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Good Morning,

A new stock exchange is being planned in Texas, Indian and Mexican markets tumbled after national election results, US job openings fell to a three-year low, and Big Tech stock rallies are skewing the true price of S&P 500 index stocks.

Leading deal teams from CVC to Warburg Pincus are leveraging Mosaic to build their LBO models (and level-up in front of their MDs)...and that too in minutes. The technology is finally here - find out how to elevate your modeling game. 

Let’s dive in.

Before The Bell

Markets

• US stocks ticked slightly as softer-than-expected labor market data reaffirmed expectations of a Fed rate cut

• Europe's Stoxx 600 snapped a three-day win streak

• India's Nifty 50 dropped ~6% after election results show tight win for Modi

• Mexican stocks and peso tumbled on a landslide Sheinbaum election victory

• European gas prices jumped 13% to their highest YTD after a Norway outage

Earnings

• CrowdStrike rose ~7% after beating Q1 earnings and revenue estimates despite headwinds in the cybersecurity industry (BBG) 

• HPE jumped ~17% after beating Q2 earnings estimates and forecasting better-than-expected Q3 revenue thanks to upbeat demand for its AI servers (RT) 

• What we're watching this week:  

  • Today: Victoria's Secret, lululemon, Dollar Tree

  • Thursday: DocuSign, Nio

• Full calendar here

Headline Roundup

• BlackRock and Citadel Securities-backed group plan new national stock exchange in Texas (WSJ)

• Short sellers in danger of extinction after crushing stock gains (BBG)

• Global central banks plan to increase dollar reserves (FT)

• US job openings fell to a three-year low (BBG)

• Chinese move billions to Hong Kong banks seeking higher yields (BBG)

• Viswas Raghavan began as Citigroup's new head of IB (RT)

• Citi boosts US parental leave to compete with Wall Street rivals (BBG)

• Larry Summer sees higher US long-term rates over time (BBG)

• E*Trade is considering banning meme-stock trader 'Roaring Kitty' (WSJ)

• Big Tech firm are unplugging stock market from reality (WSJ)

• Swiss financial regulator wants to be able to name and shame banks (RT)

• NYCB named CEO Joseph Otting as executive chairman (RT)

• Power-hungry data centers spur US talks with Big Tech (RT)

• Musk redirected Nvidia chip orders meant for Tesla to X (CNBC)

• Tesla will likely spend ~$4B on Nvidia chips this year (RT)

• Major TikTok accounts were hit by a cyberattack (RT)

• Instagram is testing 'unskippable' ads (TC)

• Google's privacy chief will depart (RT) 

• Claudia Sheinbaum becomes Mexico's first female president (NBC)

A Message From Mosaic

Built by private equity for private equity

How many nights have you spent grinding out an LBO model due the next morning? What if you could build LBO models in a fraction of the time with 100% accuracy?

Enter Mosaic...and now you can. Mosaic's digital deal modeling platform takes care of the mundane mechanical calculations and incorporates unparalleled accuracy and algorithmic precision for you to build comprehensive LBO models in minutes. 

Mosaic was built by private equity professionals - so rest assured that there's strong attention to detail and all the complexity you’ll need. Whether it's...

• Dividend recaps

• Tuck-in M&A

• Sale leasebacks 

• IPO exit scenarios

• Extended hold periods

• or any special situation imaginable

…plus dynamic sensitivity tables (yes, even the complicated 4D ones), IRR decomp charts, case comparisons & more. 

With the ability to add special situations dynamically, extrapolate real-time insights, export into fully functional Excel models - all while saving time...

It's no surprise that Mosaic is trusted by the world’s best funds from CVC to Warburg Pincus.

Spend less time linking and more time thinking with Mosaic, the world's leading digital deal modeling platform.

