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
Vicarious Surgical Applies for Nasdaq Listing
Vicarious Surgical announced it has filed an application to list its Class A common stock on Nasdaq, following a NYSE delisting notice earlier this month. Under new CEO Stephen From, the company has implemented cost‑cutting measures and outsourced parts of its robot design, targeting a system design freeze by the end of 2026. These actions have reduced its projected full‑year 2026 cash burn to about $19 million, down from $35 million. Vicarious also seeks shareholder approval for a reverse stock split to satisfy Nasdaq’s minimum bid‑price requirement while competition in the soft‑tissue surgical‑robot market intensifies.
Zero Personal Capital: Seller-Financed Deal with Payment Holiday
the vendor finance structure: – seller carries 100% as a note – 9–12 month payment holiday – business services its own debt – personal capital deployed: $0 legal common available
Goldman Sachs Bullish on Fidelity National Information Services (FIS) Following Strategic Acquisitions
Goldman Sachs resumed coverage of Fidelity National Information Services (FIS) with a Buy rating and a $70 price target, citing the firm’s transformation into a pure‑play banking‑software supplier after its Worldpay and TSYS acquisitions. The bank projects mid‑single‑digit recurring‑revenue growth...
Broward Health Lands $97M to Build Another Medical Office
Broward Health secured a $97 million loan from UMB Bank to construct a six‑story, 114,000‑square‑foot medical office in Deerfield Beach, featuring 75 exam rooms focused on cardiovascular, neuroscience and orthopedics. The facility, adjacent to the Broward Health North campus, is slated...
New Providence Acquisition Corp. III (NPACU) to Combine with Abra in $846M Deal
New Providence Acquisition Corp. III (NPACU) announced a definitive agreement to combine with Abra, a digital‑asset platform, in a transaction valued at approximately $846 million. The merger will deliver roughly $200 million of SPAC cash proceeds to Abra and list the combined...
More HVAC Service Providers and Component Makers Are on the Block
Private equity firms are actively targeting HVAC service providers and component manufacturers as deal flow intensifies. Scaled residential HVAC platforms are commanding valuations of 16‑19 times EBITDA, while commercial HVAC transactions span a broader 10‑17 times EBITDA range. The disparity...
LNSR Spread Widens, Credit Line Hints at Deal Delay
$LNSR spread to the $14 cash offer back to ~40% after the latest update. Co disclosed a credit line allowing it to borrow up to $9.2m. Market seems to read this, together with the last update, as a signal that the...
Assess Central Mine Planning IPO: Apply or Avoid?
Central Mine Planning IPO Review Shareholder Quota IPO Apply or Avoid? https://youtu.be/YMNA0YqYa_g #ipo #ipoalert #cmpdiipo #centralmine
Bank of America Increases Hyperscaler Issuance Forecast to $175 Billion
Bank of America raised its 2026 forecast for investment‑grade debt sales to hyperscalers by 25%, now projecting $175 billion in total issuance. The bank still expects $65 billion of new hyperscaler bonds to be issued this year. The revision follows Amazon’s $54 billion...
Blackford Capital Unveils New HVAC and Electrical Services Platform Anchored by Habco and Moro
Blackford Capital has created a new HVAC, electrical and construction services platform by merging its recent acquisitions, Habco Partnership and Moro Corporation, under the Habco brand. The combined entity, led by CEO Andrew Habel, offers design‑build electrical, HVAC, structural steel...
Maximize Founder Leverage After Buyer Diligence, Avoid Early Exclusivity
At what point does a founder have the most leverage in a transaction? The point at which buyers have completed all their diligence, fully understand the business, and can close on a rapid timeline. This is when you can extract...
John Risley’s CFFI Ventures Moves $1.4-billion Debt Restructuring to Federal Court After Creditor Pushback
John Risley’s CFFI Ventures Inc. has moved its $1.4 billion debt restructuring into federal court under the Companies' Creditors Arrangement Act after creditors rebuffed a provincial plan that would hand assets to its largest lender, HPS Investment Partners. The Nova Scotia...
