Today's Investment Banking Pulse
Autodesk to acquire MaintainX for $3.6B, expanding into operations software
Autodesk announced an all‑cash $3.6 billion purchase of MaintainX, a mobile‑first maintenance and operations platform. The transaction is funded with cash on hand, new debt and includes a $150 million restricted‑stock grant to retain staff. CEO Andrew Anagnost said the deal unlocks a $40 billion addressable market and extends Autodesk’s portfolio beyond design into building operations.
Also developing:
By the numbers: Credit Agricole raises $670M via Samurai bond issuance
COFINA Bondholder Case Against Insurers Is Set Back
A federal judge in Connecticut dismissed a lawsuit filed by former COFINA bondholders against insurers Ambac, MBIA and related subsidiaries, citing a lack of personal jurisdiction. The ruling allows plaintiffs to refile a second‑amended complaint against MBIA Inc. by March 6, focusing on whether the parent wholly controlled its subsidiaries. The case stems from the 2019 COFINA bond restructuring, where bondholders allege insurers swapped low‑risk insured bonds for riskier instruments. The decision represents a procedural setback for the bondholders while keeping the substantive claims alive.
How GPs and LPs View AI Disruption: Thoma Bravo’s Holden Spaht and New York’s Anastasia Titarchuk
At the PEI Group’s NEXUS 2026 summit, Thoma Bravo partner Holden Spaht and New York‑based LP specialist Anastasia Titarchuk discussed how artificial‑intelligence disruption is reshaping private‑equity dynamics. Both highlighted accelerating deal flow in AI‑enabled software and the need for deeper technical diligence....
Poor Judgment or a Principled Stand? Susan Rice's Spat with Trump Dissected
Former U.S. national security adviser Susan Rice, a Netflix board member, publicly criticized President Donald Trump on a podcast, prompting the president to demand her removal from the board. The outburst coincides with Netflix’s $82.7 billion bid to acquire Warner Bros....
Delaware High Court Finds Investor Pact Suit Delay Fatal, Clarifies “Void/Voidable” Difference
The Delaware Supreme Court in Moelis & Co. v. West Palm Beach Firefighters Pension Fund reversed a Chancery ruling, holding that the 2014 stockholder agreement was voidable rather than void, and therefore the nine‑year‑old lawsuit was barred by the doctrine...
Gridiron Adds to Leadership Team Amid Fund VI Roll-Out
Gridiron Capital has elevated Scott Harrison to Managing Partner and Chief Operating Officer, expanding its senior leadership team. Harrison, who blends investment acumen with operational expertise, now sits alongside founders Tom Burger and Kevin Jackson. The promotion comes as the...
Embedding AI: The Next Step
Generative AI is transitioning from experimental projects to core business workflows. Companies are now emphasizing data readiness, robust governance, and quantifiable productivity improvements rather than lofty automation promises. This shift reflects a pragmatic approach to AI adoption, focusing on measurable...
Government Equity Investments Open a New Frontier for Industry
Since the start of President Trump’s second term, the administration has completed ten direct equity investments in private firms, highlighted by a $1 billion stake in L3Harris Technologies' rocket‑motor unit and minority positions in Intel and critical‑mineral suppliers. The moves target...
David Ellison's Paramount Has some Breathing Room in Its Quest to Buy WBD Despite a Pressing Deadline
Paramount Skydance, led by David Ellison, is still courting Warner Bros. Discovery (WBD) even though a shareholder vote is set for March 20. Netflix, the rival bidder, gave WBD a one‑week waiver on exclusivity, allowing direct talks with Paramount but...
BEWI Invest - Results for the Fourth Quarter and Full Year 2025
BEWI Invest has published its fourth‑quarter and full‑year 2025 financial results, delivering a consolidated view of the company’s performance for the period. The filing, filed on the Oslo Børs and Euronext Oslo platforms, includes detailed income statements, balance sheet data,...
Joseph Gatti Joins Morgan Lewis as Structured Finance Partner
Morgan Lewis announced the addition of Joseph Gatti as a partner in its structured transactions practice, based in Washington, D.C. Gatti brings deep experience in structuring and executing asset‑backed securities, particularly single‑family residential assets and mortgage deals. He arrives from Amherst Residential, where...
