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Fall is here, but we’re up 📈

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Good Morning,

We've officially turned the page into fall this weekend, which also marked a pleasant milestone for Exec Sum: 300,000 subscribers 📈📈📈

We're incredibly thankful to each one of you for trusting us as your go-to source for financial news, and we're gonna keep delivering on the back of your support. Thank you🫡

A reminder to submit your interest in Chicago Atlantic’s Digital Mining investing strategy, now open to all accredited investors.

Let's dive in.

Before The Bell

As of 09/20/2024 market close.

Markets

  • US stocks mostly fell to cap off a rally this week after the Fed's 50 bps rate cut

    • Dow closed at a fresh ATH

    • S&P posted its fifth winning week in six

Earnings

  • What we're watching this week:  

    • Wednesday: Micron

    • Thursday: Costco, CarMax

  • Full calendar here

Headline Roundup

  • BOJ held rates at 0.25% (CNBC)

  • Jamie Dimon is skeptical of soft landing after rate cut (BBG)

  • PE firms push for new terms to increase payouts on deals (FT)

  • High interest rate era handed a $1T windfall to US banks (FT)

  • Investors hope Fed rate cuts will lift EM debt (FT)

  • US bond funds drew inflows for a sixteenth-straight week (RT)

  • Traders cherry-pick LatAm bets on diverging rate paths (BBG)

  • Lina Khan welcomes firms weighing antitrust in M&A (RT)

  • Governance watchdogs take fright as 'zombies' stalk US boardrooms (FT)

  • Climate finance from multilateral banks grew to a record $125B in 2023 (RT)

  • TSMC, Samsung are in talks to invest ~$100B in UAE chip factories (WSJ)

  • Boeing's defense unit chief will depart (CNBC)

  • Musk's X / Twitter will comply with Brazil court orders amid ban (RT)

  • Big Short investor Steve Eisman placed on leave after Gaza tweet (BBG)

A Message From Chicago Atlantic

Profitable Bitcoin Mining Investing Starts Here

U.S. power developers boosted generation capacity in the first half of 2024 by the most in 21 years, according to Bloomberg. Capacity is expected to double yet again by year's end as the market responds to surging AI demand.

The Chicago Atlantic Digital Mining strategy is leveraging bitcoin mining to deliver attractive, risk-adjusted returns.

  • We invest in advanced servers without the burden of outdated or costly equipment.

  • We commit to industrial-scale, multi-state operations that harness low-cost, stable energy from U.S. utility partners.

  • We provide an opportunity to engage with the digital currency landscape through a sustainable and financially sound platform.

Reach out via the link below to receive more information or meet with the team.

Deal Flow

M&A / Investments

  • Qualcomm is exploring a takeover of $93B-listed struggling Intel (WSJ)

  • Australian property listings platform REA made a second takeover proposal for UK peer Rightmove at a ~$7.9B valuation (FT

  • Apollo is eyeing a $5B investment in Intel (BBG)

  • Abu Dhabi-owned clean-energy firm Masdar is nearing an acquisition of Spanish peer Saeta Yield from Brookfield Asset Management for up to $1.7B (BBG

  • IT communications firm Viavi Solutions is considering another bid for telecoms testing firm Spirent Communications, which agreed to a $1.5B acquisition by Keysight Technologies (RT

  • $1.2B-listed financial software maker Enfusion is exploring a sale (RT

  • Cardinal Health will acquire Integrated Oncology Network for $1.1B cash (RT

  • Italy and Spanish investment firm Asterion Industrial Partners will improve their $837M bid for Telecom Italia's submarine cables unit Sparkle (BBG

  • Indian budget hotel chain OYO will acquire the Motel 6 from Blackstone for $525M cash (WSJ)

  • Brazilian mall operator Multiplan will buy back Canadian pension OTPP's entire $450M stake (BBG

  • PE firm EQT will acquire Indian non-bank lender IndoStar Capital Finance's home finance unit in a $209M deal (RT

  • Stifel is in talks to acquire struggling B. Riley Financial's wealth management business for over $100M (RT

  • Spanish telecoms giant Cellnex is exploring a sale of its French data center unit for 'a few hundred million' dollars (RT

  • Lender-controlled European cinema chain Vue International is evaluating a sale after receiving takeover interest from CVC and Elliott (BBG)

  • Atlantic Financial Group will acquire a 58% stake in French bank SocGen's Guinean unit (RT)  

VC

  • Indian edtech Physics Wallah raised a $210M Series B at a $2.8B valuation led by Hornbill Capital (TC)

  • French health insurtech Alan raised a $193M Series F led by Belfius (TC)

  • Simpler, a 'checkout-as-a-service' platform, raised a $10M pre-Series A from VentureFriends, MMC Ventures, and Lamda Development (TC)

  • Vahan.ai, an AI-powered recruitment platform, raised a $10M Series B led by Khosla Ventures (SAAS)

  • Operant AI, a runtime AI application protection platform, raised a $10M Series A led by SineWave Ventures and Felicis (FN)

  • Quantum technology startup Aquark Technologies raised a $5.4M seed round led by the NATO Innovation Fund (TFN)

IPO / Direct Listings / Issuances / Block Trades

  • Brookfield-backed Indian luxury hotel operator Schloss Bangalore filed for a $600M Indian IPO (RT

  • Swedish landlord SBB is preparing to IPO its residential unit (BBG

  • Egypt will sell a stake in state-owned United Bank in a 2025 local IPO (BBG

  • Kaiser-backed CAMP4 Therapeutics filed for a US IPO (RT

  • China halted Hong Kong IPOs of three boba tea makers Mixue, Guming and Auntea due to poor performance of peers (RT)

Debt 

  • Banks led by Wells Fargo launched a $1.6B loan to help fund Tempur Sealy's acquisition of peer Mattress Firm (BBG

Bankruptcy / Restructuring / Distressed

  • UK utility Thames Water's creditors plan to inject over $1.3B by year end (BBG

  • Johnson & Johnson filed a third chapter 11 case seeking to end the mass cancer-related lawsuits (WSJ

Crypto Corner

  • SEC approved BlackRock's Bitcoin ETF options listing (RT

  • MicroStrategy bought another $489M of Bitcoin (BM)

Exec’s Picks

Investment Banking Opportunity

Cascadia Capital - Investment Banking Analysts & Associates

  • Independent middle market advisory 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

  • Immediate start, competitive comp packages

Meme Cleanser

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