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Melrose To Sell Nortek Air Management Business For $3.625 Bln In Cash

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One man has died after a shooting Sunday afternoon in north Denver, according to a tweet from Denver police.

Police were sent to investigate a reported shooting at 2:30 p.m. on the 4900 block of Granby Street where a man was treated for a gunshot wound. He died, according to a tweet from police at 6:49 p.m., and it is being investigated as a homicide.

This is a developing story.

Taiwan central bank says may revise 2021 growth forecast higher

FILE PHOTO: New Central Bank Governor Yang Chin-long attends the inauguration ceremony in Taipei, Taiwan February 26, 2018. REUTERS/Tyrone Siu

TAIPEI (Reuters) – Taiwan central bank governor Yang Chin-long said on Monday they may again revise this year’s growth forecast higher given the island’s strong economic prospects.

The central bank last month raised its 2021 estimate for gross domestic product (GDP) growth to 4.53% from 3.68% forecast in December.

China's GAC says to roll out car with Huawei after 2024

A man walks past the logo of Chinese automobile maker GAC Group at the company headquarters in Guangzhou, Guangdong province, China October 24, 2019. Picture taken October 24, 2019. REUTERS/Yilei Sun

SHANGHAI (Reuters) -China’s GAC plans to roll out its first vehicle model with autonomous driving functions developed with Huawei Technologies after 2024, GAC’s general manager told reporters at the 2021 Shanghai Auto Show on Monday.

Feng Xingya also said that GAC aims for half of its sales to be electric in 2035, with hybrid cars accounting for the rest.

Millicom To Sell Tanzania Operations, Stake In Ghana JV To Conclude Africa Divestiture Program

Millicom International Cellular SA (TIGO) announced Monday that it has signed agreements for the sale of its operations in Tanzania and for its stake in the AirtelTigo joint venture in Ghana. Financial details were not disclosed.

In Tanzania, the company has agreed to sell its entire operations to a consortium led by Axian, which was part of the consortium that acquired Millicom’s operations in Senegal in 2018.

In Ghana, Millicom along with its joint venture partner, Bharti Airtel Limited, would transfer AirtelTigo to the Government of Ghana. Millicom will take a $25 million charge as a result of the agreement.

The completion of each transaction is subject to customary closing conditions, including regulatory approvals.

The closure of the deals would complete Millicom’s multi-year plan to divest its African operations and solely focus on its Latin America markets.

Millicom CEO, Mauricio Ramos, “Today Tigo is a leading provider of broadband services to consumers, businesses and governments in Latin America, where penetration and data speeds remain low by the standards of more mature markets. Through our investment-led strategy, we are bringing reliable high-speed mobile and fixed broadband to the communities we serve in the region.”

Syncona: Gyroscope Files Registration Statement For Proposed IPO – Quick Facts

Syncona Ltd said its portfolio company, Gyroscope Therapeutics, has filed a registration statement with the SEC relating to a proposed initial public offering in the United States of its American Depositary Shares, each representing one ordinary share of Gyroscope.

Gyroscope Therapeutics is a clinical-stage gene therapy company focused on treating diseases of the eye. All ADSs to be sold in the proposed IPO will be offered by Gyroscope. The company noted that the number of ADSs to be offered and the pricing terms have not yet been determined.

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Melrose To Sell Nortek Air Management Business For $3.625 Bln In Cash

Melrose Industries Plc. (MRO.L) announced Monday that it has entered into an agreement to sell its Nortek Air Management business to Chicago-based Madison Industries for about 2.62 billion pounds or $3.625 billion, in cash.

The consideration for the disposal is based on an enterprise value of approximately $3.625 billion. The consideration is payable on completion, subject to certain adjustments.

Completion is conditional upon, amongst other things, customary antitrust approvals and the approval of the Shareholders at a General Meeting of Melrose Shareholders.

Nortek Air Management business comprises the Nortek Global HVAC and Air Quality & Home Solutions segments.

Melrose said it intends to use part of the net proceeds to reduce debt and contribute around 100 million to the GKN UK defined benefit pension schemes.

Further, a portion of the net proceeds will be returned to shareholders.

Completion of the disposal is expected to occur in the second or third quarter of 2021 and is conditional upon, amongst other things, shareholder approval.

Melrose bought Nortek in 2016 for 2.2 billion pounds or $2.8 billion.

Ergotron and Nortek Control businesses which also form part of the Nortek group remain under the company’s ownership and will be realised at an appropriate time.

Baird and Citigroup Global Markets Inc. are acting as joint financial advisers, and Simpson Thacher & Bartlett LLP is acting as legal adviser, to Melrose.