Chinese Biotechs Lead Licensing as M&A Surges
M&A is sizzling right along, with the Q1 numbers looking good for biotech. IPOs got started on the year with a spike in offerings and some mixed results on the Street. Dealmaking remains solid. And shall we just call it and say Chinese biotechs now hold the pole position in the licensing world? My Q1 report: https://t.co/bo7wlJQ5Ot
Jane Street Invests $1B in CRWV, Secures Nvidia Chip Access
Jane Street is taking a $1 billion equity stake in $CRWV and as part of the deal, the trading firm will get early access to some of Nvidia's most advanced chips. https://t.co/Q5wpPfkbdq https://t.co/Sy75Mmuen0
Fermi’s IPO Hype Fades as AI Power Plans Stall
Last October, Fermi Inc. was sizzling. It raised $746 million in an IPO and was planning to build 11 GW of power generation for AI data centers. But Fermi’s sizzle has turned to fizzle. (Article linked below in comments.) My...
Vero Fiber Acquires TEC, Expands Across Mississippi, Alabama, Tennessee
"Vero Fiber ...today announced the completion of its acquisition of Telephone Electronics Corporation ("TEC"), expanding its presence across Mississippi, Alabama, and Tennessee." #fiberRollup https://t.co/ACap8is2Eg
Grüns' DTC Surpasses AG1, Validating Omnichannel Strategy
Grüns built a successful omnichannel distribution network on the way to its acquisition by @Unilever for a reported $1.2 billion, with more than 7,000 retail doors in addition to Amazon. But its DTC site has also grown rapidly, and is about...
TCW Wipes Red Lobster Equity, Keeps Full Debt Exposure
TCW marked its Red Lobster equity down 98%. Its PIK'ing private credit loan maturing in 2029? Par Equity at zero and debt at 100 in the same company. C'mon, are you kidding me?
SpaceX Targets Unprecedented $75B IPO, Dwarfing Records
SpaceX is chasing the largest IPO in human history. Approx $1.75 trillion. Raising $75 billion. The previous record? Saudi Aramco at $29 billion. We're in a different era.
AI Chatbots Mislead on M&A Valuations and Structures
M&A ALERT do not use ai chat to give you m&a valuation and structuring advice, it's crazy wrong about pretty much all types of deals i think its trained on public takeovers of mature, stable businesses, but has no idea how much...
Gritty Maverick Built DLJ Into Wall Street Powerhouse
“I have to be busy, and I just love building things that make a difference.” In a 1986 Wall Street Journal article, Tony James was described as an up-and-coming M&A whiz kid. He transformed DLJ from a mid-sized brokerage into one of...
AllogeneTx Stock Plummets After $2 Share Offering
I saw that a lot of people on 𝕏 are surprised by the sharp decline in $ALLO stock price - from $4.3 to $2.2 in one day despite the company’s excellent cema-cel readout 🧵👇. The reason for this decline is...
Helium Stocks Poised for Takeover Bid Amid IPO Un
Helium equities looking for a bid for sure. If North America helium doesn’t public this cycle got to wonder.
China to Issue RMB 15.5bn Treasury Bonds in Hong Kong
Xinhua: "China's Ministry of Finance on Wednesday said that it will issue this year's second batch of RMB 15.5 billion in renminbi-denominated treasury bonds in Hong Kong on April 22." https://t.co/OFSlsUluRF
United CEO Brings Merger Grudge Match to White House
United's chief takes fight with American to White House with merger pitch - “It’s a grudge match to some degree. Robert Isom versus Scott Kirby in the schoolyard after school — brass knuckles." https://t.co/gDjJ6ACVwQ
Lucid Secures $1.05B, Swaps CEO, Expands Uber Robotaxi Deal
Lucid Group released a trifecta of major updates, announcing a $1.05 billion capital raise, a leadership change, and an expanded robotaxi partnership with Uber and an affiliate of Saudi Arabia’s Public Investment Fund. https://t.co/F4hrNUg0UO
Amazon to Operate Globalstar Satellites, Launch Own System by 2027
Amazon told PCMag: “We expect the transaction to close in 2027, and at that point we plan to operate Globalstar’s existing satellite fleet, and their upcoming low Earth orbit satellites being manufactured by MDA Space, before deploying a next-generation DTD...
