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
Terex Corp (TEX) Q1 2026 Earnings Call Transcript
Terex Corp completed its merger with REV Group, forming a dedicated specialty vehicle segment led by legacy REV managers while keeping corporate functions unchanged. Management targets $75 million of run‑rate EBITDA synergies by 2028, with roughly half expected within the next twelve months through cost eliminations and deeper operational efficiencies. The company reported full‑year net sales of $5.4 billion, a 6% increase, EBITDA of $635 million and free cash flow of $325 million, delivering a 147% cash‑conversion rate. For 2026, Terex projects 5% pro‑forma sales growth, EBITDA between $930 million and $1 billion, and EPS of $4.50‑$5 despite a modest 3% dilution from the larger share count.
Perella Weinberg Partners (PWP) Q1 2026 Earnings Call Transcript
Perella Weinberg Partners reported full‑year 2025 revenue of $751 million, the third‑highest in its history, though that represented a 14% drop from the prior record year. Record earnings came from Europe and a booming restructuring practice, while the firm added 23...
Job-Swaps-Weekly:-GB-Bank-Ceo-Steps-Down,-While-Reckoner-Launches-Superyacht-Construction-Strategy
GB Bank announced that its chief executive will step down, with the board naming an interim leader from within the finance division. The departure follows a period of aggressive growth in the bank's asset‑backed finance platform. Meanwhile, Reckoner Capital unveiled...
Goldman’s Freund Sees Early Signs of Australia M&A Rebound
Goldman Sachs’ Australia‑New Zealand M&A head Marissa Freund said the country’s deal market is showing early signs of a rebound after a prolonged slump. The slowdown was driven by market volatility, high inflation, rising interest rates and geopolitical uncertainty. Freund highlighted...
Quantum Leap Acquisition Corp. (QLEP.U) Prices $200M IPO
Quantum Leap Acquisition Corp. (QLEP.U) priced a $200 million initial public offering and will list its units on the NYSE under the ticker QLEP.U on May 1, 2026. The special purpose acquisition company is targeting investments in artificial intelligence, quantum computing, and...
SpaceX May Face an Easier Path to S&P 500 Entry if These Newly Proposed R...
Index provider S&P Dow Jones announced a review to ease eligibility rules for megacap companies, potentially allowing fast‑track entry into the S&P 500 with a reduced listing period and no profit requirement. The move comes as SpaceX, Anthropic and OpenAI...
Barrick Picks U.S. over Canada for Primary Stock Listing of North American Spinout – by Niall McGee (Globe and Mail...
Barrick Mining Corp announced that its upcoming North American spin‑off, North American Barrick, will list primarily on the New York Stock Exchange with a secondary listing in Toronto. The spin‑off will involve a 10‑15% stake in its North American mines,...
Morningstar DBRS Finalizes Provisional Credit Ratings on Towd Point Mortgage Trust 2026-FIX2
Morningstar DBRS finalized provisional ratings for Towd Point Mortgage Trust’s 2026‑FIX2 HELOC securitization, assigning AAA to the $285.8 million Class A1A, $3.6 million Class A1B and $289.4 million Class A1 tranches, and AA to multiple $16.6 million Class A2 series. The transaction pools 3,601...
Palo Alto Networks To Acquire AI Gateway Startup Portkey
Palo Alto Networks announced it will acquire Portkey, a startup that provides an AI gateway for managing and protecting autonomous agents. The deal, expected to close in the fourth fiscal quarter ending July 31, has undisclosed terms. Portkey’s platform processes trillions...
Morningstar DBRS Finalizes Its Provisional Credit Ratings on Chase Home Lending Mortgage Trust 2026-4
Morningstar DBRS finalized provisional credit ratings for Chase Home Lending Mortgage Trust 2026‑4 series. The agency assigned AAA (sf) ratings to senior classes representing roughly $2.5 billion of mortgage pass‑through certificates. The underlying pool comprises 428 prime jumbo mortgages with a...
CN on UP+NS: ‘Remedies Are Necessary’
Canadian National Railway (CN) reiterated its objections to the Union Pacific‑Norfolk Southern merger after the parties filed an amended application with the Surface Transportation Board. CN argues the revised filing fails to address the substantial competitive harms of a deal...