MFIC Chooses Discounted Share Buybacks Over New Loans
Apollo's listed BDC, $MFIC, trades at a -27.2% discount to NAV with non-accruals of 2.6%, PIK of 4.8%, and software exposure of 11.4% While it doesn't stand out via its market average NAV discount, it does stand out on capital allocation....
MakeMyTrip Eyes India Listing to Tap Domestic Capital Markets
MakeMyTrip, the NASDAQ‑listed travel platform, is exploring an IPO for its India operations to access domestic capital markets. Its market cap has fallen from $10 billion to $4.5 billion in six months, while operating revenue rose 11% but profit plunged 74% year‑over‑year....
Reliance Said to Work with Six Banks for Jio’s Upcoming IPO
Reliance Industries has engaged six investment banks—BofA Securities, Citigroup, Goldman Sachs, JM Financial, Kotak Mahindra Capital and Morgan Stanley—to manage the upcoming IPO of its telecom arm, Jio Platforms. The offering could become India’s largest ever, with bankers estimating a...
Hypercar Maker Koenigsegg Looking to Raise Money via IPO
Swedish hypercar specialist Koenigsegg Automotive AB is weighing an initial public offering, according to Bloomberg. The company, which converted to a public limited company last year, sold a 6% stake to Chieftain Capital for $58 million in 2024. CEO Halldora von Koenigsegg...
Ola Electric To Raise ₹2,000 Cr By Selling Stake In Ola Cell Technologies: Report
Ola Electric plans to raise up to ₹2,000 Cr by selling a minority stake in its battery arm, Ola Cell Technologies. The fundraise targets sovereign wealth funds and global infrastructure investors, with Avendus Capital and Motilal Oswal advising. The move follows...
Side Letter: Valuation Vaguery
Private equity firms are increasingly relying on side‑letter provisions that contain vague valuation language, raising concerns over transparency and LP‑GP alignment. The practice could hinder the industry’s push toward broader investor participation, often termed the "democratisation" of private equity. Meanwhile,...
Another Oklahoma Winter Storm-Related Bond Issue Challenged
In 2022 Oklahoma issued $2.89 billion of utility bonds to recover costs from Winter Storm Uri, with $1.35 billion allocated to Oklahoma Natural Gas. Republican lawmakers filed a state Supreme Court brief alleging the Oklahoma Corporation Commission failed required audits of those...
The IPO Buzz: Janus Living (JAN Proposed) Unveils $703 Million REIT IPO
Janus Living announced a $703 million IPO on March 16, 2026, offering 37 million shares at $18‑$20 each, which would value the REIT at roughly $4.8 billion. The company operates 34 senior‑housing communities, all under Resident‑Initiated Direct‑Expense Agreement (RIDEA) structures, making it the sole U.S....
Space ETFs in the Spotlight as Potential SpaceX IPO Looms
Space-focused exchange‑traded funds are gaining momentum as rumors swirl around a potential SpaceX initial public offering that could price the company at roughly $1.75 trillion. The Procure Space ETF, billed as the first pure‑play space fund, has delivered a 100.7% gain...
Crypto Company Abra to Go Public in Blank-Check Merger
Crypto wealth‑management platform Abra announced a merger with blank‑check firm New Providence Acquisition Corp III to become a publicly listed company on Nasdaq. The transaction values Abra at a $750 million pre‑money equity, with existing investors such as Pantera Capital and Adams...
Desperate Financing Deals Tank Issuers, Boost BTC
I'm not gonna bother. This is another atrocious deal for the issuer. $MTPLF joins $ONDS, $BMNR, $IONQ doing a deal which costs 25-40% of proceeeds to get desperation financing. All companies that have done this deal have...
FabHotels Parent Travelstack Tech Gets SEBI Green Light for IPO
FabHotels' parent Travelstack Tech has secured SEBI approval to launch its IPO, featuring a Rs 250 crore fresh equity issue and an offer‑for‑sale of up to 2.68 crore shares. Early investors such as Accel, Goldman Sachs, Qualcomm and founder Vaibhav Aggarwal will offload...
