Mes: febrero 2021

TEL AVIV, Israel, Feb. 16, 2021 /PRNewswire/ — REE Automotive (REE), a leader in e-Mobility, which recently announced its merger with 10X Capital Venture Acquisition Corp. (NASDAQ: VCVC), today announces the establishment of a new state-of-the-art Engineering Center of Excellence. The new Engineering Center will expedite REE’s strategic plans to meet anticipated global demand for its breakthrough REEcorner and Electric Vehicle (EV) platform technology.

The Engineering Center will spearhead REEcorner and EV platform engineering design, validation, verification and testing, as well as product homologation. REE will also have access to world-class test facilities and a proving ground for physical testing and validation of the REEcorner and EV platform at the MIRA Technology Park in the UK.

REE’s unique CapEx-light manufacturing model will utilize globally located integration centers, creating scalable and agile unit economics. REE intends to assemble components at its integration centers, thus reducing Capex requirements, and expects to establish a network of 15 integration centers with the first one set to open in the US in 2021. REE plans to manufacture via a secured and exclusive global network of Tier 1 partners in over 30 countries, with point-of-sale assembly.

Daniel Barel, REE’s Co-Founder and CEO: «I am excited to announce another major milestone for REE towards bringing our technology and products to the market as we expand our global footprint. With the recent announcement that we plan to go public via a SPAC through our merger with 10X Capital Venture Acquisition Corp. and funding from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International, REE would have sufficient capital to accelerate mass production of REEcorner technology and modular EV platforms. The first REEcorners are expected to be delivered to customers in 2022, with mass production beginning in 2023. This new Engineering Center is a state-of-the-art facility allowing us to accelerate our validation, verification and testing as well as product homologation.»

REE’s technology empowers global mobility companies with the flexibility to build electric and autonomous cars, vans and trucks of any size or shape, for any application, and any target market. REE’s proprietary REEcorner X-by-wire technology integrates all critical vehicle components (steering, braking, suspension, powertrain and control) into the arch of the wheel. This groundbreaking concept, unique to REE, allows a completely flat and modular electric chassis and provides customers with full design freedom to create the broadest range of electric and autonomous vehicles. EVs and AVs built on REEcorner and EV platform technology will offer more room for passengers, cargo, and batteries in a manner unprecedented in the industry. REE’s proprietary technology is agnostic to vehicle size and design, power-source and driving mode (human or autonomous).

Lord Grimstone of Boscobel Kt, Minister for Investment at the Department for International Trade: «The UK is the most welcoming location for a pioneering automotive company like REE thanks to our leading position in both CAM and vehicle electrification. The Government’s multi-million ‘Driving the Electric Revolution’ program, which drives forward new solutions in automotive power electronics, motors and drives, has played a major role in bringing this exciting investment to the UK. I wish the company every success in its new home.»

Mike Charlton, REE’s COO, who is responsible for the launch stated, «A key driver in our decision to establish our presence in the UK is the UK government’s forward-thinking vision and zero-emissions policy that perfectly aligns with REE’s goal of heralding a more sustainable, greener future for our generation and those to come.»

The opening of REE’s new Engineering Center at MIRA Technology Park in the UK – Europe’s leading mobility R&D location for developing the latest automotive technology – is anticipated to create approximately 200 highly skilled jobs in the next few years.

About REE Automotive
REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.

Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany. REE has a unique CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with their unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility. For more information visit https://www.ree.auto.

About MIRA Technology Park
MIRA Technology Park is Europe’s leading mobility R&D location for developing the latest automotive technology. It is a national centre of excellence and located in the middle of the UK automotive sector, providing access to over 40 major test facilities and the UK’s most comprehensive proving ground. MIRA Technology Park is home to over 35 global OEMs, Tier 1 and specialist automotive technology companies. The purpose-designed campus creates a unique collaborative ecosystem, bringing together world-class facilities and skilled engineers, to provide a location for innovation and technological development.