April Lev Loans Fall to Lowest Since Blackout
$25B of lev loan issuance in April (~15% below March). Lowest run rate since the post-Liberation Day blackout.
Protective Life Buys Obsidian Insurance From Genstar, Launches Specialty P&C Unit
Protective Life announced an agreement to acquire Obsidian Insurance Holdings from Genstar Capital, adding a specialty property‑casualty platform that writes over $1 billion in annual gross written premium. The deal, pending regulatory clearance, marks Protective's first foray into the specialty P&C...
China Blocks Meta’s $2 B Purchase of Manus AI, Citing Foreign Investment Rules
China’s National Development and Reform Commission has halted Meta’s $2 billion takeover of Manus AI, a Chinese‑founded agentic AI firm now based in Singapore. The move signals Beijing’s growing wariness of foreign ownership of strategic AI technology and puts pressure on...
Scout AI Secures $100 Million Series A to Build Autonomous Military ATVs
Scout AI announced a $100 million Series A led by Align Ventures and Draper Associates, funding its Fury AI model for autonomous military all‑terrain vehicles. The round follows a $15 million seed and adds to $11 million in DoD contracts, positioning the startup...
True Anomaly Lands $650 Million Series D, Valuation Hits $2.2 Billion
True Anomaly announced a $650 million Series D round led by Eclipse and Riot Ventures, pushing its valuation to $2.2 billion. The capital will fund production of its Jackal maneuverable satellites and a four‑year expansion of manufacturing capacity.
Intellia Raises $180 M, Files BLA After First In‑Vivo CRISPR Phase 3 Success
Intellia Therapeutics priced a $180 million public offering of 16.7 million shares and filed a rolling Biologics License Application for its hereditary angioedema candidate lonvo‑z after the drug met primary endpoints in the first global in‑vivo CRISPR Phase 3 trial. The dual milestones...
Kirby Is Crazy… Like A Fox
United Airlines chief Scott Kirby has publicly floated a merger with American Airlines, describing it as a growth‑driven partnership that could create a world‑leading U.S. carrier. American’s CEO Robert Isom rejected the proposal, labeling it a non‑starter and emphasizing focus...
Now Is the Time to Rebalance Your Portfolio and Snap up These Bonds, UBS Says
UBS’s chief investment officer for the Americas, Ulrike Hoffmann‑Burchardi, says the S&P 500’s record highs create a strategic moment to rebalance portfolios toward high‑quality government bonds. Recent spikes in Treasury yields, especially on two‑year, five‑year and 10‑year notes, provide a “compelling...
PennyMac Brings $415.7 Million in RMBS to Market
PennyMac’s PMT Loan Trust 2026‑INV5 is launching a $415.7 million residential mortgage‑backed securities (RMBS) offering. The pool comprises 1,095 fixed‑rate mortgages, with 75.4% secured by investment‑property loans and the remainder by second homes. Tranches A‑6 through A‑30 carry a 5.00% coupon,...
Municipal Advisor for PFA, CalCHA Defends Distressed Deals
GPM Municipal Advisors, the municipal advisor for California Community Housing Agency (CalCHA) and the Public Finance Authority (PFA), defended its role amid a wave of distressed workforce‑housing bond deals. CalCHA’s $2.5 billion portfolio of 14 projects has seven assets in default...
Falling Average Trade Size Shows SMA Demand, Growing Electronification
The average municipal‑bond trade size slipped below $204,000 in Q1, a 5% drop from the prior year, reflecting a surge in separately managed accounts (SMAs). SMAs now hold roughly $1.3 trillion in assets across about 180 managers, fueling a constant flow...
LexisNexis Owner RELX Announces Plans to Acquire Legal Tech Company Doctrine
RELX, the parent of LexisNexis, announced plans to acquire Doctrine, a fast‑growing legal‑tech platform. The deal, still subject to regulatory approval, would integrate Doctrine’s AI‑driven research tools into RELX’s European legal‑intelligence suite. By adding Doctrine’s cloud‑based workflow and analytics, RELX...
Union Pacific and Norfolk Southern Refile Merger Application with Surface Transportation Board
Union Pacific and Norfolk Southern have refiled their $85 billion merger application with the Surface Transportation Board after the STB rejected the initial filing for incompleteness. The amended filing adds full system impact analyses, market‑share projections, and a commitment to divest...
