Category: 3. Business

  • Antitrust enforcement in the digital age: DOJ signals new approach to Big Tech, algorithms, and digital mergers

    In a recent address to the International Association of Privacy Professionals, Principal Deputy Assistant Attorney General Roger Alford outlined the Department of Justice (the DOJ or Department)’s evolving strategy for antitrust enforcement in digital markets.

    Alford’s remarks highlighted recent landmark actions against major technology companies, including the Antitrust Division’s two recent wins against Google. Alford also highlighted the expansion of the consumer welfare standard to include privacy and innovation, and the DOJ’s forward-looking agenda targeting algorithmic collusion and digital sector mergers. Businesses operating in digital markets, as well as those in sectors increasingly shaped by digital platforms, are encouraged to take note of the DOJ’s priorities and enforcement philosophy.

    Redefining consumer welfare in digital markets

    Alford emphasized a modernized approach to antitrust enforcement, moving beyond traditional price and output metrics. Alford explained that the Google cases show that, in digital markets, the consumer welfare standard is more than just price – it also encompasses quality, output, privacy, data protection, innovation, and consumer choice, among other things.

    Alford made clear, however, that while the consumer welfare standard is broad, it is not unlimited. Antitrust analysis remains focused on economic competition within relevant markets, and the DOJ rejected calls to expand enforcement to a generalized public interest standard.

    The Antitrust Division’s priorities

    Alford emphasized the DOJ’s obligation to protect markets that most directly impact Americans, including healthcare, housing, agriculture, education, and insurance. In line with those priorities, Alford highlighted the Division’s recent win in a Las Vegas nursing case in which the Division successfully prosecuted a three-year conspiracy to fix the wages of nurses – capping their wages. Alford also pointed to the DOJ’s recent statement of interest in In re Multiplan Health Insurance Provider Litigation. In Multiplan, the plaintiffs allege that competitors used a common pricing algorithm to share confidential information to set prices in the health insurance industry.

    Algorithmic collusion and digital cartels

    Alford also reiterated that a key area of focus for the Department is the potential for algorithmic collusion and digital cartels. Alford warned that it is the DOJ’s position that without strong enforcement, algorithmic collusion could undermine competition across a wide range of digital markets. Looking ahead, the Department is also preparing for challenges posed by artificial intelligence and autonomous pricing algorithms, which Alford explained may enable new forms of collusion that are difficult to detect and address with traditional antitrust tools.

    Mergers and innovation: Supporting “Little Tech”

    Alford also signaled that the DOJ could take a nuanced approach to digital sector mergers. While the Department remains vigilant against acquisitions by dominant players that entrench market power, Alford expressed support for pro-competitive mergers, particularly those involving innovative startups, or so-called “Little Tech.” This approach is in line with Assistant Attorney General for the Antitrust Division Gail Slater’s April remarks outlining her “America First Antitrust” agenda. Alford explained that the Department aims to foster a competitive environment where venture capital can support new entrants, and where startups have viable exit opportunities beyond acquisition by the largest incumbents. Alford emphasized that the DOJ is committed to providing clear guidance to merging parties and resolving most transactions through negotiation or consent decrees, reserving litigation for the most contentious deals.

    Implications for businesses

    • Digital platforms and technology companies can expect continued and vigorous antitrust scrutiny, especially regarding conduct that impacts privacy, innovation, and user choice.
    • Businesses using algorithms for pricing or market coordination are encouraged to stay abreast of the heightened risk of enforcement actions targeting algorithmic collusion.
    • Companies considering mergers in digital sectors are encouraged to prepare for detailed merger review, particularly where transactions may affect competition or innovation.
    • The Department’s expansion of the consumer welfare framework means that qualitative factors – such as privacy and data practices – will play a larger role in antitrust analysis.

    Conclusion

    Alford’s remarks signal a robust and modernized antitrust enforcement agenda for digital markets. Businesses are encouraged to closely monitor these developments and assess their practices and strategies in light of the Department’s evolving enforcement priorities.

    For more information, please contact the authors. 

