🚦 Stuck on Yellow

🗞️ Top Story

• 🇬🇧 Celtic Fringe. The first ministers of Scotland, Wales, and Northern Ireland jointly called on Westminster to pave the way for independence, declaring the UK’s unity on borrowed time. (Washington Post)
• 🇸🇪 Return Policy. Four years after leaving office, Magdalena Andersson is poised for a comeback as Sweden’s likely next prime minister, thanks to her centrist-left alliance and reputation for budget discipline. (Libé)
• 🇪🇺 Nuclear Clubhouse. Finland joins France’s « advanced » nuclear deterrence initiative, bringing the tally to 10€pean countries now linked to Paris’s strategic umbrella, though ultimate control stays French. (France Info)
• 🇪🇺 Ice Breakers. France, Germany, and ten other European nations call on the EU to toughen its Arctic stance, citing persistent Russian risks and Trump’s Greenland fixation as reasons to act together. (Le Parisien)
• 🇺🇦 Case Closed. President Zelensky fires Prosecutor General Ruslan Kravchenko after accusations his office protected fraudulent call centers for bribes, proving Ukraine’s anti-corruption drive is still a revolving door. (Le Figaro)
• 🇺🇸 Return to Sender. The Supreme Court blocks the Trump administration’s push to overhaul mail-in ballot screening, handing Democrats a major win and preserving existing voting rules for the midterms. (New York Times)
• 🇺🇸 Party Line. After Donald Trump Jr’s wedding, Russian boxing official Umar Kremlev picked up the after-party tab, sparking fresh scrutiny over foreign ties to the Trump family. (Financial Times)
• 🇺🇸 Star Power. The military has officially confirmed it now possesses weapons in space, aiming to deter China and Russia as orbital arms competition heats up. (Financial Times)
• 🇰🇵 Launch and Order. North Korea staged a « firepower attack drill » with cruise missiles, thermobaric rocket launchers, and drones just after US-South Korea-Japan exercises wrapped up. (Le Figaro)
• 🇸🇦 Gulf Course. The much-anticipated multilateral talks between Iran and its Gulf neighbors are postponed, with Saudi Arabia citing mounting pressure from regional militias. (Washington Post)
• 🇾🇪 Claude Nine. Houthi rebels reportedly bypassed Anthropic 🇺🇸 security filters to use its AI for ballistic missile guidance, making artificial intelligence the latest arms race accessory. (Les Echos)

• 🇬🇧 Crown Control. Prince Harry and Meghan will have their taxpayer-funded security reviewed as they settle in the UK and switch their children’s school for safety reasons. (BBC)
• 🇬🇧 Family First. UK Prime Minister Andy Burnham has cancelled his public appearances for two days following the death of his father Roy, who had Alzheimer’s. (BBC)
• 🇬🇧 Gift Horsepower. Nigel Farage refuses to say if Reform UK’s £72M in billionaire donations would break Labour’s new cap on overseas gifts, insisting they’re legal for now. (Financial Times)

• 🇺🇸 Spy Hard. Former CIA Director John Brennan asks a judge to protect evidence as the DOJ’s criminal probe intensifies and a subpoena lands on his doorstep. (Bloomberg)

🏛️ Economy

• 🇬🇧 Crown Control. King Charles will host leaders from OpenAI, Anthropic, and Google DeepMind in Scotland as existential warnings about AI’s dangers reach royal ears. (Washington Post)
• 🇩🇪 From Beetles to Missiles. Volkswagen’s historic Osnabrück factory will switch to defense manufacturing, preserving jobs but offering cold comfort for Europe’s embattled car sector. (New York Times)
• 🇪🇺 Sweet Revenue. The European Commission eyes new taxes on sugar, online betting, and tech giants to fill a €2T budget gap as member states resist higher contributions. (Le Parisien)
• 🇱🇮 Open Season. After hackers hit Liechtenstein’s beneficial ownership database, Prince Michael claims Europe’s transparency crusade has turned private data into public prey. (Financial Times)
• 🇺🇸 IQ Test. President Trump rejected tech leaders’ warnings about AI risks, claiming only a “strong and smart” president is necessary to keep the technology in check. (New York Times)
• 🇺🇸 Drill Seekers. geothermal developers like Fervo Energy 🇺🇸 are borrowing oil and gas drilling techniques to unlock next-generation clean power, but sky-high costs remain the catch. (Financial Times)
• 🇨🇦 Price Freeze. Statistics Canada reports inflation stuck at 3% for August, with travel and rent hikes balancing out a dip in fuel prices. (Wall Street Journal)
• 🇻🇪 Crude Awakening. The Trump administration touts a secretive deal giving US control over 20% of Venezuela’s oil reserves, leaving locals and experts deeply skeptical. (Libé)
• 🇨🇳 Metal Detector. Leaked documents reveal ICBC 🇨🇳 funneled funds to Russian and Belarusian entities under sanctions, helping Moscow’s nickel industry while Beijing called the shots. (Le Monde)
• 🌍 Pace Makers. Leaders of Anthropic, OpenAI, SpaceX, Alphabet, and Microsoft publicly call for a global slowdown in advanced A.I. development, sparking debate on whether this is genuine caution or a play for regulatory advantage. (New York Times)

• 🇬🇧 Corner Office. Andy Burnham and John Healey entered Downing Street promising optimism, but the only thing growing faster than their to-do list is the cost of Britain’s debt. (Financial Times)
• 🇬🇧 Number Crunch. UK borrowers may face surprises as TransUnion 🇺🇸 changes its credit scoring formula, making that all-important number less predictable than ever. (The Guardian)
• 🇨🇭 Licence to Bill. Facing a CHF80M savings target for 2027, the Swiss Broadcasting Corporation will shrink its management ranks and restructure to offset falling licence fee revenue. (Swissinfo)

🏢 Real Estate

• 🇸🇬 Ghosted. Singapore new home sales plunged to just 153 units in August as developers and buyers both steered clear during the Hungry Ghost Festival. (Bloomberg)

• 🇬🇧 Gilt Trip. The Great Hall at St Bartholomew’s Hospital celebrates donors whose fortunes were tied to the slave trade, their names shining on commemorative plaques. (The Guardian)

