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Good Morning,
Bankers are working overtime this holiday season, Europe IPO hopefuls are rethinking listing abroad, Wall Street banks are annexing Europe's IB market, the Fed is set to diverge from global central banks in rate policy next year, and Trump says 'we have to have' Greenland.
ICYMI: We curated a gift guide of the perfect last-minute gifts you can buy for loved ones if you've been too busy cranking on live deals. Take a look here.
Has AI reduced the workload in M&A – or just moved it around? UpSlide's The AI Paradox in M&A report shows how firms lose time making AI-enabled work client-ready and how your firm can fix it. Read the report.
Let's dive in.
Before The Bell
As of 12/22/2025 market close.
Learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*
Markets
US stocks advanced yesterday on renewed AI optimism
S&P rose for a third-straight day near ATHs
S&P is set for its longest monthly winning streak since 2018
Canada's TSX index hit a fresh ATH
MSCI China index is down 7.5% from September
The index is up 30% YTD as part of a broad Asia and EM rally
India 10Y yield rose to 6.68% to a nine-month high
Gold and silver hit fresh ATHs
Copper hit a fresh ATH after gaining 36% in its best year since 2009
Dollar is down 9% YTD
Earnings
Full calendar here
Prediction Markets
Odds for a US recession for this year went from 66% to 1%. Same story next year?
Trade your prediction on a US recession on Polymarket.
Headline Roundup
Trump says 'we have to have' Greenland (BBG)
Contrarian energy bet is set to become most profitable PE deal ever (WSJ)
WBD deal and hot M&A market has bankers working through holidays (RT)
Europe IPO hopefuls are rethinking listing abroad (BBG)
Europe banks turn to PE for M&A without tears (FT)
Bankers say M&A boom has room to run after second-best year ever (BBG)
Weak dollar to persist amid Fed and global rate policy divergence (RT)
Stock surge and FX gains fuel 2026 investor optimism for Asia (BBG)
US IB market share in Europe is near an ATH (RT)
Japan eyes $7T household savings pile for fresh bond demand (RT)
Apollo cuts risk and stockpiles cash in preparation for market turmoil (FT)
Hedge funds are shorting healthcare amid expiring ACA subsidies (RT)
State Street's private credit ETF lags behind in ETF boom (IN)
HSBC hired ex-Citigroup exec who clashed with Andy Sieg (FT)
Mexico debt binge made Pemex best bond in LatAm with 24% YTD gain (BBG)
CME and FanDuel launched prediction markets in five US states (RT)
FDA approved Novo Nordisk's first-ever GLP-1 pill for obesity (CNBC)
US halted all offshore wind projects (WSJ)
PE fraudster Schneider seeks clemency amid Trump's pardon of peer (WSJ)
A Message from UpSlide
AI is helping M&A firms create pitchbooks and reports faster, but making them client-ready? That's still as time-consuming as ever.
Which leaves bankers still burning the midnight oil, and firms struggling to realize AI's biggest promise: accelerated deal cycles.
UpSlide's latest report reveals the truth behind AI adoption in M&A.
Drawing insights from M&A professionals across the US and UK, the report uncovers:
Why AI-enabled outputs get stuck in a 'review bottleneck'
How disconnected tools slow down M&A workflows
Why the industry is optimistic about AI’s impact – but still worries about its accuracy
Read the report to see how outlooks on AI deployment are changing across the industry – and how your team can make sure AI actually delivers on its productivity promises.