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  • Goldman Sachs Statement on Stress Capital Buffer

    Goldman Sachs Statement on Stress Capital Buffer

    Firm announces 33% increase in common stock dividend

    NEW YORK, NY, July 1, 2025 — On Friday, June 27, the Federal Reserve released the results of its 2025 Comprehensive Capital Analysis and Review (“CCAR”) stress test process. Goldman Sachs expects the firm’s Stress Capital Buffer (“SCB”) requirement will be 3.4%, resulting in a Standardized Common Equity Tier 1 (“CET1”) ratio requirement of 10.9%, effective October 1.  

    The Federal Reserve will provide the firm’s final SCB requirement by August 31.  These results and effective date may be subject to further changes pending the finalization of the Federal Reserve’s outstanding proposal on SCB averaging.

    In addition, the Federal Reserve disclosed that the firm’s current SCB, from the CCAR 2024 test, has been reduced by 10 basis points to 6.1%. This results in a current CET1 ratio requirement of 13.6%, effective immediately.

    The firm’s capital plan includes a 33% increase in the common stock dividend from $3.00 to $4.00 per share beginning July 1, 2025, subject to approval by the firm’s Board of Directors at the customary third quarter meeting. This increase is a continuation of the firm’s plan to pay shareholders a sustainable and growing dividend.

    “Today’s announcement is a reflection of the work we have done over the years to reduce our capital intensity,” said Chairman and CEO David Solomon. “The Federal Reserve has expressed its intention to institute a more transparent and fair approach to these tests, as it looks to uphold the safety and soundness of our financial system. A more balanced approach to the tests would allow Goldman Sachs to continue to serve our clients’ needs, invest in our world-class businesses, and support economic growth. We look forward to continued progress.”

    ###

    Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

     

    Cautionary Note on Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside the firm’s control. It is possible that the firm’s final Stress Capital Buffer and capital actions (including dividends) may differ, possibly materially, from those described in this press release. For a discussion of some of the risks and important factors that could affect the firm’s future results and financial condition, as well as its actual Stress Capital Buffer and capital actions, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2024.

     

    Media Contact:

    Tony Fratto

    Tel: +1 212 902 5400

    Investor Contact: 

    Jehan Ilahi 

    Tel: +1 212 902 0300

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  • Silicon Valley investor Vinod Khosla predicts AI will replace 80% of jobs by 2030

    Silicon Valley investor Vinod Khosla predicts AI will replace 80% of jobs by 2030

    Tech entrepreneur and investor Vinod Khosla‘s prediction of AI automating 80% of high-value jobs by 2030 coincides with a reckoning for Fortune 500 companies.

    Khosla shared his predictions for the future in a wide-ranging interview on the Uncapped with Jack Altman podcast. As a venture capitalist and early investor in companies like Square and Instacart, Khosla offered advice for business leaders on navigating unprecedented changes ahead. Companies like Sears and Toys ‘R’ Us collapsed under digital pressure, but Khosla warns the 2030s will see a “faster demise” of giants as AI rewrites industry rules.

    See below for an overview of Khosla’s major predictions for AI, the economy, and more.

    Key takeaways:

    • Era of unprecedented disruption: Khosla describes the current technology cycle as “crazy and frenetic,” stating, “I’ve never seen a cycle like this… almost every job is being reinvented, every material thing is being reinvented differently with AI as a driver.” He compares the scale of change to the 1960s, noting, “We’re going to see this large change in such a short time, it’s almost hard to imagine how society adjusts.”
    • AI and the end of work: Khosla predicts, “Within the next 5 years, any economically valuable job humans can do, AI will be able to do 80% of it… 80% of all jobs can be done by an AI.” He believes by 2040, “the need to work will go away. People will work on things because they want to, not because they need to pay their mortgage.”  
    • Disruption of the Fortune 500: He forecasts a dramatic acceleration in the demise of large incumbent companies: “One of my predictions is the 2030s will see a faster rate of demise of Fortune 500 companies than we’ve ever seen… that transition won’t happen from existing companies. Somebody new will reinvent this.” 

