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Iran spooked markets with an attack on Israel, Eurozone inflation dipped below 2%, JPMorgan joined peers to launch its own private credit syndicate, and Apollo set its sights on becoming the world's biggest underwriter.

Accelerate and streamline your M&A workflows like never before with SS&C Intralinks DealCentre AI.

Let’s dive in.

Before The Bell

Markets

• US stocks fell yesterday as investors responded to mixed economic data and Mideast tensions

• Oil surged after Iran attacked Israel

Earnings

• Nike fell 6% on a mixed Q1 earnings report as it withdrew FY guidance and postponed investor day ahead of its CEO change (CNBC) 

• What we're watching this week:  

  • Today: Levi's 

  • Thursday: Constellation Brands

• Full calendar here

Headline Roundup

• Apollo uses memes to diss PE rivals (FT)

• Apollo wants to become the world's biggest debt underwriter (FT)

• Investors turn to volatility trades to profit from tight US election (FT)

• US job openings unexpectedly rose (AP)

• US port workers strike in major threat to US economy (CNBC)

• Eurozone inflation dipped below 2% for first time in three years (CNBC)

• BOJ signaled a rate hike pause amid Fed cut (BBG)

• China outbound investment is shattering records (FT)

• India tightened derivatives trading rules amid retail options frenzy (FT)

• JPMorgan launched a $10B private credit partnership (BBG)

• Barclays unveiled plans to revamp IB returns (FT)

• Charles Schwab CEO Walt Bettinger is retiring (CNBC)

• JPMorgan is expanding its Canadian asset management business (RT)

• McKinsey is weighing an RTO push (BBG)

• Jay-Z, others fired accounting firm BDO after theft allegations (FT)

A Message From SS&C Intralinks

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• Increased efficiency: Perform speedier due diligence to promote higher close rates

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• Deeper insights: Drive sharper, more informed decisions at every step

You can also say goodbye to siloed, fragmented deal processes. A centralized, fully modular platform for all deal-related activities, DealCentre AI allows you to view and manage your entire end-to-end deal lifecycle, giving you clear visibility into your pipeline while maintaining complete deal records — even for past deals.

See how DealCentre AI uses AI-powered intelligence to reimagine dealmaking and completely revolutionize the way deals are done.

Deal Flow

M&A / Investments

• ADNOC will buy German chemicals maker Covestro for $16.3B, including debt (RT) 

• TPG and Singapore's GIC agreed to buy German metering company Techem from majority owner Partners Group for $7.5B (BBG) 

• Johnson Controls is kicking off a ~$2B sale of its ADT alarms business (BBG) 

• PepsiCo agreed to acquire Siete Foods for $1.2B (WSJ) 

• Russian billionaire Vladimir Lisin is set to acquire Russian baby food producer Progress for $745M (RT) 

• Sony will acquire rock band Pink Floyd's music catalog for ~$400M (FT) 

• Thoma Bravo will acquire a majority stake in firm USU Product from German IT firm USU Software at a $232M-$332M valuation (BBG) 

• Luxury brand Mulberry rejected a $110M bid from UK retail group Frasers (FT) 

• Macquarie is weighing a sale of its offshore wind development arm Corio Generation (BBG) 

• Macquarie Asset Management will acquire Danish offshore wind operations business ZITON (RT) 

• Japan's Mizuho acquired a minority stake in private credit firm Golub Capital (BBG) 

VC

• In-space transportation services startup Impulse Space raised a $150M Series B led by Founders Fund (BW)

• Warehouse robotics startup Dexory raised an $80M Series B led by DTCP (BW)

• AI-powered sales rep bots developer 11x.ai raised a ~$50M Series B at a ~$350M valuation led by a16z (TC)

• BMLL, a provider of historical financial market data, raised a $21M round led by Optiver (TFN)

• Air Doctor, a startup connecting travelers with doctors, raised a $20M Series B led by aMoon (PRN)

• Rogo, a GenAI for financial services, raised an $18.5M Series A led by Khosla Ventures (PRN)

• AI contract review startup DocJuris raised an $8M Series A led by Silverton Partners (PRN)

• AI infrastructure platform Thread AI raised a $6M seed round led by Index Ventures (BW)

IPO / Direct Listings / Issuances / Block Trades

• Boeing is weighing an over $10B equity raise (BBG) 

• Investors led by CVC are seeking to raise $1.7B in an IPO of Polish convenience store chain Zabka (BBG) 

• Indian conglomerate Adani Enterprises is planning a $1.3B new share sale (BBG) 

• CVC-backed Moove Lubricants, a unit of Brazilian conglomerate Cosan, is seeking to raise $438M in a US IPO (BBG) 

• Italian brake maker Brembo is selling its entire 5.6% stake in $5.6B-listed tiremaker Pirelli (BBG) 

• Thai Beverage is reviving IPO plans for its BeerCo unit (BBG) 

Debt

• Saudi tourism projects developer Red Sea Global plans to raise $3.7B in debt (BBG) 

• Alaska Air raised $2B in debt refinancing tied to its acquisition of Hawaiian Airlines (BBG) 

• Latam Airlines raised $1.4B in a dollar bond sale (BBG) 

• Ares is in talks to raise $1B in financing to help fund its acquisition of engineering firm Form Technologies from Partners Group (BBG)

• German lender Commerzbank received over $4.2B of orders for its $750M AT1 notes issuance (BBG) 

• Home security firm Brinks Home is in talks to raise $725M in private credit (BBG)

Fundraising

• Distressed debt investor Monarch raised $4.7B for an opportunistic fund (BBG) 

• PE firm OceanSound Partners raised $1.5B for a second fund to back government-linked businesses (WSJ) 

• PE firm Gallant Capital Partners closed its second fund at $406M (BW)

Crypto Corner

• Bitcoin mining profits fell to a record low in September (BBG) 

• Robinhood launched crypto transfers in Europe in overseas push (CNBC)

Exec’s Picks

• Litquidity is helping bring Tech Week to California this October 7-20. To kick things off, we're giving away limited-release merch and reserving a few guest spots for exclusive events! To enter, simply 1) like this post, 2) tag a friend in comments and 3) follow @litquidity and @techweeka16z on Instagram.

• Bloomberg published their big take on the forces looking to dethrone Lazard as the king of EM debt.

• For anyone feeling a lil nerdy, check out this OSU paper that models a historical estimate of PE, VC and real estate alpha.

Hiring in Investment Banking

Cascadia Capital - Investment Banking Analysts & Associates

• Cascadia Capital is hiring experienced IB associates and analysts in Austin, Minneapolis and Seattle

• The firm is expanding after a significant investment from ex-Barclays CEO Bob Diamond and several senior banker hires.

• Seeking associates and analysts across technology, industrials, consumer, and business services coverage, and analysts in capital markets and generalist roles

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