Additional Information
This communication is being made in respect of the proposed transaction involving REE Automotive Ltd. («REE») and 10X Capital Venture Acquisition Corp («10X SPAC»). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In connection with the proposed transaction, REE will file with the Securities and Exchange Commission («SEC») a registration statement on Form F-4 that will include a proxy statement of 10X SPAC in connection with 10X SPAC’s solicitation of proxies for the vote by 10X SPAC’s shareholders with respect to the proposed transaction and other matters as may be described in the registration statement. REE and 10X SPAC also plan to file other documents with the SEC regarding the proposed transaction and a proxy statement/prospectus will be mailed to holders of shares of 10X SPAC’s Class A ordinary shares. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as well as other filings containing information about REE and 10X SPAC will be available without charge at the SEC’s Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus can also be obtained, when available, without charge, from REE’s website at https://ree.auto/. Copies of the proxy statement/prospectus can be obtained, when available, without charge, from 10X SPAC’s website https://www.10xspac.com/.

Participants in the Solicitations
REE, 10X SPAC and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from 10X SPAC’s shareholders in connection with the proposed transaction. You can find more information about 10X SPAC’s directors and executive officers in 10X SPAC’s final prospectus dated November 24, 2020 and filed with the SEC on November 25, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

Caution About Forward-Looking Statements
This communication includes forward-looking statements. These forward-looking statements are based on REE’s and 10X SPAC’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s and 10X SPAC’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for REE or 10X SPAC to predict these events or how they may affect REE or 10X SPAC. Except as required by law, neither REE nor 10X SPAC has any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date this communication is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s and 10X SPAC’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination; the outcome of any legal proceedings that may be instituted against REE or 10X SPAC, the combined company or others following the announcement of the business combination; the inability to complete the business combination due to the failure to obtain approval of the shareholders of 10X SPAC or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the ability to meet stock exchange listing standards following the consummation of the business combination; the risk that the business combination disrupts current plans and operations of 10X SPAC or REE as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; costs related to the business combination; changes in applicable laws or regulations; REE’s estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; intense competition in the e-mobility space, including with competitors who have significantly more resources; ability to grow and scale REE’s manufacturing capacity through new relationships with Tier 1 suppliers; ability to maintain relationships with current Tier 1 suppliers and strategic partners; ability to make continued investments in REE’s platform; the need to attract, train and retain highly-skilled technical workforce; the impact of the ongoing COVID-19 pandemic; changes in laws and regulations that impact REE; ability to enforce, protect and maintain intellectual property rights; and risks related to the fact that we are incorporated in Israel and governed by Israeli law; and other risks and uncertainties set forth in the section entitled «Risk Factors» and «Cautionary Note Regarding Forward-Looking Statements» in 10X SPAC’s final prospectus dated November 24, 2020 relating to its initial public offering and in subsequent filings with the SEC, including the proxy statement relating to the business combination expected to be filed by 10X SPAC.

Media Contact
Keren Shemesh
Chief Marketing Officer
REE Automotive
E: kerens@ree.auto  
M: +972-54-5814333

View original content to download multimedia:http://www.prnewswire.com/news-releases/ree-automotive-opens-new-engineering-center-of-excellence-301228762.html

SOURCE REE Automotive

NEW YORK, Feb. 16, 2021 /PRNewswire/ — 2020 was a volatile year for M&A, with an almost complete halt in deal activity in the early months of the Covid-19 crisis and a rebound in the second half of the year, when deal value rose by more than 30% in the third and fourth quarters. Bain & Company’s new survey of nearly 300 M&A practitioners shows that appetite for M&A remains robust, with about half of respondents expecting higher M&A activity in their industries in 2021. The survey also shows that M&A will continue to be a key strategic pillar for business, with practitioners expecting M&A to contribute to 45% of their growth over the next three years, compared to about 30% over the past three years. These are among the findings of Bain & Company’s Global M&A Report 2021.