🔗 On-chain

• 🇵🇱 Lost in Transaction. Poland’s Orlen 🇵🇱 gambled $230M on a crypto-fueled oil deal with Venezuela, securing almost no oil and a starring role in a government cleanup. (Financial Times)
• 🇵🇱 PiS and Miss. The nationalist PiS party is engulfed in controversy as leaders are linked to Zondacrypto’s $463M meltdown and alleged influence peddling. (Le Monde)
• 🇺🇸 Block Party. The Senate prepares for a high-stakes vote on the Clarity Act, with crypto firms and banks battling over stablecoin rules and Trump-era ethics concerns. (CNBC)

• 🇬🇧 Reservoir Dogs. Thames Water redraws its plan for the 150bn-litre White Horse mega-reservoir in Oxfordshire, hoping a new blueprint will appease local opposition and regulators. (The Guardian)

💱 Listed Markets

• 🇫🇷 Aim Higher. AXA 🇫🇷 announces new multi-year targets, insisting its streamlined structure will deliver even more growth in the coming years. (Wall Street Journal)
• 🇩🇰 Name Drop. Novo Nordisk rebrands as « Novo » and promises a faster, leaner corporate culture, betting a fresh identity will outpace rivals in the obesity drug race. (CNBC)
• 🇪🇺 Bond Voyage. Amundi 🇫🇷 is snapping up two-year US Treasuries to shield its $2.8T portfolio from a possible growth slowdown as oil prices surge. (Bloomberg)
• 🇺🇸 Human After All. Microsoft 🇺🇸 pledges its artificial intelligence will remain under human supervision, publishing new guidelines as concerns grow about unchecked AI development. (Ouest-France)
• 🇺🇸 Suit Yourself. Elon Musk’s X Corp and SpaceXAI have dropped their antitrust lawsuit against Apple 🇺🇸 over alleged monopolization of smartphone and AI chatbot markets, leaving OpenAI as the remaining target. (CNBC)
• 🇺🇸 Curb Your Algorithm. Microsoft 🇺🇸 imposes boundaries on upcoming AI models, reflecting growing industry anxiety about unchecked advances in artificial intelligence. (CNBC)

• 🇬🇧 Wolf of Wall Tank. Jaguar Land Rover 🇬🇧 is in talks with NATO countries to sell its new Defender Wolf Series II, hoping military orders will offset slumping demand and rising costs at home. (Financial Times)

• 🇺🇸 Bottled Up. Abbott Laboratories 🇺🇸 settles for $385M after federal investigators tied its baby formula plant to fatal bacteria, but avoids a criminal trial. (Wall Street Journal)
• 🇺🇸 Current Affairs. NextEra Energy 🇺🇸 says its $67B merger with Dominion Energy 🇺🇸 is on track and expects 2026 earnings at the top of its guidance range. (Wall Street Journal)

🛎️ Big Deals (M&A)

• Stairling 🇫🇷 acquires VTC platform MySam 🇫🇷, which will be rebranded as Staircab.
• Maresquier Partners 🇫🇷 to finalize its acquisition of Clint Capital 🇫🇷, an asset management company, following AMF approval.
• Waterland 🇳🇱 and Giacom 🇬🇧 drop plans to make a $1.4B offer for Gamma Communications 🇬🇧.
• Circle8 Group 🇳🇱 made an unsolicited all-cash takeover approach for listed STEM recruiter SThree 🇬🇧, which rejected it.
• Sioux Technologies 🇳🇱 acquires the remaining stake in Sioux Technologies Cluj-Napoca 🇷🇴, a software development company established with Qubiz entrepreneurs.
• Symfonia Group 🇵🇱 acquires Romanian software company Setrio 🇷🇴.
• EP FR Holdco 🇨🇿 to acquire Fnac Darty 🇫🇷 at €35 per share, subject to European Commission clearance.
• Vertical Seven Group 🇷🇴 and Indira Abdulvoap-Jianu 🇷🇴 acquire 100% of personalized nutrition startup Zitamine 🇷🇴.
• Energy Holdings 🇨🇾 acquires deepwater drilling contractor Ventura Offshore 🇳🇴 in an all-stock deal valued at $1B.
• CVC 🇱🇺 faces shareholder pushback over its $12.5B LBO of Italian pharma group Recordati 🇮🇹.
• CVC 🇱🇺 is in final talks to acquire Ginko International‘s China business 🇨🇳 from EQT for $700M-$800M including debt.
• Aeon 🇨🇭 acquires the core assets of Aware Health 🇩🇪 and raises over $14M in a seed extension round.
• Apollo 🇺🇸 is in talks to acquire DePuy Synthes 🇺🇸, Johnson & Johnson’s orthopedics unit, at a $20B valuation.
• Francisco Partners 🇺🇸 and KKR 🇺🇸 acquire a combined 15% stake in Italian HR software company TeamSystem 🇮🇹 at a $10B-$12B valuation.
• DFO Management 🇺🇸 to acquire insurance brokerage The Baldwin Insurance Group 🇺🇸 for $4.2B.
• GE HealthCare Technologies 🇺🇸 is in talks to acquire radiopharma developer Sofie Biosciences 🇺🇸 for $1B.
• Colgate-Palmolive 🇺🇸 explores the sale of personal care brands Softsoap, Irish Spring, and Speed Stick 🇺🇸 for $1B.
• DFO Management 🇺🇸 and Sequence Holdings 🇺🇸 take Baldwin Group 🇺🇸 private in a $7.7B cash deal.
• Superhuman 🇺🇸 acquires YC-backed meeting notetaker Fathom 🇺🇸.
• OpenAI 🇺🇸 acquires smartphone camera maker Glass Imaging 🇺🇸 for over $300M.
• Concord Pacific Developments 🇨🇦 acquires Golden South Wind Project 🇨🇦 from Potentia Renewables for several hundred C$M.
• Roshel 🇨🇦 is set to acquire Stellantis car factory 🇨🇦 near Toronto.
• Hitachi 🇯🇵 and Platinum Equity 🇺🇸 are bidding for a minority stake in traffic solutions provider Swarco 🇦🇹 at a potential $1.2B valuation.

• NexPhase Capital 🇺🇸 invests in EVERYWHERE Communications 🇺🇸, a mission-critical communications and workforce safety software provider.
• Genstar Capital 🇺🇸 and Aksia 🇺🇸 make a strategic growth investment in Richey May 🇺🇸, a national accounting and advisory firm.

