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The Supreme Court overturned Roe v. Wade, consumer sentiment hit an all-time low, stocks rebounded sharply, G7 nations want to cap the price of Russian oil, Russia defaulted on foreign debt, and Juul e-cigs are hanging on by a thread.

Let's dive in.

Before The Bell

If you want to learn more about crypto trading strategies and the world of DeFi, check out our Foot Guns newsletter.

Markets

• Stocks surged across the board on Friday as the market booked its first positive week in four weeks

  • The S&P 500, Dow, and Nasdaq all recouped their losses from last week, finishing up 6.4%, 5.4%, and 7.5%, respectively

• This movement in stocks was driven by economic reports suggesting that inflation may soon begin to subside

• FTSE Russell rebalanced its stock benchmarks on Friday, resulting in a record 3.3B shares, worth $63.8B, changing hands in the closing auction

Earnings

• CarMax rose 7.2% on Friday after reporting fiscal Q1 earnings which exceeded expectations by nearly 5% (MW)

• What we’re watching this week:

  • Today: Nike

  • Wednesday: Bed Bath & Beyond, General Mills

  • Thursday: Walgreens Boots Alliance, Micron Technologies

• Full calendar here

Headline Roundup

• The US Supreme Court overturned Roe v. Wade, ending nearly fifty years of national abortion rights protections (AP)

• Consumer sentiment has fallen to a record low, according to the University of Michigan (WSJ)

• G7 nations are considering ways to cap prices on Russian oil imports (RT)

• G7 nations will announce a ban on Russian gold imports (CNBC)

• Russia defaulted on foreign debt for the first time in over a century, pushed over the edge by western sanctions (WSJ)

• Biden signed a bipartisan gun safety bill into law on Saturday (AXIOS)

• The World Health Organization said that monkeypox is not a global health emergency right now (CNBC)

• A federal appeals court temporarily blocked the FDA’s ban of Juul e-cigarettes (CNBC)

• Michel David-Weill, an influential investment banker and ex-chairman of Lazard, died at 89 (FT)

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Deal Flow

M&A / Investments

• German state-owned rail operator Deutsche Bahn may postpone the sale of its logistics unit Schenker, that could be worth ~$21B (BBG)

• A group of buyout firms led by Hellman & Friedman and Permira agreed to acquire software maker Zendesk for ~$10.2B (RT)

• Barclays agreed to acquire mortgage lender Kensington Mortgage Company for $2.8B (RT)

• PE firm Investindustrial is in exclusive talks to buy the meal-prep business of food processing company TreeHouse Foods for ~$1.3B (BBG)

• Actor Idris Elba is in talks to take part in a bid for UK's state-owned broadcaster Channel Four that could be valued at ~$1.23B (BBG)

• Vietnamese school operator Nguyen Hoang Group is considering a stake sale that could value the company at ~$1B (BBG)

• Indian online food delivery platform Zomato will acquire instant grocery delivery service company Blinkit for $568M (BBG)

• Health-care focused PE firm Quadria Capital is exploring a sale of its stake in FV Hospital in Vietnam which could fetch $300-400M (BBG)

• British businessmen David Reuben and Simon Reuben agreed to buy Admiralty Arch, the historic building on London’s Trafalgar Square that is being transformed into a luxury hotel, apartments, and private members club (BBG)

• Canada's Brookfield Asset Management is exploring bids for the UK power portfolio of global power generation firm InterGen (BBG)

• Canada's Waratah Capital Advisors is considering a private sale or an IPO of EV battery royalty company Lithium Royalty Corp. (BBG)

• Zurich Insurance Group will sell its life insurance legacy back book portfolio in Germany to German insurance company Viridium Holding (RT)

• The Benetton family and Blackstone won the Italian government's approval for their takeover offer for infrastructure group Atlantia (RT)

VC

• SumUp, a UK-based fintech, raised $624M in a 50/50 debt-equity round at an ~$8.5B valuation led by Bain Capital Tech Opportunities (TC)

• Online shopping rewards app ShopBack raised an $80M funding round led by Asia Partners (BBG)

• Jit, a startup that helps developers automate product security, raised a $38.5M seed round led by boldstart ventures (TC)

• French crypto financial services firm Flowdesk raised a $30M Series A led by Eurazeo, Aglaé Ventures and ISAI (CD)

• Dublin-based corporate gifting platform &Open raised a $26M Series A led by Molten Ventures (TC)

IPO / Direct Listings / Issuances / Block Trades

• South Korean car-sharing startup Socar filed for an IPO that is expected to raise at least $119M (BBG)

SPAC

• Electric vehicle maker Polestar made its public-market debut on the Nasdaq this past Friday, one day after completing its merger with the SPAC Gores Guggenheim. The EV maker’s shares ended the day at $13.00, up 15.8% from the SPAC’s final closing price on Thursday (CNBC)

Debt

• A group of direct lenders led by Blackstone will provide ~$5B in debt financing to help fund the LBO of software maker Zendesk (BBG)

• Indian conglomerate Reliance Industries is in talks with several global banks to raise as much as $8B for its planned LBO of Walgreens Boots Alliance's international arm (BBG)

Bankruptcy

• Auto-parts supplier and KKR-owned Marelli Holdings will enter court-led rehabilitation after failing to complete an alternative dispute resolution process in Japan (BBG)

• Crypto lender Celsius has hired advisors to help it prepare for potential bankruptcy (WSJ)

Crypto Corner

• Crypto exchange FTX is in talks to acquire a stake in crypto lender BlockFi (WSJ)

• Goldman Sachs is looking to raise $2B from investors to buy up distressed assets from troubled crypto lender Celsius (CD)

• Hackers stole $100M in cryptocurrency from Horizon, a blockchain bridge developed by crypto start-up Harmony (CNBC)

• Yuga Labs, creators of the Bored Ape Yacht Club NFTs, has sued artist Ryder Ripps and several associates for selling “copycat NFTs” that devalue the originals (TB)

Exec's Picks

• For the last few weeks, Logan Bartlett's Cartoon Avatars podcast has served as a medium for entrepreneur and crypto skeptic Zach Weinberg to debate web3 use cases with various high profile web3 investors and builders. This week's episode featuring Zach vs. Sequoia's Shaun Maguire is a must-listen.

• In case you missed it on Friday, we also dropped a few fresh summer designs. Check 'em out here. We also have limited edition banker bags for those looking to hit up the beach with a great conversation starter.

The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

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