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Broadcom Nears $3.8 Billion Deal to Sell EUC Business to KKR

According to people familiar with the situation, chipmaker Broadcom is nearing completion of a $3.8 billion agreement to sell its enduser computing EU

According to people familiar with the situation, chipmaker Broadcom is nearing completion of a $3.8 billion agreement to sell its enduser computing EUC division to private equity company KKR. Hock Tan, the CEO of Broadcom, wants to reduce the companys portfolio after acquiring VMware. In the EUC unit auction, KKR prevailed over rival companies such as EQT. The agreement, anticipated to be revealed soon, expands on KKRs earlier acquisitions of BMC and Ensono and signifies its ongoing presence in the IT industry. UBS Group, Jefferies, and KKRs capital market business provide debt financing, while Citigroup assists Broadcom. Evercore, Deutsche Bank, and Jefferies advise KKR. On the possible acquisition, Broadcom and KKR both declined to comment. Read More..

B2B Tech News | 1 months ago

G20 Foreign Ministers Convene in Rio de Janeiro, Led by Brazil

The G20s foreign ministers met in Rio de Janeiro, under the direction of Brazil, to discuss issues such as rising international tensions, the climate

The G20s foreign ministers met in Rio de Janeiro, under the direction of Brazil, to discuss issues such as rising international tensions, the climate problem, and poverty. Priorities, including increasing the presence of poor countries in organisations that oversee global governance, were emphasised by Brazils president. The fight against hunger, poverty, and inequality, as well as sustainable development and governance reform, were prioritised by Foreign Minister Mauro Vieira. The large amount of money spent on the military worldwide has drawn criticism since it may be better used for assistance and development initiatives. Amid more than 170 active conflicts globally and escalating geopolitical tensions, the goal of the gathering is to establish a schedule for the next Rio Summit. In Brasilia, Brazilian President Lula also met with US Secretary of State Blinken to talk about issues relating to global governance. Read More..

B2B Tech News | 1 months ago

Alcoa Proposes $2.2 Billion AllStock Acquisition of Alumina

The American aluminium behemoth Alcoa has put out a $2.2 billion allstock takeover offer for its Australian joint venture, Alumina, to streamline oper

The American aluminium behemoth Alcoa has put out a $2.2 billion allstock takeover offer for its Australian joint venture, Alumina, to streamline operations and increase upstream visibility. The main asset of Alumina is its 40% share in the joint venture Alcoa World Alumina and Chemicals, which has interests in the mining of bauxite, the refining of Alumina, and the smelting of aluminium in several nations. The purchase is anticipated to leverage debtrelated tax advantages and remove Aluminas yearly overhead expenditures. William Oplinger, CEO of Alcoa, emphasised the potential for expansion of the worldwide presence. Alcoa shares would be awarded to Alumina stockholders, giving them a 31% ownership position in the combined company. The Alumina board supports the agreement, but it is still being determined whether it will become legally enforceable. The alumina sector faces challenging market circumstances at the time of Alcoas proposal. Read More..

B2B Tech News | 1 months ago

Zambia Struggles with $7 Billion Debt Burden Despite Previous Deals

Despite an earlier agreement with bilateral lenders handling over $6 billion in debt, Zambia still needs to pay down about $7 billion. The nations sea

Despite an earlier agreement with bilateral lenders handling over $6 billion in debt, Zambia still needs to pay down about $7 billion. The nations search for relief is made more difficult by the outstanding debt that commercial banks and bondholders owe. Despite Zambias best efforts, official creditors, led by France, China, and South Africa, rejected a plan to restructure $3 billion in debt with bondholders last October. This disparity highlights how difficult it will be for Zambia to escape its financial predicament. China has maintained its position as Africas top commercial partner for the past 15 years, with trade expected to reach $282 billion in 2023. Exhibitions such as the Made in Africa expo highlight how African nations, like Cameroon, prioritize industrialization initiatives to lessen their dependency on selling raw materials. Read More..

