Home » What’s Up: Week of Aug. 30th

What’s Up: Week of Aug. 30th

ION raises offer for Italy’s Cerved to $2.44 billion

Fintech group ION’s vehicle Castor Bidco said it would bump its offer for credit analysis and management company Cerved Group to 2.05 billion euros ($2.44 billion), if it buys out more than 90% of the Italian company, reports Reuters.

In the event of over 90% shareholder acceptance, Castor Bidco said it would pay 10.50 euros for each Cerved share. If the threshold is not met, the vehicle will stick to its previous offer of 10.20 euros.

Dublin-based ION, led by Italian businessman Andrea Pignataro, in March announced a 1.86 billion euro takeover offer for Cerved. Last week, it raised the bid by 7% to nearly 2 billion euros. However, Cerved’s board had rejected the offer saying it was too low. 

Brazil’s Vale launches self-driving trucks at its largest iron mine Carajas

Brazilian miner Vale had begun using self-driving trucks for the first time at its Carajas complex, its largest iron ore mining operation, reports Reuters.

The miner’s six self-driving vehicles at Carajas are nearly twice as tall and more than three times as wide as a conventional truck and capable of holding 320 tonnes of iron ore. They will operate alongside its fleet of about 120 normal offroad vehicles at Carajas, which is located in the northern Amazon state of Para. The company plans to add four additional self-driving trucks by the end of 2021.

Dutch e-bike maker Van Moof raises $128 million

Dutch electric bicycle maker Van Moof has raised $128 million to expand production and speed its growth in an investment round led by private equity firm Hillhouse Capital, reports Reuters.

Van Moof, which also raised $53.5 million in 2020 amid a pandemic-driven boom in demand for bicycles, makes sleek, futuristic e-bikes with the battery built into the frame that sell for around $2,000 each. It said the investment round was for a minority stake in the company. The funds will be used to increase its production capabilities, continue the development of new technology, improve bike specs and reliability, and break down more barriers to cycling.

Intuit in talks to buy Mailchimp for over $10 billion

Intuit, the developer of TurboTax and QuickBooks software, is in talks to buy email marketing company Mailchimp for more than $10 billion, reports Bloomberg.

No final decision has been made and discussions could fall through. If talks are successful, it would be the largest deal to date for Intuit.

Fitness tracker firm Whoop valued at $3.6 billion after SoftBank-led funding

Fitness tracker startup Whoop had raised $200 million in a Series F funding led by SoftBank, valuing the company at $3.6 billion. The company said it would primarily use the new capital to invest in research and product development, international expansion, and membership offerings.

Founded in 2012 by Will Ahmed, Whoop offers a monthly subscription for round-the-clock health monitoring through a free fitness band it provides with the membership.

Boston-based Whoop said it has raised nearly $400 million to date.