«2021 promises to be a dynamic year for M&A,» said Andrei Vorobyov, a partner at Bain & Company and a leader of the firm’s Mergers & Acquisitions practice.  «Executives expect an uptick in M&A activity and that M&A will become even more important for achieving growth. To compete in this increasingly disruptive environment, M&A practitioners need to rethink their M&A strategy and roadmap; broaden their M&A options to include corporate venture capital, partnerships and minority stakes; and further digitalize their M&A process.»

The surprising increase in deal multiples

In addition to an unexpected rebound, 2020 brought a number of surprises to M&A practitioners, including strong deal valuations across many industries. With the pandemic taking its toll on the economy, it was natural to assume deal valuations would weaken, leading to distressed M&A. Indeed, that is what transpired following the global financial crisis, when deal multiples dropped by about 30% over two years.

But in the unpredictable year of 2020, the opposite happened. Globally, median enterprise value to earnings before interest, taxes, depreciation, and amortization deal multiples increased to 14 times from 13 times in 2019, underpinned by fast-growing industries, such as technology, telecommunications, digital media and pharmaceuticals. Unprecedented government stimulus, combined with continuing low interest rates, a spike in household savings rates, record PE dry powder and accessible debt capital markets, has contributed to sustained asset prices.

A growing urgency to divest

While Covid-19 placed unprecedented demands on management bandwidth, divestiture activity went to the back burner. Divestiture volume was down 15% in 2020, and value dropped by 21%. However, the crisis has added an urgency to divest as companies need to divert their scarce resources to the best opportunities amid increasing industry disruption. Roughly 40% of the practitioners Bain surveyed expect a rise in divestitures over the next 12 months, with the industries hardest hit during the pandemic, such as retail, energy and hospitality, likely to see the highest level of divestiture activity.

Bain’s research indicates willing buy-side demand for divested assets too. About 62% of surveyed M&A practitioners expect more interest in acquiring carved-out assets in their industries over the next 12 months. Meanwhile, private equity (PE) interest in carved-out assets is expected to remain high in the year ahead, with general partners under pressure to continue to put dry powder to use. Across industries, 30% of respondents anticipate PE to increase its interest in buying divested assets, with the biggest anticipated rise in advanced manufacturing.

A continuous appetite for growth and new capability assets

A few years ago, Bain identified an increase in the share of scope deals aimed at helping companies expand into fast-growing markets or gain new, mostly tech and digital, capabilities. This trend continued in 2020, with scope deals further increasing volume share to 56% of all deals more than $1 billion, compared with 41% in 2015.

Technology, consumer products and healthcare stand out with the highest share of scope deals. The need for new critical capabilities was at the heart of many recent scope deals. For example, consumers’ growing demand for direct delivery drove Target’s acquisition of Deliv, Nestlé’s acquisition of Freshly and Ahold Delhaize’s acquisition of FreshDirect.

Scale M&A continues to be relevant as well, especially in industries that are watching the pandemic hasten the disruption of their business models. Traditional media and retail will experience more consolidation as scale becomes increasingly necessary to compete with and outinvest digital competitors.

In banking and telecommunications, consolidation is also being encouraged by regulator support. In banking, the US and Europe are already witnessing the start of domestic consolidation, with such deals as PNC and BBVA in the US, Bankia and Caixa in Spain, and Intesa Sanpaolo and UBI in Italy.

Increasingly local supply chains

Covid-19 accelerated a number of M&A trends that previously felt years away. Among them, the decline in cross-regional M&A in favor of local or regional deals. The rising scrutiny on cross-border deals and ongoing US-China trade tensions have already been slowing down cross-regional trade for a few years. This trend is decisively accelerated by supply chain concerns exposed by the Covid-19 crisis. About 60% of Bain’s survey respondents said supply chain localization will be a significant factor in evaluating deals going forward.

