroon
Entrepreneur
returns home from
Europe to start
fintech company
Serge Boupda, CEO of Diool
Douala, January 13, 2022 - Africa may be known as a mobile money hotspot but that
was not Serge Boupda’s experience whenever he returned home to Cameroon.
Instead, he found that merchants preferred to be paid with old style-cash. So he
moved home and founded a fintech start-up in an attempt to change
behaviours. He may be succeeding.
Serge Boupda was getting tired of having to fork out odd amounts of cash every
time he bought anything in his hometown of Douala. After studying and then working
abroad for more than 15 years, he returned to Douala often to visit family. Each time
he did so, however, the old irritation crept in … why were vendors still using cash?
Then, he stopped wondering and started doing. He moved home and founded Diool,
a fintech start-up. The company recently attracted a multimillion-dollar investment.
“(The) Diool idea simply came from the frustrating experience of not being able to
purchase an item with anything other than cash when I was in Cameroon,” Boupda
explained in an interview with bird.
“In Europe, where I was living, there are so many means of payment – credit cards,
cheques, etc. – that one can use. I rarely had an occasion to pay with cash. But
here, things were quite different. Only cash payments were accepted. When you
don’t have enough cash and you want to buy something, you cannot use your credit
card or anything similar, you have to go to a bank to withdraw some money, which
is very frustrating.” He found that the reason merchants preferred cash was
technical, rather than due to any societal resistance to innovation. “We discovered
that as simple as it seems to the average mobile money user, the management of
cash flows may turn out to be a real headache for the seller when payments take
place simultaneously on different digital payment services,” Boupda said.

“The reconciliation of a great number of payments issued through a variety of mobile
money services, as well as other cash sources like banknotes and coins, cheques,
and other kinds of tools, is a very complex and time-consuming process, while the
risk of making mistakes when reporting figures is very high,” he explained further.
And that was how the concept of a solution integrating those multiple services into
a unique or single platform was born.
“Diool is a digital platform whose aim is to allow merchants to pay their suppliers or
to be paid by their customers whatever the means of payment used by the latter,”
Boupda said.
The most exciting part of this venture is not the marketing of a new product, but the
challenge of sparking behavioural change simply by ensuring that merchants know
there is an opportunity to shift out of their old habits, according to Boupda.
The start-up’s founder and CEO said the mission he had set himself would have been
far more difficult if the solution had simply been imposed using a design from
elsewhere. Avoiding that sort of patronising thinking allowed him to design
differently, for a specific situation. That is a crucial element, he believes, when
engaging with merchants who are particularly conservative in their work procedures.
“Instead, the good method is to think and design solutions from the point of view of
the local user, that is to say the merchant. Show him where there is a trouble, and
how you will put an end to that trouble, and you will see that as conservative as he
might be, he will welcome your product,” he explained.
Boupda believes that Africans are generally highly receptive to innovation – as long
as the offering has relevance.
“Africa is the right place for innovation, no one should fear to propose innovation to
Africans. They will embrace technology and innovation every time they see there is
a benefit. The core problem is the usage for which you are proposing the product.”
Starting work in 2015, the core product app took several years to design – years that
included several missteps before the final version of the app was ready. The lesson
Boupda and the team at Diool learned: don’t rush into things.
“We took our time to build an architecture capable (of) supporting the service. We
took time to ink partnership agreements with telecommunication companies, with
partner financial institutions, we also took time to comply with the regulation. Only
then you can go out with a marketable fintech solution and start to sell it,” he said.