    Predictions by sector:

    • Health care: “If all medical expertise is free… you have an unlimited number of primary care doctors, oncologists, gastroenterologists, mental health therapists… how would you redesign the healthcare system?” Khosla argues that entrenched interests and regulatory barriers will slow—but not stop—AI-driven transformation.
    • Robotics: He predicts that “almost everybody in the 2030s will have a humanoid robot at home… probably starting with something narrow like doing your cooking for you.” The main bottleneck is not hardware, but intelligence.
    • Energy: Khosla is “very bullish about energy,” especially fusion and super-hot geothermal, which he believes could make power “cheaper than natural gas.”

    Advice for entrepreneurs:

    • Societal and geopolitical implications: Khosla warns of the risks of authoritarian regimes using AI for both hard and soft power: “By 2040 the biggest risk we might face… is China using both good AI—cyber AI, warfare AI—but also socially good AI, like free doctors to everybody on the planet… to embed their political philosophy.”
    • Philosophy on venture and innovation: Khosla emphasizes founder-driven innovation: “Innovation only—I can’t think of very many large examples where large innovation came from somebody who was large or in the business… experts are terrible at predicting the future; they extrapolate the past. Entrepreneurs invent the future they want.”
    • On risk and impact: “Most people reduce risk to increase the probability of success. I do the opposite: Start with [the] high consequences of success. I don’t care about the probability of failure.”  

    Disclaimer: For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.

    Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America. Explore this year’s list.

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  • DLA Piper advises Yorkville Acquisition Corp. in initial public offering

    DLA Piper advised Yorkville Acquisition Corp. in its initial public offering of 17,250,000 units at US$10.00 per unit, totaling US$172.5 million.

     

    Yorkville Acquisition Corp. is a blank check company incorporated in the Cayman Islands as an exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

     

    The core deal team was led by Partner Stephen Alicanti and included Partner Kurtis Weaver (Boston), Of Counsel Scott Josephson (Chicago), and Associates Michael Kumar, Sasha Grynszpan, Bethany Weitzman (all New York) and Molly Patricia McBride (Los Angeles).

     

    DLA Piper’s global capital markets team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions, including initial public offerings, follow-on equity offerings, equity-linked securities offerings, and offerings of investments grade and high-yield debt securities.

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  • Bezos-Backed Satellite Conducting Climate Research Loses Power

    Bezos-Backed Satellite Conducting Climate Research Loses Power

    An environmental nonprofit has lost communication with a methane-tracking satellite backed by billionaire Jeff Bezos.

    MethaneSAT, a satellite mission launched in March 2024 and led by the Environmental Defense Fund, had been collecting data about methane emissions in oil- and gas-producing regions. The information has been used to measure the distribution and volume of methane being released with the goal of cutting emissions.

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  • Bezos-Backed Satellite Conducting Climate Research Loses Power – Bloomberg

    1. Bezos-Backed Satellite Conducting Climate Research Loses Power  Bloomberg
    2. Bezos-backed $88m methane-tracking satellite lost in space  The Express Tribune
    3. Taxpayer funded satellite likely “irrecoverable” after losing contact with the ground  RNZ
    4. MethaneSAT fails in orbit  SpaceNews
    5. A crucial methane-tracking satellite has died in orbit  New Scientist

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  • JPMorganChase Plans Dividend Increase and Has Authorized a New Common Share Repurchase Program

    JPMorgan Chase & Co. (NYSE: JPM) (“JPMorganChase” or the “Firm”) announced today that its Board of Directors intends to increase the quarterly common stock dividend to $1.50 per share (up from the current $1.40 per share) for the third quarter of 2025. The Firm’s quarterly common stock dividends are subject to approval by the Board of Directors at the customary times that those dividends are declared.

    In addition, the Firm’s Board of Directors has authorized a new common share repurchase program of $50 billion, effective July 1, 2025. The authorization to repurchase common shares will be used at management’s discretion, and the amount and timing of common share repurchases under the new authorization will be subject to various factors.