As an indication of this localization, the number of Asian outbound deals into the Americas and Europe fell by 29% year over year in 2020. With overall deal value down only 2.5%, Greater China acquirers directed 93% of their deal spending toward domestic companies, with only around 5% going to deals in the Americas and Europe, the Middle East and Africa. This represents a sharp drop from around 11% in 2019 and roughly 25% in 2016, the peak of Chinese outbound M&A.

Virtual diligences and integrations

In addition to becoming increasingly local, deals rapidly moved online in 2020. Corporate M&A and PE teams have found themselves quickly adapting to the world of virtual due diligence, deal closing and integration. Yet, about 70% of M&A practitioners Bain surveyed said that diligence in 2020 was challenging.

2020 will also be remembered as the year ESG assumed a prominent place among M&A criteria, requiring the extension of target screening, the development of new diligence capabilities and the use of new data sources.

Industry perspectives

More so than in the past, the external environment in each particular industry is setting the boundaries for how much M&A companies can do. Technology, media and telecommunications all saw strong market capitalization increases last year, while energy and financial services saw the biggest declines. Below are some of the most notable industry-specific trends Bain is watching.

Consumer products: It would be natural to blame the pandemic for the drop in consumer products deal value last year, but it represents a continuation of trends that have been playing out over the past three to five years. Bain’s research shows the industry may be due for an uptick in deals—45% of surveyed consumer products M&A practitioners expect deals to increase over the next 12 months. The most profound change in consumer products M&A is in deal mix.

Scope and capability deals now make up 60% of deals greater than $1 billion. Deal activity for insurgent brands—those that significantly outpace category growth while simultaneously reaching minimum scale—has grown twofold to threefold since 2015. These trends point to a more fundamental change in M&A strategy as the consumer products industry reacts to low growth and historic disruption in consumer needs, channel shifts and competition.

Retail: The Covid-19 pandemic hastened the shift to e-commerce, increasing the importance of M&A in the retail industry. The retail M&A practitioners Bain surveyed expect M&A to contribute almost 60% to top-line growth over the next three years compared to around 35% over the past three years, one of the highest jumps among all industries surveyed. Activity will intensify for both scale and scope deals.

Markets are looking for scale, growth and digital performance. Nowhere is this seen more clearly than in the grocery sector. Increasingly, grocers are taking creative new approaches to deals. Some are buying or partnering to integrate supply chains, while others are partnering to access new capabilities and technology and to accelerate growth of new channels.

Technology: Technology M&A roared back from an almost standstill in the second quarter of 2020 to hit record activity in deal volumes and value in the second half of the year. Tech M&A continued to trend toward more growth- and capability-oriented scope deals, representing 81% of industry deals in 2020, far more than other industries. Most significant is the rising interest of nontechnology investors in the tech space, which now account for nearly three-quarters of deals in the technology sector, up from about 60% a decade ago.

Media: In media, Bain expects a flurry of new deals over the next two to three years, with the majority of growth in media coming from video streaming. Bain’s new research shows that there will only be a few winners once the dust settles in this land grab moment. Our data shows that streaming grew quickly in the first half of 2020, but that consumer demand caps at three to four subscriptions. The report also digs into the unique nuances of integrating media companies, especially virtually, given the criticality of creative talent in the industry.

Telecommunications: Following a steep drop the previous year, telecommunications deal value grew by about 50% in 2020. The industry also witnessed a changing deal mix. Despite fears that further industry consolidation would be quashed by regulators, scale M&A rebounded. Meanwhile, infrastructure M&A, a type of deal that’s unique to telecommunications, continued apace as companies sought to monetize infrastructure assets that command three to four times the valuation multiples of the integrated telecom operators themselves.

Banking: The banking industry is primed for an upswing in M&A activity. Valuations are dropping in banking, with average price-to-book value decreasing by 35% globally in 2020. Even after gradual consolidation, banking remains a fragmented industry across all key markets, with the top five banks accounting for only 30% of total deposits in the US, 40% in the UK, and 38% in China. Unlike many other industries, regulators are creating conditions and frameworks that favor consolidation. For example, the European Central Bank recently published guidelines for consolidation in the banking sector.