26North’s Josh Harris: Retail Capital Presents ‘Recipe for Problems’
Josh Harris of 26North warned that blending unaccredited investor capital with wealth‑managed funds in mixed‑regulation vehicles creates systemic risk. At PEI Group's NEXUS 2026 conference, he argued that such structures could trigger regulatory backlash and erode confidence in private markets....
First Brands Adequate Protection Fight with Evolution Yields Appellate Court Ruling Friendly to Allegedly Secured Lenders – Legal Analysis
An appellate court in the Southern District of Texas ruled that a creditor’s prima facie showing of a security interest entitles it to adequate protection under Chapter 11, remanding the First Brands‑Evolution dispute back to the bankruptcy court for further...
Evercore Sees Microsoft Growing FCF 5% as Hyperscaler Capex Jumps 58%
Evercore ISI projects Microsoft’s free cash flow to grow 5% in 2026 while hyperscaler capital spending jumps 58% to over $700 billion. In contrast, Amazon, Google, Meta and Oracle are expected to see FCF declines, whereas Nvidia and Apple are forecast...
Societe Generale: Capital Decrease and Report on Share Buy-Back
Societe Generale announced a €1 billion capital decrease on 23 February 2026 by cancelling 15,170,791 treasury shares. The move reduces the bank’s share capital to €939.65 million, representing 751.7 million ordinary shares. In parallel, the bank reported that 34.3% of its €1.462 billion 2025‑2026 share‑buy‑back programme...
Transaction in Own Shares
Shell plc announced on 23 February 2026 that it repurchased 1,028,319 of its own shares for cancellation, executing trades on six European venues. The GBP‑denominated purchases (LSE, Chi‑X, BATS) were made at volume‑weighted average prices around £29.54 per share, while...
GCI Liberty and John Malone’s M&A Play with Chris Waller – The Special Situations Report Episode 55
Episode 55 of the Special Situations Report features Chris Waller discussing GCI Liberty, a broadband provider serving remote Alaskan communities. The conversation traces GCI's origins as a spinoff from John Malone’s Liberty Media empire and examines its core fiber infrastructure....
The IPO Buzz: Generate Biomedicines (GENB Proposed) Launches $400 Million IPO
Generate Biomedicines, Inc. (GENB) launched a $400 million IPO on Feb 23, 2026, offering 25 million shares at $15‑$17 each on NASDAQ. At the midpoint price of $16, the company would be valued at roughly $2.04 billion. The proceeds are earmarked for two Phase 3 trials...
A New Index Wants to Prepare African Startups for London IPOs
In January, African investors and executives launched the Africa Tech 50 Index (AT50) at the London Stock Exchange to benchmark how prepared African startups are for public listings. The index uses a six‑pillar framework covering valuation momentum, revenue strength, liquidity,...
Short Takes: Expanded-Credit MBS From Redwood / MSRs on Offer / Rate Launches Crypto Option / Sales of New Homes...
Redwood introduced an expanded‑credit mortgage‑backed security, widening the pool of agency‑eligible assets as banks see their residential MBS holdings dip in Q4. Mortgage servicing rights (MSRs) are now being offered directly, reflecting heightened M&A activity that is reshaping the conventional...
The Bond Buyer Survey Shows Respondents' Concern About Politics
The Bond Buyer’s 2026 Predictions Survey, conducted with 74 public‑finance professionals, identified political uncertainty as the top five‑year threat to municipal finance, with 82% of respondents flagging it. Nearly half see tariff‑related volatility as a moderate to significant risk for...
Frazier Healthcare-Backed RevSpring Acquires Healthcare Tech Firm TrustCommerce
RevSpring, a revenue‑cycle management platform backed by Frazier Healthcare, announced the acquisition of healthcare‑technology firm TrustCommerce. The deal was sourced from Waud Capital Partners, which acted as the seller. TrustCommerce brings a robust payment‑processing suite that complements RevSpring's existing billing...
Sebi Chief Tuhin Kanta Pandey Flags Big PMS Overhaul, to Examine New RBI Funding Rules
Sebi chair Tuhin Kanta Pandey announced a sweeping review of portfolio‑management‑services (PMS) regulations, citing the sector’s Rs 10.5 lakh‑crore asset base and 17% CAGR growth. The draft overhaul will prioritize investor suitability, governance, and technology, with a public consultation slated before the...
