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
Car Insurer First Central Is Said to Tap Banks for London IPO
First Central Group Ltd., a UK motor and home insurer serving 1.5 million customers, has engaged Deutsche Bank and UBS to advise on a potential London IPO that could value the company at roughly £1 billion ($1.3 billion). The insurer reported 2024 gross written premiums of £745 million (about $970 million) and adjusted core earnings of £111 million ($144 million). While the IPO is not yet confirmed, the move follows a wave of UK insurance firms exploring public listings despite geopolitical tensions. The company previously considered a sale in 2022.
BDC Discounts Suggest Default Rates 5‑10× GFC Levels
Historical recovery rates for middle market direct lending is 65% to 85%. Currently, if one assumes this recovery rate holds, listed BDCs trading at an average -25% discount to NAV imply a 34% to 79% cumulative default rate, which is 5x...
EQT‑McKinsey Study Shows European Tech Exodus Wiped Out $1.4 Trillion in Value
Swedish private‑equity firm EQT and consulting giant McKinsey released a study that quantifies a €1.2 trillion ($1.4 trillion) loss in value from European technology companies that have either listed overseas or been acquired by foreign buyers since 2014. The findings highlight a...
Tom Gores Joins Final Four Bidders for San Diego Padres
Detroit Pistons owner Tom Gores has entered the final four bidders for the San Diego Padres as the MLB team's sale narrows. The bid reflects a growing trend of private‑equity‑style investors targeting marquee sports assets.
UpGrad to Acquire Unacademy in All-Stock Deal?
upGrad has signed a term sheet to acquire Unacademy in a 100% share‑swap transaction, creating a combined edtech powerhouse valued at roughly $2.25 billion. The deal follows upGrad’s February acquisition of Internshala and includes a break‑fee to lock in both parties....
JPMorgan Launches $8B Junk‑bond Sale to Fund Record $55B EA Buyout
JPMorgan Chase has opened an $8 billion junk‑bond offering to finance a $55 billion leveraged buyout of Electronic Arts, the biggest LBO‑related high‑yield issuance of 2026. The deal, led by Saudi Arabia’s Public Investment Fund, Silver Lake and Affinity Partners, tests investor...
Pfizer Inc (PFE): Our Calculation of Intrinsic Value
Our weekly DCF model values Pfizer Inc. at roughly $14‑15 per share, far below its current trading level near $27. The analysis uses a 9% discount rate, 2% terminal growth, and projects free cash flow stabilizing around $10 billion by 2029,...
Orbital Data-Center Startup Aetherflux Raising New Financing at $2 Billion Valuation
Orbital data‑center startup Aetherflux announced a new financing round that values the company at $2 billion. The Series B round seeks between $250 million and $300 million, according to sources. Aetherflux is led by Baiju Bhatt, the co‑founder of Robinhood, and plans to develop data...
Claude AI Maker Anthropic Considers IPO as Soon as October
Anthropic PBC, the creator of the Claude chatbot, is weighing an initial public offering as early as October 2026. The company has begun preliminary discussions with leading Wall Street banks to serve as underwriters. An IPO would provide fresh capital...
Sunway's 99.27% Win Clears Path for RM11B Deal
Sunway just crushed the IJM vote with a massive 99.27% win and the MACC finally got off their back. Is this RM11 billion deal unstoppable now? (Save this for later) 1. Shareholders aren't blinking. 2. The MACC drama is over. 3. Take it...
China Mulls Loosening Investor Limits to Aid Banks
Reuters: "China is considering easing shareholding restrictions for some major investors, people with knowledge of the matter said, in a move aimed at broadening capital-raising options for commercial banks reeling from an economic slowdown." https://t.co/HCdl6eFRCX
Whither the Scarcity Premium for Tech IPOs?
The article examines how high‑net‑worth investors are using secondary‑market vehicles and private‑placement structures to access coveted tech startups before they list publicly. This growing “scarcity premium” reflects limited IPO supply and drives higher valuations in private trades. Analysts warn that...