🧳 Private Markets & VC

• 🇬🇧 Steel of Approval. The UK government plans to nationalize Speciality Steel after failing to find a credible private buyer, aiming to safeguard over 1,300 jobs and key industrial capacity. (Le Monde)
• 🇪🇺 Space Roots. Vega-C launched from French Guiana with Flex and Sentinel-3 C, satellites designed to track climate extremes and ecosystem health for Europe. (Le Monde)
• 🇪🇺 Rate Race. Junk-rated European companies are rushing to refinance $4.3B in debt early, accepting higher rates now to avoid even costlier borrowing later. (Bloomberg)
• 🇺🇸 Pace Yourself. Sam Altman and other AI leaders urge the industry to slow down development, citing fears that artificial intelligence could outstrip human oversight if left unchecked. (CNBC)
• 🇺🇸 Chip and Chase. Y Combinator topped the charts for U.S. startup investments in August, but Nvidia’s sudden deal spree put the chipmaker in the spotlight. (Crunchbase)
• 🇯🇵 Mix and Play. Ex-Spotify innovator Máuhan Zonoozy raises $5.5M for A Vinyl Bar in Shibuya 🇯🇵, betting on interactive music apps over pure AI song generation. (TechCrunch)

Fundraising

• Open Cosmos 🇬🇧 (Space): €300M
• Exein 🇮🇹 (Cybersecurity): $270M (Headline)
• Tabby 🇸🇦 (Fintech): $233M (Blue Pool Capital, HSG, Wellington Capital Management, Arbor Ventures)
• Cornelis 🇺🇸 (AI infrastructure): $205M (IAG Capital Partners)
• EUCLYD 🇳🇱 (AI infrastructure): Over €200M (Samsung, Somerset Capital Partners, Scaleup Europe Fund, Innovation Industries, EIFO, imec.xpand, Brabant Development Agency, Quadri)
• HiBob 🇮🇱 (HR software): $166M (Salesforce, Farallon Capital)
• Lyte 🇺🇸 (AI): $165M (Maverick Silicon, Fidelity Management & Research Company, Atreides Management, Key1 Capital, Ora Global)
• TabaPay 🇺🇸 (Fintech): $155M (FTV Capital)
• Thyme Care 🇺🇸 (Healthcare): $125M+ (Morgan Health, Humana, CVS Health Ventures, AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures, a16z Bio + Health)
• TAR 🇺🇸 (Energy): $120M (Spark Capital)
• Firehawk Aerospace 🇺🇸 (Aerospace): $100M-$200M (Rochefort Asset Management)
• Tandem Health 🇸🇪 (Healthcare): $100M (Scaleup Europe Fund, T.Capital, Norrsken Ventures, Kinnevik, Northzone, Amino Collective, Visionaries)
• Archy 🇺🇸 (Dental technology): $50M (JMI Equity, TCV, Entrée Capital, Bessemer Venture Partners, CRV, Alven)
• Flam 🇺🇸 (AI): $40M (QED Investors, Claypond Capital, Martin Chavez, Olivier Pomel, Venky Harinarayan, Shahrukh Khan, RTP Global, Dovetail)
• Impossible Objects 🇺🇸 (Manufacturing): $40M (Inflection Equity, Aaron Wealth Management, OCA Ventures, Impact Capital, Excell Partners)
• Pave Finance 🇺🇸 (Fintech): $15M
• Piston Technologies 🇺🇸 (Fintech): $15M (FPV Ventures)
• Fundcraft 🇱🇺 (Fintech): €12M (Riverside Acceleration Capital, CCAP Investments, 3VC, MiddleGame Ventures, Aperture Capital)
• Shennon Biotechnologies 🇺🇸 (Biotech): $12M (Future Ventures, NextGen Venture Partners, Samos Investments, Atypical Ventures, Saras Capital, DCVC, Foundation Capital, AV8 Ventures)
• Chift 🇧🇪 (Fintech): €10.5M (BlackFin Capital Partners, Entourage, Shapers, Seeder Fund, Wallonie Entreprendre)
• Zero 🇫🇮 (AI): $10.3M (Primary Venture Partners, Lovable, Supercell, Langdock founders)
• Bulwark Dynamics 🇺🇸 (Mobility): $6.8M (SBI US Gateway Fund, Archetype Ventures)
• FAZE Security 🇺🇸 (Cybersecurity): $6M (New Era Capital Partners)
• Agilis Air 🇺🇸 (Defense): $1.4M (AgEagle Aerial Systems, North Coast Ventures, Vici Capital, Ohio Innovation Fund, angel investors)
• Arcustin Games 🇹🇷 (Gaming): $500K (Webrazzi GSYF)
• XDOF 🌐 (AI): Amount undisclosed (8VC)

Fund Watch

• ICG 🇬🇧: $17.5B (6th European private credit fund, currently raising)
• Transformation Capital 🇺🇸: $850M (4th digital health venture and growth equity fund)
• Sound Ventures 🇺🇸: $300M (5th venture capital fund, seeking to raise)
• Airbnb 🇺🇸: $250M (housing investment fund)

🔔IPO

• Ponar Wadowice 🇵🇱 (Defense): considering a Poland IPO.
• OpenAI 🇺🇸 (AI): postponing its IPO beyond 2026, with a target valuation near $1T.
• Anthropic 🇺🇸 (AI): Nvidia is considering investing $10B in its $100B IPO.
• Oracle 🇺🇸 (Software): founder Larry Ellison canceled plans to sell $7.5B worth of stock.
• Enflame 🇨🇳 (Semiconductors): raised $910M in a China IPO.
• SB Energy 🇯🇵 (Data Centers): seeking up to $500M in Japan’s portion of its planned US IPO.
• Tata Sons 🇮🇳 (Conglomerate): facing an IPO after India rejected its bid to remain private, potentially unlocking over $180B value.
• National Stock Exchange of India 🇮🇳 (Stock Exchange): preparing a landmark IPO that could reshape India’s unlisted-share market.
• Firmus Technologies 🇦🇺 (Data Centers): targeting up to a $5B Australian IPO by October.
• Dangote Petroleum Refinery 🇳🇬 (Energy): targeting $1.6B in Nigeria’s largest-ever IPO at a $49B valuation.

• Grupo Traxion 🇲🇽 (Logistics): planning a tender offer for up to 100% of its shares at 13.18 pesos each.
• Kioxia 🇯🇵 (Semiconductors): considering raising at least $10B through a US listing next year.