Some Diool staff members at the start-up premises in Douala.
Boupda said he doesn’t regret taking the risk of dropping a dependable job, regular
income and comfortable life in Europe to return home and start a business from
nearly scratch.
He believes that if Africans don’t take the risks required to build their economies, no
one else will, either.
“Let us say the truth, to build a business in Africa is particularly a difficult process
but on the other hand, only we Africans can understand how things work here and
how to make it. There are so many opportunities here in Africa and I think that those
opportunities are made for us Africans.”
In 2021, the start-up received 2.5 million euros from a new investor, becoming one
of the most funded fintech companies in Francophone Africa, an indication that
Boupda’s efforts have met with initial success.
From their Douala-based headquarters, the Diool team is now looking to the future
with great optimism, according to Boupda, as the company rolls out its service across
Cameroon and West Africa. Source: How we made it in Africa

No bidders for Rome villa with world's
only Caravaggio mural
Rome, January 18, 2022 - An
online auction for a villa in
central Rome, which has the
only known ceiling mural by
Italian baroque artist
Caravaggio, failed to draw any
bidders on Tuesday, meaning
it will now be offered at a
discount.
Princess Rita Boncompagni Ludovisi

poses for a photograph outside Villa
Aurora, REUTERS/Remo Casilli
The property was put on the market following a

drawn-out inheritance dispute and was initially
valued by court-appointed experts at 471 million
euros ($533 million), making it potentially one of the
most expensive homes in the world.
The minimum bidding price was set at 353.25 million

euros, but there were no takers, and the sale was
called void by a judicial auction website
www.fallcoaste.it.
A view of the "Jupiter, Neptune and Pluto" painting by Carvaggio, the Italian master's only ceiling mural,
inside Villa Aurora, a building up for auction in January with an opening bid set at 471 million euros, in
Rome, Italy, November 16, 2021. REUTERS/Remo Casilli – see next page ….

The building boasts Caravaggio's only ceiling mural, which is up for auction in
January with an opening bid set at 471 million euros, in Rome, Italy, November 16,
2021. The villa will be put up for sale again on April 7, with the price due to be cut
by some 20%, Italian media reported.
Under Italian law, properties that fail to find buyers at court-ordered auctions can be
placed back on the block with a discount of up to 25%. There was no immediate
comment from the Rome tribunal auction authority. read more
Caravaggio was commissioned to paint the ceiling of a small room on the first floor
in 1597. The 2.75-metre-wide mural was painted in oil directly onto the plaster and
depicts an allegorical scene with the gods Jupiter, Neptune and Pluto representing
the transformation of lead into gold. Caravaggio painted his own face and body on
each of the three figurines. The mural alone is valued at 310 million euros.
The walled villa is what is left of a country retreat established in the 16th century by
Cardinal Francesco Maria Del Monte and sold to its current owners, the noble Ludovisi
family, in the early 1600s. Following the death of Prince Nicolo Boncompagni Ludovisi
in 2018, the property became the target of a legal dispute pitting Ludovisi's children
from his first marriage against his third wife, Princess Rita Boncompagni Ludovisi,
who was born and raised in Texas but has lived in the villa for 18 years. ($1 = 0.8829
euros) Source: Reuters

82-MA NEWS - February 2022 -
lastLuxury quintas in Portugal for sale
Quinta in Caia - São Pedro - Alcáçova. Elvas, Portalegre
Quintas were originally country estates or manor houses with rustic charm,
surrounded by extensive grounds with manicured gardens or farmland. Nowadays,
they are true luxury properties that make many dreams of a life of nobility with their
special features and exquisite furnishings. Sure, these country estates are only
affordable for a few of us, but after all, it costs nothing to dream.
If you have always imagined yourself living on a farm or

estate like the ones you see in the movies, with huge
houses, large lounges, wine cellars, swimming pools,
incredible gardens, and farmland, then we have the perfect
thing for you.
Palace in Paço de Arcos - Terrugem. Oeiras, Lisbon
In Portugal there is a class of property called quintas, essentially large country

