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Good Morning,

OpenAI launched a new store for users to share custom chatbots, bond sales hit $118B in a record week for Europe, Amazon laid off 500 Twitch employees, global EV sales increased by 31% in 2023, and X is adding more and more live shows.

Looking to upgrade your private equity chops in 2024? Wharton Online and Wall Street Prep just opened enrollment for their Winter Cohort for their Private Equity Certificate Program, and you can sign up here.

Let’s dive in.

Before The Bell

Markets

• US stocks rose ahead of fresh US inflation data

  • The Nasdaq led indices with a 0.75% gain

• Bitcoin briefly climbed past $47,000 on news that the SEC approved bitcoin ETFs

Earnings

• What we're watching this week:  

  • Today: Infosys

  • Friday: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, United Health, BlackRock, Delta Air Lines

• Full calendar here

Headline Roundup

• Thursday’s inflation report could challenge the market outlook for big Fed rate cuts (CNBC)

• Bond sales reach $118B in a record week for Europe (BBG) 

• OpenAI launches new store for users to share custom chatbots (BBG)

• Swiss national bank rules out payouts after losing $3.5B last year (WSJ)

• Worst Brazil IPO drought in decades is set to end, bankers say (BBG)

• Amazon lays off more than 500 employees in its Twitch unit (CNBC)

• Truck engine maker Cummins agrees to record-setting $1.65B emissions settlement (CNBC)

• Global electric car sales rose 31% in 2023 (RT)

• Volkswagen still has flexibility on EV push, CFO Antlitz says (BBG)

• A new Biden administration rule may change how certain industries classify workers as “independent contractors” (RT)

• White House throws its support behind seizing frozen Russian assets (BBG)

• X introduces shows with Don Lemon, Tulsi Gabbard, Jim Rome amid video push (WSJ)

• US urges China to not interfere in Taiwan elections (RT)

• S&P sees Italy banks outperforming (BBG)

• Avalanche in Tahoe-area ski resort leaves one dead (WSJ)

A Message From Wall Street Prep

Learn the Essentials of Private Equity with Industry Experts

Wharton Online and Wall Street Prep are excited to announce that enrollment is now open for the upcoming Winter Cohort for the Private Equity Certificate Program. 

During this 8-week online program, students will learn the essentials of private equity through a theory-meets-practice methodology, taught by the top instructors at both Wharton Online and Wall Street Prep. Students will also be able to hear and gain insight from industry experts such as David Rubenstein and Martin Brand through our guest lecturer series.

In addition, students will have access to our exclusive graduate benefits, which include peer-to-peer networking events, invitation-only LinkedIn and Slack groups, and exclusive recruiting events with top private equity recruiting firms. 

Use code LITQUIDITY to save $300 when you register for the program.

Deal Flow

M&A / Investments

• Skydance Media CEO David Ellison is exploring a cash bid to acquire entertainment giant Paramount Global's parent National Amusements; Paramount Global has a $9.4B market cap (RT) 

• Advertising company WPP is considering selling its 40% stake in marketing data analytics company Kantar, which could be valued at up to $8B including debt (RT) 

• Satellite operator EchoStar, which has a $4.5B market cap, is evaluating strategic alternatives following its merger with Dish Network (RT) 

• PagerDuty, a $2.4B provider of services to predict and prevent software calamities, is considering options amid takeover interest (BBG) 

• Australian investment firm QIC is exploring options including a sale of its 58% stake in New Zealand electricity and gas distributor Powerco, which may be valued at ~$2.2B in a deal (BBG)

• Amazon will not offer concessions in a bid to clear its $1.7B acquisition of vacuum robot maker iRobot (CNBC) 

• FTSE 100 water group Pennon bought rival Sutton and East Surrey Water from its Japanese owners, Sumitomo and Osaka Gas, for $484M EV (FT)  

• Data marketing company TechTarget will combine with events organizer Informa's digital businesses; Informa will provide its digital businesses and $350M for a 57% stake in the combined company (RT)

• Citadel has made a non-binding ~$270M offer for Credit Suisse’s security venture in China (BBG)

