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Biden signed the $1T infra bill into law yesterday, stocks held steady, crypto sold off last night, and Elon Musk unloaded another $930M in Tesla stock after selling $6.9B last week.

By Litquidity Capital Nov 16, 2021

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Good morning,

Biden signed the $1T infra bill into law yesterday, stocks held steady, crypto sold off last night, and Elon Musk unloaded another $930M in Tesla stock after selling $6.9B last week. 

Reminder that there are only a few days left to enter the S*per B*wl tickets giveaway in partnership with Ansarada (y'all know what the *s are, we just can't say it because legal said so...). Link to enter here. Make em good. 

Let's dive in.

Before The Bell

As of 11/15/2021 market close.

Markets

  • Markets were virtually unmoved yesterday as investors await new economic data and the rest of the Q3 earnings szn info; US stock index futures were unchanged in overnight trading last night as well
  • President Biden signed the $1T bipartisan infrastructure bill into law yesterday. It includes funding for transportation, broadband, and utilities
  • Today we’ll be hearing October’s retail sales figures which are expected to have increased 1.5%, compared with 0.7% in September
  • Industrial production numbers and the NAHB housing market index survey will also be released
  • Big retail companies reporting this week will give some insight into how much consumers are spending

Earnings

  • Warner Music Group shares fell after reported weaker-than-expected Q4 earnings numbers thanks to Covid-19 impacting certain revenue streams, but their CEO is optimistic for 2022 thanks to new music on the horizon from their most popular artists (TS)
  • WeWork rose slightly in early trading, reporting revenue growth of 11% and decreased losses in comparison to Q2; no analysts covered them for Q3 so there are no estimates to compare results against (CNBC)
  • What we’re watching today: Walmart, Home Depot
  • Full calendar here

Headline Roundup

  • Biden signs $1T bipartisan infrastructure bill into law, unlocking new funds for public works (CNBC)
  • Ex-Fed officials Dudley, Lacker see rates rising to at least 3% (BBG)
  • Calpers votes to use leverage, more alternative assets (WSJ)
  • China to impose security check on HK IPOs under big data rules (BBG)
  • GE Aviation chief is open to acquisitions to bolster engine unit (BBG)
  • Shell to move headquarters to London amid energy transition (WSJ)
  • Roblox looks to brings educational video games to schools (WSJ)
  • Point72 raises $600M for AI-assisted PE fund (BBG)
  • Tyson Foods raises meat prices as costs escalate (WSJ)
  • Ohio sues Meta over impact on children (WSJ)

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Deal Flow

M&A

  • KKR and GIP agreed to buy data-center owner CyrusOne in a ~$15B deal (BBG)
  • BNP Paribas is working with advisers on a potential $15B sale of its US arm Bank of the West (RT)
  • Spanish lender BBVA offered $2.56B for the other ~50% it doesn’t already own in its Turkish unit, Turkiye Garanti Bankasi (BBG)
  • Heineken agreed to buy South African wine and spirits maker Distell for $2.5B (BBG)
  • Booking Holdings agreed to buy B2B distributor of hotel rooms Getaroom for $1.2B (HN)
  • Belgian lender KBC agreed to buy Raiffeisen’s Bulgarian operations in a $1.16B deal (BBG)
  • Burger King-parent Restaurant Brands International agreed to buy chain Firehouse Subs for $1B (RT)
  • The government of Hungary is in talks with German airport management company AviAlliance, the biggest shareholder in Budapest Airport, to buy the hub (BBG)
  • Medical device maker Globus Medical is in early talks to buy smaller competitor NuVasive (BBG)
  • Infrastructure company SPX agreed to buy Cincinnati Fan & Ventilator from Dominus Capital (TMM)
  • US stock exchange operator Cboe agreed to buy Canadian stock exchange operator NEO (RT)
  • Syneos Health said its not currently in talks on a merger with Labcorp’s Covance clinical research division (BBG)
  • Uber agreed to buy transportation Transplace from TPG (TMM)
  • Fintech firm BM agreed to buy business lender First Sound Bank for $23M (BBG)
  • Mattress company Casper surged 90%+, its biggest intraday jump since their debut, after Durational Capital Management agreed to take the struggling mattress company private for $6.90/share, down from their $12 IPO price (BBG)

VC

  • Crypto VC firm Paradigm raised a $2.5B venture fund, surpassing a16z’s $2.2B closing, for the biggest ever crypto-centric fund (TC)
  • Software making startup Podium raised a $201M round at a $3B+ valuation led by YC Continuity (BBG)
  • Mixpanel, a product analytics startup, raised a $200M Series C at a $1.05B valuation led by Bain Capital Tech Opportunities (TC)
  • Frozen food product startup Daily Harvest raised a $77M round at a $1.1B valuation led by Lone Pine Capital (BBG)
  • Korean proptech startup Rsquare raised a $72M Series C from STIC Investments (TC)
  • E-bike subscription service Zoomo raised a $60M Series B led by Grok Ventures, Skip Capital, and ArcTerm Ventures (TC)
  • French digital healthcare infrastructure startup Lifen raised a $58M Series C led by Creadev and Lauxera Capital Partners (TC)
  • Imprint, a fintech offering branded payments and rewards products, raised a $38M Series A led by Stripe and Kleiner Perkins (TC)
  • Southeast Asian proptech startup Homebase raised $30M in funding from Y Combinator, Partech Partners, and more (TC)
  • Aplazo, a Mexican BNPL startup, raised a $27M Series A led by Oak HC/FT (TC)
  • Writer, a startup aiming to build an intelligent integrated style guide, raised a $20M Series A led by Insight Partners (TC)
  • Jordan-based online learning platform Abwaab raised a $20M Series A led by BECO Capital (TC)
  • Monograph, a startup providing a cloud-based platform for architecture and design professionals to manage projects, raised a $20M Series B led by Tiger Global (TC
  • Healthcare startup Africa Health Holdings raised an $18M Series A led by Asia Pacific Land/Natural World Limited (TC)
  • Corporate service platform Sleek raised a $14M Series A led by White Star Capital and Jungle Ventures (TC)
  • Virtuoso, a UK-based software testing startup, raised a $13.3M Series A led by Paladin Capital (TC)
  • Vietnamese B2B e-commerce startup Kilo raised a $5M pre-Series A led by Altos Ventures and January Capital (TC)
  • Nigerian e-health pharmaceutical distribution startup DrugStoc raised a $4.4M Series A led by AAIC (TC)
  • UK-based fintech Nomod raised a $3.4M seed round at a $50M valuation led by Global Founders Capital (TC)
  • Doula, a startup helping global entrepreneurs form a US business, raised a $3M seed round led by Nexus Venture Partners (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Meicai, a Chinese startup that connects restaurants with vegetable producers, picked China International Capital, Citigroup, and Nomura for its $300-500M Hong Kong IPO (BBG)
  • Dubai may IPO its flagship air carrier, Emirates (BBG)
  • Telecom company Vodacom may consider a separate listing of its financial services business in South Africa (BBG)
  • Ahold Delhaize, the owner of grocer Stop & Shop, is considering an IPO for its Dutch online retail unit Bol.com (BBG)

SPAC

  • Skincare company Obagi and makeup brand Milk Makeup are merging with Waldencast Acquisition Corp in a $1.2B deal (WSJ)
  • Wynn Resorts and Austerlitz Acquisition Corp. I terminated their $3.2B merger agreement for Wynn’s online betting unit (Axios)
  • Accelus, a medtech company focused on minimally invasive spine surgery, agreed to merge with CHP Merger Corp. in a $482M deal (GNW)

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Also:

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The Hiring Block

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