estates, with gorgeous rustic houses and lots of land. Whether you're just curious to
imagine what your life would be like on a luxury quinta, or you really want to invest
in an estate, these houses meet all the requirements. Secluded from the clutter of
the city, and close to nature, they are all luxurious and charming homes. Discover
the best luxury quintas in Portugal and, whether to daydream or to invest, find the
house you're looking for. Source: idealista news
Sharjah’s Arada forays into Dubai
property market with a $65m land deal
Arada’s investment comes amid a rebound in the Dubai property market. Image: Giuseppe CACACE/ AFP
Dubai, January 17, 2022 - The UAE property developer Arada has forayed into the
Dubai property market with a $65.4 million (AED 240 million) acquisition of the
remaining beachfront land plot on the Palm Jumeirah from Nakheel, marking the real
estate firm’s first project outside Sharjah.
Arada, which ranked 37th on Forbes Middle East Top 50 Real Estate Developers in
MENA 2021 list, reported a 38% increase in sales last year amid a recovery in the
UAE property market.
The land deal
The Sharjah-based real estate firm said that the design work on its mixed-use project
on Palm Jumeirah has already begun and the sales launch is scheduled to take place
in the third quarter of 2022. The 20,500-square meter project, located on the Palm’s
east crescent, will include residential, leisure and hospitality components.

Arada earlier this month said that it recorded sales of $656 million (AED 2.41 billion)
in 2021, a 38% increase compared to the same period last year driven by new project
launches and a resurgence in the overall property market across the Gulf state.
The company sold 2,488 units in 2021, completed home 1,200 units and awarded
contracts worth $381 million (AED 1.4 billion). Meanwhile, the developer aims to
deliver 4,000 units this year.
Founded in 2017, the property developer launched the $2.2 billion (AED 8 billion)
upmarket and gated Masaar community project in Sharjah in January 2021. With 19
million square feet and 4,000 units, the project will be delivered in phases from 2023
until 2028. The company’s other projects include Aljada, Sharjah’s largest ever
mixed-use megaproject where 5,000 units are currently under construction and
Nasma Residences.
Crucial quote
“The time is right for us to invest in Dubai,

given the strong performance of the market
during the course of 2021 and the
impressive steps the Government has taken
to increase interest in this sector,” Ahmed
Alkhoshaibi, Group CEO of Arada, said in a
statement.
Ahmed Alkhoshaibi,
CEO of Arada
Market rebound
Arada’s investment comes amid a rebound in the Dubai property market. The sector
has received a boost from the UAE’s handling of the COVID-19 pandemic as well as
economic initiatives that were unveiled by the federal government to attract new
businesses, foreign investment and enhance recovery.
Alpha Dhabi bought an additional 17% stake in Aldar Properties as the Abu Dhabi-
based conglomerate increased its holding to 29.8% after it snapped up a 12.8%
stake in the UAE’s biggest listed property developer in March 2021.
Last October, S&P Global said that the strong rebound in demand for residential real
estate in Dubai has largely benefited premium developers with a surge in presales
and price improvements. “Prices have risen for the first time since the decline
initiated in 2015,” said S&P Global.

Property consultancy firm Knight Frank in November last year said that residential
property prices in Dubai soared 21% to $336 (AED 1,235) per square foot in the first
10 months of 2021. Meanwhile, the latest data from Dubai Land Department shows
that the number of property transactions in the emirate surged by 88% to $36.5
billion (AED 134 billion) during the first 11 months of the year. HSBC last June also
forecasted that a surge in demand for larger homes during the pandemic would
further boost Dubai’s property market, echoing the sentiments of analysts at Morgan
Stanley, who also expect the rally in property prices to last for several years. Source:
Forbes ME
Incredible Beach Resort Unique 16th Century Mansion Palace in Venice
Castle in Umbria Feudal villa in Tenerife Spectacular villa in Javea