🧳 Debt

• Fluidstack 🇬🇧: in talks for a $5B Pentagon loan.
• Sophos 🇬🇧: lenders offered concessions to refinance its debt.
• Aareal Bank 🇩🇪: working on a $2.9B SRT tied to CRE loans.
• UBS 🇨🇭: buying back $7.9B of old Credit Suisse bonds in its largest buyback yet.
• Aon 🇺🇸: launched a seven-part bond sale to fund its USI takeover, attracting $65B in orders.
• KKR 🇺🇸: finalized a $2.1B loan to fund its $5.7B LBO of Integer Holdings.
• Africell 🇺🇸: will receive a $100M loan from the.
• Mitsubishi UFJ Financial 🇯🇵: sold $1.3B of perpetual AT1 bonds.
• AirTrunk 🇦🇺: in talks to raise $1.6B from banks ahead of a REIT IPO.

• Davion Healthcare 🇮🇪: raised a £30M senior secured bond at a 10.5% coupon.
• 100 Wall Street 🇺🇸: secured a $219M construction loan from Northwind Group.
• Morningstar Properties 🇺🇸: received $157M in financing from First Citizens Bank.
• AB CarVal 🇺🇸: acquired a $340M portfolio of 10 construction loans.
• PBF Energy 🇺🇸: plans to offer $500M of exchangeable notes due 2032.

❌ Failures

• Citigroup 🇺🇸: alongside Office Depot, it can veto the sale of Cuba-linked Canadian miner Sherritt International.
• Kennedy Center 🇺🇸: the performing arts center could close as early as Tuesday and faces bankruptcy.
• Mercuria 🇻🇪: the commodity trader is in talks with Venezuela and Glencore over a deal for Venalum, the country’s largest aluminum smelter.
• Senegal 🇸🇳: the IMF is preparing a debt sustainability analysis under the current framework for low-income countries.

🎯 For a Few More Minutes…

• 🇬🇧 Back for Good. Oasis unveil a second round of reunion concerts for 2027, booking massive venues after their first comeback grossed £300M and left fans wanting more. (BBC)
• 🇺🇸 Talk of the Circuit. Paradromics 🇺🇸 debuted a wireless brain implant allowing a speech-impaired patient to communicate spontaneously, even when only imagining what to say. (New York Times)

🗞️ Top Story

• 🇬🇧 Crown Control. Prince Harry and Meghan will have their taxpayer-funded security reviewed as they settle in the UK and switch their children’s school for safety reasons. (BBC)
• 🇬🇧 Celtic Fringe. The first ministers of Scotland, Wales, and Northern Ireland jointly called on Westminster to pave the way for independence, declaring the UK’s unity on borrowed time. (Washington Post)
• 🇬🇧 Family First. UK Prime Minister Andy Burnham has cancelled his public appearances for two days following the death of his father Roy, who had Alzheimer’s. (BBC)
• 🇬🇧 Gift Horsepower. Nigel Farage refuses to say if Reform UK’s £72M in billionaire donations would break Labour’s new cap on overseas gifts, insisting they’re legal for now. (Financial Times)
• 🇸🇪 Return Policy. Four years after leaving office, Magdalena Andersson is poised for a comeback as Sweden’s likely next prime minister, thanks to her centrist-left alliance and reputation for budget discipline. (Libé)
• 🇪🇺 Nuclear Clubhouse. Finland joins France’s « advanced » nuclear deterrence initiative, bringing the tally to 10€pean countries now linked to Paris’s strategic umbrella, though ultimate control stays French. (France Info)
• 🇪🇺 Ice Breakers. France, Germany, and ten other European nations call on the EU to toughen its Arctic stance, citing persistent Russian risks and Trump’s Greenland fixation as reasons to act together. (Le Parisien)
• 🇺🇦 Case Closed. President Zelensky fires Prosecutor General Ruslan Kravchenko after accusations his office protected fraudulent call centers for bribes, proving Ukraine’s anti-corruption drive is still a revolving door. (Le Figaro)
• 🇺🇸 Return to Sender. The Supreme Court blocks the Trump administration’s push to overhaul mail-in ballot screening, handing Democrats a major win and preserving existing voting rules for the midterms. (New York Times)
• 🇺🇸 Party Line. After Donald Trump Jr’s wedding, Russian boxing official Umar Kremlev picked up the after-party tab, sparking fresh scrutiny over foreign ties to the Trump family. (Financial Times)
• 🇺🇸 Star Power. The military has officially confirmed it now possesses weapons in space, aiming to deter China and Russia as orbital arms competition heats up. (Financial Times)
• 🇰🇵 Launch and Order. North Korea staged a « firepower attack drill » with cruise missiles, thermobaric rocket launchers, and drones just after US-South Korea-Japan exercises wrapped up. (Le Figaro)
• 🇸🇦 Gulf Course. The much-anticipated multilateral talks between Iran and its Gulf neighbors are postponed, with Saudi Arabia citing mounting pressure from regional militias. (Washington Post)
• 🇾🇪 Claude Nine. Houthi rebels reportedly bypassed Anthropic 🇺🇸 security filters to use its AI for ballistic missile guidance, making artificial intelligence the latest arms race accessory. (Les Echos)

🏛️ Economy

• 🇬🇧 Corner Office. Andy Burnham and John Healey entered Downing Street promising optimism, but the only thing growing faster than their to-do list is the cost of Britain’s debt. (Financial Times)
• 🇬🇧 Number Crunch. UK borrowers may face surprises as TransUnion 🇺🇸 changes its credit scoring formula, making that all-important number less predictable than ever. (The Guardian)
• 🇬🇧 Crown Control. King Charles will host leaders from OpenAI, Anthropic, and Google DeepMind in Scotland as existential warnings about AI’s dangers reach royal ears. (Washington Post)
• 🇩🇪 From Beetles to Missiles. Volkswagen’s historic Osnabrück factory will switch to defense manufacturing, preserving jobs but offering cold comfort for Europe’s embattled car sector. (New York Times)
• 🇪🇺 Sweet Revenue. The European Commission eyes new taxes on sugar, online betting, and tech giants to fill a €2T budget gap as member states resist higher contributions. (Le Parisien)
• 🇨🇭 Licence to Bill. Facing a CHF80M savings target for 2027, the Swiss Broadcasting Corporation will shrink its management ranks and restructure to offset falling licence fee revenue. (Swissinfo)
• 🇱🇮 Open Season. After hackers hit Liechtenstein’s beneficial ownership database, Prince Michael claims Europe’s transparency crusade has turned private data into public prey. (Financial Times)
• 🇺🇸 IQ Test. President Trump rejected tech leaders’ warnings about AI risks, claiming only a “strong and smart” president is necessary to keep the technology in check. (New York Times)
• 🇺🇸 Drill Seekers. geothermal developers like Fervo Energy 🇺🇸 are borrowing oil and gas drilling techniques to unlock next-generation clean power, but sky-high costs remain the catch. (Financial Times)
• 🇨🇦 Price Freeze. Statistics Canada reports inflation stuck at 3% for August, with travel and rent hikes balancing out a dip in fuel prices. (Wall Street Journal)
• 🇻🇪 Crude Awakening. The Trump administration touts a secretive deal giving US control over 20% of Venezuela’s oil reserves, leaving locals and experts deeply skeptical. (Libé)
• 🇨🇳 Metal Detector. Leaked documents reveal ICBC 🇨🇳 funneled funds to Russian and Belarusian entities under sanctions, helping Moscow’s nickel industry while Beijing called the shots. (Le Monde)
• 🌍 Pace Makers. Leaders of Anthropic, OpenAI, SpaceX, Alphabet, and Microsoft publicly call for a global slowdown in advanced A.I. development, sparking debate on whether this is genuine caution or a play for regulatory advantage. (New York Times)