M&A Spree Sees Premiums up to 79%, One Discount
Today's M&A and SPAC notes $ACLX to be acquired by GILD for $115 cash + CVR worth up to $5, 79.4% premium, $7.8 billion $VRE to be acquired by Affinius Capital / Vista Hill Partners for $19.00 cash per share, 23.2% premium,...
Sell‑side Analysts: Useless in Bull, Deadly in Bear
This is not specific to OWL, but today’s sell-side discourse reminds me of some excellent advice I got when I was just starting in this biz: “you don’t need sell-side analysts in a bull market, and in a bear market...
Evercore Taps Adams Street Partners for New APAC Secondaries Head
Evercore has appointed a senior executive from Adams Street Partners to lead its Asia‑Pacific secondary market advisory team. The move comes after the departure of Shane Gong, who had headed the APAC private‑capital advisory practice until January 2025. Adams Street...
Open Cosmos Seeks $200M for European Ka‑band Broadband
.@Open_Cosmos seeks ~$200M in financing ahead of June & Sept deployment deadlines for its Liechtenstein-licensed Ka-band broadband constellation. Co says Europe should rally around it. @defis_eu @aee_gob. https://t.co/0cbcoHxGVq https://t.co/OZBFODhK9v
Three AI‑Resilient Stocks Offer Bullish Opportunities
I joined @BNNBloomberg this morning to discuss Stocks Resistant to AI Disruption, where I gave the bull case for 3 equities that we are long. We also chatted about "AI agent vs AI agent combat" Here's the link: https://t.co/ZhP0KSAQtz https://t.co/kvEc8YnfTy
Saks Saved with 1 Billion Dollar Emergency Loan
Saks Global secured a $1 billion emergency loan, part of a $1.75 billion financing package approved by a Houston court. The package also refinances existing debt and aims to stabilize the retailer's supply chain. Supplier approval was secured, allowing the deal to...
IPO Priced at $15‑$17, Valuing Firm at $2 B
Generate estimated it would price its shares at $15 to $17 apiece, translating to a valuation ranging from $1.91 billion to $2.17 billion — not counting an underwriter's option: https://t.co/n9nJsbJuvm
ONL Rejects $2.75 Offer, Provokes Kawa Proxy Battle
$ONL is a left-for-dead small-cap REIT spin-co. - Entered a cooperation agreement with Kawa Capital (~10%) and launched a strategic review - Kawa offered $2.75/sh last year (stock ~$2.55 today) - Board rejected it as undervaluing, triggering a proxy fight from Kawa. https://t.co/UAlAiUmg9p
Breitling Valuation Slashed as CVC and Partners Group Reassess Strategy
Swiss watchmaker Breitling’s valuation has been slashed by up to half from 2023 levels as private‑equity owners CVC and Partners Group reassess strategy amid weaker demand, aggressive store expansion, and US tariffs. CVC now values its remaining 20% stake at...
Oil & Gas Consolidation Accelerates; KNTK Near Deal Valuation
Consolidation in Oil & Gas keeps accelerating - $KNTK is reportedly being approached by $OXY-backed $WES. - Delaware Basin pipeline operator is up 10%+ on the news and even more ytd - Upside looks limited, any deal likely prices near the current mcap....
Arcellx to Be Acquired for $115 Cash per Share
Merger Monday….ACLX (Arcellx ) being bght for $115 cash per shr +CVR worth as much as$5
Morning SPAC News Roundup: February 23, 2026
The Morning SPAC News Roundup for February 23, 2026 compiles the day’s most significant special‑purpose acquisition company developments, from new IPO filings to recent de‑SPAC completions. While the page itself is gated behind a subscription, it signals a continued demand...
Zim Takeover Raises Questions for Transpac Shippers – and MSC
Hapag‑Lloyd’s pending acquisition of Zim will reshape the Asia‑US east‑coast trade, especially the five vessel‑sharing services currently run with MSC. The carrier can either keep Zim’s premium, time‑sensitive strings separate or fold them into the Gemini alliance, each option raising...
Gilead Shows Belief in Its Partner’s Cancer Treatment with $7.8 Billion Buyout
Gilead Sciences agreed to acquire the remaining shares of Arcellx for an equity value of $7.8 billion, paying $115 per share—a 79.4% premium to the prior close. The deal secures full rights to Arcellx’s BCMA‑directed CAR‑T therapy anito‑cel, which is in...