Differentiating buyers that
are strategic from those that
are financial
by Baris Guler, Managing Broker,
VR Mergers & Acquisitions in Boca Raton, FL
A company that’s looking to divest to a buyer will have to examine whether they
should seek out one that’s either strategic or financial. In these current times where
capital is following, there are reports of companies being sold for extravagant sums
to strategic buyers. Those entrepreneurs looking to invest in a company often find
that strategic investors recognize higher valuations than the venture capitalists, who
are more financially oriented.
To understand the difference between the two, a strategic buyer believes that your
business will help make theirs perform better, whereas a financial buyer focuses on
the economic value that your business will create on its own. In most cases, strategic
buy will pay more and occasionally buyer when no one else will.
Locating Strategic Buyers
The best way to find a strategic buyer for your company in North America is to
consult with a VR M&A advisor. We will assist you in finding qualified candidates
through identifying possible synergies such as:
Vertical
Integrating vertically allows the buyer to bring its solution to industries, in which the
seller currently focuses.
An example is a larger executive-recruiting company that acquires a business

specializing in executive recruiting for the health care industry.

Horizontal
Integrating horizontally allows the buyer to bring its solution to the market, in which
it currently focuses. A marketing company, for example, might acquire a Web
developer so it can provide Internet-based solutions to its established clients and
prospects.
Channel
The strategic buyer has a sales channel that can easily adopt the acquired company’s
products. As a result, the buyer will have more to sell to existing customers.
Capacity
The acquiring company has an unused capacity that can be filled with the target
company’s product. For example, the manufacturer can make the acquired
company’s products in its existing factories without adding new real estate or
additional equipment.
Geographic
The seller gives the buyer access to its strongest geographic markets. For example,
an office-furniture distributor headquartered in Chicago acquires a similar business
based in Detroit.
Operational efficiency
The buyer may be able to operate the combined business at a higher margin by
eliminating redundancies. For example, a bank may acquire a competitor and
eliminate 15% of back-office costs by combining staff.
Time to market
The buyer quickly needs what the seller has to fill a strategic gap in its product line.
VR is CBA’s Alliance Partner in North America.

Succession planning: These requirements
you should meet as a future boss
Joining an existing company offers numerous advantages. To
take advantage of them, you should meet the following
conditions.
For the transition to go smoothly, prospective buyers need empathy,

communication and cooperation skills. Image: unsplash.com
Many small and medium-sized companies will have to take care of regulating their
future in the coming years, as their owners are already older than 60. In view of this
large number of companies, one or the other favourable opportunity should arise for
interested buyers.
After all, taking over a company offers numerous advantages. However, only if the
potential successor has the necessary qualifications.
We show which advantages are associated with a succession and which conditions
you must fulfil in order to get the most out of joining an existing company:
100 | M&A NEWS | #82 | February 2022

