Know What's Happening in Investment Banking
Know What's Happening in Investment Banking
SpaceX eyes $5B Saudi anchor investment ahead of $75B IPO plan
SpaceX is in talks with Saudi Arabia’s Public Investment Fund for an anchor stake worth about $5 billion. The funding would support a planned IPO targeting roughly $75 billion, which would dwarf previous record offerings. The PIF, currently holding just under 1 % of SpaceX, seeks the new stake to avoid dilution.
Prescient Investment Management’s Cheree Dyers argues that digital assets and tokenised instruments can boost capital efficiency and settlement speed, but only if they dovetail with existing custody, clearing and regulatory frameworks. She highlights that faster, near‑real‑time settlement reduces counter‑party exposure, yet integration challenges can add complexity rather than simplify processes. Liquidity provision and market‑making remain critical, as fragmented tokenised markets risk wider spreads and weaker price discovery. Dyers also notes a broader buy‑side shift toward a barbell portfolio mix of low‑cost ETFs and alternative assets, driving portable‑alpha strategies.
In this episode Birgitta and Lars Elfversson share hard‑earned lessons from building and governing multiple roll‑up platforms, emphasizing the need for disciplined guardrails in high‑volume acquisition programs. They explain why small pipelines create decision pressure, how subtle drift can reshape...
ISDA’s new board chair Amy Hong reaffirmed the association’s 40‑year mission to keep derivatives markets safe and efficient, while charting a 2026 agenda focused on technology and regulatory alignment. She highlighted the continued push to finalize Basel III trading‑book rules and...
Jonathan Epstein, founder of DCALTA, has spent over a decade lobbying for retirement savers to gain access to private‑fund investments. He argues that broader participation can boost portfolio diversification and returns for workers. On the brink of a major regulatory...
McKinsey’s latest survey shows generative AI is reshaping M&A, delivering roughly 20% cost savings and accelerating deal cycles by 30‑50%. While 42% of respondents believe AI can transform the transaction process, only 30% are using it at moderate to high...
Nasdaq Stockholm’s president warned that the exchange must act after Klarna chose a New York listing, a move that underscores growing competition from U.S. markets. Last year Nasdaq Stockholm and its Nordic peers captured 60% of Europe’s equity capital‑market activity,...
Private equity firms EQT AB and Vitruvian Partners have engaged Evercore and Goldman Sachs to explore a sale or initial public offering of cyber insurer CFC, targeting a valuation around £5 billion. The advisers are assessing both London and New York as...
The US leveraged loan market opened 2026 with extraordinary vigor, posting $168.2 billion in new issuances during January—the strongest monthly total in over a decade. By mid‑February, activity slowed dramatically, with only $25.9 billion of new deals launched through February 18, the lowest...
Technology private equity deal activity surged in 2026, with total deal value climbing 67.4% year‑over‑year while the number of transactions rose a modest 13.4%. The gap between value and count indicates that firms are executing larger, mega‑cap deals rather than...
Blue Owl is permanently halting redemptions at its inaugural non traded private credit fund for retail investors as part of a plan to instead sell down assets over time. With @EricGPlatt https://t.co/GmiIAdaLVK
Month-to-date SPAC statistics: IPOs: 21 Definitive agreements: 1 As Jerry Seinfeld said, "That's not gonna be good for anybody."
Middlesex Water Co (MSEX) reported 2025 income from continuing operations of $191.4 million, a 5.7% increase year‑over‑year, while full‑year net earnings fell to $190.4 million due to the Everest spin‑off. The electric utility segment saw earnings decline to $64.9 million, whereas natural‑gas earnings...
Gentherm reported record $1.5 billion revenue for 2025, a 2.9% increase, and secured $2.2 billion of automotive new‑business awards, including $485 million in Q4. Adjusted EBITDA fell to $175 million (11.7% of sales) amid higher material costs, while operating cash flow rose 7% to...
Etsy announced it will sell its second‑hand fashion app Depop to eBay for $1.2 billion in cash. Depop, which posted roughly $1 billion in gross merchandise volume and 7 million active buyers in 2025, was acquired by Etsy in 2021 for $1.62 billion. The...
In this episode, Warren Buffett’s 2008 shareholder letter is dissected to highlight timeless investment principles amid market turbulence. Buffett stresses that pessimism, not euphoria, should guide investors, urging disciplined valuation, liquidity, and patience during downturns while warning against chasing applause...