    Under the current Stress Capital Buffer (“SCB”) framework, the Firm’s preliminary SCB requirement provided by the Federal Reserve is 2.5% (down from the current 3.3%) and the Firm’s Standardized Common Equity Tier 1 (“CET1”) capital ratio requirement including regulatory buffers is 11.5% (down from the current 12.3%). The Federal Reserve will provide the Firm with its final SCB requirement by August 31, 2025, and that requirement will become effective on October 1, 2025 and will remain in effect until September 30, 2026.

    The Firm awaits the finalization of the Federal Reserve’s proposed rulemaking to reduce volatility in capital requirements, which would include averaging stress test results from the previous two consecutive years and modifying the annual effective date from October 1 to January 1.

    Jamie Dimon, Chairman and CEO of JPMorganChase said: “We are steadfast in our commitment to serving our clients and communities, which include consumers, businesses of all sizes, schools, hospitals, cities, states, and countries, across all environments. We continue to make significant investments in products, people, and technology to grow our businesses and position the company for future success. The Board’s intended dividend increase, our second this year, represents a sustainable level of capital distribution to our shareholders and is supported by our strong financial performance. The new share repurchase program provides the ability to distribute capital to our shareholders over time, as we see fit. The Federal Reserve’s 2025 stress test results continue to demonstrate that banks are resilient, withstanding extreme hypothetical shocks while supporting the broader economy and financial markets. In addition to the Federal Reserve’s point-in-time stress test, we conduct hundreds of stress tests each week to protect our company from a wide range of possible outcomes. Our fortress balance sheet, with significant excess capital and robust liquidity, enables us to be a pillar of strength — in both good times and bad times — allowing us to consistently serve our clients, communities, and countries throughout the world. We look forward to future proposals from the Federal Reserve on stress test models and scenarios that will increase transparency and address longstanding issues with the current SCB framework.”

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

    JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $351 billion in stockholders’ equity as of March 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

    Investor Contact:       
    Mikael Grubb
    212-270-2479

    Media Contact:
    Trish Wexler
    202-916-3206

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  • Dips to 4-week lows, before trimming some losses

    Dips to 4-week lows, before trimming some losses

    • USD/JPY hits four-week low of 142.68, but rebounds as US jobs and ISM data support the Greenback.
    • Powell keeps hawkish tone, saying July rate cut not guaranteed; RSI signals limited bullish momentum.
    • Key support lies at 143.00 and 142.11; resistance capped near 144.50–145.35 Ichimoku cloud zone.

    The USD/JPY posted mild losses of 0.17% after hitting a new four-week low of 142.68, sponsored by upbeat economic data in Japan. However, good US jobs and business activity data, along with a hawkish Fed Chair Jerome Powell, lent a lifeline to the US dollar, which staged a comeback versus the Japanese Yen (JPY). At the moment, the pair trades at 143.77.

    USD/JPY Price Forecast: Technical outlook

    The USD/JPY remains neutral-to upward biased if the pair remains above the May 27 swing low of 142.11. However, upside movements could be capped by strong resistance at the bottom of the Ichimoku Cloud (kumo) at around 144.25-50. This, along with the Relative Strength Index (RSI) remaining bearish, suggests that consolidation lies ahead.

    For a bullish case, the USD/JPY must clear 144.50, and the confluence of several moving averages, such as the 20- and 50-day SMAs. Once surpassed, the next area of interest would be the Kijun-sen at 145.07, ahead of the Tenkan-sen at 145.35. A breach of the latter will expose the 100-day SMA at 146.32, followed by the June 23 high of 148.02.

    On the other hand, if USD/JPY falls below 143.00, a further downside is expected to occur, with a potential target of 142.00.

    USD/JPY Price Chart – Daily

     

    Japanese Yen PRICE Today

    The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar.

