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ABC TECHNOLOGIES ANNOUNCES RECOMMENDED OFFER TO ACQUIRE TI FLUID SYSTEMS

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Combined group would create an industry leader with an extensive global product portfolio and financial strength to support long-term growth objectives 

TORONTO and LONDON, Nov. 29, 2024 /PRNewswire/ — ABC Technologies (the “Company”) today announces that it has reached an agreement on the terms of a recommended all-cash offer for the acquisition by ABC Technologies Acquisitions Limited of the entire issued and to be issued ordinary share capital of TI Fluid Systems plc (“TI Fluid Systems”).

TI Fluid Systems is a London-listed, market-leading global manufacturer of thermal and fluid system solutions for the full range of current and developing vehicle architectures. Operating across 27 countries and serving all major automotive manufacturers, TI Fluid Systems has a commitment to operational excellence and sustainability worldwide.

Together, ABC Technologies and TI Fluid Systems will enjoy an expanded global footprint and enhanced product portfolio. This will allow access to a broader and more diversified range of customers, including some of the largest and most recognizable automotive OEMs and Tier One suppliers worldwide.

“This transaction is a transformative strategic opportunity which unlocks value for all of our stakeholders and provides a platform for further growth,” said Terry Campbell, President and CEO, ABC Technologies. “A combined business will enable us to better serve our customers, and I am excited for our teammates as we continue to build a winning future. We will be persistent in seeking alignment with organizations that have proven capabilities to further ABC’s success story.”

Combining the rich heritages of ABC Technologies and TI Fluid Systems – both established leading manufacturers across different product segments – will create a business that benefits from an enhanced go-to-market proposition and greater financial strength to support the long-term growth objectives and a winning vision for the future. ABC Technologies is majority-owned by funds managed by affiliates of Apollo Global Management, Inc.

Under the terms of the transaction, shareholders of TI Fluid Systems will be entitled to receive 200 pence a share, valuing TI Fluid Systems at an enterprise value of approximately £1,831 million.

The Acquisition is currently expected to complete in H1 2025, subject to shareholder and other relevant legal and regulatory approvals.

Lazard acted as lead financial advisor to ABC Technologies; Citi, TD Securities and Scotiabank also acted as financial advisers.

Kirkland & Ellis International acted as legal advisor to ABC Technologies and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisor in respect of regulatory and financing matters.

This press release must be read in conjunction with the Rule 2.7 announcement which is available on the London Stock Exchange RNS and along with other documents related to the transaction on www.projectgolfoffer.com.

About ABC Technologies

ABC Technologies is a leading global manufacturer and supplier of custom, highly engineered, technical plastics, and light-weight innovations to the North American light vehicle industry. Serving more than 25 major original equipment manufacturer customers in 8 countries, the Company is strategically placed to offer vertically integrated product and process solutions through a skilled workforce of over 11,000 team members. ABC Technologies is majority owned by certain of the affiliated funds of Apollo Global Management, Inc. and its subsidiaries, with funds managed by Oaktree Capital Management, L.P. owning a minority equity interest in ABC Technologies. Additional information about the Company can be found at www.abctechnologies.com.

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. Any offer (if made) will be made solely by certain offer documentation which will contain the full terms and conditions of any offer (if made), including details of how it may be accepted.

 

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The Government of Canada Launches Call for Proposals for the Offshore Wind Indigenous and Coastal Communities Grant Funding

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HALIFAX, NS, Nov. 29, 2024 /CNW/ – The Government of Canada recognizes the tremendous economic opportunity presented by offshore wind development.

Today, the Honourable Jonathan Wilkinson launched an open call for proposals for grant funding to support Indigenous and coastal communities in Nova Scotia and Newfoundland and Labrador in their pursuit of opportunities related to offshore wind development. Grants will provide up to $10,000 in funding per recipient per year until March 31, 2027.

The funding will support Indigenous and coastal communities in accessing technical support to carry out engagement activities with the offshore wind energy industry, regulators and governments. These grants will support engagement on offshore wind by funding community meetings and workshops, as well as facilitating services so that communities can meaningfully engage with the offshore wind industry.

