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General Atlantic invests in Atoss Software for global growth
Global growth investor General Atlantic has announced that it will acquire around 20% of the shares in Atoss Software AG. Atoss is a human resources software specialist and is considered a pioneer in this field. With General Atlantic’s entry, the Munich-based company will not only receive financial support but also access to extensive expertise in the field of digitalization and international market growth.
Under the terms of the transaction, General Atlantic will acquire the shares from AOB Invest GmbH, which is owned by Atoss Software AG’s largest individual shareholder, Andreas Obereder. As part of the agreement, AOB Invest GmbH will grant General Atlantic a 12.8% discount to the 6-month VWAP since September 30, 2022. The transaction is scheduled for completion on June 30, 2023.
In addition, the agreement includes call options for General Atlantic. This means that General Atlantic has the option to acquire nearly 5% of additional shares of AOB Invest if these options are exercised. These options will allow General Atlantic to further expand its stake in Atoss and strengthen its commitment to the company.
To underline the close cooperation, Jörn Nikolay, Managing Director and Head of DACH at General Atlantic in Munich, will be given a seat on the supervisory board of the Specialists for Workforce Management Solutions. The supervisory board is to be expanded from three to four people to make room for Nikolay.
General Atlantic intends to support Atoss in key value-creation initiatives. These include, in particular, further growth in international markets and the expansion of the cloud business. With its global network and extensive expertise in digitalization and cloud strategies, General Atlantic is well-positioned to support Atoss in these strategic undertakings.
Andreas Obereder, founder and CEO of Atoss, shared his enthusiasm about the cooperation:
“This investment by one of the world’s most successful growth equity investors offers ATOSS an opportunity to capture the enormous growth potential in our market even more fully. With General Atlantic as investor, we plan to continue our success story and take ATOSS even further internationally.”
Shares in Atoss Software slipped 10% to €192 (€1 = $.0814) in early trading on the Tradegate trading platform.
Constellation Energy (NASDAQ:) Corp. is on the verge of acquiring Calpine Corp., a move that could mark one of the most significant transactions in the power generation industry, Bloomberg reported on Wednesday.
Baltimore-based Constellation is negotiating with Calpine’s private equity owners to finalize the terms of a deal that could place the value of Calpine at approximately $30 billion, including the assumption of debt, the report said, citing people familiar with the matter.
The potential acquisition, which could be announced within the next few weeks, is still subject to ongoing deliberations, report added.
Constellation’s interest in Calpine underscores the strategic moves within the power sector as companies seek to consolidate and expand their market presence.
While the exact terms of the deal are still being discussed, the acquisition’s completion would likely have considerable implications for both Constellation and the wider power generation sector.
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By John Irish and Alexander Ratz
PARIS/BERLIN (Reuters) -European Union sanctions in Syria that obstruct the delivery of humanitarian aid and hinder the country’s recovery could be lifted swiftly, France’s foreign minister said Wednesday.
The United States on Monday issued a sanctions exemption for transactions with governing institutions in Syria for six months after the end of Bashar al-Assad’s rule to try to ease the flow of humanitarian assistance.
Speaking to France Inter radio, Foreign Minister Jean-Noel Barrot said the EU could take a similar decision soon without giving precise timing, while adding that lifting more political sanctions would depend on how Syria’s new leadership handled the transition.
“There are other (sanctions), which today hinder access to humanitarian aid, which hinder the recovery of the country. These could be lifted quickly,” said Barrot, who met Syria’s de facto leader Ahmed al-Sharaa on Friday with Germany’s foreign minister.
“Finally, there are other sanctions, which we are discussing with our European partners, which could be lifted, but obviously depending on the pace at which our expectations for Syria regarding women and security are taken into account.”
Three European diplomats speaking on condition of anonymity said the EU would seek to agree to lift some sanctions by the time the bloc’s 27 foreign ministers meet in Brussels on Jan. 27.
Two of the diplomats said one aim was to facilitate financial transactions to allow funds to return to the country, ease air transport and lessen sanctions targeting the energy sector to improve power supplies. A third said Germany had put forward a position paper on the potential sanctions to be lifted.
“Due to the new situation, existing sanctions are under scrutiny. Germany has already pitched ideas on this issue,” German foreign ministry spokesperson Christian Wagner said on Wednesday.
“The focus lies on economic questions and return of funds of the Syrian diaspora,” he said.
Syria suffers from severe power shortages, with state-supplied electricity available two or three hours per day in most areas. The caretaker government says it aims to provide electricity for up to eight hours per day within two months.
The U.S. waivers allow some energy transactions and personal remittances to Syria until July 7, but do not remove any sanctions.
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Wednesday that Nippon Steel’s blocked acquisition of U.S. Steel received a “thorough analysis” by an interagency national security review body that was sent to President Joe Biden.
Yellen, in a live interview on CNBC, said she could not discuss specifics of the review of the merger blocked by Biden last week that is now the subject of a lawsuit that alleges that the review by the Committee on Foreign Investment in the United States (CFIUS) was not conducted in good faith and was prejudiced by Biden.
“I think, as you know, there is ongoing litigation over this case, and as head of CFIUS, I regret there is very little substantive that I can say to you about this,” Yellen said. “Other than that, CFIUS did analyze the specifics, as it always does of this situation, and prepared a thorough analysis to go to the president.”
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