B2B Tech News | 1 months ago

Nvidia Identifies Huawei as Top Competitor in AI Chip Market, SEC Filing Reveals

In a filing with the Securities and Exchange Commission, Nvidia has named Huawei a top rival in several areas, including artificial intelligence proce

In a filing with the Securities and Exchange Commission, Nvidia has named Huawei a top rival in several areas, including artificial intelligence processors, for the first time. The Californiabased business emphasised Huaweis availability as a supplier of AIspecific hardware, such as GPUs, CPUs, and networking devices. The 910B chip from Huaweis Ascend series is positioned as a competitor to Nvidias A100 chip. Given that the AI chip industry in China is projected to be around $7 billion, Huaweis developments provide a formidable obstacle. Nvidia included large cloud computing companies like Amazon and Microsoft as rivals, in addition to Intel, AMD, Broadcom, and Qualcomm. Strong demand for AI drove Nvidias revenue prediction above consensus forecasts. This resulted in a 14% increase in the companys shares. Read More..

B2B Tech News | 1 months ago

Grab Holdings Achieves First Quarterly Profit, Signaling Milestone for Company

The ridesharing and food delivery startup Grab Holdings achieved a noteworthy milestone when it revealed its first quarterly profit. Even though Grabs

The ridesharing and food delivery startup Grab Holdings achieved a noteworthy milestone when it revealed its first quarterly profit. Even though Grabs profits were favourable, its shares declined due to its poor year sales projection, which doubted the companys development trajectory. Beyond 2024, the firm hopes to increase revenue while concentrating on developing premium transportation and delivery service options. In addition, Grab declared a $500 million share repurchase programme and predicted adjusted core earnings for the entire year to surpass analyst projections. Even though sales in the fourth quarter exceeded forecasts, an accrual reversal in accounting helped Grabs net profits. The companys accomplishments include the third quarter of the fiscal years first adjusted core profit, made possible by deliberate costcutting efforts over the previous two years. Read More..

B2B Tech News | 1 months ago

LTIMindtree Partners with Eurolife FFH and Fairfax Digital Services to Establish Gen AI and Digital Hub in Athens

A Memorandum of Understanding MoU has been signed by LTIMindtree, Eurolife FFH, and Fairfax Digital Services to develop a groundbreaking Gen AI and Di

A Memorandum of Understanding MoU has been signed by LTIMindtree, Eurolife FFH, and Fairfax Digital Services to develop a groundbreaking Gen AI and Digital Hub in Athens, Greece, along with specialised facilities in Mumbai, India, and Poland. The presence of Greek Prime Minister Kyriakos Mitsotakis, Sudhir Chaturvedi, Alexandros Sarrigeorgiou, and Sanjay Tugnait ratified this historic agreement. The relationship aligns with Indias "Anusandhan" plan, which promotes research and innovation. Eurolife FFH will lead the Gen AI and Digital Hub in Athens by utilising the knowledge and experience of LTIMindtree from Mumbai and Poland. This programme aims to provide innovative solutions that will improve customer experience and operational efficiency across many sectors. While Sudhir Chaturvedi emphasised the strategic roadmap for transformational development, Alexandros Sarrigeorgiou emphasised the goal of innovation in the insurance industry. Sanjay Tugnait underscored the partnerships global Read More..

B2B Tech News | 1 months ago

MercedesBenz Reports 12.6% Adjusted Return on Sales for Car Division in 2023

In its automotive segment, MercedesBenz revealed an adjusted return on sales for 2023 of 12.6%, which matched its projection. But the business predict

In its automotive segment, MercedesBenz revealed an adjusted return on sales for 2023 of 12.6%, which matched its projection. But the business predicts lower adjusted returns on sales in 2024—10–12% for automobiles and 12–14% for vans—than in 2015. This years adjusted returns on sales were 15.1%. Throughout 2023, sales were affected by supply chain interruptions, inflationary pressures, and pricing rivalry, which remarkably squeezed profits in the electric car market. Due in part to its policy of passing on higher costs to customers, MercedesBenz preserved its position as the best performer among Germanys three major automakers despite these difficulties. The premium carmaker raised R&D expenditures for upcoming innovations like the MB.OS platform and raised typical prices by 2%. Read More..

B2B Tech News | 1 months ago

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