• PE firm Stone Point Capital is exploring a sale of its stake in direct lender Tree Line Capital Partners, which is focused on midsize borrowers (BBG) 

• North American energy company TC Energy is discussing selling indigenous communities a stake in its western Canadian natural gas pipeline network (BBG) 

• E-scooter rental firms Tier Mobility and Dott will merge to form the largest European operator (RT)

VC

• Community-scale battery storage developer NineDot Energy raised $225M in equity from Manulife Investment Management and Carlyle (BW)

• AI chatbot platform Quora raised a $75M round led by a16z (TC)

• PhotoRoom, an AI-based photo editing app, is raising a $50M-$60M round at a $500M-$600M valuation led by Balderton (TC)

• Water management and testing system 120Water raised a $43M growth investment led by Edison Partners (BW)

• Neurorestorative therapy startup Myrobalan Therapeutics raised a $24M Series A led by Co-win Ventures (BW)

• Autonomous maritime surveillance startup ThayerMahan raised a $20M Series C led by Hanwha Asset Management (FN)

• SQIM, an Inarzo, Italy-based biotech and biomaterials startup, raised an $11.7M round led by CDP Venture Capital and ECBF VC (FN)

• Rainbow, a digitized underwriting company for small businesses, raised a $12M seed round from Caffeinated Capital, Altai Ventures, Zigg Capital, and more (PRN)

• Ask-AI, an Israeli-Canadian startup providing an AI answers and insights solution for enterprises, raised an $11M Series A led by Leaders Fund (FN)

• Wollit, a London-based fintech startup pivoting to credit-building services, is raising a Series A of up to $10.1M (EU)

• Plastic recycling technology startup Resynergi raised a $6.4M Series B led by Transitions First and Lummus Technology (FN)

• XRHealth, a provider of a healthcare platform in spatial computing, raised $6M in funding led by Asabys Partners (FN)

• Peerlogic, an AI-powered dental practice management platform, raised a $5.7M seed round led by AZ-VC (PRN)

• Eesee, a gamified marketplace for sellers, raised $2.9M in funding from SevenX Ventures, Maven Capital, MetaBros, and more (BW)

IPO / Direct Listings / Issuances / Block Trades

• Italian spirits group Campari raised $1.3B through a sale of new shares and convertible debt, which will be used to fund last month's acquisition of French cognac house Courvoisier (RT)

• Indonesia delayed plans for an IPO of palm oil producer PalmCo, which was estimated to raise ~$500M (RT) 

• Greece is planning an IPO of the Athens International Airport on the Athens Stock Exchange next month (RT) 

Debt

• Citigroup, JPMorgan, and Mizuho Bank will provide $14B worth of term loans to Hewlett Packard Enterprise for its purchase of Juniper Networks (BBG) 

• Argentina’s state-owned oil driller YPF raised $800M through a sale of bonds in international markets; YPF will use the proceeds to buy back existing debt (BBG)  

• Texas fast-food chain Whataburger is raising $340M through the leveraged loan market to redeem preferred equity (BBG)

Bankruptcy / Restructuring

• Swedish streaming service Viaplay Group staved off bankruptcy after getting approval for a rescue plan that will leave existing shareholders with nearly worthless stock (BBG)

Fundraising

• Ares Management is nearing the close of what would be the biggest-ever direct-lending fund at $21.9B (BBG)

Crypto Corner

• The SEC approved ETFs that invest directly in Bitcoin, a landmark event for the crypto industry (BBG) 

• India removed crypto exchanges including Binance, Bitfinex, HTX, and Kucoin from the local app store (BBG)

Exec’s Picks

• Aaron Brown discussed why PE funds are interested in raising money from wealthy retail investors.

• Blockworks broke down the long, winding road that eventually led to the bitcoin ETF.

Litney Partners - Financial Recruiting 💼💼

If you're currently a junior investment banker looking to break into the buy side, considering lateraling to another investment bank, or have recently been impacted by widespread layoffs, it's time you check out Litney Partners, a partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates at leading private equity, hedge fund, venture capital, growth equity, and credit funds, as well as investment banks.

To get started, simply head over to the Litney website and create your profile by dropping your resume / filling out the form:

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