Semi-Liquids’ Valuation Conundrum
The requested article titled “Semi‑liquids’ valuation conundrum” was not provided in full, so the specific details, metrics, and commentary from Apollo CEO Marc Rowan cannot be extracted. Without the body text, a precise executive summary cannot be generated.
'We Can Get Whoever We Want': Citi's Investment Banking Boss Is Hunting for More Top Talent
Citi's head of banking, Viswas Raghavan, announced a plan to boost the number of managing directors by roughly 15%, adding about 60 senior dealmakers since early 2023. Half of those hires were in the United States, reflecting a push to...
Morningstar DBRS Confirms Credit Ratings on Two TAGUS - Sociedade De Titularização De Créditos, S.A. (Ulisses Finance)
Morningstar DBRS confirmed the credit ratings on two Portuguese auto‑loan securitizations, Ulisses Finance No.2 and No.3. Senior Class A and B notes in both deals remain at AA (high) while lower tranches range from A to B, with No.3’s Class...
Why Aliko Dangote Is Choosing London Again Just as Companies Started Losing Faith in It
Aliko Dangote’s cement arm is reviving a London IPO after the UK regulator softened listing requirements, making the market more attractive to global issuers. The move comes as Dangote Cement reported 2025 revenue of roughly $5.6 billion, net profit of $1.3 billion,...
Africa-Focused Streamer Mdundo Receives Non-Binding Proposal From Investor Seeking up to 40% Stake
Mdundo, the Africa‑focused music streaming platform listed on Nasdaq First North Growth, received a non‑binding letter of intent from an undisclosed investor that could secure up to a 40% equity stake. The proposal combines a directed issue of new shares...
Kalshi Officially Confirms $1B Raise at $22B Valuation
Kalshi announced a $1 billion financing round that values the prediction‑market platform at $22 billion, led by Coatue with participation from Morgan Stanley, Sequoia and a16z. The capital infusion follows a rapid shift toward institutional traders, including hedge funds and insurers, who...
Africa’s Richest Man Aliko Dangote Puts $35bn Empire Closer to London
Nigeria’s richest man Aliko Dangote is preparing a secondary listing of Dangote Cement on the London Stock Exchange, aiming to sell about 10% of the company to global investors. The cement business, valued at roughly $13 billion, posted Q1 2026 revenue...
Goldman Sachs Sets Jaw-Dropping AMD Stock Price Target After Earnings
Goldman Sachs upgraded AMD to a Buy and lifted its price target to $450, an 88% increase from the prior $240 level. The move follows AMD’s first‑quarter 2026 earnings, where revenue rose 38% to $10.25 billion and non‑GAAP EPS jumped 43%...
Carney's $25-Billion Sovereign Wealth Fund Should Trade as ETF, Says TMX CEO
Canada’s new $25 billion (≈$18.5 billion USD) sovereign wealth fund, the Canada Strong Fund, is being designed to finance energy, minerals, agriculture and infrastructure projects. TMX Group CEO John McKenzie has urged the Carney government to let retail investors access the fund through...
Here’s Why Mastercard Is Betting Big on BVNK — and Stablecoin
Mastercard announced it will acquire stablecoin infrastructure provider BVNK for a potential $1.8 billion, with the deal expected to close by the end of 2026. BVNK brings a portfolio of hard‑to‑obtain licenses and a network of liquidity providers that will allow...
Scripps Gets Two More Years For $200M Credit Facility
Media company E.W. Scripps announced an amendment to its revolving credit agreement with JPMorgan Chase, extending the repayment horizon for its $200 million facility by two years. The extension applies to the larger of the two credit lines Scripps maintains, giving...
Broking Firms Bullish on Vedanta, Expect Demerged Entities’ Listing in June
Brokerages have turned bullish on Vedanta Ltd., lifting their target price to ₹1,000 per share (about $12), roughly three times the current ₹305.40 price (~$3.70). The conglomerate posted record FY26 results, with revenue of ₹174,075 crore (≈$21 bn) and EBITDA of ₹55,976 crore...
