Most read articles – Multi-orbit connectivity; Departure from Philips; Redemption of RS?
What are the topics covered? There’s a OneWeb and Intelsat partnership, Elon Musk selling shares of Tesla, a GaN power IC maker buying a silicon carbide company, a Philips CEO leaving, and reports of a possible takeover bid. …
5. OneWeb, Intelsat partner for LEO and GEO inflight connectivity
OneWeb and Intelsat, the satellite communications companies, have entered into a global distribution partnership to provide airlines with multi-orbit in-flight connectivity. OneWeb, Intelsat’s Partner for LEO and GEO Inflight ConnectivityThe agreement will allow Intelsat to distribute OneWeb’s low Earth orbit (LEO) satellite services to airlines around the world along with Intelsat’s existing geostationary satellite (GEO) service. Intelsat. The companies expect the multi-orbit solution to be in service by 2024.
4. Elon, Twitter, ADAS and the DMV [Mannerisms]
Elon Musk has sold $32 billion worth of Tesla shares since November. Normally, a CEO selling that much stock in his own company would drive his stock price down, but in Tesla’s case, that’s not the case because Musk has an apparent good reason to raise money. The reason given is that he must raise funds for the purchase of Twitter if a Delaware court forces him to do so. But there may be another reason for selling stocks…
3. Navitas Adds SiC Company to GaN Portfolio for Electric Vehicles, Solar Power and Industrial
California-based GaN power IC maker Navitas Semiconductor has purchased Virginia-based silicon carbide company GeneSiC Semiconductor. “Navitas GaN ICs are optimized for 400V EV systems, and GeneSiC technology is ideal for 800V EV systems,” according to Navitas. “Navitas’ GaN ICs serve residential solar energy, while GeneSiC generates immediate revenue for larger commercial solar and energy storage customers. GeneSiC high voltage products generate immediate revenue in industrial markets…”
2. Philips CEO resigns after product recall
Frans van Houten, CEO of Philips, is due to step down in October following a product recall that halved Philips’ share price. Houten has been CEO for 12 years and was due to step down in April. Roy Jakobs, head of Connected Care will take over. Philips is in the midst of a recall of fans and machines for the treatment of sleep apnea, which could lead to major lawsuits. In June 2021, Philips warned that foam used for soundproofing could release toxic gases that could lead to cancer risks.
1. RS would have been the subject of a takeover bid
RS could be close to securing a takeover bid of £15 a share, The Times reports. The identity of the supposed bidder is not disclosed. The offer would value RS at more than £7 billion. As of Friday’s close, the share price stood at £10.88, giving RS a market capitalization of £5.1 billion. Shares are up 34% in the past six months. Last week, RS acquired Mexican distributor Risoul for $275 million. For its financial year to the end of March 2022, RS increased its revenue by 28% year-on-year to £2.55bn on operating profit of £308m.