Galderma Successfully Issued an Inaugural CHF 500 Million Bond

 ZUG, Switzerland - Thursday, 29. August 2024 AETOSWire Print 

(BUSINESS WIRE)--Galderma Group AG (SWX:GALD):

NOT FOR DISTRIBUTION IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE RESTRICTED BY APPLICABLE LAW OR REGULATION

Galderma successfully placed an inaugural bond with a total amount of CHF 500 million through a dual tranche offering:

CHF 250 million bond, with a 4-year maturity and a 1.6% fixed-rate annual coupon

CHF 250 million bond, with a 8-year maturity and a 1.9% fixed-rate annual coupon

The payment date of the bonds is September 27, 2024. The bonds will be listed on the SIX Swiss Exchange and are expected to be included in the domestic segment of the Swiss Bond Index (SBI). The bonds were placed under the lead management of UBS and Zürcher Kantonalbank.

To support the issuance of the bond, Galderma obtained two investment grade ratings from UBS and Zürcher Kantonalbank (BBB- “Improving” and BBB- “Stable” respectively).

The net proceeds of the transaction will be used for the partial refinancing of its existing Bank Term Loan issued at Initial Public Offering (IPO) and general purposes. This successful issuance is leverage-neutral and doesn’t affect Galderma’s guidance for full-year 2024 on net sales, Core EBITDA margin, leverage and interest cash expense for the second half of 2024, as last communicated on July 25, 2024.

About Galderma

Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: www.galderma.com

Disclaimer

This announcement does not constitute an offer to sell, a solicitation of an offer to buy any of the bonds described herein or any other securities issued by Galderma, or any kind of advice, nor shall there be any offer, solicitation or sale in any country or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any country or jurisdiction. This press release also does not constitute a prospectus as such term is understood pursuant to the Swiss Financial Services Act and not a prospectus under any other applicable laws. A decision to invest in the bonds mentioned herein should be solely made based on the prospectus published in connection with the offering. Except as required by law, Galderma does not have the intention or obligation to update any part of this publication.

 

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Contacts

For further information:

Christian Marcoux, M.Sc.

Chief Communications Officer

christian.marcoux@galderma.com

+41 76 315 26 50

Sébastien Cros

Corporate Communications Director

sebastien.cros@galderma.com

+41 79 529 59 85

Emil Ivanov

Head of Strategy, Investor Relations, and ESG

emil.ivanov@galderma.com

+41 21 642 78 12

Jessica Cohen

Investor Relations and Strategy Director

jessica.cohen@galderma.com

+41 21 642 76 43

Wilshire and Tech-Enabled and Data-Driven Specialist XTP Join Forces to Enhance Cost Transparency for Global Asset Owners

  SANTA MONICA, Calif. - Thursday, 29. August 2024 AETOSWire 

Market-Leading Cost and Risk-Reduction Services Will Complement Wilshire’s Investment Solutions for Institutional Clients Globally

 

(BUSINESS WIRE)--Wilshire Advisors LLC (“Wilshire”), a leading global financial services firm, today announced that it has joined forces with XTP Implementation Services (“XTP”), a tech-enabled and data-driven specialist focused on improving transparency, reducing risk, enhancing investment governance, and increasing net returns for institutional investors globally. Through this partnership, which was effectuated by an acquisition of XTP by Wilshire, with simultaneous reinvestment in Wilshire by former XTP shareholders, XTP will continue to operate independently under its existing leadership team and brand. Financial terms of the transaction were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240828886722/en/

XTP is a market leader in cost transparency analytics, with a 20-year history of serving public and private investors, including pension funds, insurance companies, sovereign wealth funds, investment consultants, outsourced chief investment officers, endowments and foundations, and family offices. With more than $3 trillion in assets analyzed across 10,000 portfolios in North America and Europe, XTP helps its clients reduce investment-related costs and risks while enhancing governance. Combining deep industry experience and proprietary software, benchmarking databases, and forensic capabilities allows XTP to identify optimization potential across the investment value chain of public and private market portfolios. XTP clients benefit from a risk-free increase in net returns.

Andy Stewart, CEO at Wilshire, said: “We are excited to partner with XTP and bring its cost and risk-reduction services to our institutional clients, which will benefit from the power of its sophisticated insights and solutions. Throughout our discussions, it was clear that Wilshire and XTP share a holistic, client-centric approach that seeks to align our success with that of our clients. On behalf of Wilshire, I extend a warm welcome to the talented XTP team and look forward to collaborating for the benefit of our combined client base.”

