Global Eagle to cancel $416 million deal with Chinese firm over national security concerns, Guidance Software acquired for $240 million, and Elon Musk reveals car elevator at Boring Co. site.
National security concerns have forced Global Eagle Entertainment, an in-flight Wi-Fi service, to cancel a $416 million investment agreement with China’s Beijing Shareco Technologies to create a new joint venture for the Chinese market, reports the Business Journal. Marina del Rey’s Global Eagle announced the development in a Securities and Exchange Commission filing on Tuesday.
OpenText, a content management system developer, announced Wednesday that it planned to buy forensic security company Guidance Software of Pasadena for $240 million, reports TechCrunch. Guidance Software’s forensic programs help companies track computer viruses and learn how they spread within their systems.
Elon Musk revealed a functional car elevator at the Boring Co.’s test tunnel in Hawthorne, per an Instagram video. Musk has proposed a sled system within Boring Co.’s tunnels which would transport cars underground.
Technology reporter Garrett Reim can be reached at firstname.lastname@example.org. Follow him on Twitter @garrettreim for the latest in L.A. tech news.