Today's Investment Banking Pulse
DOJ poised to approve $110B Paramount‑Skydance/Warner Bros. Discovery merger
The U.S. Department of Justice is expected to clear a $110 billion merger between Paramount Skydance and Warner Bros. Discovery, creating the largest Hollywood consolidation in decades. At the same time, internal changes at Paramount’s CBS unit have heightened regulatory scrutiny.
Also developing:
By the numbers: Credit Agricole raises $670M via Samurai bond issuance
FCA Publishes Consultation in Relation to Changes to Information Flows for UK Equity IPOs
On 27 April the FCA released consultation paper CP26/14 proposing key changes to UK equity IPO information flows. The draft seeks to remove the 7‑day cooling‑off period for connected research, require syndicate banks to share the same research data with unconnected analysts, and fix a technical drafting issue in COBS 12.2.21R. The FCA invites stakeholder feedback by 29 May 2026, with no additional reforms currently on the agenda.
China’s Manus Block Signals AI Software Now Under Scrutiny
China is blocking the Manus acquisition by Meta. A few things stand out: - China has historically been more opaque and less public in restricting foreign acquisitions of Chinese tech assets, while the US (CFIUS) has been more explicit and aggressive...
Vinted Is Already Worth 8 Billion Euros
Vinted secured an €880 million ($960 million) funding round, lifting its valuation to €8 billion (about $8.7 billion). The Lithuanian‑based second‑hand marketplace reported a 38% revenue jump to €1.1 billion ($1.2 billion) in 2025 and a GMV of €10.8 billion ($11.8 billion). Net profit reached €62 million ($68 million), and...
Gold-Copper Explorer Meridian Plans London Listing
Meridian Mining, a TSX‑listed gold‑copper explorer, announced a dual listing on the London Stock Exchange with shares to trade under ticker MNO starting Friday. The offering includes a £25 million (≈$33.8 million) institutional placement and a £2.5 million retail tranche, boosting total cash...
Lilly to Buy Startup Ajax in Bid for a Better JAK Drug
Eli Lilly announced it will acquire New York‑based biotech Ajax Therapeutics for up to $2.3 billion. The deal centers on Ajax’s experimental JAK inhibitor AJ1‑11095, which binds an inactive JAK2 conformation to overcome resistance seen with existing therapies for myelofibrosis and...
Ligand Pharmaceuticals Acquires XOMA Royalty in a $739 Million Deal
Ligand Pharmaceuticals announced a $739 million acquisition of XOMA Royalty Corporation, offering $39 per share—a 2.9% premium to the prior close. The transaction also grants XOMA shareholders a contingent value right (CVR) tied to 75% of net proceeds from pending TREMFYA...
London Named Share Buyback Capital of the World
The United Kingdom has emerged as the world’s leading share‑buyback market, with nearly 60% of large‑cap firms repurchasing stock over the past year. A steep valuation gap—FTSE 100 trading at 13.1 times forward earnings, roughly a 37% discount to the S&P 500—has driven...
Four Pharma Deals Showcase Hefty Premiums, Billions at Stake
Today's M&A notes $ARX.to to be acquired by $SHEL.LN for $8.20 cash per share + 0.40247x shares, 26.6% premium, $22.0 billion $OGN to be acquired by Sun Pharmaceutical for $14.00 cash per share, 138.9% premium, $11.75 billion $RMAX to be acquired by $REAX...
BMO Capital Markets Leads M&A Financial Advice in Mining for Q1 2026
BMO Capital Markets emerged as the leading adviser for metals and mining mergers and acquisitions in the first quarter of 2026, topping both deal value and volume. The bank advised on five transactions that together amounted to $8.7 bn, propelling it...
Aerospace and Defense M&A Activity: Strategic Positioning Amid Robust Growth
M&A activity in aerospace and defense reached record levels in 2025, with 532 announced transactions and $42.7 bn in aggregate value. Europe emerged as a growth engine, posting a 320% jump to $8.7 bn, while North America still held the largest share...