🏢 Real Estate

• 🇬🇧 Gilt Trip. The Great Hall at St Bartholomew’s Hospital celebrates donors whose fortunes were tied to the slave trade, their names shining on commemorative plaques. (The Guardian)
• 🇸🇬 Ghosted. Singapore new home sales plunged to just 153 units in August as developers and buyers both steered clear during the Hungry Ghost Festival. (Bloomberg)

🔗 On-chain

• 🇬🇧 Reservoir Dogs. Thames Water redraws its plan for the 150bn-litre White Horse mega-reservoir in Oxfordshire, hoping a new blueprint will appease local opposition and regulators. (The Guardian)
• 🇵🇱 Lost in Transaction. Poland’s Orlen 🇵🇱 gambled $230M on a crypto-fueled oil deal with Venezuela, securing almost no oil and a starring role in a government cleanup. (Financial Times)
• 🇵🇱 PiS and Miss. The nationalist PiS party is engulfed in controversy as leaders are linked to Zondacrypto’s $463M meltdown and alleged influence peddling. (Le Monde)
• 🇺🇸 Block Party. The Senate prepares for a high-stakes vote on the Clarity Act, with crypto firms and banks battling over stablecoin rules and Trump-era ethics concerns. (CNBC)

💱 Listed Markets

• 🇬🇧 Wolf of Wall Tank. Jaguar Land Rover 🇬🇧 is in talks with NATO countries to sell its new Defender Wolf Series II, hoping military orders will offset slumping demand and rising costs at home. (Financial Times)
• 🇫🇷 Aim Higher. AXA 🇫🇷 announces new multi-year targets, insisting its streamlined structure will deliver even more growth in the coming years. (Wall Street Journal)
• 🇩🇰 Name Drop. Novo Nordisk rebrands as « Novo » and promises a faster, leaner corporate culture, betting a fresh identity will outpace rivals in the obesity drug race. (CNBC)
• 🇪🇺 Bond Voyage. Amundi 🇫🇷 is snapping up two-year US Treasuries to shield its $2.8T portfolio from a possible growth slowdown as oil prices surge. (Bloomberg)
• 🇺🇸 Human After All. Microsoft 🇺🇸 pledges its artificial intelligence will remain under human supervision, publishing new guidelines as concerns grow about unchecked AI development. (Ouest-France)
• 🇺🇸 Suit Yourself. Elon Musk’s X Corp and SpaceXAI have dropped their antitrust lawsuit against Apple 🇺🇸 over alleged monopolization of smartphone and AI chatbot markets, leaving OpenAI as the remaining target. (CNBC)
• 🇺🇸 Curb Your Algorithm. Microsoft 🇺🇸 imposes boundaries on upcoming AI models, reflecting growing industry anxiety about unchecked advances in artificial intelligence. (CNBC)

🛎️ Big Deals (M&A)

• Stairling 🇫🇷 acquires VTC platform MySam 🇫🇷, which will be rebranded as Staircab.
• Maresquier Partners 🇫🇷 to finalize its acquisition of Clint Capital 🇫🇷, an asset management company, following AMF approval.
• Waterland 🇳🇱 and Giacom 🇬🇧 drop plans to make a $1.4B offer for Gamma Communications 🇬🇧.
• Circle8 Group 🇳🇱 made an unsolicited all-cash takeover approach for listed STEM recruiter SThree 🇬🇧, which rejected it.
• Sioux Technologies 🇳🇱 acquires the remaining stake in Sioux Technologies Cluj-Napoca 🇷🇴, a software development company established with Qubiz entrepreneurs.
• Symfonia Group 🇵🇱 acquires Romanian software company Setrio 🇷🇴.
• EP FR Holdco 🇨🇿 to acquire Fnac Darty 🇫🇷 at €35 per share, subject to European Commission clearance.
• Vertical Seven Group 🇷🇴 and Indira Abdulvoap-Jianu 🇷🇴 acquire 100% of personalized nutrition startup Zitamine 🇷🇴.
• Energy Holdings 🇨🇾 acquires deepwater drilling contractor Ventura Offshore 🇳🇴 in an all-stock deal valued at $1B.
• CVC 🇱🇺 faces shareholder pushback over its $12.5B LBO of Italian pharma group Recordati 🇮🇹.
• CVC 🇱🇺 is in final talks to acquire Ginko International‘s China business 🇨🇳 from EQT for $700M-$800M including debt.
• Aeon 🇨🇭 acquires the core assets of Aware Health 🇩🇪 and raises over $14M in a seed extension round.
• Apollo 🇺🇸 is in talks to acquire DePuy Synthes 🇺🇸, Johnson & Johnson’s orthopedics unit, at a $20B valuation.
• Francisco Partners 🇺🇸 and KKR 🇺🇸 acquire a combined 15% stake in Italian HR software company TeamSystem 🇮🇹 at a $10B-$12B valuation.
• DFO Management 🇺🇸 to acquire insurance brokerage The Baldwin Insurance Group 🇺🇸 for $4.2B.
• GE HealthCare Technologies 🇺🇸 is in talks to acquire radiopharma developer Sofie Biosciences 🇺🇸 for $1B.
• Colgate-Palmolive 🇺🇸 explores the sale of personal care brands Softsoap, Irish Spring, and Speed Stick 🇺🇸 for $1B.
• DFO Management 🇺🇸 and Sequence Holdings 🇺🇸 take Baldwin Group 🇺🇸 private in a $7.7B cash deal.
• Superhuman 🇺🇸 acquires YC-backed meeting notetaker Fathom 🇺🇸.
• OpenAI 🇺🇸 acquires smartphone camera maker Glass Imaging 🇺🇸 for over $300M.
• Concord Pacific Developments 🇨🇦 acquires Golden South Wind Project 🇨🇦 from Potentia Renewables for several hundred C$M.
• Roshel 🇨🇦 is set to acquire Stellantis car factory 🇨🇦 near Toronto.
• Hitachi 🇯🇵 and Platinum Equity 🇺🇸 are bidding for a minority stake in traffic solutions provider Swarco 🇦🇹 at a potential $1.2B valuation.