Deal Flow
M&A / Investments
Larry Ellison, the founder of Oracle and father of Paramount's CEO, will personally guarantee $40.4B in equity for Paramount's $108B hostile bid for Warner Bros. Discovery; Paramount also raised its regulatory breakup fee from $5B to $5.8B
Pharma giant Eli Lilly is exploring a takeover of $10B-listed French biotech Abivax
Activist hedge fund Trian and VC General Catalyst will acquire asset manager Janus Henderson in a $7.4B all-cash deal
Workplace products supplier Cintas offered to acquire smaller peer UniFirst for $5.2B cash in a takeover pursuit that's persisted for four year
Alphabet agreed to buy clean energy developer Intersect Power from PE firm TPG for $4.75B in cash, plus existing debt
UK energy giant Harbour Energy agreed to acquire US O&G firm LLOG Exploration in a $3.2B cash-and-stock deal
Sandbrook Capital and Blackstone Credit & Insurance will acquire United Utility Services from Bernhard Capital Partners for $1B, including debt
Searchlight Capital-backed Integrated Power Services agreed to buy Calvert Street-backed TechPro Power Group in a $350M deal
Korea's Samsung Biologics will acquire US drug production facility Human Genome Sciences from UK pharma giant GSK for $280M
Indian hospital chain Fortis Healthcare will acquire People Tree Hospital in South India for $48M
Coinbase will buy prediction markets startup The Clearing Company in its tenth acquisition this year
VC
Industrial AI startup Kargo raised a $42M Series B led by Avenir
Truemed, a telehealth payments platform unlocking HSA/FSA dollars for preventive health purchases, raised a $34M Series A led by a16z
ZeroPhase, a defense tech startup developing adaptive communications software, raised a $6.8M seed round led by BlueYard Capital
AI legal-writing startup BriefCatch raised a $6M Series A led by Full In
Access the full VC deal flow on Fundable.
IPO / Direct Listings / Issuances / Block Trades
AI chip maker Cerebras Systems is preparing to re-file for an IPO; the firm is valued at $8B
Chinese AI chip maker and Biren Technology is seeking to raise $625M in a Hong Kong IPO
Small satellite launch firm Starfighters Space raised $40M in an IPO
SPAC
Battery tech firm Factorial Energy will merge with Cartesian Growth Corporation III at $1.1B valuation
Debt
Netflix raised $25B from Wells Fargo, BNP Paribas, and HSBC to refinance part of its $59B bridge loan supporting its $72B acquisition of Warner Bros. Discovery's studio and HBO Max streaming assets
Thiel-backed crypto hoarder ETHZilla sold $75M of Ether to pay down debt
PIF-backed Saudi utility Acwa Power raised private credit from KKR for a desalination plant in KKR's first Saudi private credit deal
Bankruptcy / Restructuring / Distressed
Distressed Chinese developer Vanke avoided default after creditors approved extending the grace period on its $284M bond
Swedish landlord SBB expects its credit rating to return to CCC after S&P cut it to 'selective default' over a bond repurchase that left investors underpaid
Lease-to-own provider FlexShopper filed for Chapter 11 bankruptcy with a stalking horse bid from peer Snap Finance months after firing its CEO for fraud
Luxury retailer Saks Global is considering bankruptcy ahead of a $100M+ debt payment due month-end
Fundraising / Secondaries
Benelux-focused investment firm VE Partners raised $270M for its fifth flagship fund
Women's health-focused FemHealth Ventures raised $65M for its sophomore fund
Fairfax-backed Indian wealth manager IIFL Capital Services plans to raise $450M in private credit to invest in mid-sized companies
JPMorgan Asset Management became third to launch a 'tax aware' L/S equity strategy
Crypto Sum Snapshot
JPMorgan is exploring crypto trading for institutional clients
Strategy bolstered cash reserves to $2.2B and paused Bitcoin purchases
Binance allowed suspicious accounts to operate even after 2023 US plea agreement
Ghana legalized cryptocurrencies
Crypto Sum compiles the most important stories on everything crypto. Read it here.
Exec’s Picks
Bloomberg published six insightful charts that show how stock markets got reshaped in 2025.
Ben Carlson wrote a great essay on how portfolio concentration can make you rich (and poor).
Financial Services Recruiting 💼
If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).
We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.
We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!
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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.