Deal Flow

M&A / Investments

• Apollo Global will acquire a 49% stake in an Irish factory from chipmaker Intel for $11B (BBG) 

• Cannabis producer Green Thumb Industries is exploring a merger with $3.6B US-listed brewer Boston Beer (RT) 

• Advent International is seeking first round bids for Aareon, the $3.3B software arm of real estate lender Aareal Bank (BBG) 

• Africa’s largest pay-TV operator MultiChoice recommended shareholders to accept a buyout offer from French streaming service Canal+ that values the company at $2.9B (FT)

• US insurer Homesteaders Life Company and Canadian PE firm Birch Hill Equity Partners agreed to acquire Canadian funeral home company Park Lawn for ~$1.2B cash (AW) 

• Global data analytics firm Databricks agreed to acquire data-management startup Tabular for over $1B (RT) 

• AI cloud computing startup CoreWeave offered to acquire Bitcoin miner Core Scientific for ~$1B (BBG) 

• Blackstone will acquire a portfolio of 1,750 homes from UK homebuilder Vistry in a $742M deal (BBG) 

• KKR is nearing a deal to acquire Swisscom’s Italian unit Fastweb’s 4.5% stake in Telecom Italia's fiber company FiberCop for $480M (BBG) 

• Qatar's SWF QIA agreed to acquire a 10% stake in China Asset Management Co, China's second-largest mutual fund company (RT) 

VC

• Xcimer Energy, a startup developing low-cost, high-energy laser technology for fusion energy, raised a $100M Series A led by Hedosophia (BW)

• Storyblok, a content management system for all teams, raised an $80M Series C led by Brighton Park Capital (PRN)

• Twelve Labs, a video understanding startup, raised a $50M Series A led by NEA and Nvidia's NVentures (VC)

• AcuityMD, a commercial intelligence platform for the MedTech industry, raised a $45M Series B led by ICONIQ Growth (BW)

• Engineering AI platform Neural Concept raised a $27M Series B led by Forestay Capital (BW)

• WindBorne Systems, an AI weather model, raised a $15M Series A led by Khosla Ventures (BW)

• re:cap, a German financing and data insights platform, raised a $14.6M Series A led by Entrée Capital (FN)

• Cloud governance and optimization startup Stacklet raised a $14.5M Series B led by SineWave Ventures (BW)

• Recruitment AI company Carv raised a $10M seed round from Global Founders Capital and other angels (PRN)

• On-demand transit software startup Spare raised $10M in growth capital from CIBC Innovation Banking (BW)

• AI-powered managed detection and response startup AirMDR raised a $5M seed round led by Foundation Capital (BW)

• Mint Blockchain, a provider of an Ethereum L2 network for NFTs, raised a $5M seed round from Jsquare, SNZ Capital, and more (FN)

• Prósperos, a financial platform for the Spanish-speaking Western hemisphere, raised a $3M seed round from FEBE Ventures, BAT VC, Tekton Ventures, and more (PRN)

• Thoughtly, a developer of AI voice agents for contact centers, raised a $3M seed round led by Afore Capital, Greycroft, Expansion, and others (PRN)

IPO / Direct Listings / Issuances / Block Trades

• Hospital operator Ardent Health is planning an IPO for a second time and is seeking to raise over $400M (BBG) 

• Marketing analytics provider AppsFlyer is weighing plans for a potential ~$300M IPO (BBG)

Debt

• Whiskey maker Suntory sold a $500M dollar bond in a rare Japan deal (BBG)

• Spanish bank BBVA is seeking to raise $816M via AT1 bonds days after seeking approval for a share issue to fund its $13B bid for Sabadell (FT)

• Senegal raised $750M in eurobonds (BBG)

• Vosker, a Canadian surveillance cameras maker, raised $125M in senior debt from a group led by RBC (BBG) 

Bankruptcy / Restructuring

• Local sports broadcaster Diamond Sports Group is close to losing any chance to revive itself (BBG) 

Fundraising

• Cisco launched a $1B fund to invest in AI startups (RT) 

• Brazil-based EB Capital is in talks with Saudi investors for a $600M fund to invest in Brazilian climate and energy (BBG) 

• Tech investment firm WndrCo raised $460M across two VC funds to back future of work, consumer tech, cybersecurity, and developer infrastructure (TC) 

Crypto Corner

• BlackRock's Bitcoin ETFs crossed $20B AUM (CD) 

• Deutsche Bank partnered with Bitpanda in 'cautious' crypto shift (RT)

• FTX is seeking to stop outside litigation against insiders and VCs (RT)

Exec’s Picks

• Bloomberg published a piece exploring the investments that revived downtown Detroit.

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