Fossil Group to acquire fitness tracker firm Misfit in $260m deal


US-based watchmaker Fossil Group has agreed to acquire startup Misfit Inc., a maker of wearable fitness trackers, for US$260 million. This brings the Misfit brand into the current portoflio of brands that includes Michael Korss, Fossil, Skagen and DKNY, The transaction is expected to be completed before the end of… Read more »

Australia: 500 Startups invests $704k in ShopandBox

Melbourne-based personal shopping startup ShopandBox has secured a US$704,000 seed investment from venture capital (VC) major 500 Startups, in addition to a a group of angel investors from CMY Ventures and Waic Investment Holdings Limited. Founded in November 2013 by Xin-Lung Tai and Rebecca Chia, the concept of the venture is… Read more »

Dealbook: Ridgemont Equity closes second fund; Kuwait SWF to invest in Russia

Global activity in private equity (PE) funds has seen Ridgemont Equity Partners close its second fund at $995 million. Meanwhile, the sovereign wealth fund (SWF) of the Kuwait Investment Authority will be investing $500 million in projects across Russia. REP closes second cross-sector equity fund Ridgemont Equity Partners, based in… Read more »

Banks expected to adopt new technologies rather than be overrun

New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency. “Regulation keeps them in place. Regulation requires them to perform certain functions,” said… Read more »

Swiss agrochemicals firm Syngenta turns down ChemChina’s $42b takeover offer

China National Chemical Corp is in talks to buy Switzerland’s Syngenta AG but its initial offer of nearly $42 billion for the world’s largest agrichemical company was rejected, Bloomberg said on Thursday. State-owned ChemChina’s first offer valued the agricultural chemicals group at 449 Swiss francs per share, or 41.7 billion… Read more »

Sumitomo Mitsui to buy GE’s Japan leasing biz for close to $5b

Sumitomo Mitsui Financial Group (SMFG) has decided to buy General Electric Co’s Japan-based leasing business for 500 billion to 600 billion yen ($4.89 billion), the Nikkei business daily reported on Friday. The purchase will make SMFG Japan’s second-largest lessor by assets after Orix Corp, the Nikkei said. For GE, a… Read more »

Judge asks Gucci, YSL to resolve differences with Alibaba via mediation

Gucci, Yves Saint Laurent and other luxury brands suing Alibaba Group Holding Ltd for promoting the sale of counterfeit goods will resort to mediation, backing away from a threat to withdraw from the process after Alibaba founder Jack Ma said that he would rather lose the case than settle. Brands… Read more »

Startupbootcamp expands to US, launches New York edition

Startupbootcamp, a global family of industry-focused startup accelerators, has announced the launch of a brand new Startupbootcamp FinTech program in New York. This comes in the aftermath of the launch of their Singapore edition in Q4 2014. The New York launch will allow them to cover the three main financial… Read more »

Deutsche Bank names new bosses for investment bank, global markets

Deutsche Bank has set up two management committees to run its Corporate and Investment Banking and Global Markets divisions, part of a shake-up of Germany’s largest bank aimed at improving profitability. The bank is restructuring under new boss John Cryan to cope with regulatory changes and litigation costs that have… Read more »

CSC joins race to take over UK’s Xchanging, bid values BPO firm at $640m

Outsourcing company Xchanging Plc, which has already accepted a takeover offer from Capita Plc, has received a proposal from US-based Computer Sciences Corp that values the company at about 421 million pounds ($640 million). Shares in Xchanging – which offers services ranging from back-office invoice processing to insurance claims settlement… Read more »