Philipp Henrich, Founder and CEO at XTP, said: “We welcome our partnership with Wilshire, whose solutions, clients, and geographic footprint are complementary to ours. By joining forces, we have the opportunity to leverage the resources of a global service provider with a very strong presence in North America. This will enable us to offer our capabilities to an expanded client base while continuing to provide our valued, long-standing customers personalized, mission-critical support. We could not be more optimistic about this new, bright chapter for XTP with Wilshire alongside us.”

Jason Schwarz, President and Deputy CEO at Wilshire, said: “Institutional investors worldwide are more focused than ever on efficiency and transparency, seeking to better understand, disclose, and manage the true costs of their investments. XTP has an impressive 20-year track record and unmatched ability to identify cost and risk-reduction opportunities and translate those insights into enhanced returns. By bringing together XTP’s proprietary capabilities and Wilshire’s multifaceted platform, we will be even better positioned to empower clients with solutions that address their top concerns and deliver even more value.”

Solomon Partners and Kirkland & Ellis LLP served as financial advisor and legal advisor to Wilshire, respectively. XTP shareholders were advised by DLA Piper.

About Wilshire

Wilshire is a leading global financial services firm and trusted partner to approximately 500 leading institutional investors and financial intermediaries. Our clients rely on us to improve investment outcomes for a better future. Wilshire advises on over $1.4 trillion in assets and manages over $121 billion in assets as of March 31, 2024. Wilshire is headquartered in the United States with offices worldwide. More information on Wilshire can be found at www.wilshire.com.

About XTP

XTP is a specialist consultant focusing on transparency, cost, and risk. XTP actively supports large institutional asset owners globally in turning data into measurable results. By creating full cost transparency in public and private market portfolios XTP assures contract compliance, eliminates process inefficiencies and operation risks, and optimizes costs without changing the existing investment set-up. More information on XTP can be found at www.xtp-group.com.

 

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Media:

Wilshire

Kiki O’Keeffe / Julia Sidi

Pro-Wilshire@prosek.com

 

TRU Simulation delivers Beechcraft T-6C Operational Flight Trainer to Tunisian Air Force

TAMPA, Fla. - Thursday, 29. August 2024

(BUSINESS WIRE)--TRU Simulation + Training Inc., a Textron Inc. (NYSE:TXT) company recently announced delivery of the Beechcraft T-6C Texan II Operational Flight Trainer (OFT) to the Tunisian Air Force. Additional items delivered with the OFT include a Computer Based Training (CBT) Lab with eight workstations, two Avionics Desktop Trainings (ADTs) and field services. The OFT will be the first device of its kind within the region and will support flight training needs at the Sfax Air Base in Sfax, Tunisia.

TRU Simulation, an affiliate of Textron Aviation Defense LLC, the manufacturer of the Beechcraft T-6C, designs, manufactures and delivers high-fidelity training devices and full-motion simulators for civil and defense customers.

“As the first TRU-built Beechcraft T-6C OFT in the region, this marks a significant milestone in TRU Simulation’s commitment to advancing aviation training technology globally. The dedication and expertise of our team have been crucial in achieving this milestone, and I am immensely proud of their hard work and commitment to excellence,” said Jerry Messaris, vice president and general manager, TRU Simulation. “It is a privilege to commemorate the integration of the device into the Tunisian Air Force.”

The Beechcraft T-6C OFT equips pilots with procedural and instrument flight training across multiple scenarios and operations. Device features include a realistic cockpit with real aircraft hardware, a visual system with 70 degrees vertical by 270 degrees horizontal field of view, and a dynamic seat with onset and disturbance queues. The OFT will be used to train pilots and maintenance professionals following the delivery of all eight Beechcraft T-6C Texan II aircraft to the Tunisian Air Force.

About TRU Simulation

TRU Simulation + Training Inc., an affiliate of Textron Aviation Inc., is a leading provider of high-fidelity training devices and full-motion simulators for the aviation industry. With a strong commitment to excellence and innovation, TRU Simulation has been at the forefront of flight simulation technology for over a decade. Our customized simulator solutions empower pilots to navigate the skies confidently, while our state-of-the-art technology ensures safe and realistic training experiences. For more information, visit www.TRUSimulation.com.

About Textron Aviation Defense LLC

With a legacy of thousands of proven Beechcraft and Cessna Integrated Training Systems produced and missionized in America’s Heartland since WWII, military customers turn to Textron Aviation Defense when they need airborne solutions for their critical missions. Provider of the world’s foremost military flight trainer, Textron Aviation Defense equips militaries worldwide and leads in low acquisition, sustainment and training costs. The Beechcraft T-6 Texan II fleet of more than 1,000 aircraft has logged more than 5 million hours across two NATO military flight schools and thirteen countries since 2001. Textron Aviation Defense is a subsidiary of Textron Aviation Inc. For more information, visit www.defense.txtav.com | www.scorpionjet.com.

