LVMH Acquires a Luxury Hotel Operator
The luxury goods conglomerate, which is home to brands such as, Louis Vuitton and Hublot, announced that it has entered into a definitive agreement to acquire Belmond Ltd., a luxury hotel chain.
LVMH will acquire Belmond for $25.00 per Class A share in cash representing a $2.6 billion deal which is expected to significantly increase its presence in the luxury hotel market.
Belmond operates in 24 countries with a portfolio of 46 hotel, rail and river cruise experiences.
General Motors Looks to Help Workers Impacted by its Recent Layoffs
The automobile manufacturer announced that it’s offering “training opportunities and access to tuition assistance” for U.S. hourly employees affected by its recent layoffs.
The company is also looking to provide employees with options to transition into other roles at other GM plants, if interested.
General Motors recently announced that it’s shifting towards a focus on electric and autonomous vehicles.
BBVA and Porsche Holding Team up on Blockchain Technology
The multinational banking group announced that it has teamed up with Porsche Holdings, a subsidiary of Volkswagen AG, to close a “€150 million term loan backing strategic acquisitions in the retail distribution network in Europe and Asia.”
The loan was arranged using blockchain technology which is capable of automating the negotiation process, minimizing operational risks and offer speed, traceability, and transparency.
According to a BBVA press release, the latest transaction “strengthens a long lasting commercial relationship between the two institutions.”