1. Products and services are already introduced on the market.
This offers the significant advantage that you can count on sales from day one. You
do not have to finance costly product development or incur high marketing expenses
for their market launch. However, to exploit the full potential of the existing offering,
you should find out in advance about the requirements for the production process
or the provision of the service. Do you know the areas of application and the
customer segments? With this prior knowledge, you should continue to think about
how you can further develop, optimize, and supplement the existing offering in the
future.
2. Turnover from the first day
With the purchase of a functioning business, you will probably be able to generate
revenue right from the start. At the same time, you are challenged from day 1. There
is hardly any time left for you to acquire the necessary technical or management
knowledge. You need to be quick on the uptake, have leadership skills and Tothe
coolness to overcome expected teething troubles.
3. Benefit from the know-how of the former owner
As a rule, it is a good idea to manage your future business together with the outgoing
senior entrepreneur for a certain period. You will benefit from his experience and
know-how, be introduced to his network, and get to know the company in detail. For
this to go smoothly, you need empathy, communication, and cooperation skills. After
all, there are plenty of emotions involved in giving up a company.
4. Taking over trained personnel
As with the senior entrepreneur, great skill is required in dealing with existing
personnel. The change at the top of management often causes great unrest in the
company. Some employees want to reposition themselves; others were closely
associated with the existing manager. Accordingly, empathy for the situation of the
staff, a lot of communication and the power of persuasion are needed if changes and
new ideas are to be implemented.
5. Taking over an existing customer and supplier base
Joining a company often means that existing customers can be taken over and that
a functioning supplier network already exists. Now the question arises whether you
can convince these stakeholders with your entrepreneurial skills and establish new
business relationships. Do you have the necessary negotiating skills and are you
familiar with the drafting of appropriate contracts? Source: KMU_Today
101 | M&A NEWS | #82 | February 2022
I suppose if you work in at something long enough, you get to witness the grand
parade of colourful vocabulary that inevitably passes through. Having been
involved with start-up companies and venture capital since the late-1990’s, I’ve
seen and heard a few things.
Back then, if you got on a plane going anywhere near Northern California, Boston
or Austin, you’d see pods of VC’s all wearing mock turtlenecks and talking about
“space” which was, at the time, the hip word for “industry sector” as in “we’re
looking at deals in media and telecom space.”
It was a cadre of dealmakers all looking and sounding the same way to show
everyone how different they were from us suit-wearing investment bankers. They
were saying, “yes, we’re all following the herd but it’s OUR herd.”
Individuality through sameness I suppose.
I enjoy when people talk about thinking “outside the box” which, to me means a
few things. First, we agree that there’s a box. Second, we think we know where
the box is, or at least how big it is. Third, our idea is outside the confines of the
box. But maybe we’ve only expanded the original box and now we’ve just made a
bigger box that we are now inside of...OK, let's stop that, my brain hurts.
The one banging into my eardrums nowadays is “disruptive.” I haven’t read a

single business plan or looked at a single deal in the past 3 or 4 years that didn’t
talk about a “disruptive technology” or how it was going to “disrupt the
industry”…umm... I mean “space”.
That word has a different connotation for me. I can’t begin to count the number of
times I was hauled down to the principal’s office for being “disruptive.”
If you were lucky, they didn’t call your parents, but I wasn’t usually so lucky – and
when I was in Catholic school, there may or may not have been a paddle involved
but nobody can prove that. Let’s just leave that one alone, shall we?
102 | M&A NEWS | #82 | February 2022

So now being disruptive is a good thing and there are legions of VC’s and
entrepreneurs who, like me, couldn’t keep their mouths shut in class.
What gives here?
If EVERYONE is being disruptive, and we have utter chaos, what’s the ultimate
result of that? Well ironically, the “disruptors” want to change everyone’s way of
thinking to theirs and…wait for it…become the new “industry standard” at least
until they themselves are disrupted. Funny how things work their way back around.
The herd mentality creeps into valuations and deal pricing as well. The
conversation begins with how unique and "disruptive" this company is and how
there's nothing else in the world like it and then when it comes to setting value,
these same people look at "comparable" deals and say "well, so-and-so paid $x for
that so we'll base our pricing on those parameters."
How does that make any sense? Is it different or is it just like something else?
Don't ask me, go ask the herd.
Look, I’d rather light you a candle than curse your darkness so here’s my piece of
advice. Most of you have heard me say this before but when looking at a deal,
particularly one for an early-stage company, take care to cut through the jargon
and the buzzwords and make sure you understand the company, the deal, and the
documents. Do your own thinking and most of all, beware of solutions in search of
a problem.
I’m sure I’ll get some blowback from my VC friends on this one, but it was a fun
one to write. In the meantime, here are some words of wisdom from people who
aren’t me:
• “If you can’t explain it simply, you don’t understand it well enough.”
Albert Einstein
• "If everyone is thinking alike, then somebody isn't thinking"
Gen. George S. Patton
• “To have another language is to have a second soul.”
Charlemagne
Be good and be well.
Tony
103 | M&A NEWS | #82 | February 2022

Last minute entry …
The unique sensational flying car
Transforming AirCar certified to fly by