Gold M&A: Denarius Scraps Emerita Takeover in Spain
Denarius Metals withdrew its all‑share offer for Spain‑focused Emerita Resources after the target declined to engage in substantive talks. The revised bid, announced on April 21, valued Emerita at roughly $134 million—a 73% premium to its April 10 price. The deal fell apart...
UniCredit Agrees to Sell Parts of Russian Bank to UAE Investor
UniCredit announced a non‑binding agreement to sell most of its Russian banking operations to an unnamed private investor from the United Arab Emirates, while retaining its payments business in the country. The deal value was not disclosed, and the transaction...
Bolivia Is Tapping Global Bond Markets for First Time Since 2022
Bolivia is re‑entering international capital markets for the first time since 2022, as its newly elected market‑friendly administration seeks fresh financing. The government plans to issue benchmark‑size dollar bonds with a five‑year maturity. Early price talks suggest yields in the...
Kalshi Announces $1bn Series F Round
Prediction market platform Kalshi announced a $1 billion Series F financing, valuing the company at $22 billion. The round was led by Coatue with participation from Sequoia, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest. Kalshi says institutional trading volume has surged...
Can a Beauty Mega-Deal Save Estée Lauder?
Estée Lauder, after two years of flat sales and a 30% share‑price decline, is exploring a $10 billion acquisition of Coty’s prestige portfolio to revive growth. The deal would bring mass‑market brands such as CoverGirl and Rimmel under Estée Lauder’s umbrella,...
Eurobonds: Despite Objections, They Are More Needed than Ever
A coalition of the ECB, Bundesbank and several EU governments is backing a proposal to replace up to 25 percent of each member state's debt with Eurobonds. The plan would finance the swap through a revenue transfer of roughly 1 percent of...
Lilly, Gilead Lead Pharma’s M&A Boom
Pharma M&A activity surged in early 2026, with 24 deals announced by April and upfront payments topping $64 billion—almost triple the $24.5 billion recorded in the same period last year. The boom is driven by companies racing to refill pipelines before a...
Morning Reads
SpaceX’s IPO filing reveals a governance structure that grants Elon Musk super‑voting Class B shares, keeping him in control of more than half the voting power. The plan limits shareholder ability to challenge management, with Musk removable only by fellow Class B...
Genco Steps up Fight Against Diana Takeover Push
Genco Shipping & Trading has intensified its defence against Diana Shipping’s hostile takeover by filing proxy materials that urge shareholders to re‑elect its six directors and reject Diana’s board slate. The New York‑listed dry‑bulk owner argues Diana’s $23.50‑per‑share offer, a...
Kalshi, the Prediction Market, Raises $1 Billion at a $22 Billion Valuation
Kalshi, a U.S. prediction‑market platform, announced a $1 billion funding round that lifts its valuation to about $22 billion. The round, led by Coatue Management, is the third in seven months and follows a period where the company’s annualized trading volume surged...
Saba Secures Herald Investment Trust Tender Offer Deal
Saba Capital Management has secured a tender offer covering up to 66% of Herald Investment Trust’s share capital, giving shareholders the choice of cash or in‑specie exit at a price close to net asset value. The deal also appoints Aberdeen...
Skyroot Raises $60 Million Ahead of First Orbital Launch Attempt
Skyroot Aerospace raised $60 million in a Series round that values the Hyderabad‑based startup at $1.1 billion, making it India’s first space unicorn. The funding, co‑led by Sherpalo Ventures and Singapore’s sovereign wealth fund GIC, also includes BlackRock and will finance the...
Apis Surpasses Target with $1.23bn Fundraise for Financial Infrastructure Strategy
Apis announced a $1.23 billion fundraise, surpassing its $1 billion target and positioning the firm to expand its financial‑infrastructure platform. Apollo committed to providing daily pricing for private‑credit assets, a move aimed at boosting market transparency. Meanwhile, Blue Owl trimmed dividend payouts...
Angelini Fortifies Neurology Portfolio with $4.1B Buyout of Catalyst
Italian drugmaker Angelini Pharma announced a $4.1 billion acquisition of U.S.-based Catalyst Pharmaceuticals, adding its trio of FDA‑approved treatments for rare neurological disorders to Angelini’s portfolio. The deal brings Ingrezza, Firdapse and a third specialty drug under Angelini’s control, instantly expanding...