Hindustan Laboratories Receives SEBI Observations for Its Proposed IPO
Hindustan Laboratories Limited has received SEBI observations on its proposed IPO of up to 1.41 million equity shares, comprising a fresh issue of 500,000 shares and an offer‑for‑sale of 910,000 shares. The shares, priced at a Rs 10 face value (about $1.7 million...
Avalyn Pharma Takes a Breath to Raise $300M in IPO Cash for Lung Drug Trials
Avalyn Pharma completed a $300 million IPO, pricing 16.6 million shares at $18 each and listing on Nasdaq under the ticker AVLN. The Boston‑based biotech will use the proceeds to advance inhalable versions of pirfenidone (AP01) and nintedanib (AP02), plus a combination...
Astra Exploration Raises $15 Million From Upsized Bought Deal
Astra Exploration Inc. closed an upsized bought‑deal private placement, raising $15 million—above its $13 million and $10 million targets—by issuing 19.4 million common shares at $0.77 each. The proceeds will fund exploration and development of the La Manchuria gold‑silver project in Santa Cruz, Argentina. Insider Michael...
Versana Raises $43 Million to Build Infrastructure for Syndicated Loan and Private Credit Markets
Versana announced a $43 million funding round, bringing its total capital to over $125 million. The round was led by BNP Paribas and added strategic investors such as Fitch Ventures, MassMutual Ventures, Motive Partners and Apollo, alongside existing bank backers. Versana’s platform builds...
Cord Cutting Today: Comcast and Spectrum Merger Talks Grow as Streaming and 5G Surge Past Cable
Comcast and Charter (Spectrum) are intensifying talks to merge, potentially creating a cable giant worth over $150 billion. The talks come as streaming services have surged 12% year‑over‑year, accelerating cord‑cutting trends. Simultaneously, 5G home‑internet and fiber deployments added more than 1 million...
Cognizant to Acquire Astreya for $600 Million, Bolstering AI Infrastructure
Cognizant Technology Solutions announced a $600 million deal to acquire Astreya, an IT services firm specializing in AI infrastructure and data‑center operations. The acquisition is intended to expand Cognizant’s AI builder stack and accelerate its platform‑led AI services for enterprise clients,...
HrFlow.ai Raises $7M Pre‑Series A to Pursue Global AI HR Data Standard
HrFlow.ai closed a $7 million pre‑Series A financing, bringing its total capital to $10 million. Led by 115K, La Banque Postale’s venture arm and EmergingTech Ventures, the round backs the startup’s push to become the de‑facto AI‑driven HR data standard and to...
Two Harbors Agrees to $11.30‑Per‑Share All‑Cash Merger with CrossCountry Mortgage
Two Harbors Investment Corp. (TWO) signed an amended all‑cash merger agreement with CrossCountry Mortgage, raising the offer to $11.30 per share. The deal, not contingent on financing, follows a competing bid from United Wholesale Mortgage and is slated to close...
UK Government Moves to Overhaul Risk‑Transformation Regime and Boost ILS Flexibility
HM Treasury announced that the UK will pass primary and secondary legislation to make its insurance‑linked securities (ILS) regime more flexible, easing funding rules for insurance special purpose vehicles and expanding permissible risk structures. The changes aim to revive the...
York Space Systems to Acquire All.Space for $355 Million, Expanding Into Satcom Terminals
York Space Systems announced a $355 million deal to buy All.Space, a maker of multi‑orbit satellite communications terminals. The transaction, part cash and stock, will make All.Space a wholly‑owned subsidiary and broaden York’s reach from spacecraft to user equipment and network...
Targeting the Underserved Turned NetZero Into a Nasdaq Star
Back in 1999, I met Mark Goldston through Jennifer Fonstad. We became friends instantly. Mark saw something most people missed: America Online was only going after the high-end user. The low-end of internet access was completely ignored. He called it "Joe Sixpack." I called...
US Wealth Overleveraged as S&P Pushes Faster Mega IPOs
Smoking in the Dynamite Shed The US economy and household wealth are way, way, I mean WAY dangerously levered to the stock market, and now this? *S&P MULLS INDEX RULE CHANGES TO SPEED UP ADDITION OF MEGA IPOS.