Slovak Civil Aviation Authority
The Civil Aviation Division of the Transport Authority of Slovakia has granted a Certificate of Airworthiness
to Klein Vision's AirCar. Photo Klein Vision
Bratislava, January 24, 2022 - Following its maiden flight toward the end of 2020,
and flying city-to-city for the first time in June of last year, Klein Vision's AirCar flying
car has now been granted a Certificate of Airworthiness by the Slovak Transport
Authority.
Way back in the mists of 2016, Professor Stefan Klein parted ways from a Slovak air
mobility company called Aeromobil to work on his own flying car. An eight-strong
team has since notched up some 100,000 man-hours to take design drawings into
computer models and on to working prototypes. The AirCar has now clocked up more
than 70 hours of test flights to European Aviation Safety Agency (EASA) standards,
including 200 take offs and landings on cross-country jaunts, on its way to being
awarded the Certificate of Airworthiness.
104 | M&A NEWS | #82 | February 2022
The car is in road mode, with wings tucked in the body and tail retracted. Photo Klein Vision
"Transportation Authority carefully monitored all stages of unique AirCar

development from its start in 2017," said René Molnár, director of the Civil Aviation
Division of the Transport Authority of Slovakia. "The transportation safety is our
highest priority. AirCar combines top innovations with safety measures in line with
EASA standards. It defines a new category of a sports car and a reliable aircraft. Its
certification was both a challenging and fascinating task."
"The Certificate of Airworthiness is an official certificate issued in compliance with all

EASA regulations for its member states," the company's cofounder, Anton Zajac, told
us. "Each member state appoints local authority to issue certificates valid across the
member countries. Hence, Aircar could fly into the UK, and we do have plans to fly
to London from Paris in near future.
"It is CoA in experimental category. We are, however, going to apply for EASA CS-
23; The entire research and development has been done to comply with EASA
standards. CS-23 will require production of three units, since they will be destroyed
in the certification process – hence, CS-23 is order of magnitude more costly."
Looking like a LeMans race car, the two-seat AirCar prototype features a 140-hp 1.6-
liter four-cylinder BMW combustion engine that drives both the fixed propeller when
in flight and the wheels when on the road. It has a take-off speed of 115 km/h (71.5
mph), a cruising speed is 180 km (112 mph) at 2,800 rpm and is capable of road
speeds of more than 160 km/h (99.4 mph).
105 | M&A NEWS | #82 | February 2022
The AirCar prototype is
currently powered by a 140-
hp 1.6-liter BMW engine, but
Klein Vision is testing an
Adept Airmotive engine that
will enable it to go over 300
km/h and have a range of
1,000 km. Photo Klein Vision
At the press of a button

the vehicle transforms
from aircraft mode to
road mode in around
two minutes – auto-
matically folding the
wings and raising them up before tucking them inside the composite body and
drawing in the tail section.
"AirCar certification opens the door for mass production of very efficient flying cars,"
said the brains behind the vehicle's design and development, and the AirCar's test
pilot, Professor Stefan Klein. "It is official and the final confirmation of our ability to
change mid-distance travel forever."
Klein Vision is currently testing a lightweight-but-powerful engine from Adept

Airmotive that's destined to power a new monocoque AirCar with variable-pitch prop
that's expected to "reach speeds of over 300 km/h [186 mph] and range of 1,000
km [~620 miles]." The company anticipates this production vehicle to gain
certification within 12 months. Source: New Atlas
AirCar’s dashboard
The video below shows

test flight footage.
Flying Car Certified to
Fly!
https://www.youtube.com/watch?v=QAnIjwwzupI (skip the ad)
106 | M&A NEWS | #82 | February 2022

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1 | M&A NEWS | #82 | February 2022

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Mercedes-Benz bought a small stake in

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In 2020, Daimler Trucks, a division of Mercedes-Benz's parent company, also

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Benetton scion plans changes at family

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Spanish hotel investment hit €3.2 billion

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The year saw a revival of portfolio transactions as 12 changed hands, comprising 56

Investment by international funds reached €1.8 billion, representing 58% of the

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Germany's Lufthansa in talks to buy 40%

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