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Fresh Limits on IB Work Hours
JPMorgan capped junior banker work hours, Japan has emerged as a top PE market, Goldman saw another massive M&A payday, bank execs cautioned against optimistic IB expectations, and Ken Griffin bankrolled USMNT's new head coach contract.
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Good Morning,
JPMorgan capped junior banker work hours, Japan has emerged as a top PE market, Goldman saw another massive M&A payday, bank execs cautioned against optimistic IB expectations, and Ken Griffin bankrolled USMNT's new head coach contract.
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Let's dive in.
Before The Bell
As of 09/11/2024 market close.
Markets
US stocks surged yesterday investors digested another positive CPI report
Traders now see a 20% chance of a 50 bps rate cut, with a 25 bps cut priced in
Earnings
What we're watching this week:
Today: Adobe, Kroger
Full calendar here
Headline Roundup
US inflation continued to cool to 2.5% YoY (CNBC)
Wall Street curbs young bankers' hours after overwork outcry (WSJ)
Japan is now a top PE market (NKK)
US bank execs issue caution against elevated IB expectations (RT)
Bank dividends catapult Q2 global payouts to record highs (RT)
Germany insolvencies continue to climb at record pace (RT)
Italy will review corporate governance rules after investor pressure (FT)
Goldman to earn $92M in fees from advising on $36B Kellanova sale (FT)
Investors pulled $7.7B from Franklin Templeton amid co-CIO probe (FT)
UK asset managers abrdn and Schroders each named new CEOs (FT)
Norfolk Southern CEO was fired after affair with legal chief (CNBC)
PwC will layoff 1.8k employees in first formal cuts since 2009 (WSJ)
Samsung will cut up to 30% jobs in some divisions (RT)
Europe sharp outlier amid rapid global EV sale growth (RT)
Posh real estate deals boom in high-flying junk munis market (BBG)
UK to require $13 travel permits for US and EU citizens (FT)
Ken Griffin helps bankroll contract for new USMNT coach (NYP)
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Deal Flow
M&A / Investments
Abu Dhabi’s ADNOC is expected to make a formal offer for German chemicals group Covestro at a $15.9B valuation, including debt (FT)
Danish logistics firm DSV won the race to acquire Deutsche Bahn’s logistics unit Schenker in a potential $15.4B deal (RT)
UK property listing group Rightmove rebuffed an initial $7.3B takeover approach from Australian peer REA (WSJ)
PE firm EQT is exploring a sale of its majority stake in fintech Banking Circle at an over $2B valuation, including debt (RT)
Castlelake is considering a sale of its 79% stake in Spanish real estate group Aedas Homes worth $933M (RT)
HSBC is exploring a sale of its HSBC Bank Malta unit (RT)
Canada's Lundin Mining received takeover interest for its European mines (BBG)
UAE cosmetics firm Huda Beauty is exploring a sale of its Kayali perfume unit (BBG)
BlackRock acquired a minority stake in a Saudi-Bahrain pipeline from Bahrain state oil firm Bapco Energies (RT)
Dovid Efune, owner of right-wing digital outlet The New York Sun, emerged as a bidder for UK newspaper The Telegraph (FT)
VC
OpenAI is in talks to raise a $6.5B equity round at a $150B valuation led by Thrive Capital (BBG)
AI development platform webAI raised a $60M Series A at a $700M valuation (SAAS)
Egyptian payment infrastructure startup Paymob raised a $22M Series B extension led by EBRD Venture Capital (TC)
Connectly, an AI to personalize text messages to customers, raised a $20M Series B led by Alibaba (TC)
UK renewable energy brokerage startup Tem raised a $13.7M Series A led by Atomico (TC)
Landbase, an AI platform for go-to-market, raised a $12.5M seed round led by A*, 8VC, and First Minute Capital (BW)
Morphotonics, a nanoimprint technology for displays, raised a $10M+ Series B led by 3M and BOM (BW)
Nostra AI, a conversion optimization software for e-commerce, raised $8.9M in funding led by High Alpha (BW)
Cerrion, a Swiss AI startup automating manufacturing production insights, raised a $5M round led by Y Combinator and Goat Capital (EU)
IPO / Direct Listings / Issuances / Block Trades
Asian PE firm Hillhouse Investment and Singapore's GIC are in talks to invest in appliance maker Midea Group’s $3.5B Hong Kong IPO (BBG)
Italian bank UniCredit took a 9% stake in the German peer Commerzbank for $1.5B (FT)
India's Bajaj Housing Finance $782M local IPO was oversubscribed by 64x (RT)
Miner Anglo American raised $402M from a sale of a 5% stake in Anglo American Platinum (RT)
Berkshire Hathaway sold another $229M stake in Bank of America to total $7.2B (RT)
Abu Dhabi's Etihad Airways plans to IPO no sooner than 2025 (RT)
Singaporean precision engineering firm Grand Venture Technology is targeting a second listing in Malaysia (BBG)
Malaysian home-improvement retailer Mr DIY Group is considering a $300M local IPO for its Indonesian unit (BBG)
SPAC
Media firm Angel Studios will merge with Southport Acquisition Corp. in a $1.6B deal (RT)
Debt
Hewlett Packard Enterprise is seeking a $9.5B debt package to help fund its $14B acquisition of Juniper Networks (BBG)
OpenAI is in talks with banks to raise $5B in debt (BBG)
Blackstone is selling another $1.1B of CMBS to help fund its $10B acquisition of apartment landlord AIR Communities (BBG)
Online furniture retailer Wayfair is seeking to raise ~$1B in high-yield debt to address upcoming maturities (BBG)
Bankruptcy / Restructuring
US burger chain BurgerFi International filed for Chapter 11 bankruptcy (BBG)
Fundraising
Crypto Corner
Exec’s Picks
Chicago Atlantic is pioneering profitable Bitcoin mining with their new Digital Mining strategy. There are opportunities for all accredited investors.
The CFA Institute published an succinct blog piece explaining how investors across the board are employing machine learning (ML) in portfolio management processes.
Investment Banking Opportunity
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Top-tier middle market investment bank is hiring 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 four coverage groups, and analysts in capital markets and generalist roles
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