Leonardo Del Vecchio Secures €10 Billion Buyout, Becomes Largest Ray‑Ban Shareholder
Leonardo Maria Del Vecchio has completed a €10 billion ($11.8 billion) buyout of his brother Luca and sister Paola, acquiring their combined 25% stake in Delfin Sarl. The deal, approved by a majority of the eight family shareholders, lifts his holding to...
HrFlow.ai Raises $7M Pre‑Series A to Build AI Infrastructure for Global Labor Market
HrFlow.ai closed a $7 million pre‑Series A round led by 115K and EmergingTech Ventures, bringing its total funding to $10 million. The capital will fund a global rollout of its AI‑driven hiring platform and the launch of a next‑generation product suite. The...
JPMorgan Cuts India Equity Rating to Neutral, Shifts Weight to Asian Tech Amid AI Surge
JPMorgan has downgraded Indian equities from overweight to neutral, warning of elevated valuations, earnings pressure and limited exposure to AI‑driven sectors. At the same time the bank upgraded its allocation to technology‑heavy markets, especially Taiwan, as artificial‑intelligence demand reshapes regional...
Japan's IPO Market Stalls as AI Stocks Drive Record Nikkei Gains
Japan's IPO pipeline has dried up as investors pour money into AI‑focused equities, even as the Nikkei 225 reaches fresh record levels. Stricter TSE listing rules and a 10 billion‑yen ($73 million) capital threshold further dampen new listings, limiting capital for smaller...
It’s Time to Bring the Catastrophe Bond Onshore: John Seo
John Seo, co‑founder of Fermat Capital Management, called for U.S. onshore issuance of catastrophe bonds, arguing that domestic options would unlock the market’s full potential. He said the shift would require congressional action to create a tax‑friendly framework. Seo highlighted...
Sun Pharma to Acquire Organon for $11.75 Billion, Expanding B2B Drug Portfolio
Sun Pharmaceutical Industries has signed a definitive agreement to acquire Organon & Co. for $11.75 billion in cash, paying $14 per share. The deal will lift combined revenue to $12.4 billion, push Sun into the top three global women’s‑health players and make...
Scale It Forward: A New Initiative Targets Egypt’s Venture Debt Gap for Scaleups
GIZ Egypt and enpact have launched the Scale It Forward programme to introduce venture‑debt financing for Egyptian scale‑ups. Five financial institutions will pilot debt products, each receiving a curated pipeline of startups and capacity support, while 30 scale‑ups get training...
Critical Metals to Acquire European Lithium
Critical Metals Corp. announced a letter of intent to acquire all outstanding shares of European Lithium Ltd. for an aggregate consideration of roughly $835 million, using an exchange ratio of 0.035 Critical Metals shares per European Lithium share. The deal would...
United CEO’s Statement About American Airlines Merger Idea He Has Floated
United Airlines CEO Scott Kirby announced he had approached American Airlines with a proposal to merge, positioning the deal as a growth‑driven partnership that would enhance customer experience and global competitiveness. American publicly rejected the overture, closing the door on...
AA4+ Holders Back LAC10 Takeover, Regulatory Risk Looms
AA4+ holders backed Lesha Bank LAC10 takeover (~98%). Needs UAE clearance & court sanction; delist due Q3'26. Risk: regulatory veto/delay. Trade: exit AA4+ pre-suspension. — Viktor Kopylov, PhD, CFA More insights: t.me/si14Kopylov
Eli Lilly to Acquire Ajax Therapeutics for ~$2.3B
Eli Lilly has signed a definitive agreement to acquire Ajax Therapeutics for roughly $2.3 billion in cash, covering an upfront payment and future clinical and regulatory milestones. Ajax’s lead candidate, AJ1‑11095, is a Type II JAK2 inhibitor currently in a Phase‑I trial (AJX‑101)...
Morning SPAC News Roundup: April 27, 2026
The Morning SPAC News Roundup for April 27, 2026 is a subscription‑only digest that aggregates the latest special‑purpose acquisition company (SPAC) activity. The post is hosted on SPAC Insider and requires a monthly plan to view any specific deals, filings,...
Sereact Taps Headline to Lead $110m Series B, Plots US Expansion
Stuttgart‑based robotics firm Sereact announced a $110 million Series B round led by Headline, with participation from Bullhound Capital, Felix Capital and Daphni. The funding brings total capital raised to over $140 million and will finance the development of Cortex 2, an upgraded vision‑language‑action...