    USD EUR GBP JPY CAD AUD NZD CHF
    USD -0.09% -0.11% -0.33% 0.27% -0.05% -0.08% -0.15%
    EUR 0.09% -0.01% -0.31% 0.36% 0.13% 0.02% -0.04%
    GBP 0.11% 0.00% -0.20% 0.40% 0.15% 0.02% -0.02%
    JPY 0.33% 0.31% 0.20% 0.65% 0.27% 0.27% 0.19%
    CAD -0.27% -0.36% -0.40% -0.65% -0.33% -0.36% -0.43%
    AUD 0.05% -0.13% -0.15% -0.27% 0.33% -0.13% -0.18%
    NZD 0.08% -0.02% -0.02% -0.27% 0.36% 0.13% -0.04%
    CHF 0.15% 0.04% 0.02% -0.19% 0.43% 0.18% 0.04%

    The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

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  • K&L Gates Advises Terramont Infrastructure Partners on US$160 Million Investment in Dispatch Energy | News & Events

    K&L Gates Advises Terramont Infrastructure Partners on US$160 Million Investment in Dispatch Energy | News & Events

    Global law firm K&L Gates LLP advised Terramont Infrastructure Partners, a North American-focused infrastructure investment firm, on its US$160 million capital commitment to Dispatch Energy LLC, a leading provider of distributed energy solutions. Terramont is focused on companies that are critical to the economy and which seek to make a positive, measurable sustainability impact. Dispatch’s investments will focus on generating cost savings, enhancing resiliency, and providing grid services designed to meet the growing demand for on-site power generation.

    K&L Gates served as corporate counsel and fund counsel on this deal. The team was led by New York partners Ed Dartley and Adam Tejeda and included Charleston partners Andrew Lloyd and Lauren Garenne, Kansas City partner Jim Goettsch, New York partner Chris Carson, Boston associate Christopher Phillips-Hart, Charleston associate David Caughran, and New York associates Benjamin Augugliaro and Jamie Robinson.

    Dartley commented: “We’re very pleased to have advised Terramont as deal counsel on their latest transaction and as fund counsel. The strength of our platform allowed us to assemble a cross-practice team that leveraged capabilities across several offices and disciplines. We very much forward to continuing to advise Terramont on future transactions.”

    “We were extremely pleased to work again with the K&L Gates team on this important investment for our Fund,” said Terramont co-founder Vikram Singh. “K&L Gates has been a partner with us since our launch of Terramont Infrastructure, and a trusted advisor as fund counsel and as corporate counsel. Their knowledge and experience across multiple industries is unparalleled and we look forward to working with them on future deals as we continue to invest in the infrastructure space.”

    Based in New York and San Francisco, Terramont invests in best-in-class businesses alongside top-quality management teams. Investment sectors include renewable power, sustainable energy, transportation, digital, environmental, and other infrastructure businesses.

    K&L Gates is a fully integrated global law firm with lawyers located across five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.

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  • Wabtec Finalizes Acquisition of Evident’s Inspection Technologies Division

    Wabtec Finalizes Acquisition of Evident’s Inspection Technologies Division

    PITTSBURGH, July 1, 2025 – Wabtec Corporation (NYSE: WAB) announced today that it completed the acquisition of Evident’s Inspection Technologies division (Inspection Technologies), formerly part of the Scientific Solutions Division of Olympus Corporation, a global leader in Non-Destructive Testing, Remote Visual Inspection and Analytical Instruments solutions for mission critical assets. This acquisition strengthens Wabtec’s Digital Intelligence business with industry-leading inspection technologies that enhance customer productivity, reliability, and safety, while also positioning the company for accelerated, profitable growth.

    “Today, we are a stronger company with the addition of Inspection Technologies,” said Rafael Santana, President and CEO of Wabtec. “The acquisition expands and strengthens our Digital Intelligence business, with advanced products and services for the Company’s rail, mining, and industrial sectors, while broadening our reach into other high-growth, high-margin end-markets. It enhances Wabtec’s existing portfolio, is accretive to key financial metrics, and aligns with the company’s long-term vision to lead the industry in innovation for our customers.”