About Textron Aviation

We inspire the journey of flight. For more than 95 years, Textron Aviation Inc., a Textron Inc. company, has empowered our collective talent across the Beechcraft, Cessna and Hawker brands to design and deliver the best aviation experience for our customers. With a range that includes everything from business jets, turboprops, and high-performance pistons, to special mission, military trainer and defense products, Textron Aviation has the most versatile and comprehensive aviation product portfolio in the world and a workforce that has produced more than half of all general aviation aircraft worldwide. Customers in more than 170 countries rely on our legendary performance, reliability and versatility, along with our trusted global customer service network, for affordable and flexible flight.

For more information, visit www.txtav.com | www.defense.txtav.com | www.scorpionjet.com.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation. For more information, visit: www.textron.com.

Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements.

 

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Contacts

Media Contact:

Kate Hemm

316.612.7843

khemm@txtav.com

txtav.com

Saxo Bank reports 35% growth: Strong performance highlights H1 2024 results

 

The Saxo Bank Group reported an adjusted net profit of USD 76 million, compared to USD 56 million for the same period last year, corresponding to an increase of 35%.

During 2024, the Saxo Bank Group rolled out a new competitive pricing structure that lowers costs for clients as well as improvements to the client experience, leading to a record number of clients and client assets, with over 1.2 million end clients and USD 122 billion in client assets as of 30 June 2024.

Volatility across financial markets has been low in the first half of 2024 resulting in lower trading and investing activity, while the higher interest rates and positive inflow of client funding impacted the financial performance positively.

Despite the short-term negative impact of reduced pricing, total income increased slightly to USD 347 million in the first half of 2024 and was diversified almost equally between the business areas with trader clients accounting for 34%, investor clients 34%, and institutional 32%.

Moreover, S&P upgraded Saxo Bank’s rating to A- from BBB during the first half of the year in a testament to the Saxo Bank Group’s strong financial position.

To increase focus, strengthen compliance, reduce risk, and enhance operational efficiency, the Saxo Bank Group initiated a restructuring of its distribution model in the Asia-Pacific region, considering the strategic opportunities for its offices in Hong Kong, Japan, and Australia, while the office in Shanghai is in the process of being closed. This has led to recognition of restructuring costs of USD 7 million in the first half of 2024.

The Saxo Bank Group expects the full year’s adjusted net profit to be maintained in line with the previously guided range of USD 127-150 million.

H1 2024 key financial figures (H1 2023)

• Total income: USD 347 million (USD 336 million)
• Net profit (adjusted): USD 76 million (USD 56 million)
• Net profit: USD 69 million (USD 42 million)
• Total client assets: USD 122 billion (USD 108 billion)
• Total capital ratio: 28% (31.9%)

Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said:

“The positive momentum we’ve experienced in the first half of the year is a strong indicator that our strategy is resonating with our clients. More than 1.2 million clients now trust Saxo with more than USD 122 billion in assets. This is a result of our relentless focus on enhancing our investment platforms, products, and services, and offering very competitive pricing that empowers our growing client base to make more of their money.

It’s also encouraging to see our clients increasingly recognising the value of diversifying their portfolios across different markets and asset classes. In these uncertain times, we remain fully focused on facilitating diversification across asset classes, making it easier and more attractive for investors to build healthy and profitable portfolios and manage their risks. Diversification is truly the "only free lunch" in investing - and we are here to provide the tools, product range, and insights to help our clients navigate their portfolios with confidence.”                                     

Please note: the Saxo Bank Group’s annual report is presented in DKK (Danish Kroner). All figures in this press release have been converted to USD using an exchange rate of 6.68, as of August 27, 2024.

The full H1 2024 report can be found here: Investor relations

About Saxo Bank MENA

At Saxo, we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo Bank was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest. It was also the first Scandinavian bank to establish a presence in the GCC when it launched an office in Dubai, back in May 2009, to cover its regional operations for the MENA region.

Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable Fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions, including a Representative Office license by the Central Bank of the UAE.

As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, Saxo employs more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.

For more information, please visit http://www.home.saxo/me.

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Namita Thakkar 

namita@matrixdubai.com

KAGA FEI Expands Lineup of Wireless LAN/Bluetooth Combo Modules

 Facilitating the Development of Low-Power Embedded Devices with SDIO Interface

(BUSINESS WIRE) -- KAGA FEI Co., Ltd., a global provider of leading short distance wireless modules, announced today the “WKI611AA1,” a Wi-Fi 6 and Bluetooth-supported wireless LAN/Bluetooth combo module for embedded devices.

This module features a built-in high-performance antenna and has obtained various certifications, allows for the reduction of antenna development time and certification costs when developing industrial IoT devices and home automation devices such as smart building equipment, handy terminals for logistics, surveillance cameras, and home appliances. Using this module enables a faster time-to-market for products.

