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Good Morning,

JPMorgan's Europe CEO will work from NYC, Centerview was the sole advisor on Meta's $14B Scale AI deal, Millennium is planning its first ever stake sale at a $14B valuation, Blackstone is making a push into financial institutions, and OpenAI considered snitching on Microsoft to the Feds as their partnership hit a boiling point.

BILL is hosting an exclusive virtual series for leaders seeking to upgrade their strategies for financial resilience. A cool event if you work in corpfin…

Let's dive in.

Before The Bell

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Markets

• US stocks rallied to recover losses from last week's selloff on hopes of de-escalation in the Middle East

Earnings

• What we're watching this week:  

  • Wednesday: Smith & Wesson

  • Friday: Kroger, Accenture, Darden Restaurants, CarMax

• Full calendar here

Prediction Markets

• Lando Norris try not the bottle the championship in the fastest car challenge. Level: Impossible

• Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

• Iran signaled willingness to talks as Israel strikes continue (WSJ)

• US and UK finalized a trade deal (RT)

• Trump says tariffs must be part of any Canada deal (RT)

• US IPO shares doubled in trading debuts at fastest pace since 2021 (BBG)

• Active ETFs now outnumber passive funds (BBG)

• Centerview was sole advisor on Meta's $14B Scale AI deal (BBG)

• Traders hold their nerve to ride bumpy EM rally (BBG)

• Traders dive into options market as geopolitical risk flares (BBG)

• US borrowers opt for 'greenhushing' of bond sales under Trump (FT)

• JPMorgan's Europe CEO / head of global banking will work from NYC (FT)

• Blackstone poached Lazard's ex-head of US FIG Joseph Cassanelli (BBG)

• Pension CalPERS committed over $20B to alternatives for Q4 (ALT)

• TD Bank Group is automating bond trading (BBG)

• Indonesia's SWF named private credit lead as co-CIO (P&I)

• OpenAI execs discussed accusing Microsoft of anticompetitive behavior (WSJ)

• Renault CEO De Meo will join Gucci-owner Kering as new CEO (RT)

• Amex plans 'largest investment ever' in platinum credit card (BBG)

• Air India crash triggered $475M in insurance claims (BBG)

• Shell ex-US head of oil trading sued for $29M in unpaid bonus (BBG)

• WhatsApp will introduce ads and offer paid subscriptions (BBG)

• Trump organization will launch a $499 smartphone (RT)

• Young graduates are facing an employment crisis (WSJ)

A Message from BILL

Master Financial Resilience in a Shifting Economy

Join BILL's exclusive virtual event series designed for finance leaders who want to stay ahead of the curve. Over three sessions, industry experts and operators will break down practical strategies to improve cash flow visibility, streamline operations, and build more resilient businesses through automation. 

Learn how to navigate uncertainty, make smarter spending decisions, and leverage technology to stay in control—no matter the market conditions. Whether you're focused on scaling, protecting margins, or just making payroll easier, this series delivers actionable takeaways you can use immediately.

Reserve your spot—space is limited and CPE credits are available.

Deal Flow

M&A / Investments

• Hedge fund tycoon Izzy Englander is in talks to sell a 10%-15% minority stake in $75B AUM Millennium Management at a ~$14B valuation

• Spanish lender Sabadell is exploring a sale of its UK bank TSB as it seeks to fend off a $12.7B hostile takeover bid from domestic rival BBVA

• PE firms Hellman & Friedman and Warburg Pincus are seeking to sell financial advisor roll-up Edelman Financial Engines for $8B

• Japanese conglomerate Mitsubishi is in advanced talks to acquire the assets of US energy investor Aethon Energy Management for $8B

• PE firms Blackstone, CVC, Permira, and Cinven submitted initial bids for UK-based private school operator Cognita, which could be valued at up to $6.9B

• Carlyle and Triton are weighing bids for Germany's REMA Tip Top, an industrial equipment maker, at an over $3.5B valuation

• Power management giant Eaton agreed to acquire Ultra Precision Control Systems from PE firm Advent for $1.55B

• Residential real estate developer Neinor Homes offered $1.2B to acquire rival Aedas Homes, aiming to create Spain’s largest house-builder

• US regional bank Commerce Bancshares agreed to acquire rival FineMark in an all-stock deal valued at $585M

• New York Jets-owner Woody Johnson is in talks to acquire a significant stake in UK soccer club Crystal Palace FC for ~$270M

• Financial services firm Wedbush acquired a significant minority stake in Polish investment bank Trigon

• Fragrance manufacturer Interparfums is reportedly interested in acquiring beauty product manufacturer Coty's luxury fragrance brands, including Burberry and Hugo Boss, as Coty considers selling its divisions