    The strategic acquisition helps accelerate Wabtec’s growth trajectory and meets the increasing demand for advanced diagnostic technologies. It also aligns with Wabtec’s stated growth drivers, including accelerating the innovation of scalable technologies, increasing the installed base, expanding high-margin recurring revenues, and driving continuous operational improvements. Additionally, acquiring Inspection Technologies expands Wabtec’s Digital Intelligence business growth opportunities and recurring revenue, effectively doubling the size of its total addressable market (TAM) from approximately $8 billion to $16 billion, while enhancing its ability to deliver innovative solutions to a broader range of customers.

    “Inspection Technologies’ product portfolio strongly complements our existing digital technologies, while adding advanced automated inspection capabilities in a space where data acquisition, analytics, and automation are critical,” said Nalin Jain, President of Wabtec’s Digital Intelligence Group. “It will accelerate the development of scalable technologies by integrating advanced analytics, sensors, and AI technology to deliver enhanced predictive maintenance capabilities to our customers. Evident Inspection Technology employees have done a fantastic job in delivering these innovative technologies and I am looking forward to welcoming them to the Wabtec family.” 

    TRANSACTION DETAILS

    Wabtec acquired Evident’s Inspection Technologies division for $1.78 billion (~$1.68 billion after tax benefits). The transaction was financed through a combination of cash on hand, newly issued term notes, plus term loans and short-term borrowing under the Company’s credit agreement. The transaction is anticipated to provide immediate shareholder value with a high single-digit revenue growth outlook, accretive Adjusted EBIT margins and accretive return on invested capital (ROIC) over time.  Additionally, the acquisition is projected to be slightly accretive to Adjusted EPS in the second half of 2025.  The purchase price reflects an estimated multiple of 12.0x projected 2025 EBITDA adjusted for transaction and separation costs, anticipated tax benefits, and projected run-rate cost synergies of $25 million.  The Company intends to incorporate the revenue and EPS impact of this acquisition into its Full Year Financial Guidance during its Q2 Earnings call.

    About Wabtec Corporation
    Wabtec Corporation is revolutionizing the way the world moves for future generations. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for 155 years and has a vision to achieve a sustainable rail system in the U.S. and worldwide. Visit Wabtec’s website at http://www.wabteccorp.com.

    About Evident Inspection Technologies Division
    Evident’s Inspection Technologies and Microscopy divisions were established in 2022 when Olympus Corporation spun off its Scientific Solutions Division to form a new company. Evident’s Inspection Technologies division delivers solutions that solve complex challenges, inspecting mission-critical assets and infrastructure with nondestructive testing, remote visual inspection, and analytical instruments for maintenance, manufacturing, and environmental applications. Visit Evident’s website at ims.evidentscientific.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. securities laws, including statements regarding the expected benefits of the Inspection Technologies acquisition, the anticipated synergies of the transaction, the expected impact on Wabtec’s operational and financial performance, (including business growth opportunities and TAM), and certain projected financial results of Inspection Technologies. These statements and all statements other than historical facts constitute forward-looking statements concerning future circumstances and results and are sometimes identified by the words “anticipate,” “estimate,” “expect,” “outlook,” “position,” “project,” “recur,” “strategy,” and “will” or other similar words or expressions. Forward-looking statements are based upon current plans, assumptions, estimates and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For more information on these risks, please refer to Wabtec’s filings with the SEC.  Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) unexpected costs, charges or expenses resulting from the transaction; (2) uncertainty of the expected financial performance of Inspection Technologies and the combined company following completion of the transaction; (3) risks associated with the integration of Inspection Technologies and the potential for failure to realize the anticipated benefits and synergies of the transaction; (4) the ability of the combined company to implement its business strategy; (5) inability to retain key personnel; (6) changes in general economic and/or industry specific conditions; and (7) other risk factors as detailed from time to time in Wabtec’s reports filed with the Securities and Exchange Commission. The foregoing list of important factors is not exclusive.

    This press release also contains certain non-GAAP measures. Non-GAAP measures should not be considered as a substitute for items calculated in accordance with GAAP, as they are subject to inherent material limitations.

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