Software Loans Keep Default Rates Below 2% Amid AI Panic
AI fears have flipped the direct lending business on its head. Historically, software has exhibited the lowest default rate in private credit at 1.4%, below the average of 2-3%. https://t.co/Ff7NdOcqJI
Mastercard Explores Sale of Nets Real-Time Payments Business
Mastercard has engaged investment bankers to explore selling the real‑time payments business it bought from Denmark’s Nets in 2019 for $3.2 billion. The unit, which produces roughly $370 million in revenue and $100 million EBITDA, is expected to fetch a price below its...
IPA Capital Markets Arranges $31M Financing for Nebraska Apartments
IPA Capital Markets, a Marcus & Millichap division, arranged a $31.61 million refinancing for The Flats at Leighton District, a 234‑unit multifamily complex with ground‑level retail in Lincoln, Nebraska. The loan carries a five‑year term, full‑term interest‑only payments and a fixed...
Future Money Acquisition Corporation (FMACU) Prices $100M IPO
Future Money Acquisition Corporation (NASDAQ:FMACU) priced its $100 million initial public offering and will begin trading on Nasdaq on March 27, 2026. The SPAC is targeting a merger with a company operating in artificial intelligence, Web3, or intelligent manufacturing. Sponsor leadership...
Arizona Sets Pacing Amid ‘Cautious Optimism’ for PE Landscape
Arizona’s state pension fund is adopting a more aggressive stance toward private equity, citing “cautious optimism” about an improving M&A environment. The fund plans to allocate additional capital to capture opportunities in what it describes as a bifurcated market, where...
Memory Maker Micron Weighs Buying Shuttered Japan Display Plant
Micron Technology is in talks to purchase Japan Display's shuttered LCD production plant in Chiba, Japan. The U.S. memory maker plans to repurpose the facility for semiconductor chip assembly and testing rather than display manufacturing. Acquiring the site would give...
AtkinsRéalis Secures $700 Million in Private Debentures, Upgrades Credit Rating
Engineering and consulting firm AtkinsRéalis priced a $700 million private debenture offering, issuing $400 million of 4.411% Series 9 notes and $300 million of 4.756% Series 10 notes. The proceeds will retire $700 million of existing debt and the company received a BBB rating upgrade from...
Everybody Loves Languages Corp. Shareholders Approve Amalgamation with ELL Ventures Ltd.
Everybody Loves Languages Corp. (ELL) announced that shareholders approved its amalgamation with ELL Ventures Ltd., creating a new entity called Amalco. The transaction is slated for completion around April 10 2026, subject to customary conditions. Upon closing, ELL common shares will be...
Japanese‑American $40 B SMR Project to Add 3 GW in Tennessee, Alabama
Hitachi and GE Vernova have launched a $40 billion joint venture to install BWRX‑300 small modular reactors in Tennessee and Alabama over the next five years. The project will contribute roughly 3 GW – about one percent of U.S. electricity generation –...
Pave Space Secures $40 Million Seed Round to Build European Heavy‑Kickstage
Swiss startup Pave Space closed a $40 million seed round led by Visionaries Club and Creandum to develop a 20‑metric‑ton heavy‑kickstage capable of transferring satellites from low‑Earth orbit to GEO, MEO or lunar trajectories in less than a day. The funding...
East Bay MUD Set to Price $675M in Water Revenue Bonds
East Bay Municipal Utility District (EBMUD) will price $675 million of water‑system revenue bonds, split between a $329 million green series and a $365 million refunding series. The issuance arrives amid heightened market volatility caused by the Israel‑Iran conflict, yet EBMUD’s strong credit...
After Years of Trying, Moniepoint Breaks Into Kenya with Sumac Acquisition
Moniepoint has secured a foothold in Kenya by acquiring a 78% stake in Sumac Microfinance Bank, gaining an immediate deposit‑taking licence. The acquisition follows a stalled attempt to buy Kopo Kopo and comes days after Moniepoint bought Nigerian restaurant‑software firm...
Corebridge Financial, Equitable Holdings Merge Into $1.5T AUM, AUA Behemoth
Corebridge Financial and Equitable Holdings have signed an all‑stock merger creating a $22 billion entity that will operate under the Equitable name. The combined firm will manage roughly $1.5 trillion in assets, serve 12 million customers, and expect over $5 billion in operating earnings...