Applications for this open call for proposals will be accepted until December 18, 2024. More information on eligibility and how to apply can be found on the Offshore Wind Predevelopment Program webpage. 

Quote

“This government is seizing the generational economic opportunity presented by offshore renewable energy through legislation and funding. This will mean more jobs and investments in Nova Scotia and Newfoundland and Labrador — and we want to make sure that communities are well positioned to take advantage of the opportunities that will best benefit them. That is why we are launching a call for proposals under the Offshore Wind Indigenous and Coastal Communities Grant, which will provide people in both provinces with the engagement opportunities they want and deserve. This will help ensure responsible, efficient and democratic development of the offshore wind industry in Atlantic Canada.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

Quick Facts

The program’s next call for proposals will occur in spring 2025.The Offshore Wind Indigenous and Coastal Communities Grant Funding is part of Natural Resources Canada’s Offshore Wind Predevelopment Program, which aims to help support the conditions necessary for developing Canada’s offshore wind energy off the coasts of Nova Scotia and Newfoundland and Labrador.The Offshore Wind Predevelopment Program received funding of $61.4M through Budget 2023, a significant investment in the responsible and efficient development of offshore wind energy in Atlantic Canada.

Related Information

The Offshore Wind Predevelopment ProgramBill C-49: An Act to amend the CanadaNewfoundland and Labrador Atlantic Accord Implementation Act and the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act receives Royal AssentBuilding Offshore Renewables in Newfoundland and Labrador and Nova ScotiaGovernments of Canada and Nova Scotia launch regional assessment to support future decisions on offshore wind projects in the provinceThe Offshore Renewable Energy Regulations InitiativeCanada Offshore Renewable Energy Regulations

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SOURCE Natural Resources Canada

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Hinduja Tech Completes TECOSIM Group Acquisition, Further Extending Its Global Automotive Engineering Reach

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CHENNAI, India, Nov. 29, 2024 /PRNewswire/ — Hinduja Tech Limited, a mobility-focused global engineering and R&D technology company that is a subsidiary of Ashok Leyland, today announced the completion of its acquisition of TECOSIM Group, a leading European engineering services provider. This acquisition, expanding its presence in the European market, marks a significant milestone for Hinduja Tech, taking a decisive step towards its vision to be among the top 10 global mobility engineering and R&D companies. The strategic move highlights Hinduja Tech’s ongoing commitment to enhancing its global automotive engineering market leadership. This will provide operational efficiencies, increased competitiveness, and a stronger global market presence. This acquisition reinforces Hinduja Tech’s vision of becoming a global leader in sustainable mobility solutions.

TECOSIM Group, renowned for its cutting-edge virtual validation and body engineering expertise, brings in considerable depth of innovation and talent to the Hinduja Tech family. Combining TECOSIM’s deep experience with Hinduja Tech’s proven track record, the Hinduja Tech Group will offer a comprehensive suite of services, from advanced technology innovation to leading systems integration. This partnership will empower Hinduja Tech to deliver a broader range of solutions, catering to the global mobility industry’s ever-evolving needs and ensuring more comprehensive and competitive services are available to the customers via its unique global delivery model.

Mr. Kumar Prabhas, CEO of Hinduja Tech Limited, said, “We are delighted to have TECOSIM Group join the Hinduja Tech family. This reinforces our unwavering commitment to innovation and growth. TECOSIM Group’s virtual validation and body engineering expertise perfectly complements our existing capabilities, allowing us to offer a comprehensive range of solutions. Together, we will drive the future of automotive engineering and shape the contours of the global mobility landscape.”

Mr. Udo Jankowski, Managing Director of the TECOSIM Group, echoed this sentiment: “Joining forces with Hinduja Tech is a game-changer for TECOSIM. Their global reach and industry expertise, coupled with our technical strengths, create a winning combination. We are excited to embark on this journey, delivering exceptional value to our clients and driving technological advancements in the global mobility value chain.”

This acquisition significantly expands Hinduja Tech’s global footprint, solidifying its presence in Europe and positioning itself for further growth. TECOSIM’s strong foothold in Europe gives Hinduja Tech a broader geographic reach and opens new avenues for growth, including serving a more diverse customer base across Europe and beyond. With over 650 employees spread across the UK, Germany, Romania, Japan, and India, TECOSIM will bring a wealth of expertise and innovative solutions. Hinduja Tech will leverage its enhanced capabilities to address the automotive industry’s complex challenges, delivering innovative solutions that drive efficiency, sustainability, and performance.

