Daily Business Report: Tuesday, Nov. 9, 2021
Viasat to acquire London-based mobile
satellite company for $7.3 billion
in bid ‘to connect the world’
Viasat, the global communications company based in Carlsbad, has agreed to spend $7.3 billion to acquire London-based Inmarsat, a provider of mobile satellite communications services.
The $7.3 billion acquisition was comprised of $850 million in cash and 46.36 million shares of Viasat common stock valued at $3.1 billion, and the assumption of $3.4 billion of net debt.
The companies said the combination will create a leading global communications innovator with enhanced scale and scope to “affordably, securely and reliably connect the world.” The complementary assets and resources of the new organization will enable the availability of advanced new services in mobile and fixed segments, driving greater customer choice in broadband communications and narrowband services (including the Internet of Things or “IoT”).
“This is a transformative combination that advances our common ambitions to connect the world,” said Viasat Executive Chairman Mark Dankberg. “The unique fusion of teams, technologies and resources provides the ingredients and scale needed for profitable growth through the creation and delivery of innovative broadband and IoT services in new and existing fast-growing segments and geographies.”
“Inmarsat’s dual-band global mobile network, unique L-band resources, skills and capabilities in the U.K. and excellent technical and operational talent worldwide, are powerful complements to Viasat’s business.”
TOP PHOTO: Viasat headquarters. (Courtesy Viasat/ Michael Wall Engineering).
California to get billions and billions
of dollars from infrastructure package
CalMatters
Billions of dollars could flow into California when Biden signs the $1.2 trillion infrastructure package Congress passed Friday after months of negotiation and deadlock. It would mark the latest cash infusion for the Golden State, which is still riding waves of money from multiple federal pandemic relief packages and its own record-breaking budget surplus. Here’s a look at what the White House says California can expect to receive over the next five years:
• $25.3 billion for federal-aid highway apportioned programs.
• $9.45 billion to improve and expand public transportation.
• $4.2 billion for bridge replacement and repairs.
• $3.5 billion to improve access to clean, safe drinking water.
• $1.5 billion for airport infrastructure development.
• $384 million to expand the state’s network of electric vehicle chargers.
• At least $100 million to help connect Californians to high-speed internet.
• $84 million to protect against wildfires.
• $40 million for defense against cyberattacks.
New trolley line to La Jolla could be ‘game changer’
for commuting, housing, equity and climate efforts
San Diego’s often-criticized transit system will take what many are calling a monumental step forward later this month with a new trolley line connecting Old Town to La Jolla, UC San Diego, Mission Bay Park, Pacific Beach and Clairemont.
The $2.2 billion line has the potential to reduce notorious traffic congestion in the Golden Triangle, boost beach access for low-income areas and help solve San Diego’s housing crisis by spurring high-rise projects along much of its pathway.
Getting rid of Daylight Savings Time in California?
— don’t set your clock by it
CalMatters
Didn’t we vote to eradicate daylight saving time and standard time and just keep one system in place for the whole year? Yes — and no. In 2018, California voters approved a ballot measure that would allow the state Legislature to make daylight saving time permanent — meaning residents would no longer have to change their clocks in March and November. But this plan had two massive caveats: First, it would have to be approved by two-thirds of lawmakers in both the Assembly and the Senate — a feat it has not yet achieved.
Secondly, even if a supermajority of state lawmakers did greenlight the plan, it wouldn’t actually go into effect until the federal government gave the OK (although Assemblymember Lorena Gonzalez, a San Diego Democrat, said Sunday that state lawmakers could vote to make standard time permanent without needing federal approval). Like their state counterparts, congressional legislators haven’t reached agreement on the issue — and so we beat on, boats against the current, borne back ceaselessly between standard and daylight saving time.
Independent online platform aims at
creating new kind of political awareness
Kelly Riordan is committed to increasing political awareness by providing bias-free, factual information through her WeWillDecide online webtool.
Her mission lies in empowering voters to gain enough knowledge to become their own political analysts, taking the confusion out of the political process. The platform allows users to act as if they are members of Congress themselves, voting on all proposed bills and Executive Orders before the House or Senate.
A program within the website creates personalized scores and statistics based on the user’s votes and compares them with every Congress member. In addition, the user can instantly match their opinions with other WeWillDecide members in their state and nationwide.
Another innovative feature is a massive government search engine. Users simply type in any keyword, and the engine will bring up all results that contain the desired words.
“I couldn’t believe how unorganized the whole system was, so I organized it,” says Riordan.
Two government affairs leaders join
Rady Children’s Hospital-San Diego
Rady Children’s Hospital-San Diego has selected Clara Evans as its new vice president of government affairs and Stephanie Gioia-Beckman as its new director of government affairs. These hires are the latest additions to a growing external affairs team tasked with elevating Rady Children’s message and mission outside of the organization.
Evans will oversee Rady Children’s involvement with government, political and legislative entities on local, state and national levels.
Gioia-Beckman will collaborate with Evans and their shared team to support and advance the organization’s public policy agenda. Both women bring decades of experience to their respective roles.