Shell Adds ‘Missing Piece’ for LNG Canada Expansion With Feed Gas From ARC Deal
Shell has sealed a deal to acquire ARC Resources, adding a substantial Montney shale gas portfolio that will feed the LNG Canada project. The acquisition provides the missing feedstock needed to move the second phase of LNG Canada toward a...
SpaceX Loaned Itself Money at High Rates for Musk
The real issue here is that SpaceX itself was borrowing the money to give to Musk, via the Nov 2018 leveraged loan priced at LIBOR+4.25%, far above the rate he was paying SpaceX https://t.co/hRcoplhKVQ
ASRT Offer Launch Delayed Until Monday, Docs Incomplete
$ASRT offer launch got extended to Monday, right after the window-shop period expired. Either new interested parties showed up, or, a simpler explanation, Asserio/Garda just haven't finished the tender docs in time and need a few more days. We'll see soon.
GoldHaven Raising $5.0 Million for Exploration in B.C., Brazil
GoldHaven Resources Corp. announced a $5 million Life‑offering to fund its Magno Project in northern British Columbia and the Copecal project in Brazil’s Mato Grosso state. The unit price is $0.25, each unit comprising one share and half a warrant that...
Thursday Links: Hedge Volatility, SpaceX IPO, Rising Hyperscaler Capex
🆓 Thursday links: avoiding volatility, the SpaceX IPO, and soaring hyperscaler capex. https://t.co/vT9QNtLhAY image: https://t.co/twlPXP3nSP https://t.co/Oyb0ozEfTu
Pearl Abyss Sells CCP Back at $305M Loss
Crimson Desert studio Pearl Abysss (publicly traded in Korea) is finally selling Eve Online studio CCP (based in Iceland) back to its management. Selling price: US$120M. Buying price in 2018: US$425M. There were rumors about such a deal swirling last year already.
Copper and Silver Miner Lumina Shares Slip After Toronto IPO
Lumina Metals Corp., a Toronto‑listed copper and silver miner, closed its initial public offering with C$406.2 million (approximately $297 million) raised. The shares opened at C$12.60 but slipped to C$12.35, a 2% decline and below the IPO price of C$12.50. The offering...
80/20 Debt-Equity Mix Boosts Utility Durability
Moving all of the utilities to 80% debt and 20% equity is more durable than reducing their ROE. You can do it with the 1706 financing program at LPO like Georgia Power just did.
Apollo Targets $14B Tenneco IPO After Earnings Double
Apollo plots Tenneco IPO at $14bn valuation as automotive turnaround delivers near-doubled earnings Read more here: https://t.co/kc5SAhwSBN https://t.co/r3P9SGahZm
Fortress-Backed Brightline Explores Rescue Options as $5.5bn Debt Load Pressures Rail Project
Florida’s privately financed high‑speed rail operator Brightline, backed by Fortress Investment Group, is weighing restructuring and refinancing options to avert a potential Chapter 11 filing. The company is re‑engaging third‑party investors and has hired advisers to negotiate with a creditor base...
Vistance Sells RUCKUS to Belden for $1.846 B
"Vistance Networks $VISN announced today it has entered into a definitive agreement to sell its RUCKUS Networks business to Belden Inc. $BDC for $1.846 billion in cash, to be paid by Belden at closing." https://t.co/iqypD3Sr6j
Inseego to Acquire Nokia's Fixed Wireless Access Business
"Inseego $INSG said on Thursday it will acquire Nokia's $NOK fixed wireless access, or FWA business, to expand its global footprint in wireless broadband." https://t.co/O5VEKjus4K via Seeking Alpha
Shapoorji and Pallonji Group in Talks with JPMorgan, BlackRock for High-Yield Bond Sale
Shapoorji and Pallonji Group is negotiating a high‑yield bond issuance with global investors, including JPMorgan and BlackRock, to raise up to $1 billion at a minimum 14% yield. The three‑year dollar bonds are intended to refinance debt of its subsidiary Goswami...
CVC Injects €210m Into Lipton
CVC Capital Partners is injecting roughly $229 million into Lipton to shore up liquidity after the tea brand’s $4.9 billion buyout from Unilever. The maker of PG Tips remains burdened with about $3.5 billion of debt, a term loan that now trades at 71¢...