Sweetgreen IPO Jumps 77%, Hits $6 B Valuation
WSJ, Nov 2021: "Sweetgreen shares jumped 77% in their debut. Shares of the salad chain closed at $49.50, valuing $SG at more than $6 billion." https://t.co/4nAeKtz5q0
M&A Surge: AVNS, GSAT Deals Lead $13B Activity
Today's M&A and SPAC notes $AVNS to be acquired by American Industrial Partners for $25.00 cash per share, 72.1% premium, $1.3 billion $GSAT to be acquired by $AMZN for $90.00 in cash + stock, 23.5% premium, $11.7 billion $SZZL announced a business combination...
Zero‑percent Euro/Yen Bonds Made 2021 Borrowing Bliss
Few things sweeter in corporate finance than borrowing at 0.000% by issuing fixed-rate notes in Euros/Yen during 2021 https://t.co/Wv6Z1zNz1S
Private Credit Defaults to Double by 2026, AI Blamed
UBS: Private credit defaults set to double in 2026 — with AI cited as a key driver of borrower distress
Due Diligence Saved Us: Globalstar Went Bankrupt
I did due diligence on a potential Globalstar acquisition in ~ 1999-2000. We passed for a number of reasons. Globalstar filed for Chapter 11 bankruptcy protection on February 15, 2002. Adding a mobile component to the Leonbroadband system improves scale. https://t.co/GVvgIb0cD4
Goldman Sachs Files Bitcoin Premium Income ETF
SHOCK: Goldman jumping into the bitcoin ETF game.. with a filing for a Bitcoin Premium Income ETF https://t.co/WszEIrQ2tV
Amazon's $13.7B Whole Foods Tops $11.6B Globalstar Deal
Amazon's M&A history-- Globalstar would be its second-biggest deal ever I think: Whole Foods — $13.7B Globalstar — ~$11.6B announced / pending MGM — $8.45B One Medical — ~$3.9B Zoox — ~$1.3B Zappos — ~$1.2B Ring — ~$1.0–1.2B Twitch — ~$970M Kiva Systems — $775M PillPack — ~$753M
TBAC Survey Launches; Coupon Rise May Pressure Long End
I think TBAC questionnaires go out this week. Any question suggesting an increase in coupon issuance could pressure the long end.
GCL Optoelectronic Plans 2026 IPO, US Plant, Space Solar
GCL Optoelectronic targets 2026 IPO, US plant, space solar rollout #energysky -- via pv magazine global: https://t.co/rdA4GxUdCl
Herbalife Issues $800M Notes, Boosts Credit Outlook
Herbalife plans $800M 2033 secured notes to refinance costlier debt and extend maturities. 78% gross margin, $253M FCF, S&P upgrade support credit. Risk: leverage. Trade accumulate on pullbacks. — Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
Lilly to Acquire CrossBridge Bio in $300 M Deal
NEW: Eli Lilly has agreed to acquire CrossBridge Bio, the Houston-based ADC specialist led by @Mykalt45 I talked with Michael Torres on his run as a first-time CEO ending with a potential $300M deal: https://t.co/PPk3ZWL5SR
Active IG Issuance Day; USTs Face Pressure Post‑rally
Looking to be an active IG issuance day. USTs feeling a bit of pressure after a nice overnight rally
UK 10‑Year Bond Draws Record Demand, Yields Spike
The good news for the UK: the country had record amounts of investor demand for a 10-year bond offering. The bad news: they had to offer a high premium, selling the debt at the highest yield since 2008 at 4.9%....
China's Finance Ministry Mulls Special Treasury Bond Issue
JUST IN: China's finance ministry is discussing a special treasury bond issuance plan with underwriters.
ECB Backs EU Tokenized Markets Under Strict Regulations
JUST IN: The ECB is supporting tokenized capital markets in the EU with stringent regulations in place.
Private Credit Defaults Far Lower than Market Fears
Goldman's David Solomon providing some much needed rational thought around private credit: - GFC saw defaults peak at 10% - recoveries were 50% - trough cumulative loss of 5%-6% vs coupons of 9%-10% For context, listed BDCs are currently pricing in defaults of more...
United CEO Pitched American Merger, Discussed with Trump
Confirming @business on United CEO Scott Kirby pitching potential tie-up with American to SAOs and adding this: Kirby raised potential merger in meeting with Trump in February, sources tell @Reuters https://t.co/wwR9kwWHLa
WM Senibong IPO: Bet on Singapore’s Land Scarcity
The upcoming RM500 million IPO of WM Senibong isn't a signal of Malaysia's domestic property strength—it's a massive, coordinated bet on Singapore's shrinking land space. While the headlines focus on the target valuation of more than RM2 billion, there's a...