Prior to joining Rady Children’s, Evans led advocacy efforts in California and served on the national public policy and advocacy team for CommonSpirit Health, a health care system with a footprint across 21 states and more than 140 hospitals, including 32 in California.
Gioia-Beckman has a more than 20-year track record in government relations and federal, state and County of San Diego policy development and management.
Cosimo Commisso receives $4.6 million
to explore treatments for pancreatic cancer
Two new grants from the National Institutes of Health will help Sanford Burnham Prebys Associate Professor Cosimo Commisso continue his work on macropinocytosis, a process in which pancreatic cancer cells sap up nutrients from their surroundings.
Inhibiting macropinocytosis has the potential to transform treatment for one of the deadliest forms of cancer.
“Pancreatic tumor cells are quite dense and this causes flattened blood vessels, so they are essentially housed in their own little ecosystem where they have to gather nutrients on their own,” says Commisso.
“By stopping this process, we can effectively starve the tumors.”
Pancreatic cancer only accounts for 3 percebt of cancer cases in the United States, but it is so difficult to treat that it is poised to become the second leading cause of cancer-related death.
BlueHalo solidifies lead position in
counter-UAS with San Diego acquisition
BlueHalo, a provider of advanced engineering solutions and technology to the national security community, announced it has acquired San Diego-based Citadel Defense Company. Citadel develops advanced counter-unmanned aerial systems technology utilized by customers within the Department of Defense and intelligence community, as well as civilian, commercial, and international markets.
Founded in 2016, Citadel’s team of engineers and data scientists has developed best-of-breed cUAS products that leverage proprietary artificial intelligence and machine learning algorithms to enable operators to locate drone threats, track flight paths, and autonomously neutralize threats.
Citadel’s industry-leading solutions create a distinct operational advantage for servicemen and servicewomen on the front lines. When defending against drone swarms and difficult-to-detect threats, Citadel’s AI/ML-powered systems allow operators to identify and terminate enemy UAS threats with unmatched speed, accuracy, and reliability.
Drata reaches unicorn status with
$100 million in Series B funding
Drata, a next-generation security and compliance automation company, announced $100 million in Series B funding led by ICONIQ Growth, with additional investments from Alkeon Capital and Salesforce Ventures. Less than 10 months out of stealth and 16 months since incorporation, Drata’s Series B funding makes the SaaS company one of the fastest ever to achieve a $1 billion valuation. Existing investors GGV Capital, Cowboy Ventures, and Leaders Fund also participated in this round.
“This latest round of funding is still only the beginning, and with it we’re confident in our ability to accelerate Drata’s growth and leadership position in the market,” said Drata CEO and Co-Founder Adam Markowitz.
Bumble Bee Seafood company establishes
scholarship program for BIPOC students
The Bumble Bee Seafood Company has established a partnership with The San Diego Foundation to award local Black, Indigenous, and people of color (BIPOC) students with academic scholarships on an ongoing basis, beginning with the 2022-2023 school year.
San Diego County students who are graduating high school seniors or current four-year, community college or trade/vocational school students will have the opportunity to apply for The Bumble Bee Seafood Company Foundation Scholarship starting Dec. 1, 2021. Each year, four students will be awarded a $2,500 scholarship to help increase accessibility to affordable education. Students that continue to meet basic academic standings will be eligible to have the scholarship renewed for an additional year.
According to the latest report by the American Council on Education, a smaller proportion of bachelor’s degrees are earned by students of color. On top of that, longstanding racial and ethnic disparities increase the debt burdens students carry into their adult life.
Axos Invest inaugurates self-directed trading
with $100 account-opening bonus
Axos Invest, the retail investing arm of digital financial services leader Axos Financial Inc., is offering a $100 cash bonus to eligible customers who open an account on its new Self-Directed Trading platform.
Launched earlier this year, Axos Invest Self-Directed Trading offers commission-free trades on eligible stocks, Exchange-Traded Funds (ETFs) and no-load mutual funds ($0 per trade on eligible stocks and ETFs; other fees may apply). Self-Directed Trading carries no annual fees or inactivity charges.
The bonus offer applies to customers who open their first Self-Directed Trading account with a minimum funding level of $2,500 by Dec. 31, 2021.
Feds post $10 million reward for
DarkSide ransomware actors
The U.S. State Department is offering rewards of up to $10 million for information that leads to the identification or location of members of the DarkSide ransomware gang and others who attack critical infrastructure. It follows the U.S. taking offensive cyber action against REvil, The Washington Post reports.
Sharp Health Plan achieve high
rating from Covered California
Sharp Health Plan, a not-for-profit, locally based health plan serving San Diegans of all ages, achieved an overall rating of 5 out of 5 stars from Covered California for 2022,
and was the only health plan to achieve a 5-star members’ care experience rating. Sharp Health Plan is also the highest member-rated health plan in California for the seventh year in a row.
“These recognitions are a testament to Sharp Health Plan’s long-standing commitment to deliver high-quality and affordable coverage to San Diegans,” said Melissa Hayden Cook, president and chief executive officer of Sharp Health Plan.