• Amber Energy, an affiliate of activist hedge fund Elliott, is considering re-entering bidding for Citgo Petroleum's parent company as legal risks ease

• KKR agreed to acquire Australian off-grid power specialist Zenith Energy from Pacific Equity Partners, OPSEU Pension Trust, and Foresight Group

VC

• Amtech Software, an enterprise software for the packaging industry, raised a $150M growth investment from Vista Equity Partners

• Juniper Square, a software and services provider for private markets, raised a $130M Series D at a $1.1B valuation led by Ribbit Capital

• Autonomous security platform Horizon3.ai raised a $100M Series D led by NEA

• Octaura, a fintech focused on syndicated loan and CLO markets, raised a $46.5M round from JPMorgan, Goldman Sachs, OMERS Ventures, and more

• Hypernative, an Israeli real-time Web3 threat prevention company, raised a $40M Series B led by Ten Eleven Ventures and Ballistic Ventures

• SDP Japan, a healthcare startup focused on surgical care, raised a $31M Series D led by Japan Post Investment

• Sedai, a self-driving cloud startup, raised a $20M Series B led by AVP

• AI digital employee startup Twine raised a $12M seed round led by Dell Technologies Capital and Ten Eleven

• Alta, a startup building a personal stylist using AI, raised an $11M seed round led by Menlo Ventures

• Lumion, a startup building an OS for career and trade schools, raised a $10.7M seed round led by TTV Capital

• OmniChat, a Brazilian conversational AI startup, raised a $9M seed round led by Quartzo Capital and Altitude Ventures

• Dreamhub, an AI-native CRM platform for B2B SaaS, raised a $7M seed round from founders of MuleSoft, Pardot, and Datorama

• Studio555, a startup blending interior design and gaming, raised a $4.6M seed round led by HOF Capital and Failup Ventures

• FinanceKey, a startup automating enterprise treasury systems, raised a $3.5M seed round led by Maki.vc

IPO / Direct Listings / Issuances / Block Trades

• SoftBank is seeking to sell $4.9B of T-Mobile US stock in an unregistered overnight block trade at a 4% discount to last close

• Apollo's Gamma Intermediate, the largest shareholder in Italian betting company Lottomatica Group, is offering its entire 21% stake, valued at ~$1.4B

• Swedish online betting games developer Hacksaw plan to raise up to $355M at a $2.2B validation in a Stockholm IPO

• Kilcoy Global Foods, an Australia-based beef processor focused on prepared protein-based foods, filed for a US IPO

• Crypto platform Tron will go public via a reverse merger with toy company SRM Entertainment and will acquire Tron's tokens for $100M

Debt

• Brazilian airline GOL sold $2.1B in bonds to refinance debt related to its exit from Chapter 11 bankruptcy

• Saudi Electricity Co. is seeking a $1B loan to finance new projects

• Henry Cheng's Chow Tai Fook Jewellery plans to raise $1B in one of Hong Kong’s largest convertible bond sales this year

• Rockefeller Capital Management raised $150M in debt to fund recruitment and dealmaking

Bankruptcy / Restructuring / Distressed

• Warner Bros. Discovery won bondholder support for $14.6B debt overhaul tied to its planned company split

• Home good retailer At Home filed for Chapter 11 bankruptcy with plans to transfer control to lenders including Redwood Capital, Farallon Capital, and Anchorage Capital under a restructuring deal that will slash ~$2B in debt

• Lifestyle outdoor products firm Solo Brands reached a debt-restructuring deal to refinance $320M in loans and revolvers

• A UK court rejected Swedish personal care company Essity's attempt to dismiss a bondholder lawsuit led by Oaktree and Sona Asset Management, which alleges breach of debt terms and demands early repayment

• Brazilian Transport infrastructure and services company Invepar is close to finalizing a standstill agreement with creditors, including key lender Mubadala Capital, as it seeks to restructure its debt out of court

Fundraising / Secondaries

• European PE firm EQT plans to raise ~$27B for its eleventh flagship PE fund 

Crypto Sum Snapshot

• Strategy bought ~$1.1B in Bitcoin last week, raising total holdings past $64B

• Michael Saylor shifts to using preferred shares to buy Bitcoin as criticism rises

• Trump Media filed to launch a Bitcoin and Ether ETF

• Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

• The aging population is reshaping the economy. This demographic shift is driving increased spending in healthcare, housing, and automation. Vikram Malholtra and Brett Linzey at Mizuho explore how these changes present significant opportunities for investors, transforming sectors and unlocking new growth potential. Read more here!

• Greg McKenna wrote a short piece exploring what secondary sales tell us about PE valuations.

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!

Meme Cleanser

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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.