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3/10/21: What’s Going On

News from around the business world.
(Primakov)
(Primakov)
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“General Electric Co. GE Chief Executive Larry Culp is turning off the lights at GE Capital, a once sprawling lender, and shedding debts that have hung over the industrial giant since the 2008 financial crisis. On Wednesday, GE agreed to combine its jet-leasing unit, GE Capital Aviation Services, with rival AerCap Holdings NV in a deal worth more than $30 billion. It will create a leasing giant with more than 2,000 aircraft at a time when global travel has been hobbled by the Covid-19 pandemic.”

“Dropbox is acquiring DocSend, a startup that provides secure document sharing and analytics products, for $165 million in cash. The deal reflects Dropbox’s efforts to court larger customers and fill a gap in its product portfolio that makes distributed work easier…While Dropbox hasn’t benefited as much from the shift to remote work as companies like Zoom and Microsoft, acquisitions like DocSend underscore its belief that companies will continue working this way once the pandemic subsides.”

“President Joe Biden will double the U.S. order of Johnson & Johnson’s one-shot vaccine — seeking another 100 million doses — bringing the country’s supply to enough for 500 million people, officials familiar with the plan say…The U.S. had previously ordered 100 million doses, which the company has said will be delivered before the end of June. J&J and the government will finalize the new order in the coming weeks, one official said.”

Companies Raising Capital
NameAmountDescriptions
Flutterwave$170 MillionAfrican Payments Company
Zego$150 MillionTech-Enabled Commercial Motor Insurer
Aqua Security$135 MillionCloud Native Security Service
Jobandtalent$120 MillionDigital Temp Staffing Agency Startup
Optibus$107 MillionAI-Based Planning And Operations Platform Aimed At Mass Transportation
Tetrate$40 MillionCommercializing An Open-Source Networking Project

“Remix, the startup that developed mapping software used by cities for transportation planning and street design, was born out of a hackathon during a Code for America fellowship. Nearly seven years later, the San Francisco-based startup is being acquired by Via for $100 million in cash and equity.”

“The European Union is pledging more than $150 billion to develop next-generation digital industries this decade as it seeks to reverse a widening gap with the U.S. and East Asian rivals in advanced technologies like chips and artificial intelligence.”

“Grab Holdings Inc. is exploring going public in the U.S. through a merger with a blank-check company as the Southeast Asian ride-hailing and delivery giant seeks to expedite its listing process.”

“Citigroup Inc. has begun providing certain branch workers and traders with at-home rapid Covid-19 tests as part of a larger study with a researcher at Harvard University.”

“Drugmakers are crafting Covid-19 vaccines that would target more than one strain of the virus, hoping to strengthen the immunization campaign against the pathogen as it evolves.”

“Salesforce has begun preparing for a potential CEO switch in the coming months, with COO Bret Taylor taking over for current CEO and co-founder Marc Benioff, Reuters reported.”
“President Biden intends to name Lina Khan, a legal scholar who has argued for tougher antitrust enforcement against big tech companies, to the Federal Trade Commission.”

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