Finally, there is the impact of Covid-19. Despite government interventions, the economic fallout has caused banks that entered the pandemic in a weaker position than their competitors to weaken even further, widening the rift between the less healthy banks and those that have remained relatively robust despite substantial losses and lower capital ratios. The rift will create opportunities for stronger players to acquire and for weaker players with capital ratio gaps to look into their portfolios for potential businesses to divest.

Insurance: Insurers are streamlining their businesses to redefine themselves with a narrower focus and stronger core. Divesting of noncore businesses represented about 70% of insurance deals valued at more than $1 billion over the past five years. Buyers are taking advantage of these divestitures to strengthen their market position and step into near adjacencies. As there is still considerable uncertainty about how emerging capabilities will mature, many established insurers have chosen to access new capabilities with investments and partnerships. While private technology investments by incumbent insurers slowed in 2020 from their recent pace, Bain expects a rebound in 2021 as insurers build for the future. The continued market enthusiasm for insurtechs suggests that there is no shortage of innovative ideas and capabilities that could benefit insurers.

Editor’s note: To request an interview, please contact Katie Ware at katie.ware@bain.com or +1 646 562 8107.

About Bain & Company
Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future.

Across 59 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development and the environment. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.

Media Contact:
Katie Ware
Bain & Company
Tel: +1 646 562 8107
katie.ware@bain.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/following-an-unexpected-rebound-in-ma-businesses-are-banking-on-a-new-kind-of-dealmaking-for-growth-in-a-post-covid-world-301228786.html

SOURCE Bain & Company

WYOMISSING, Pa., Feb. 16, 2021 /PRNewswire/ — After more than thirty-two years of legal and trial experience, James Gavin is running for Judge of the Court of Common Pleas of Berks County because Integrity & Experience Matter. In a testament to Gavin’s integrity and experience, Berks County District Attorney John Adams is endorsing his candidacy.

«Your experience in many areas of the law is exemplary and as a result, you will have the knowledge and the experience to handle varied judicial assignments,» stated District Attorney John Adams in a letter to Gavin.

James Gavin said, «I am honored to receive the endorsement from District Attorney Adams. Our District Attorney displays the perfect example of rectitude that our justice system was founded upon.»

Gavin concluded, «A Supreme Court Justice once observed that the personal security and interests of our citizens rest on the wisdom, stability, and integrity of the judges who serve in our courts. With my years of experience, I intend to bring wisdom, stability, and integrity to the bench, applying the rule of law to everyone evenhandedly.»

Gavin intends to bring his lengthy experience as an attorney and counsellor at law to the Court of Common Pleas and will serve the community with honor and distinction. He possesses all of the qualities necessary to serve the people of Berks County.

Gavin began his career as an assistant district attorney where he prosecuted literally hundreds of cases. At the time of his departure, he held the position of Chief of Trials.

While in private practice as a partner in the Wyomissing law firm of Masano Bradley, Gavin’s experience expanded exponentially. He remains grounded in a litigation practice, handling all types of cases throughout Pennsylvania. He also a broad appellate practice with cases in the Pennsylvania Superior Court, Pennsylvania Commonwealth Court, Pennsylvania Supreme Court and the United States Third Circuit Court of Appeals.

Additionally, he has litigated cases before various state and federal agencies including the labor relations boards, the Pennsylvania Human Relations Commission and the Equal Employment Opportunity Commission.

In May of 2020, Gavin celebrated his thirtieth wedding anniversary with his wife, Ruth.  Gavin and his wife have three daughters. In the fall of 2019, they welcomed their first grandchild to their family.

Contact: Michael Barley
717-576-6733

View original content to download multimedia:http://www.prnewswire.com/news-releases/berks-county-district-attorney-john-adams-endorses-james-gavin-for-judge-of-the-court-of-common-pleas-301228548.html

SOURCE Committee to Elect James Gavin