About Hinduja Tech:

Hinduja Tech, part of the multi-billion-dollar Hinduja Group, is the integrated Product Engineering and Digital Technologies Solutions provider for the mobility industry. As a partner of choice, Hinduja Tech works with leading automotive organizations (OEMs & Tier-X Suppliers) and disruptive mobility players in North America, Europe, APAC, and India. To learn more about Hinduja Tech, visit www.hindujatech.com

Hinduja Group has a presence in over 38 countries and employs about 200,000 people with multiple industry verticals like Mobility, Lubricants & Specialty Chemicals, Banking & Finance, Digital Technology, Energy, Media & Entertainment, Realty, Healthcare, Project Development and Trading.

About TECOSIM Group:

TECOSIM Group, headquartered in Wiesbaden, Germany, is a globally active engineering company renowned for developing technological solutions that promote sustainable transport, safe and clean energy supply, and a competitive industrial landscape. Started as a German engineering company, the TECOSIM Group has now earned an exceptional reputation in Europe, Asia, and the USA through its global expansion and is known for its expertise in simulation, testing, and engineering services, catering to a diverse range of industries including automotive, energy, and industrial sectors.

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SOURCE Hinduja Tech

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RADIN Health® Reaches Major Achievement + Executes Partnership Agreement with Ikonopedia®

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SHERIDAN, Wyo., Nov. 29, 2024 /PRNewswire/ — RADIN Health®, a leading forward thinking MedTech company, announces a major milestone in its corporate trajectory with the launch of its AI-powered All-In-One SaaS solution, designed to revolutionize imaging centers, radiology departments and radiology practices.

Radin is pleased to announce Total Medical Imaging (TMI), a distinguished leader in comprehensive teleradiology interpretation, has successfully transitioned from Sepstream PACS to the RADIN platform. TMI, renowned for its team of 50 subspecialized radiologists, interprets over 50,000 diagnostic studies monthly for healthcare institutions globally.

Leveraging RADIN’s all-in-one, cloud-based solution suite — RADIN PACS, RADIN Dictation AI®, and RADIN Select®—TMI has achieved significant improvement in radiologist workflow efficiency, company productivity and has reduced operational expenditures.  Manual processes have been eliminated, radiologist dictation times have been cut 50%, and automated study orchestration has improved client study turnaround times.  Innovative provider communication tools, like embedded voice-over-IP, provider portal, AI-driven features, such as automatic impressions and identification of critical findings, and peer review have enhanced communication, collaboration and client satisfaction. As an AWS web-based, serverless and secure application that can be easily scaled, TMI clients login into RADIN via a web browser, from anywhere, anytime.

RADIN Health® is also announcing a strategic partnership with Ikonopedia®, a leader in breast imaging reporting and tracking solutions. This collaboration aims to integrate Ikonopedia’s advanced, cloud-based breast imaging reporting system with the RADIN®platform.  By combining these technologies, the partnership seeks to enhance radiologists’ workflow efficiency, improve diagnostic accuracy, and elevate patient care. Ikonopedia® provides a complete breast reporting suite that is BI-RADS® compliant using a lesion-specific closed-loop technology to ensure each area of concern is followed to complete resolution. Ikonopedia was started by internationally recognized breast health radiologists Dr. László Tabár, Dr. Tom Stavros, and Dr. Michael Vendrell.

RADIN® HEALTH is a pioneering MedTech company focused on developing SaaS products that enhance the efficiency, productivity, and scalability of imaging centers and radiology practices. Utilizing artificial intelligence (AI), machine learning (ML), and natural language processing (NLP), Radin Health offers an all-in-one RIS, PACS, Dictation AI®, and Select® workflow solution. For more information, visit www.radinhealth.com or see us at RSNA 2024 for a demo at booth 2971.

Please visit Ikonopedia® at booth 1408 and for more information on Total Medical Imaging visit TMI.

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SOURCE Radin LLC

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