Thermo Fisher Scientific to Sell Microbiology Business to Astorg for $1.075bn
Thermo Fisher Scientific announced the sale of its microbiology business to private‑equity firm Astorg for $1.075 billion. The divestiture aligns with Thermo Fisher's strategy to sharpen focus on its core life‑science platforms and accelerate growth in high‑margin segments. Astorg will acquire...
Northeast Universities Find Bond Investors Amid Rocky Sector Trends
Northeast universities are tapping the municipal bond market despite a volatile April environment. The University of Massachusetts priced a $560 million refunding deal with yields from 2.5% to 3.8%, Quinnipiac issued $180 million of revenue bonds, and Adelphi raised $106 million, albeit after...
Missed Call Leaves CEO Filing Unnecessary Shelf, Everyone Sucks
Moments before you failed to get in contact with a CEO to urge him/her not to file a shelf (that just got filed) after you learned that bankers were all over him/her to file a “just in case shelf,” even...
World Bank Launches $120 Million Ecosystem Restoration Bond Backed by Amazon Carbon Removal Deal
The World Bank raised $120 million through a new Spekboom Restoration Outcome Bond, the institution’s longest‑dated outcome bond maturing in 2040. The bond combines principal protection, a fixed coupon and extra returns tied to carbon credit sales under an Amazon offtake...
United CEO Confirms Reaching Out to AA About Potential Merger
United Airlines CEO Scott Kirby said he reached out to American Airlines to explore a merger that would create a larger, customer‑focused carrier. He argued the combination would drive growth, unlock new opportunities, and likely gain regulatory approval, contrasting it...
Porsche to Exit Bugatti Rimac Stake in Sale to HOF-Led Consortium
Porsche announced it will divest its 45% stake in the Bugatti Rimac joint venture, selling to a consortium led by HOF Capital. The transaction, expected to close later in 2024, has no disclosed price but is positioned to free up capital...
Spacetech Investor Seraphim Space Targets £350M Raise
Seraphim Space, a London‑listed spacetech investment trust, announced a plan to raise up to £350 million (approximately $445 million) by issuing new shares. The capital will fund investments in its existing portfolio of 45 spacetech companies—including nine unicorns—and new startups emerging from...
Amundi to Manage New €3 Billion EU-Backed Green Bond Blended Finance Fund
Amundi has been selected to manage the EU‑backed Global Green Bond Initiative (GGBI) Fund, a blended‑finance vehicle targeting up to €3 billion ($3.24 billion). The fund will combine roughly €1 billion ($1.08 billion) of equity from multilateral development banks with a goal of crowding...
China Blocked Meta’s Manus Deal. That Changes What AI Companies Are Worth
Meta’s planned $2 bn purchase of AI‑agent startup Manus was halted by China’s National Development and Reform Commission, which barred foreign investment and ordered the deal cancelled. The block highlights a new valuation variable for AI firms: political ownership risk, where...
The World’s Largest EV Battery Maker Is Raising $5 Billion in Hong Kong
China's CATL, the world’s largest EV battery maker, is launching a Hong Kong follow‑on to raise up to $5 billion, the biggest share sale in the market in about four years. The company’s Hong Kong shares have surged 160% since the May 2025 secondary...
Sirius XM's iHeart Bid Hampered by Massive Debt
Sirius XM eyeing iHeartMedia? 🤔 Strategic audio play but iHeart’s $5.5B+ debt is a massive red flag. SIRI shareholders might want to hope this one fizzles. 📉 AudioMerger
Cayman Considers Catastrophe Bond, More Parametric Insurance to Expand Hurricane Protection
The Cayman Islands government is weighing a new catastrophe bond and expanded parametric insurance to strengthen hurricane protection as the 2026 season nears. Finance Minister Rolston Anglin said the review reflects higher exposure from population growth and increased assets. Options...
China Blocks Meta's $2 B Acquisition of AI Startup Manus
Meta Platforms' $2 billion bid to acquire AI startup Manus was ordered cancelled by China's National Development and Reform Commission, citing compliance with domestic laws. The move underscores Beijing's tightening grip on foreign takeovers of firms with Chinese ties and puts...
