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
Cambio Secures $18 Million Series A to Accelerate AI‑Native CRE Operations Platform
Cambio announced a public launch and closed an $18 million Series A in April 2026, led by Maverick Ventures with Y Combinator participation. The funding targets its AI‑native platform that automates lease, maintenance and tenant communications, positioning operational software ahead of traditional listing‑focused PropTech.
Nebius Group to Acquire Eigen AI for $643 Million, Shares Jump 12%
Nebius Group N.V. announced a $643 million cash‑and‑stock deal to buy AI inference specialist Eigen AI, sending Nebius shares up 11.7% to $154.39. The transaction aims to fuse Eigen’s model‑optimization tech with Nebius’s compute platform, positioning the combined entity at the...
Lazard Posts 5% Q1 Revenue Rise and Announces $575M Campbell Lutyens Deal
Lazard announced first‑quarter 2026 adjusted net revenue of $673 million, up 5% year‑over‑year, alongside record $9 billion net asset‑management inflows. The firm also disclosed a $575 million all‑stock acquisition of private‑markets adviser Campbell Lutyens, creating a new global business unit aimed at scaling...
GameStop Moves Toward $45 Billion eBay Takeover Bid
GameStop is reportedly lining up an offer to acquire eBay, whose market value sits near $45 billion. The potential deal would dwarf GameStop’s $11 billion market cap and require significant leverage, shaking both stocks in after‑hours trading.
Santander-Backed Ebury Secures $700 Million to Accelerate Cross‑Border Payments Expansion
Ebury, Santander’s international payments fintech, closed a £550 million ($700 million) funding round led by Centerbridge Partners, with Santander contributing £50 million and retaining a 55% stake. The capital will fund AI‑enhanced product development and geographic expansion, underscoring rising demand for faster, scalable...
GameStop Mulls $45 Billion Bid for eBay, Raising Leveraged Deal Concerns
GameStop (GME) is reportedly preparing an offer to buy eBay, a transaction that would exceed $45 billion and dwarf GameStop’s $11 billion market cap. The potential deal would require heavy leverage, prompting analysts to weigh the strategic upside against financing risks.
What the Migration of Primary Listings Says About Canada's Capital Markets
Barrick Mining Corp. is launching a North American spin‑off with a primary listing on the New York Stock Exchange and a secondary listing on the Toronto Stock Exchange. Last year Teck Resources agreed to merge with Anglo American, moving the...
Kraken Parent Payward Closes Bitnomial Deal to Expand US Crypto Derivatives
Payward, the parent of Kraken, completed its purchase of Bitnomial, securing a fully CFTC‑regulated derivatives stack in the United States. The deal gives Payward ownership of a Futures Commission Merchant, a Designated Contract Market and a Derivatives Clearing Organization, which...
Cure Mechanics Meet Cayman Capital Call Securitization, May 2026 - Securitisation of Capital Call Facilities Under Cayman Law
Fund‑finance lenders are increasingly using securitisation of capital‑call facilities to free regulatory capital and tap broader funding markets. The structures rely on Cayman Islands SPVs that are bankruptcy‑remote and can issue notes on the Cayman Islands Stock Exchange, qualifying for...
Flourish Raises $500 Million Series B, Valued at $2.5 B to Build Brain‑Inspired AI
Thomas Reardon, the creator of Internet Explorer, has closed a $500 million Series B round for his AI efficiency startup Flourish, pushing the company’s valuation to $2.5 billion. Backed by Lux Capital and GV, Flourish aims to redesign AI architectures using neuroscience principles...
Home Health & Hospice M&A in 2026: Why the Market Has Reset and What Buyers Want Now
Home health and hospice M&A activity is rebounding in early 2026, but buyers are imposing stricter underwriting standards. Valuations have shifted from peak‑era multiples to performance‑based pricing, with EBITDA add‑backs limited to 12‑15% and multiples ranging 10‑15× EBITDA for strong...
Nasdaq's New Rule Lets IPOs Join Passive Index Funds in 15 Days
Nasdaq implemented a methodology on Friday that permits newly listed companies to be added to major passive index funds after just 15 days, bypassing the traditional one‑year waiting period. The change is aimed at attracting high‑profile tech IPOs such as...