Roche to Acquire PathAI for ~$1.05B
Roche has signed a definitive agreement to acquire AI‑driven diagnostics firm PathAI for an estimated $1.05 billion, comprising $750 million upfront and up to $300 million in milestones. The deal, slated to close in the second half of 2026, builds on a partnership...
UniCredit’s Lowball Bid for Commerzbank Causes Consternation
On May 5, 2026 UniCredit announced a bid to acquire the remaining shares of Germany’s Commerzbank, offering shareholders a swap of one Commerzbank share for 0.485 UniCredit shares. The proposal values the entire bank at €35 bn (approximately $41 bn), roughly 8% below...
Organic Flow Battery Company CMBlu Closes €50 Million Series C
CMBlu Energy announced the close of a €50 million (US$58.8 million) Series C round, pushing its valuation past the $1 billion mark. Samsung Ventures led the new capital while all existing backers, including Strabag SE, reinvested. The funding supports rollout of the SolidFlow organic‑redox‑flow battery,...
Private Credit Making Itself at Home at Federal Home Loan Banks
Insurance subsidiaries owned by private‑credit firms have become the most active borrowers from the Federal Home Loan Bank (FHLB) system, a network originally designed to support affordable housing. Their heavy use of FHLB advances raises questions about whether the credit‑heavy,...
Fannie Mae's Portfolio Surge Is the Biggest in over a Decade
Fannie Mae’s retained portfolio surged to $168.74 billion in March, marking the largest monthly increase since 2009 and the highest level since the Great Financial Crisis. The $18.3 billion jump lifted combined GSE retained assets to $308.5 billion, a peak not seen since early 2021....
Swiss Re Targets Lower Pricing for $250m Matterhorn Re 2026-2 Retro Cat Bond
Swiss Re is pursuing $250 million of US named‑storm retrocession through the Matterhorn Re Series 2026‑2 catastrophe bond, its sixteenth takedown under the Bermuda‑based program. The sponsor has lowered pricing guidance, offering Class A notes at a 5.5‑5.75% spread and Class B notes at...
Pronto Extends Series B to $45 Million at $200 Million Valuation
Pronto, the instant household‑services platform, announced a $45 million Series B extension that lifts its valuation to $200 million, effectively doubling the figure within a month. The round includes a $20 million commitment from Lachy Groom, co‑founder of Physical Intelligence, alongside existing backers such...
Angelini Pharma to Acquire Catalyst Pharmaceuticals for ~$4.1B
Angelini Pharma announced a definitive agreement to acquire Catalyst Pharmaceuticals for $31.5 per share, valuing the deal at roughly $4.1 billion. The transaction, expected to close in the third quarter of 2026, marks Angelini’s first direct entry into the U.S. pharmaceutical...
Japan’s Advantage Seeks to Double AUM in One Year
Japan’s Advantage, a private‑equity manager, announced an aggressive plan to double its assets under management (AUM) within the next twelve months. The initiative follows the sale of a 5% equity stake to Australia’s Pinnacle Investment Management in January, providing fresh...
Capital Reform Push Could Restore Wall Street’s Edge in Global Markets
The Federal Reserve has proposed rolling back capital requirements for the largest U.S. banks, cutting aggregate buffers by roughly 5%. The change aims to free balance‑sheet capacity, allowing banks to expand market‑making and reclaim business lost to non‑bank firms. Analysts...
FMCG Major Emami to Acquire Majority Stake in Vedix, SkinKraft Parent Co IncNut
Indian FMCG group Emami Ltd is buying a 60% stake in IncNut Digital, the direct‑to‑consumer beauty platform behind Vedix and SkinKraft, for Rs 321 crore (~$38.7 million) in cash. The remaining 40% will be acquired over the next 4.5 years based on performance. IncNut...
InCred Files Updated DRHP; Plans Rs 1,250 Cr Fresh Issue
India’s InCred Holdings Ltd has filed an updated draft red herring prospectus with SEBI for an IPO that includes a fresh equity raise of Rs 1,250 crore (≈$153 million) and an offer‑for‑sale of up to 9.9 million shares. Private‑equity firms KKR and MNI Ventures...