JPMorgan Unveils CDS Basket to Short Major Tech Debt
JP Morgan has launched a basket of credit default swaps designed to let hedge funds bet against the debt of $GOOGL, $AMZN, $ORCL, $META, and $MSFT 👀 https://t.co/snSNwBvm2p
AEI Panel: GSEs Have Never Paid for Their Guarantee
The Trump administration has pledged to retain the implicit government guarantee for Fannie Mae and Freddie Mac, but experts warned that the guarantee has never been paid for by taxpayers. A panel at the American Enterprise Institute highlighted that the...
US Sells 7-Year Notes at 4.255% vs 4.252% WI
The U.S. Treasury auctioned $44 billion of 7‑year notes at a 4.255% yield, just 0.3 basis points above the when‑issued rate, a tighter tail than the 2.0 bps and 1.3 bps seen in recent 2‑year and 5‑year sales. Meanwhile, 2‑year yields surged 8.8 bps...
SpaceX IPO Could Outraise All U.S. IPOs 2023‑24
If SpaceX raises $75 billion in its IPO, that would be more than all U.S. IPOs raised in 2023 and 2024 combined.
Streamticker: The Biggest Streaming Mergers and Acquisitions of 2025
The 2025 Streamticker roundup chronicles a wave of high‑value mergers reshaping streaming, advertising, and infrastructure. DIRECTV’s acquisition of INVIDI strengthens addressable TV ad solutions, while Outbrain’s $1 billion purchase of Teads creates a $1.7 billion omnichannel ad platform. DAZN’s $2.2 billion buy of...
BCRED Issues CLO Following Redemptions, Turbulence in NAV
BCRED, a business development company, issued a new collateralized loan obligation (CLO) to shore up its balance sheet after a wave of investor redemptions. The move follows a 0.4% drop in February NAV, marking the BDC’s first monthly loss in...
Weekend Angst Pushes 2s and 5s to Daily Lows
2s and 5s low of the day before the 7yr auction. Not too surprising after two tailing auctions but obviously weekend angst major driver.
Pernod Ricard Mulls Buying Jack Daniel’s Owner Amid Downturn
Bloomberg: "Pernod Ricard is exploring a potential acquisition of Brown-Forman, the owner of Jack Daniel’s whiskey, as alcoholic drink companies look at ways to consolidate amid an industry downturn, people familiar with the matter said. They have held some initial...
Tieto: Share Repurchases on 26.3.2026
Finnish software firm TietoEVRY announced a share repurchase on March 26, 2026, buying 60,000 TIETO shares at an average price of €17.6739 per share, costing approximately $1.16 million USD. The transaction brings the company’s treasury holdings to 1,936,693 shares. The buyback...
12 Defense Startups Poised for IPO After Swarmer Surge
Defense tech is surging. 🚀 After Swarmer’s 500%+ IPO pop, who’s next? Using Crunchbase predictive intelligence, @crunchbasenews identified 12 defense startups most likely to go public based on funding, hiring, and growth signals. See the list.👇 https://t.co/Pt0IqLUH5c
Allegro Finance Rolls Out $500 Million Credit Facility for Global Film and TV Production
London‑based Allegro Finance has unveiled a $500 million credit facility for film and television production, backed by a joint venture with Elliott Advisors UK. The move positions Allegro as a dedicated non‑bank lender seeking to reshape financing for global screen projects.
HICL Infrastructure Sells 24% A63 Motorway Stake for £311 Million ($395 M)
HICL Infrastructure PLC agreed to sell its 24% holding in Atlandes S.A., the owner of France’s A63 Motorway, for a gross £311 million (about $395 million). The deal, at a 21% premium to the September‑2025 valuation, is expected to add 2.2 pence to...
Totalis Program Underwriters Acquires Specialist Provider ShoreOne
Totalis Program Underwriters has acquired ShoreOne Insurance Managers, a niche provider of homeowners insurance with integrated flood coverage. The deal terms were undisclosed, and ShoreOne will operate as an independent business unit under Totalis, with Cameron Rhodes taking over as...