GameStop Mulls $45 B Offer for eBay, a Deal Worth Triple Its Market Cap
GameStop is reportedly lining up a bid to acquire eBay at a valuation exceeding $45 billion, more than three times GameStop’s own market cap. The proposal would require heavy leverage, as GameStop holds about $9 billion in cash and marketable securities.
BPCE Finalizes $7.3 Bn Takeover of Portugal’s Novobanco
French banking group BPCE completed the acquisition of Portugal's Novobanco for €6.7 bn (about $7.3 bn), raising its exposure to the Portuguese market to nearly 8,000 employees. The deal, valued at a 7.85‑times price‑to‑earnings multiple, adds a 9% market share and a...
Opay Taps Citi, Deutsche Bank, JPMorgan for $4 B US IPO
SoftBank‑backed Opay Digital Services Ltd. has engaged Citigroup, Deutsche Bank and JPMorgan Chase as lead advisers for a planned US initial public offering. The fintech is aiming for a valuation of roughly $4 billion and could sell shares later this year,...
Nigeria’s Banks Finish $10bn Recapitalisation, Eye Growth‑Driven Lending
Nigerian banks have completed a $10 billion recapitalisation, strengthening capital buffers and setting the stage for accelerated credit growth. The IMF praised the move as a safeguard against external shocks, while regulators aim to channel the new capital into productive lending...
TheWrap Launches 'The Ledger' Newsletter to Track Hollywood Finance
TheWrap introduced The Ledger, a weekly finance‑focused newsletter aimed at media and entertainment investors. Founder Jon Lafayette will feature insights from industry veterans like GAMCO CIO Chris Marangi, covering everything from streaming valuations to AI’s role in content creation.
L3Harris Files Confidential S‑1 to Spin Off $1 B Missile Unit Amid Surge in Defense Spending
L3Harris Technologies has confidentially filed a draft S‑1 with the SEC to launch an initial public offering of its Missile Solutions business, following a $1 billion Department of Defense investment. The move positions the new entity to capture rising orders for...
Nebius Acquires AI Model Optimization Startup Eigen AI for $643M
Nebius Group NV announced it will acquire AI model‑optimization startup Eigen AI for $643 million, using a mix of cash and stock. The deal, expected to close within weeks, will integrate Eigen AI’s kernel‑level performance tools into Nebius’s managed inference platform,...
GameStop Gears Up For EBay Takeover Offer: WSJ
GameStop is reportedly preparing a bid for e‑commerce giant eBay, potentially as soon as this month. With a market cap of $11.2 billion and $9 billion in cash, the retailer has the financial heft to make a sizable offer against eBay’s $46 billion...
Canada's Gas-Rich Montney Shale Braces for Upstream M&A Influx
Shell’s $16.4 billion acquisition of ARC Resources has thrust Canada’s Montney shale into the global spotlight. The deal underscores the play’s reputation for high‑liquids gas, a rare commodity in a market where dry gas inventories are shrinking. International oil and gas...
GameStop Is Preparing Offer for eBay, WSJ Reports
GameStop is quietly amassing a stake in eBay as CEO Ryan Cohen prepares a possible takeover bid, aiming to lift GameStop’s market value beyond $100 billion. eBay, valued at roughly $46 billion, saw its shares jump about 14% after the news, while...
Temperance Street Funding Trust: Presale Report
DBRS Limited (Morningstar DBRS) has assigned a provisional (P) R‑1 high credit rating (sf) to the Series 1 Asset‑Backed Commercial Paper (ABCP) Notes, Class Eagle, issued by Temperance Street Funding Trust. The rating reflects strong credit quality for the newly created ABCP series....
Where Premiums Will Be Paid: Fashion & Beauty M&A Trends From 2025 to 2026
2025 saw a wave of high‑profile fashion and beauty M&A, highlighted by Prada’s €1.25 billion (~$1.36 billion) acquisition of Versace, Caleres’ $105 million purchase of Stuart Weitzman, and e.l.f. Beauty’s $1 billion deal for Rhode. The transactions underscore a shift from pure brand prestige to...