Side Letter: Gating-Gate
Blue Owl’s recent sale of semi‑liquid assets has put the niche asset class front‑and‑center for investors. Partners Group is actively addressing growing investor anxiety around artificial‑intelligence‑driven strategies. Meanwhile, Gridiron Capital signals its return to deal‑making after a quiet period. The...
Global Buyout Firms Face Exit Challenges in China
Major private‑equity firms such as KKR, Blackstone and CVC reported no publicly disclosed full exits from mainland Chinese portfolio companies in 2025. The exit drought reflects strained liquidity, higher interest rates and depressed valuations that have throttled deal activity. While...
Bharti Airtel Shares to Be in Focus After ₹20,000 Crore Capital Infusion in NBFC Arm Airtel Money
Bharti Airtel announced a ₹20,000 crore capital infusion into its non‑banking financial company arm, Airtel Money, to accelerate its digital finance push. The funding is expected to expand the company’s payments, credit and savings offerings across its telecom customer base. Following...
Comment Letter on Nasdaq’s Proposed Additional Initial Listing Criteria for Companies Primarily Operating in China
The Council of Institutional Investors (CII) submitted a comment letter backing Nasdaq’s proposed rule that adds initial listing criteria for Chinese micro‑cap companies, including a $25 million minimum proceeds requirement. CII applauds the effort to curb abnormal trading in the smallest...
Comment Letter on Nasdaq’s Proposed Additional Initial Listing Criteria for Companies Primarily Operating in China
The Council of Institutional Investors (CII) submitted a comment letter supporting Nasdaq’s proposed rule that adds an initial listing requirement of at least $25 million in proceeds for companies primarily operating in China. While endorsing the rule’s aim to curb abnormal...
Financial Services Roundup: Market Talk
Malaysia’s banking sector is poised for further gains despite a recent rally, according to AmInvestment Bank analyst Paul Yap. He cites continued buying from local and foreign investors and relatively attractive valuations versus Singapore peers as key drivers. The note...
KKR Weighs Sale of BMC Helix at up to $1.5bn
Kohlberg Kravis Roberts (KKR) is weighing a sale of BMC Helix, its AI‑driven IT service‑management platform, for up to $1.5 billion. The potential transaction would be one of the larger exits in a market where private‑equity distributions have slipped to near‑2008...
Avoid the Trap of Golden Handcuffs After You Sell
In this episode, Jacob Oros interviews serial entrepreneur James Gardner about his experience selling a manufacturing business and staying on as part of the acquiring company—a situation he describes as "golden handcuffs." Gardner shares how the post‑sale transition felt restrictive,...
Exclusive: Practo In Talks To Raise $100 Mn In Pre-IPO Round
Practo is in advanced talks to raise between $100 million and $125 million in a pre‑IPO round that will combine equity and debt, led by a global private‑equity firm and joined by existing backers. The financing values the health‑tech platform at roughly...
Etsy Sells Depop To EBay For $1.2 Billion
eBay announced a $1.2 billion acquisition of Depop, the mobile‑first fashion resale platform, to deepen its reach with Gen Z shoppers. Depop reported roughly $1 billion in gross merchandise volume last year, growing 60% year‑over‑year, and now serves 7 million buyers and 3 million sellers....
The Pipeline: Quinbrook Mulls Stake Sale, CVC DIF Collects €3.5bn, Macquarie’s Double Deal Week
Quinbrook Partners is weighing a minority‑stake sale to bring in strategic capital, aiming to accelerate its infrastructure expansion. Meanwhile, CVC’s Direct Investment Fund closed a €3.5 billion double‑fundraise, reflecting strong investor appetite for long‑dated, inflation‑linked assets. Macquarie Capital announced two sizable...
Converts: PIPE and Pre-IPO Considerations
A recent Cleary memo highlights a surge in convertible‑note issuances driven by the AI boom, with private‑placement (PIPE) and pre‑IPO converts adopting highly customized terms. Features now include governance and consent rights, guarantees, financial covenants, prepayment provisions, anti‑dilution ratchets, equity...
Debt Restructuring Is Senegal’s Best Bet
Senegal’s public debt has surged to roughly 132% of GDP, placing the country in a severe fiscal bind. With limited access to cheap financing, the government faces a stark choice between costly debt service and a structured debt‑restructuring process. Analysts...