🧳 Private Markets & VC

• 🇬🇧 Steel of Approval. The UK government plans to nationalize Speciality Steel after failing to find a credible private buyer, aiming to safeguard over 1,300 jobs and key industrial capacity. (Le Monde)
• 🇪🇺 Space Roots. Vega-C launched from French Guiana with Flex and Sentinel-3 C, satellites designed to track climate extremes and ecosystem health for Europe. (Le Monde)
• 🇪🇺 Rate Race. Junk-rated European companies are rushing to refinance $4.3B in debt early, accepting higher rates now to avoid even costlier borrowing later. (Bloomberg)
• 🇺🇸 Pace Yourself. Sam Altman and other AI leaders urge the industry to slow down development, citing fears that artificial intelligence could outstrip human oversight if left unchecked. (CNBC)
• 🇺🇸 Chip and Chase. Y Combinator topped the charts for U.S. startup investments in August, but Nvidia’s sudden deal spree put the chipmaker in the spotlight. (Crunchbase)
• 🇯🇵 Mix and Play. Ex-Spotify innovator Máuhan Zonoozy raises $5.5M for A Vinyl Bar in Shibuya 🇯🇵, betting on interactive music apps over pure AI song generation. (TechCrunch)

Fundraising

• Open Cosmos 🇬🇧 (Space): €300M
• Exein 🇮🇹 (Cybersecurity): $270M (Headline)
• Tabby 🇸🇦 (Fintech): $233M (Blue Pool Capital, HSG, Wellington Capital Management, Arbor Ventures)
• Cornelis 🇺🇸 (AI infrastructure): $205M (IAG Capital Partners)
• EUCLYD 🇳🇱 (AI infrastructure): Over €200M (Samsung, Somerset Capital Partners, Scaleup Europe Fund, Innovation Industries, EIFO, imec.xpand, Brabant Development Agency, Quadri)
• HiBob 🇮🇱 (HR software): $166M (Salesforce, Farallon Capital)
• Lyte 🇺🇸 (AI): $165M (Maverick Silicon, Fidelity Management & Research Company, Atreides Management, Key1 Capital, Ora Global)
• TabaPay 🇺🇸 (Fintech): $155M (FTV Capital)
• Thyme Care 🇺🇸 (Healthcare): $125M+ (Morgan Health, Humana, CVS Health Ventures, AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures, a16z Bio + Health)
• TAR 🇺🇸 (Energy): $120M (Spark Capital)
• Firehawk Aerospace 🇺🇸 (Aerospace): $100M-$200M (Rochefort Asset Management)
• Tandem Health 🇸🇪 (Healthcare): $100M (Scaleup Europe Fund, T.Capital, Norrsken Ventures, Kinnevik, Northzone, Amino Collective, Visionaries)
• Archy 🇺🇸 (Dental technology): $50M (JMI Equity, TCV, Entrée Capital, Bessemer Venture Partners, CRV, Alven)
• Flam 🇺🇸 (AI): $40M (QED Investors, Claypond Capital, Martin Chavez, Olivier Pomel, Venky Harinarayan, Shahrukh Khan, RTP Global, Dovetail)
• Impossible Objects 🇺🇸 (Manufacturing): $40M (Inflection Equity, Aaron Wealth Management, OCA Ventures, Impact Capital, Excell Partners)
• Pave Finance 🇺🇸 (Fintech): $15M
• Piston Technologies 🇺🇸 (Fintech): $15M (FPV Ventures)
• Fundcraft 🇱🇺 (Fintech): €12M (Riverside Acceleration Capital, CCAP Investments, 3VC, MiddleGame Ventures, Aperture Capital)
• Shennon Biotechnologies 🇺🇸 (Biotech): $12M (Future Ventures, NextGen Venture Partners, Samos Investments, Atypical Ventures, Saras Capital, DCVC, Foundation Capital, AV8 Ventures)
• Chift 🇧🇪 (Fintech): €10.5M (BlackFin Capital Partners, Entourage, Shapers, Seeder Fund, Wallonie Entreprendre)
• Zero 🇫🇮 (AI): $10.3M (Primary Venture Partners, Lovable, Supercell, Langdock founders)
• Bulwark Dynamics 🇺🇸 (Mobility): $6.8M (SBI US Gateway Fund, Archetype Ventures)
• FAZE Security 🇺🇸 (Cybersecurity): $6M (New Era Capital Partners)
• Agilis Air 🇺🇸 (Defense): $1.4M (AgEagle Aerial Systems, North Coast Ventures, Vici Capital, Ohio Innovation Fund, angel investors)
• Arcustin Games 🇹🇷 (Gaming): $500K (Webrazzi GSYF)
• XDOF 🌐 (AI): Amount undisclosed (8VC)

Fund Watch

• ICG 🇬🇧: $17.5B (6th European private credit fund, currently raising)
• Transformation Capital 🇺🇸: $850M (4th digital health venture and growth equity fund)
• Sound Ventures 🇺🇸: $300M (5th venture capital fund, seeking to raise)
• Airbnb 🇺🇸: $250M (housing investment fund)

🔔IPO

• Ponar Wadowice 🇵🇱 (Defense): considering a Poland IPO.
• OpenAI 🇺🇸 (AI): postponing its IPO beyond 2026, with a target valuation near $1T.
• Anthropic 🇺🇸 (AI): Nvidia is considering investing $10B in its $100B IPO.
• Oracle 🇺🇸 (Software): founder Larry Ellison canceled plans to sell $7.5B worth of stock.
• Enflame 🇨🇳 (Semiconductors): raised $910M in a China IPO.
• SB Energy 🇯🇵 (Data Centers): seeking up to $500M in Japan’s portion of its planned US IPO.
• Tata Sons 🇮🇳 (Conglomerate): facing an IPO after India rejected its bid to remain private, potentially unlocking over $180B value.
• National Stock Exchange of India 🇮🇳 (Stock Exchange): preparing a landmark IPO that could reshape India’s unlisted-share market.
• Firmus Technologies 🇦🇺 (Data Centers): targeting up to a $5B Australian IPO by October.
• Dangote Petroleum Refinery 🇳🇬 (Energy): targeting $1.6B in Nigeria’s largest-ever IPO at a $49B valuation.