‘Unsolicited Enquiries From Parties’: Pedestrian Group for Sale?
Nine Entertainment announced a strategic review of its Pedestrian Group after receiving unsolicited acquisition enquiries. The review follows Nine’s earlier purchases of a majority stake in Pedestrian.tv for about AUD 10 million (≈$6.6 million USD) and the remaining 40% for AUD 39 million (≈$25.7 million USD)....
Zim Says Hapag-Lloyd Agreement Binding After Surprise Rival Bid
Zim’s board confirmed that the merger agreement with German carrier Hapag‑Lloyd, approved by shareholders on April 30, remains binding despite a surprise $4.5 billion cash bid from Israeli entrepreneur Haim Sakal. Sakal’s offer tops Hapag‑Lloyd’s price by $2.50 per share and adds $250 million...
Companies Look to Shrink Issue Sizes to Get IPOs Pass Through
India's securities regulator has allowed companies with approved IPOs to shrink their offer size by up to 50% without filing a new prospectus, prompting at least ten firms across NBFC, jewellery, food, packaging, healthcare and steel to consider cuts. SEBI...
2025 ABA Private Target M&A Deal Points Study: What's Market?
The American Bar Association’s 2025 Private Target M&A Deal Points Study examined 139 purchase agreements closed in 2024 and early 2025. It reveals that purchase‑price adjustment escrows now appear in 58% of deals, while representation‑and‑warranty insurance (RWI) is referenced in...
Bayes Report: Debt Funds Rapidly Expand in UK Real Estate as Competition Increases
The Bayes report reveals that debt funds are rapidly expanding their exposure to UK real‑estate assets, driven by a surge in capital allocations throughout 2025. Back‑leverage strategies have enabled alternative lenders to boost origination volumes, intensifying competition for traditional bank...
Li Ka-Shing Plans More Telecom Sales in ‘Cash Is King’ Strategy
CK Hutchison, now led by Victor Li, is pursuing additional telecom divestitures after selling its UK mobile business for US$5.8 billion, part of a US$20 billion UK asset sell‑off this year. The conglomerate’s cash balance rose to roughly US$18 billion by the end...
Santander Completes Takeover of TSB – Here's What It Means for Savers and Borrowers
Santander completed its takeover of TSB on 1 May 2026, but both banks will remain separate legal entities until regulators approve full integration. Customers keep their existing savings, current‑account, mortgage and credit‑card terms, with interest rates unchanged for now. The Financial...
ABF-Deal-Digest:-Parafin-Upsizes-Warehouse,-While-LibreMax-Launches-ABF-Interval-Fund
Parafin announced an upsizing of its asset‑backed finance warehouse, expanding the pool of capital available for securitisation of niche assets. At the same time, LibreMax launched an interval fund dedicated to ABF investments, offering periodic liquidity to private credit investors....
SCI-In-Focus:-ECON-Backs-Securitisation-Revamp,-but-Market-Warns-of-'Pyrrhic-Victory'
The European Commission’s ECON unit has unveiled a sweeping revamp of the EU securitisation framework, aiming to modernise standards and unlock €200 bn of new issuance by 2028. The proposal replaces the 2020 rules with a more flexible, risk‑based approach and...
Aemetis Inc (AMTX) Q1 2026 Earnings Call Transcript
Aemetis reported Q1 2026 revenue of $54.6 million, up 27% year‑over‑year, and posted its first positive gross profit of $2.8 million. Operating loss narrowed 60% to $6.3 million and net loss improved to $21.7 million, helped by $4 million in 45C production tax credits. The...
South Star Announces Non-Brokered Private Placement
South Star Battery Metals Corp. announced a non‑brokered private placement of up to 26,666,667 common shares at CAD $0.15 per share, targeting gross proceeds of CAD $4 million (≈US $2.9 million). The capital will fund the expansion of its Santa Cruz graphite project in Brazil to...
Where Is Ryan Cohen’s Highly Confident Letter?
Ryan Cohen’s $55 billion hostile bid for eBay relies on a secret “highly confident” letter from TD Bank, a financing pledge traditionally used to assure markets of funding capability. The letter, seen by eBay’s advisers, contains assumptions that the combined eBay‑GameStop...