In this episode, Ed Wachenheim of Greenhaven Associates discusses his $6.1‑$6.2 billion equity portfolio, which remains heavily concentrated in cyclical and housing‑related stocks such as General Motors, Lennar, Toll Brothers, PulteGroup and D.R. Horton. He explains recent trims—most notably a 34%...
Sprite’s aviation securitization platform is launching a $495 million asset‑backed securities (ABS) program backed by lease contracts on 30 aircraft. The issuance comprises three fixed‑rate tranches with an anticipated repayment date in March 2033 and a final legal maturity in March 2041. World...
McKinsey reports that generative AI has slashed M&A costs by roughly 20% and accelerated deal timelines by 10% to 30%. The technology enables faster target identification, due diligence, and integration, especially amid geopolitical and supply‑chain disruptions. Bain finds one in...
Canadian fintech investment plunged 75% in 2025, falling to US$2.4 billion across 113 deals, down from a record US$9.9 billion in 2024. AI and digital‑asset firms dominated the reduced deal flow, while later‑stage platforms attracted the bulk of capital. The three biggest...
A Texas federal judge denied the Federal Trade Commission’s emergency request to extend a seven‑day pause on its order that dismantles a sweeping pre‑merger reporting rule. The FTC now has until Thursday to seek relief from the Fifth Circuit Court...
The SEC has proposed amendments to Form N‑PORT that give investment companies an extra 15 days to file their monthly portfolio reports and shift public disclosure from a monthly to a quarterly cadence. The changes also eliminate the “Names Rule”...
Don Backstrom, co‑founder of the municipal advisory firm Backstrom McCarley Berry & Co., died at 84 from cancer. He launched the Los Angeles‑based firm on his 61st birthday in 2002 and served as managing director through July 2025, then part‑time until his death. Backstrom’s career spanned...
Northeast public issuers are grappling with crumbling infrastructure, rising construction costs and a wave of federal funding cuts. Tariffs and buy‑American requirements are inflating bus purchases for NJ Transit, while the Gateway tunnel project remains stalled after a $205 million funding...
InfraVia Capital Partners, Telefónica and Liberty Global, through their Nexfibre joint venture, announced a $2.7 billion acquisition of Substantial Group, the United Kingdom’s second‑largest alternative fiber provider. The deal merges private‑equity capital with telecom expertise to expand Nexfibre’s footprint in the...
In this episode, the host examines a "premium dislocation" in the market, arguing that certain high‑quality assets are trading at unusually low valuations relative to their historical norms. Drawing on years of industry experience, they outline the structural factors—such as...
My favorite part of my job is working with C-suite officers. Right now, I’m helping build the Office of a CIO ahead of a corporate split. Day 1, she inherits a brand-new company. We meet daily and work through org design, capital allocation,...
Scope Ratings became the first European rating agency approved under the ECB's Eurosystem Credit Assessment Framework, allowing its ratings to be used as collateral in monetary‑policy operations. The firm differentiates itself by embedding the EU’s fragmented legal and market environments...
Omnicom reported a $941.1 million GAAP loss for Q4 2025, the first quarter after completing its $15 billion acquisition of Interpublic Group. Revenue surged 27.9% year‑over‑year to $5.5 billion, and adjusted EBITA reached $928.9 million with a 16.8% margin. The company doubled its cost‑synergy goal...
The Corpus Christi City Council approved a resolution to tap up to $410 million in future water revenue bonds, slated for issuance as late as 2027, to reimburse current cash outlays for critical water‑supply projects. The plan funds a $175 million containerized...
PFM announced a partnership with DebtBook to embed artificial‑intelligence capabilities into public‑sector treasury operations, leveraging PFM's Synario financial‑modeling platform alongside DebtBook's debt‑management suite. The alliance aims to automate cash‑flow, leasing and investment tracking, freeing municipal finance teams to focus on...
Investors can now gain exposure to SpaceX through private secondary markets, specialty ETFs and pooled funds, sidestepping the wait for a public listing. The rocket company is valued at roughly $1.25 trillion, making it one of the most coveted private assets....
Caturus Energy announced a $950 million purchase of SM Energy’s Galvan Ranch assets, adding about 61,000 net acres and 250 MMcfed of daily gas production in Webb County, Texas. The acquisition lifts Caturus’s pro‑forma net output to roughly 950 MMcfed across 275,000 acres,...
Record bond issuance. Record trading volumes. Tighter spreads. More supply should widen spreads. Instead buyers are so hungry that more issuance actually improves liquidity and compresses risk premiums. This works until it doesn’t.