CyrusOne Ups Loan Facilities to $8 Billion
Data centre operator CyrusOne has expanded its revolving credit facility and U.S. term loan to a combined $8 billion in commitments. The revolving credit line rose by roughly $1 billion to $3.8 bn, while the term loan grew by $300 million to $4.2 bn, both...
Sources: $37B Allworth Exploring Majority Stake Sale
Allworth Financial, a California‑based registered investment advisor with roughly $36.5 billion in client assets, is exploring a sale of its majority stake held by Lightyear Capital and the Ontario Teachers’ Pension Plan. The firm has hired William Blair to lead the transaction....
DealWire and Capital Engine Announce Strategic Partnership to Revolutionize Private Markets Intelligence with AI-Driven Data Solutions
DealWire and Capital Engine have formed a strategic partnership that blends DealWire’s autonomous AI agents and global data ingestion engine with Capital Engine’s investment‑banking technology. The combined platform delivers real‑time, cross‑border intelligence on private equity, venture capital and private credit...
VivoPower Receives Nasdaq Approval of Ticker “TEMB” For Planned Tembo Listing at a Targeted Valuation of $838 Million
VivoPower PLC announced Nasdaq’s approval of the “TEMB” ticker for the forthcoming Tembo Group N.V., the entity to be created through its merger with Cactus Acquisition Corp. I. The deal values Tembo at an indicative pre‑money equity of about $838 million,...
Dolce & Gabbana Gears Up for Debt Talks as Pressure Rises
Dolce & Gabbana is reopening negotiations with its lenders to ease covenant pressure on roughly €450 million ($522 million) of bank debt after a slowdown in luxury demand and heightened geopolitical uncertainty. The Italian fashion house, advised by Rothschild & Co., is...
CMC CapX Launches ‘Spotlight’ Enabling FTSE-Listed Cos to Connect Directly with Retail Investors
CMC CapX has launched Spotlight, a digital platform that lets FTSE‑listed companies engage directly with retail investors. The service offers interactive company profiles, live Q&A sessions, and performance dashboards, aiming to close the information gap between issuers and the growing retail...
StoneX Launches New Securitization Banking, Lending & Capital Markets Platform
StoneX Group Inc. (NASDAQ:SNEX) launched a new Securitization Banking, Lending & Capital Markets platform, extending its fixed‑income expertise into structured finance. The platform will offer tailored capital‑market solutions, lending services, and investment opportunities across traditional and emerging asset classes. Led...
SpaceX IPO Rumors Spark 5% Surge in Satellite and Space‑Linked Stocks
Rumors that Elon Musk's SpaceX will file an IPO prospectus this week ignited buying across space‑linked equities, lifting EchoStar 5%, Rocket Lab 3% and AST SpaceMobile 3%. Analysts estimate the offering could raise more than $75 billion at a valuation above...
Dubai Reaches 7th Spot in Global Financial Centres Index, Boosting Investment Banking Ambitions
Dubai has surged to seventh place in the Global Financial Centres Index, its best ever position and the highest for any Middle East, Africa or South Asia hub. The rise reflects rapid growth at the Dubai International Financial Centre, drawing...
VINCI to Acquire Nine Indian Highway Concessions for $1.8 B
VINCI Highways, the toll‑road arm of French construction giant VINCI, signed an agreement to purchase nine highway concessions in India from Macquarie Asset Management for roughly 150 billion rupees (about $1.8 billion). The deal, covering 700 km of key routes in Andhra Pradesh...
OpenAI CFO Sarah Friar Signals IPO Prep and Tightened Finance After $110B Funding
OpenAI chief financial officer Sarah Friar told Pulse the company is preparing for an initial public offering and tightening budgeting, cash management, and capital allocation after closing a $110 billion funding round. The move comes as Microsoft’s backlog shows heavy reliance...
Hysolar Moves to Take Control of Suntech
Hongyuan Green Energy (Hysolar) is set to acquire control of Wuxi Suntech Solar Power through a court‑led restructuring that creates a new entity, New Suntech, and transfers core assets while isolating legacy debt. The new company will be capitalized at...