United CEO's Acquisition Pitch Sparks Fired Exec's Revenge Plan
United CEO Scott Kirby Pitched Buying American Airlines — The Man It Fired Wants The Ultimate Revenge Deal - View from the Wing https://t.co/8l2353pUAX
Powerful Malaysian Tycoon Controls Key Assets, Still Unknown
One man controls Malaysia’s rice supply, national car, biggest port operator, and a major gas utility. His company is quietly preparing for a $7 billion listing. Yet, he remains a mystery to the average Malaysian.
US Public Listings Decline From Pandemic High
IPO Watch: The number of publicly listed companies in the US has moderated from the post-pandemic peak https://t.co/fSezuKjPTz
MicroStrategy's Bitcoin Funding Risks Dilution on Price Drops
"Microstrategy is a capital markets issuance MACHINE. It's a 9th wonder of the world. ... But will they have to sell their common stock? That's dilution. If Bitcoin doesn't keep going up, you'll have to sell at the worst time."...
Blackstone Launches $2B Data‑center REIT IPO
Welcome to the next iteration of #realestate titan #Blackstone, as a standalone #datacenter #REIT #IPO, sez Bloomberg behind paywall. Targeting $2B, approaching #SWFs, institutional capital #SEC #WallSt #PE #CRE https://t.co/DlILJ51mei
Know the Right Time to Maximize SaaS Sale Value
Next up at MicroConf: @einarvollset on maximizing for the value you receive when selling your SaaS business. "When to sell your B2B SaaS"
Goldman Sachs Beats Earnings, Yet Stock Slides Amid Iran Tensions
Goldman Sachs profit jumped 19% in Q1 — but the stock dropped 3% as the war in Iran raises questions about what's ahead for dealmaking and IPOs for the rest of the year.
Zen Reports Renewable Sale Talks Progressing, Parties Aligned
Zen says sale talks progressing well, all parties “deeply and strategically aligned” on renewables #energysky -- via Renew Economy: https://t.co/Wl53Esvwsg https://t.co/wrIC8ACnKS
Merck's $30B Offer Now Exceeds Revolution's Market Cap
Reminder that Merck tried to buy Revolution for $28-$32B (per Jan reporting from FT), vs current market cap after today's great data of $26.5B https://t.co/hoq2P0oiG9
Goldman Beats Forecast Yet Shares Open Lower
Goldman was - unusually - the first bank out of the gate for this quarter's earnings season. The company beat expectations: - EPS of $17.55 vs $16.34 expected - Revenue $34.31Bln vs $16.98Bln expected However, $GS still gapped down on the open...
Deal Undervalues Secure, Shareholders Lose Billions
If this deal goes through as written, it's an incredibly disappointing outcome for $SES.TO shareholders. Our base case was C$34/share using conservative assumptions. Instead, shareholders are being asked to sell a scarce, high-quality waste infrastructure asset for C$24.75/share, mostly in GFL...
Hawkeye360 IPO Preps with $117M Revenue, Massive Backlog
Satellite signals-intel provider @hawkeye360, preparing IPO on @NYSE, reports $117.7M in 2025 rev, $24.8M EBITDA and sharply lower operating loss. Revenue was 61% US government, 16% Japan, 23% rest of world. Backlog, at $302.7M, up 6.8x from 2024.https://t.co/E8IPZWf3pK https://t.co/QgmLlopOAW
Hostile M&A Overpaying Signals Commodity Supercycle
Fun sign of the commodity-supercycle times: Hostile M&A with "we know we're overpaying and this is as good as you'll ever get" messaging https://t.co/5mgQy0oBYN
Merger Odds Between Charter and Comcast Rise Significantly
"We think the odds of a Charter-Comcast merger are higher today than just a month ago," says New Street's Vikash Harlalka $CMCSA $CHTR https://t.co/MMBitMjhZw
Two Major Acquisitions Announced, Two SPAC Deals Terminated
Today's M&A and SPAC notes $SES.to to be acquired by $GFL.to for $4.95 cash + 0.3356x shares, 16.8% premium, $6.4 billion $LEG to be acquired by $SGI for 0.1455x shares, 13.7% premium, $2.5 billion $ETHM / The Ether Machine deal terminated $SPAC.to / Cube...
StepFun Dismantles Offshore Structure to Enable IPO
Chinese AI startup StepFun to unwind offshore structure to pave way for IPO, sources say https://t.co/92y5pk6rlV
Pershing Square Launches Road Show for Combined IPO
Today, we announced the launch of the road show for the combined IPO of Pershing Square USA and Pershing Square Inc. You can read the official announcement here: https://t.co/4ffeQZm9ZL. I wrote a letter to explain the combined offering in detail that can...