🧳 Debt

• Fluidstack 🇬🇧: in talks for a $5B Pentagon loan.
• Sophos 🇬🇧: lenders offered concessions to refinance its debt.
• Aareal Bank 🇩🇪: working on a $2.9B SRT tied to CRE loans.
• UBS 🇨🇭: buying back $7.9B of old Credit Suisse bonds in its largest buyback yet.
• Aon 🇺🇸: launched a seven-part bond sale to fund its USI takeover, attracting $65B in orders.
• KKR 🇺🇸: finalized a $2.1B loan to fund its $5.7B LBO of Integer Holdings.
• Africell 🇺🇸: will receive a $100M loan from the.
• Mitsubishi UFJ Financial 🇯🇵: sold $1.3B of perpetual AT1 bonds.
• AirTrunk 🇦🇺: in talks to raise $1.6B from banks ahead of a REIT IPO.

❌ Failures

• Citigroup 🇺🇸: alongside Office Depot, it can veto the sale of Cuba-linked Canadian miner Sherritt International.
• Kennedy Center 🇺🇸: the performing arts center could close as early as Tuesday and faces bankruptcy.
• Mercuria 🇻🇪: the commodity trader is in talks with Venezuela and Glencore over a deal for Venalum, the country’s largest aluminum smelter.
• Senegal 🇸🇳: the IMF is preparing a debt sustainability analysis under the current framework for low-income countries.

🎯 For a Few More Minutes…

• 🇬🇧 Back for Good. Oasis unveil a second round of reunion concerts for 2027, booking massive venues after their first comeback grossed £300M and left fans wanting more. (BBC)
• 🇺🇸 Talk of the Circuit. Paradromics 🇺🇸 debuted a wireless brain implant allowing a speech-impaired patient to communicate spontaneously, even when only imagining what to say. (New York Times)

🗞️ Top Story

• 🇺🇸 Return to Sender. The Supreme Court blocks the Trump administration’s push to overhaul mail-in ballot screening, handing Democrats a major win and preserving existing voting rules for the midterms. (New York Times)
• 🇺🇸 Party Line. After Donald Trump Jr’s wedding, Russian boxing official Umar Kremlev picked up the after-party tab, sparking fresh scrutiny over foreign ties to the Trump family. (Financial Times)
• 🇺🇸 Spy Hard. Former CIA Director John Brennan asks a judge to protect evidence as the DOJ’s criminal probe intensifies and a subpoena lands on his doorstep. (Bloomberg)
• 🇺🇸 Star Power. The military has officially confirmed it now possesses weapons in space, aiming to deter China and Russia as orbital arms competition heats up. (Financial Times)
• 🇸🇪 Return Policy. Four years after leaving office, Magdalena Andersson is poised for a comeback as Sweden’s likely next prime minister, thanks to her centrist-left alliance and reputation for budget discipline. (Libé)
• 🇪🇺 Nuclear Clubhouse. Finland joins France’s « advanced » nuclear deterrence initiative, bringing the tally to 10€pean countries now linked to Paris’s strategic umbrella, though ultimate control stays French. (France Info)
• 🇪🇺 Ice Breakers. France, Germany, and ten other European nations call on the EU to toughen its Arctic stance, citing persistent Russian risks and Trump’s Greenland fixation as reasons to act together. (Le Parisien)
• 🇬🇧 Celtic Fringe. The first ministers of Scotland, Wales, and Northern Ireland jointly called on Westminster to pave the way for independence, declaring the UK’s unity on borrowed time. (Washington Post)
• 🇺🇦 Case Closed. President Zelensky fires Prosecutor General Ruslan Kravchenko after accusations his office protected fraudulent call centers for bribes, proving Ukraine’s anti-corruption drive is still a revolving door. (Le Figaro)
• 🇰🇵 Launch and Order. North Korea staged a « firepower attack drill » with cruise missiles, thermobaric rocket launchers, and drones just after US-South Korea-Japan exercises wrapped up. (Le Figaro)
• 🇸🇦 Gulf Course. The much-anticipated multilateral talks between Iran and its Gulf neighbors are postponed, with Saudi Arabia citing mounting pressure from regional militias. (Washington Post)
• 🇾🇪 Claude Nine. Houthi rebels reportedly bypassed Anthropic 🇺🇸 security filters to use its AI for ballistic missile guidance, making artificial intelligence the latest arms race accessory. (Les Echos)

🏛️ Economy

• 🇺🇸 IQ Test. President Trump rejected tech leaders’ warnings about AI risks, claiming only a “strong and smart” president is necessary to keep the technology in check. (New York Times)
• 🇺🇸 Drill Seekers. geothermal developers like Fervo Energy 🇺🇸 are borrowing oil and gas drilling techniques to unlock next-generation clean power, but sky-high costs remain the catch. (Financial Times)
• 🇨🇦 Price Freeze. Statistics Canada reports inflation stuck at 3% for August, with travel and rent hikes balancing out a dip in fuel prices. (Wall Street Journal)
• 🇻🇪 Crude Awakening. The Trump administration touts a secretive deal giving US control over 20% of Venezuela’s oil reserves, leaving locals and experts deeply skeptical. (Libé)
• 🇩🇪 From Beetles to Missiles. Volkswagen’s historic Osnabrück factory will switch to defense manufacturing, preserving jobs but offering cold comfort for Europe’s embattled car sector. (New York Times)
• 🇪🇺 Sweet Revenue. The European Commission eyes new taxes on sugar, online betting, and tech giants to fill a €2T budget gap as member states resist higher contributions. (Le Parisien)
• 🇬🇧 Crown Control. King Charles will host leaders from OpenAI, Anthropic, and Google DeepMind in Scotland as existential warnings about AI’s dangers reach royal ears. (Washington Post)
• 🇱🇮 Open Season. After hackers hit Liechtenstein’s beneficial ownership database, Prince Michael claims Europe’s transparency crusade has turned private data into public prey. (Financial Times)
• 🇨🇳 Metal Detector. Leaked documents reveal ICBC 🇨🇳 funneled funds to Russian and Belarusian entities under sanctions, helping Moscow’s nickel industry while Beijing called the shots. (Le Monde)
• 🌍 Pace Makers. Leaders of Anthropic, OpenAI, SpaceX, Alphabet, and Microsoft publicly call for a global slowdown in advanced A.I. development, sparking debate on whether this is genuine caution or a play for regulatory advantage. (New York Times)