Supporting Wi-Fi 6 and Bluetooth, this module is suitable for applications that require faster data rates and excellent interference avoidance. Mass production of the module will commence in May 2025.

KAGA FEI will continue to respond to market needs and expand its module lineup.

Product Features

1. NXP Chip Integration

The module adopts the “IW611” chip from NXP Semiconductors, which includes dedicated processors and memory for both the wireless LAN and Bluetooth subsystems, enabling independent real-time protocol processing. Supporting Wi-Fi 6 and capable of communication in both the 2.4GHz and 5GHz bands, it achieves higher throughput, superior network efficiency, lower latency, and a wider communication range compared to existing models.

2. Low Power Consumption

The host interface uses SDIO 3.0 for Wireless LAN and UART for Bluetooth, ensuring low power consumption. Additionally, it features an efficient power management system that supports deep sleep low power mode, making it ideal for applications requiring long-time operation.

3. No Need for Antenna Design and Pre-Certified

Features a built-in wideband, high-efficiency antenna, eliminating the need for antenna design. It has obtained Bluetooth qualification and certifications for Radio Law MIC (Japan), FCC (USA), and ISED (Canada), reducing the time and costs.

About Trademarks

The product names and other proper nouns mentioned herein are trademarks or registered trademarks of their respective companies.

KAGA FEI website

https://www.kagafei.com/jp/eng/

Disclaimer

Product specifications, service content, etc. stated in the news release are as of the date of announcement and is subject to change without notice.

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KAGA FEI Co., Ltd.

Solution Business Headquarters

Module Products Division

Email: ml-module_contact@jp.kagafei.com

Andersen Global Strengthens African Platform with Addition of Investment Banking Capabilities

 SAN FRANCISCO - Thursday, 29. August 2024 AETOSWire

(BUSINESS WIRE) -- Andersen Global continues to build on its multidisciplinary platform in Africa, adding investment banking and M&A capabilities to the region through a Collaboration Agreement with Boston Advisory Limited based in Nigeria.

Boston Advisory Limited is an investment banking firm providing a broad range of investment banking services to a diverse group of corporates, public institutions and high net worth individuals.

The firm’s primary focus areas include transaction services and capital raising, having worked on one of Nigeria’s largest mergers and raised more than 300 billion NGN. Each of the firm’s professionals possess more than three decades of investment banking experience and provide services to some of the largest companies in the manufacturing, oil and gas, and real estate industries.

“The collaboration between Boston Advisory Limited and Andersen Global marks the beginning of an exciting new chapter for our firm and our clients,” said Funso Popoola, Managing Director of Boston Advisory Limited. “This collaboration is a testament to our ongoing commitment to providing unparalleled, comprehensive solutions for our clients throughout the region.”

Andersen Global Chairman and CEO Mark L. Vorsatz added, “Boston Advisory Limited will continue to be a leader in the market and deliver exceptional value as we continue to expand our multidisciplinary platform and add capabilities that best serve clients. Our collaboration with this group enables us to make a significant impact across the African market and positions us for further expansion in this sector.”

Andersen Global is an international association of legally separate, independent member firms comprised of tax, legal, and valuation professionals around the world. Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 17,000 professionals worldwide and a presence in over 475 locations through its member firms and collaborating firms.

 

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Megan Tsuei

Andersen Global

415-764-2700

 

Andersen Global Enters Japan with the Collaborating Firm Opti

 SAN FRANCISCO 

(BUSINESS WIRE) -- Andersen Global continues to amplify its reach in the Asia Pacific through a Collaboration Agreement with Opti, a tax advisory firm operating out of Japan.

Founded in 2010 by Managing Partner Akatsuki Fuchigami, Opti delivers customized solutions to domestic and international clients across a broad range of industries. The firm’s team has extensive experience in tax planning and advisory, VAT refund, compliance, feasibility, corporate, international, and indirect taxation.

“Our team of professionals delivers a wealth of industry knowledge and technical insights to clients,” said Managing Partner Akatsuki Fuchigami. “Collaborating with Andersen Global signifies our firm’s dedication to drive results and extend our global capabilities to provide seamless service worldwide.”

"This collaboration allows us to best serve clients with operations in Japan," said Global Chairman and CEO of Andersen Mark L. Vorsatz. “Their addition enhances our global capabilities and sharpens our competitive edge in the region."

Andersen Global is an international association of legally separate, independent member firms comprised of tax, legal, and valuation professionals around the world. Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 17,000 professionals worldwide and a presence in over 475 locations through its member firms and collaborating firms.

 

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Megan Tsuei

Andersen Global

415-764-2700