Clearlake Capital Acquires Qualus, Boosting Grid‑Modernization Portfolio
Clearlake Capital Group finalized its purchase of Qualus Corporation from New Mountain Capital, adding a pure‑play electric‑power solutions platform to its portfolio. The deal, whose financial terms were not disclosed, deepens Clearlake’s exposure to grid‑modernization technologies amid rising demand for...
Banamex Returns to Global Bond Market After Citi Stake Sale
Mexico's Grupo Financiero Banamex has issued global bonds for the first time since Citigroup started offloading its stake in the bank. The move marks a re‑entry into international debt markets, though the size and pricing of the issue were not...
Anthropic Eyes $50 B Raise that Could Push Valuation to $900 B
Anthropic is in talks for a $40‑$50 B capital raise that could lift its post‑money valuation to $850‑$900 B, more than double its February figure. The move comes as the company’s annual revenue run rate climbs past $30 B and investors scramble for...
IPA Capital Markets Arranges $116M Construction Financing for PNW Industrial Property
IPA Capital Markets, the financing arm of Marcus & Millichap, arranged a $116.52 million construction loan for a 1.4‑million‑square‑foot industrial development in the Pacific Northwest. The loan provides 95% loan‑to‑cost financing at a five‑year fixed rate of 5.28%, with yield‑maintenance prepayment terms...
FIRST DRAFT LIVE: Newmark Capital Markets Head Chad Lavender Says CRE Debt Markets 'Almost Insatiable'
Newmark’s capital‑markets head Chad Lavender told Bisnow’s First Draft Live that commercial‑real‑estate (CRE) debt markets remain "almost insatiable" despite a stagnant Federal Reserve rate policy and lingering global uncertainty. He highlighted $378 billion of dry‑powder capital ready for deployment, noting that...
OpenAI Faces Mounting Pressure as Its IPO Timeline Slips Further : Analysis
OpenAI’s planned IPO for Q4 2026 is now deemed unrealistic, with PitchBook pushing the target to mid‑late 2027. The company generates roughly $2 billion in monthly revenue but is locked into $1.15 trillion of fixed infrastructure contracts, including a $60 billion‑per‑year Oracle deal starting in...
Judge's Ruling Is Likely to Scuttle San Diego Credit Union Merger
A San Diego County Superior Court judge denied California Coast Credit Union’s request for a preliminary injunction, effectively ending the planned merger with San Diego County Credit Union. The dispute stemmed from SDCCU’s attempt to rewrite the deal, including replacing...
The Outbreak of Warsh
The episode examines the revival of Gulf public bond issuance after a two‑month war‑induced pause, highlighted by Emirates NBD’s $750 million AT1 bond that priced at 6.25% and attracted a $2 billion order book with roughly 24% international demand. Analysts discuss why...
Former Defence Minister Harjit Sajjan’s New Startup Lays Groundwork for Public Listing
Juno Industries, co‑founded by former defence minister Harjit Sajjan, raised C$12 million (≈US$9 million) by selling 15 million subscription receipts at C$0.80 each. The receipts will convert into shares after a planned reverse takeover of TSXV capital‑pool company Trailblazer Capital Corp, paving the...
Chouest Group Acquires Alliance Business From Helix Energy Solutions Group
Chouest Group completed the acquisition of the Alliance business from Helix Energy Solutions Group, folding it into its newly created Champagne Energy Solutions (CES). The deal expands Chouest’s offshore decommissioning and plug‑and‑abandonment platform, adding subsea intervention, marine logistics and infrastructure...
Jacksonville Aviation Authority Bringing $222 Million Next Week
Jacksonville Aviation Authority will price $221.7 million of alternate minimum tax‑eligible aviation revenue bonds next week, marking the airport's first publicly available bond issuance in two decades. The bonds are led by J.P. Morgan and co‑managed by BofA Securities, Ramirez & Co., and RBC...
FSK Trades at Half Book Amid Massive Losses
The $FSK setup: > Stock at $10.51 vs. $20.89 reported NAV > $517M in realized losses over five quarters > PIK at 34% of NII > 21 names on non-accrual > Bonds got downgraded to junk Stock trades at ~0.54x of book while...