SpaceX Files Confidential IPO Paperwork Targeting $1.75 Trillion Valuation
SpaceX filed confidential paperwork for an initial public offering that could raise about $75 billion and value the rocket maker at up to $1.75 trillion. The filing has set off a scramble among Wall Street’s top investment banks to win underwriting mandates...
Warner Bros. Discovery’s Coyote‑Acme Fallout Revives Power Struggle for CEO David Zaslav
Warner Bros. Discovery’s long‑shelved animated feature Coyote v. Acme re‑emerged this week, just as shareholders approved Paramount Skydance’s $110 billion acquisition offer. The drama has reignited criticism of CEO David Zaslav’s cost‑cutting strategy, which already saw the $90 million Batgirl cancellation.
USA Rare Earth Commits $2.8 B to Brazil’s Serra Verde, Boosting U.S. Rare‑Earth Supply Chain
USA Rare Earth (USAR) signed a definitive agreement to acquire Brazil’s Serra Verde Group for $2.8 billion, combining $300 million in cash and 126.85 million newly issued shares. The deal secures the Pela Ema mine, the only non‑Asian source capable of producing all...
Sereact Secures $110 Million Series B to Accelerate Predictive Robotics Software
German robotics AI firm Sereact announced a $110 million Series B funding round led by Headline, with participation from Bullhound Capital, Felix Capital and Daphni. The capital will be used to develop its predictive‑robotics platform that aims to make industrial robots...
Seraphim Space Targets £350m Raise to Accelerate the Space Boom
Seraphin Space Investment Trust (SSIT) is launching a C‑share offering to raise up to £350 million (about $447 million). The proceeds will back companies emerging from its accelerator and venture fund while pursuing fresh growth opportunities. Recent stabilisation of private‑market valuations, a...
FCA Market Soundings Review Puts Pre-Deal Controls Under Scrutiny
The FCA’s multi‑firm review examined 63 UK equity capital‑market transactions from January 2023 to June 2025, including fifty accelerated book‑builds (ABBs) worth roughly £32 billion (≈ $40.6 billion). About 90% of the deals employed market soundings, confirming the practice as a standard pre‑announcement tool. The...
2026’s Biggest IPOs on the Waiting List
Big size IPO in waiting list of 2026 🔥 We will update and cover all IPO. Stay connected @champ_trader
Eli Lilly Acquires Ajax to Strengthen JAK Pipeline
Lilly to buy startup Ajax in bid for a better JAK drug https://t.co/RMQQZ4mRFG $INCY $BMY $LLY $TAK #biotech #startups
Standard Life Targets First CLO Deal Amid Structured Credit Push
Standard Life, the UK‑based insurer, is actively courting collateralised loan obligation (CLO) managers as it prepares to launch its first CLO investment. The move is part of a broader push into structured credit and private‑debt assets, complementing its existing fund‑finance...
Refi Lifts Cash Flow 50% As
Successful refinancing could lift FCF by ~50% in a biz w/ thousands of franchise locations. Immediate risk is already off the table following an emergency refi. The board has been refreshed, with a new CEO and chairman, and activists are leading a...
T‑Mobile, Verizon Urged to Chase Charter Now
"T-Mobile and Verizon should attempt to acquire Charter for massive value creation opportunities. The Trump Presidency is the time to try. A merger with Comcast is far less valuable, but better than doing nothing." via Peter Supino at Wolfe Research
Shell's $14B Deal Marks Biggest Acquisition in Decade
Shell to buy Canadian shale company for $14 billion, in what would be oil giant’s biggest acquisition in 10 years https://t.co/Bk5GBjmp6I
VRT Acquires Firm to Boost Liquid Cooling Expertise
$VRT: makes another acquisition to further strengthen its liquid cooling system and engineering expertise. https://t.co/1DyyOBJIc8
AllianzGI Secures $270M First Close for APAC Infrastructure Credit Fund
Fundraising alert: @AllianzGI_view holds first close of Asia Pacific infrastructure credit fund at $270 million Read more here: https://t.co/pyvLXApsaW https://t.co/dZQeMeLLcy