Goldman Sachs sets up team focused on auto tech deals – Bloomberg

Goldman Sachs Group Inc. is setting up a joint venture within its investment bank especially for auto technology deals, Bloomberg News reported Feb. 12, citing an interview with David Friedland, head of the Americas cross-markets group.

The venture is an outcome of years of collaboration between Goldman's industrial and technology, media and telecommunications teams, Friedland told the news outlet.

Technology banker Chris Buddin from San Francisco and industrial banker Fausto Monacelli from New York will co-head the organization.

Tesla Inc.'s record growth and valuation give people the impression of more growth in the sector, Buddin told Bloomberg News. The news outlet also quoted Monacelli as saying that more capital raises, M&A and consolidations are expected to come in the auto technology space.