EQT Completes Final Exit From Galderma with Record $5bn Block Trade
EQT has completed its final exit from Galderma Group AG, selling roughly 34 million shares for about CHF 4.9 billion ($5.5 billion) in what the firm calls the largest sponsor‑backed block trade on record. The accelerated book‑building process on 13 March generated CHF 1.3 billion for the...
SBS Misses Debt Deadline, In Creditor Standstill After Default
Spanish Broadcasting System (SBS) missed its March 1 deadline on $310 million senior secured notes and entered a 30‑day creditor standstill. Majority holders of the 9.750 % notes have agreed to forbear while negotiations explore new financing, term extensions or restructuring. SBS reported...
PhonePe Puts IPO on Hold as Iran–Israel–US War Rattles Public Markets
PhonePe, one of India’s largest digital‑payments platforms, has temporarily halted its planned initial public offering due to heightened geopolitical tensions involving Iran, Israel and the United States. The company cited volatility in global capital markets and said it will resume...
European Tech Weekly Recap: More than 85 Tech Funding Deals Worth over €4B
Tech.eu tracked more than 85 technology funding rounds across Europe last week, collectively raising over €4 billion. The cloud sector attracted the most capital at €1.7 billion, followed by artificial intelligence with €1 billion and legaltech at €488.9 million. Regionally, the United Kingdom led...
South32 Too Risky for Predators, Says Outgoing CEO
South32 CEO Graham Kerr, who will depart after 12 years, says the Perth‑based miner is too risky for larger acquisition predators. He highlights a strategic pivot toward base metals, targeting 90% of production in that sector within 18 months, with...
Optasia Posts R4.4bn Revenue on Maiden JSE Results
Optasia, the AI‑driven fintech, posted R4.4 billion revenue for 2025, a 76% year‑on‑year increase, surpassing its IPO guidance. Adjusted EBITDA rose 52% to R1.9 billion, delivering a 43.2% margin, while normalized net income grew 57% to R973 million. The company expanded its user...
Chart of the Week: The IT Factor
In 2025 IT‑related mergers and acquisitions captured a larger slice of the overall deal market than in any prior year, according to Pitchbook data. The chart shows the IT share of total M&A value climbing to a new high, driven...
DNO Brings Forward Norway Production Through Multi-Asset Equinor Swap
DNO ASA announced a non‑cash asset swap with Equinor, trading its stakes in four non‑core Norwegian Continental Shelf discoveries for a 19% interest in the Atlantis field and a 10% interest in Afrodite, both adjacent to the Kvitebjørn area. The...
85% of Banks’ Corporate Clients Plan to Engage with a Non-Bank Financial Institution Within the Next Year as Competition with...
Capgemini’s 2026 World Corporate and Investment Banking Report finds that 85% of banks’ corporate clients intend to work with non‑bank financial institutions within the next twelve months, seeking faster, more transparent services. Only 23% of clients feel current CIBs meet...
MBSB Optimistic on REIT Sector in Short-Term
MBSB Investment Bank has shifted to a positive outlook on Malaysia's REIT sector, citing defensive attributes and earnings stability that appeal to investors in volatile markets. The bank expects the retail segment to remain resilient through 2026, driven by strong...
Deal Lawyers Download Podcast – Mike O’Bryan on M&A Trends for 2026
The Deal Lawyers Download podcast features Morrison & Foerster’s Mike O’Bryan outlining M&A trends for 2026. Topics include AI‑driven due diligence, evolving antitrust and national‑security review regimes, new SB 21 safe‑harbor rules, recent tax law changes, and strategies for acquihires, earnouts, and activist‑influenced...
PE Exit Markets Reopen with IPO Surge:
Private equity firms are witnessing a revival of exit opportunities as the IPO market reopens, with analysts projecting that up to one‑third of all 2026 IPOs could be backed by PE sponsors. After a two‑year drought caused by volatile markets,...
2026 Equity Risk Premium Update for Practitioners Released
The equity risk premium (ERP) is an essential ingredient in hurdle rates in corporate finance, discount rates in valuation and expected returns in financial planning. In 2009, I pulled together everything I know about the ERP, in a paper that...