Australian‑founded Eaton Square announced that its Silicon subsidiary will integrate with U.S. capital‑intelligence firm Klear, creating a unified solution for sourcing, financing and managing critical minerals. The combined platform leverages AI to provide end‑to‑end operational and treasury visibility, offering verified...
MillTech’s Q4 2025 Corporate Hedging Monitor shows UK corporates lost an average £6.71 million and US firms $9.85 million in 2025 due to unhedged foreign‑exchange exposure. Eighty percent of surveyed firms reported losses, prompting a rebound in hedging activity as average hedge ratios...
Stripe’s subsidiary Bridge received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter. The license would allow Bridge to issue stablecoins, custody digital assets, and manage reserves under OCC oversight. The decision...
The article examines three distinct private‑equity themes. First, Germany’s nuclear waste management fund is highlighted for its ability to maintain financial stability despite shifting regulatory pressures. Second, the Swiss‑based SBCERA fund faces near‑term return volatility due to heightened private‑equity exposure....
InfraVia, Liberty Global and Telefónica’s joint venture nexfibre has agreed to acquire Netomnia, the parent of YouFibre and brsk, in a £2 billion transaction. The deal consolidates a significant portion of the UK’s full‑fibre retail market under nexfibre’s control. It brings...
Vestwell, the New York‑based digital savings platform, closed a $385 million Series E round led by Blue Owl Capital and Sixth Street Growth, pushing its valuation to $2 billion—double its prior level. The fintech now reports annual recurring revenue above $200 million, serving more...
The episode details Carbon Health Technologies, Inc.'s pre‑arranged Chapter 11 filing in February 2026, outlining its rapid rise to a $3 billion valuation and subsequent collapse due to post‑pandemic revenue decline and tighter capital markets. It explains the company’s business model—an...
Leonard Green & Partners announced a definitive agreement to acquire Mister Car Wash, Inc. for $3.1 billion in cash, paying $7 per share, a 16.5% premium to the prior close. The transaction values the car‑wash operator at 13.78 times EBITDA and...
Clean Max Enviro IPO Review Detailed Analysis about the Company Final Decision https://youtu.be/rAJXURG4Tlc #ipo #ipoalert #cleanmaxipo
Activist investors had a banner year in 2025, launching a record 255 campaigns and driving a 25% increase in substantive activism across Russell 3000 firms. Healthcare, financial services and technology were the most targeted sectors, while micro‑ and nano‑cap companies bore...
Glencore has secured a land‑access agreement with Gecamines that extends the Kamoto Copper Company’s mine life into the mid‑2040s and unlocks additional ore zones, enabling the asset to target 300,000 tonnes of copper annually. The deal is a cornerstone of...
Remember the excitement in the business media about the Gemini IPO? $GEMI The shares have crashed from over $45 to $6... Remember the softballs thrown to the executives and the admiration bestowed on the Winkelvoss twins by the Fin TV community? I do....
Periods of high return dispersion are an opportunity for investors. As return performance gaps widen and valuation spreads develop, the ability to quantify the current rotation regime and anticipate the next one can deliver outperformance relative to...
Arthur J. Gallagher & Co. has completed the integration of Woodruff Sawyer, fully bringing the specialist broker under the Gallagher brand after a $1.2 billion acquisition. The move adds Woodruff Sawyer’s $268 million pro‑forma revenue and $88 million EBITDAC, along with its 14...
Largest merger arbitrage books (by 13-F*) Pentwater: $10.6 billion HBK: $8.1 billion Millennium: $7.8 billion Balyasny: $5.3 billion Fidelity: $4.4 billion Citadel: $2.9 billion Qube: $2.7 billion AQR: $2.4 billion Glazer: $2.3 billion Magnetar: $2.1 billion h/t Cantor
Today's M&A and SPAC notes $IHS to be acquired by MTN Group for $8.50 cash, 3.3% premium, $6.2 billion $MCW to be acquired by Leonard Green & Partners for $7.00 cash, 16.5% premium, $3.1 billion $POLE / StoreDot deal terminated $AACIU $225 million IPO https://t.co/ugQ3GsLFCw
India’s largest asset manager, SBI Funds Management, is preparing to file a draft prospectus for an IPO in March that could raise up to $1.5 billion, targeting a valuation near $15 billion. The offering would represent roughly a 10% stake held jointly...
