- BorgWarner Inc (NYSE:BWA) has acquired Switzerland-based engineering and product development services provider Drivetek AG.
- The transaction has an enterprise value of up to CHF35 million, of which CHF25 million was delivered at closing.
- An additional CHF 10 million could be paid in the form of contingent payments over the next 3 years.
- Drivetek offers engineering and product development services for inverters, electric drive solutions, and power electronics as well as a line of products that include specialized inverters for high-speed electrified turbomachinery.
- Drivetek’s competencies include design and development of power electronics and electrical machines, system engineering, and control software.
- It supports customers in the automotive and transportation industry as well as in the aviation, industrial and energy sectors.
- BorgWarner held $1.2 billion in cash and equivalents as of September 30, 2022.
- Price Action: BWA shares closed higher by 0.35% at $42.66 on Thursday.
Innovative Eyewear Priced 980K Unit IPO @$7.50/Unit
Innovative Eyewear, Inc. (NASDAQ: LUCY; LUCYW), a developer and retailer of cutting-edge eyeglasses and sunglasses designed to allow the users to remain connected to their digital lives, today announced the pricing of its initial public offering of 980,000 units consisting of 980,000 shares of its common stock and two accompanying Warrants to purchase up to 1,960,000 shares of common stock.