Future IPOs of SpaceX, OpenAI, Anthropic Will Redefine Markets
The IPOs coming within the next five years with SpaceX, OpenAI, & Anthropic are going to be unlike anything seen in history.
KMD Brands Seeks Goldman Sachs’ Help for Major Recapitalisation
KMD Brands, the parent of Kathmandu, Rip Curl and Oboz, has engaged Goldman Sachs to advise on a major recapitalisation of its assets. The move follows an early‑stage transformation plan and a recent trading update that lifted sales forecasts for Kathmandu....
Liquidity Crunch Looms as Private Credit Withdrawals Surge
BlackRock restricted withdrawals on its $26B private credit fund. Blackstone got $3.8B in redemption requests. JP Morgan cut lending to private debt funds. When the exits close, the panic starts. https://t.co/OW9SaL4vZA
Biotech IPOs Falter as Companies Pull Planned Listings
16March: Which companies recently withdrew their planned IPOs? And how much have the stocks of this year's #biotech IPOs risen or fallen this year? Read about the IPO market plus updates on $BNTX, $IXHL, and $INKT in my latest StockWatch...
GCC Bond, Sukuk Issuances Plunge Amid Iran War- #CapitalMarkets #Finance #Treasury #Finance
GCC dollar‑denominated bond and sukuk issuances have plunged since the Iran war erupted, despite the region’s strong credit fundamentals earlier in 2026. The GCC still represents roughly 40% of all emerging‑market dollar issuance this year, with outstanding DCM at $1.2 trillion....
Abra's $846M Acquisition Highlights Digital Asset Wealth Management
Abra / New Providence Acquisition III deal overview Digital asset wealth management platform $846.3 million enterprise value Symbol $ABRX PR: https://t.co/PKIWSdVOsf IR deck: https://t.co/4K0equHQqD Disclosure: Long $NPAC shares + warrants in $ARB.to https://t.co/2X7jjFOvzd
LEG Merger Arb Spread Swells to 18% Amid Turmoil
$LEG merger arb is getting juicy. Deal is non-binding. Spread now ~18%. Spread went from ~6% → 18%, mostly on recent mkt turmoil. Mgmt gave $SGI long DD access, cancelled the conf call, and multiple execs just got CoC bonuses. Downside ~10% if...
Citi Names Asean Real Estate, Investment Banking Head- #CapitalMarkets #Finance
U.S.-based Citi has named Indran Thana as Managing Director and ASEAN Head of Real Estate Investment Banking, effective June, based in Singapore. Thana comes from UBS where he led the real‑estate, lodging and leisure franchise for Asia, building a top‑three...
Valori-Capital-Eyes-First-Deal-Close-for-Q2
Valori Capital announced that it expects to close its first asset‑backed finance transaction in the second quarter of 2026. The firm leverages securitisation technology to fund esoteric, asset‑heavy opportunities, positioning itself within the specialty finance and structured private credit space....
Longeveron Primed for Breakout Post‑placement
$LGVN - "Longeveron closes USD 15 million private placement of shares" Over 50x relative volume on its initial breakout last week over its 200MA, followed by multiple days of low relative vol consolidation... now, I'll be looking for continuation on the...
EQDP’s Expansion to Pre-IPO Private Firms Could Boost Listing Pipeline: Observers
Singapore’s Monetary Authority is weighing an expansion of the Equity Market Development Programme (EQDP) to include pre‑IPO private firms, a move seen as a catalyst for a stronger IPO pipeline. To date, MAS has allocated roughly S$4 billion to nine asset...
Close Deals in 90 Days with Five Simple Steps
the closing process in 5 steps: – step 1: off market cold outreach – step 2: NDA + 3 years financials – step 3: NBIO submitted in 24 hours – step 4: LOI executed, 90 day exclusivity – step 5: due diligence, reprice, close total timeline: 90 days
SpaceX IPO Targets June 9, Citing Cash Flow Limits
SpaceX potentially IPO’ing on 6/9 (69). Musk wanted to keep his companies private as long as possible so the IPO will set off rumors that private markets can’t shoulder the cashflow needs of SpaceX’s spending. The IPO is allegedly time to align...