Lender Concessions Halve as Redemptions Surge
Direct lender concessions just collapsed. Q4 2025: 67% of lenders made borrower-friendly concessions to win deals. Q1 2026: 31%. The discipline showed up the moment the redemptions started. Funny timing. Source: William Blair
April Muni Issuance Falls, but Remains Above 10-Year Average
April municipal bond issuance slipped 7.8% year‑over‑year to $47.607 bn across 797 issues, yet it remains well above the 10‑year average of $37.323 bn. The decline follows a strong 2025 year, with April 2025 topping $50 bn for only the second time. Tax‑exempt...
SPAC IPO Frenzy Stalls: Poor Performance, Few Deals
The recent deluge of SPAC IPOs is a baffling because: 1. They haven't traded well (see below) 2. There's been a lack of merger announcements (particularly high quality deals) 3. Despite the surge in speculative stocks last month, most SPACs are stuck in...
Pershing Square Closes $5 Billion Dual-Listing IPO, Marks Major Capital Markets Event
Pershing Square USA and Pershing Square Inc. closed a combined initial public offering that raised $5 billion in gross proceeds. The shares began trading on the NYSE on April 29, 2026 under the symbols PSUS and PS, with a consortium of...
Diehl Automotive Group Adds Toyota, VW Dealerships Amid Buying Spree
Diehl Automotive Group announced the acquisition of Firelands Toyota and Volkswagen dealerships in Wooster, Ohio, along with an off‑site collision center, marking its second and third purchases in four months. The deals bring Diehl’s portfolio to 24 rooftops representing 13...
Spirit Faces Shutdown After Judge Blocks JetBlue Deal
Inspired: U.S. District Judge William Young famously wrote "To those dedicated customers of Spirit, this one's for you" in his January 2024 ruling blocking JetBlue’s $3.8 billion acquisition of Spirit Airlines. Now Spirit is preparing to cease operations.
EQ Resources Aborts $X Billion Tungsten Metals Group Takeover, Cites Strategic Fit
EQ Resources Limited announced it will not proceed with the proposed 100% acquisition of Tungsten Metals Group Limited, saying a strategic review concluded the transaction was not in shareholders' best interests. The decision redirects the company's focus to expanding output...
Chart: How ROHM, Toshiba, Mitsubishi Tie-Up Could Reshape the Power Sector
ROHM Semiconductor, Mitsubishi Electric and Toshiba have signed an MOU to explore merging their power‑semiconductor divisions, which together hold about 11% of the global market. The combined entity would become the world’s second‑largest supplier of power devices, trailing only Infineon’s...
ARCH Backs Mental‑health IPO, Celebrating Early Investment Success
Congrats to Daphne Zohar and team, and Steve Paul for an amazing IPO to fuel new drugs for mental health and brain disorders. ARCH invested early here because of the team, platform, and clinical need.
Beyond The Hype: What Really Drives IPO Prices?
A new SSRN study of 848 U.S. IPOs from 2009‑2019 finds that first‑day price jumps are driven more by market overpricing than by underwriters’ deliberate underpricing. By benchmarking each offering against industry peers using price‑to‑sales multiples, the authors separate intrinsic...
Merger Guidelines for the Industrial Policy Curious
The European Commission released a draft of its merger‑guidelines, expanding the analytical framework to treat non‑price factors such as resilience, sustainability and innovation as independent competition parameters. The text introduces an “innovation shield” for small startups while excluding large gatekeepers,...
Biotech IPOs Surge, Exposing Wall St Underestimation
Three biotech IPOs this week. Each one raised its number of shares and priced atop range. Suggests that Wall St is slightly underestimating investor interest in new biotech issues.
ArchiMed to Take Esperion Therapeutics Private for $1.1bn
ArchiMed has agreed to acquire Esperion Therapeutics in an all‑cash transaction valued at $1.1 billion. The deal will take Esperion private, removing it from public markets and placing it under ArchiMed’s strategic control. Closing is expected in the third quarter of...
Treasury Yields Rise as Valero Issues $850M 10‑Year Notes and Adamas Launches $90M Senior Bonds
Valero Energy Corp sold $850 million of 10‑year notes at a 5.15% coupon and Adamas Trust issued $90 million of senior unsecured notes due 2031 as Treasury yields rose. The issuances came as Tradeweb reported over‑50% market share in institutional U.S. Treasuries...