🏢 Real Estate

• 🇸🇬 Ghosted. Singapore new home sales plunged to just 153 units in August as developers and buyers both steered clear during the Hungry Ghost Festival. (Bloomberg)

🔗 On-chain

• 🇺🇸 Block Party. The Senate prepares for a high-stakes vote on the Clarity Act, with crypto firms and banks battling over stablecoin rules and Trump-era ethics concerns. (CNBC)
• 🇵🇱 Lost in Transaction. Poland’s Orlen 🇵🇱 gambled $230M on a crypto-fueled oil deal with Venezuela, securing almost no oil and a starring role in a government cleanup. (Financial Times)
• 🇵🇱 PiS and Miss. The nationalist PiS party is engulfed in controversy as leaders are linked to Zondacrypto’s $463M meltdown and alleged influence peddling. (Le Monde)

💱 Listed Markets

• 🇺🇸 Human After All. Microsoft 🇺🇸 pledges its artificial intelligence will remain under human supervision, publishing new guidelines as concerns grow about unchecked AI development. (Ouest-France)
• 🇺🇸 Suit Yourself. Elon Musk’s X Corp and SpaceXAI have dropped their antitrust lawsuit against Apple 🇺🇸 over alleged monopolization of smartphone and AI chatbot markets, leaving OpenAI as the remaining target. (CNBC)
• 🇺🇸 Bottled Up. Abbott Laboratories 🇺🇸 settles for $385M after federal investigators tied its baby formula plant to fatal bacteria, but avoids a criminal trial. (Wall Street Journal)
• 🇺🇸 Curb Your Algorithm. Microsoft 🇺🇸 imposes boundaries on upcoming AI models, reflecting growing industry anxiety about unchecked advances in artificial intelligence. (CNBC)
• 🇺🇸 Current Affairs. NextEra Energy 🇺🇸 says its $67B merger with Dominion Energy 🇺🇸 is on track and expects 2026 earnings at the top of its guidance range. (Wall Street Journal)
• 🇫🇷 Aim Higher. AXA 🇫🇷 announces new multi-year targets, insisting its streamlined structure will deliver even more growth in the coming years. (Wall Street Journal)
• 🇩🇰 Name Drop. Novo Nordisk rebrands as « Novo » and promises a faster, leaner corporate culture, betting a fresh identity will outpace rivals in the obesity drug race. (CNBC)
• 🇪🇺 Bond Voyage. Amundi 🇫🇷 is snapping up two-year US Treasuries to shield its $2.8T portfolio from a possible growth slowdown as oil prices surge. (Bloomberg)

🛎️ Big Deals (M&A)

• Apollo 🇺🇸 is in talks to acquire DePuy Synthes 🇺🇸, Johnson & Johnson’s orthopedics unit, at a $20B valuation.
• Francisco Partners 🇺🇸 and KKR 🇺🇸 acquire a combined 15% stake in Italian HR software company TeamSystem 🇮🇹 at a $10B-$12B valuation.
• DFO Management 🇺🇸 to acquire insurance brokerage The Baldwin Insurance Group 🇺🇸 for $4.2B.
• GE HealthCare Technologies 🇺🇸 is in talks to acquire radiopharma developer Sofie Biosciences 🇺🇸 for $1B.
• Colgate-Palmolive 🇺🇸 explores the sale of personal care brands Softsoap, Irish Spring, and Speed Stick 🇺🇸 for $1B.
• DFO Management 🇺🇸 and Sequence Holdings 🇺🇸 take Baldwin Group 🇺🇸 private in a $7.7B cash deal.
• NexPhase Capital 🇺🇸 invests in EVERYWHERE Communications 🇺🇸, a mission-critical communications and workforce safety software provider.
• Superhuman 🇺🇸 acquires YC-backed meeting notetaker Fathom 🇺🇸.
• OpenAI 🇺🇸 acquires smartphone camera maker Glass Imaging 🇺🇸 for over $300M.
• Genstar Capital 🇺🇸 and Aksia 🇺🇸 make a strategic growth investment in Richey May 🇺🇸, a national accounting and advisory firm.
• Concord Pacific Developments 🇨🇦 acquires Golden South Wind Project 🇨🇦 from Potentia Renewables for several hundred C$M.
• Roshel 🇨🇦 is set to acquire Stellantis car factory 🇨🇦 near Toronto.
• Stairling 🇫🇷 acquires VTC platform MySam 🇫🇷, which will be rebranded as Staircab.
• Maresquier Partners 🇫🇷 to finalize its acquisition of Clint Capital 🇫🇷, an asset management company, following AMF approval.
• Waterland 🇳🇱 and Giacom 🇬🇧 drop plans to make a $1.4B offer for Gamma Communications 🇬🇧.
• Circle8 Group 🇳🇱 made an unsolicited all-cash takeover approach for listed STEM recruiter SThree 🇬🇧, which rejected it.
• Sioux Technologies 🇳🇱 acquires the remaining stake in Sioux Technologies Cluj-Napoca 🇷🇴, a software development company established with Qubiz entrepreneurs.
• Symfonia Group 🇵🇱 acquires Romanian software company Setrio 🇷🇴.
• EP FR Holdco 🇨🇿 to acquire Fnac Darty 🇫🇷 at €35 per share, subject to European Commission clearance.
• Vertical Seven Group 🇷🇴 and Indira Abdulvoap-Jianu 🇷🇴 acquire 100% of personalized nutrition startup Zitamine 🇷🇴.
• Energy Holdings 🇨🇾 acquires deepwater drilling contractor Ventura Offshore 🇳🇴 in an all-stock deal valued at $1B.
• CVC 🇱🇺 faces shareholder pushback over its $12.5B LBO of Italian pharma group Recordati 🇮🇹.
• CVC 🇱🇺 is in final talks to acquire Ginko International‘s China business 🇨🇳 from EQT for $700M-$800M including debt.
• Aeon 🇨🇭 acquires the core assets of Aware Health 🇩🇪 and raises over $14M in a seed extension round.
• Hitachi 🇯🇵 and Platinum Equity 🇺🇸 are bidding for a minority stake in traffic solutions provider Swarco 🇦🇹 at a potential $1.2B valuation.

🧳 Private Markets & VC

• 🇺🇸 Pace Yourself. Sam Altman and other AI leaders urge the industry to slow down development, citing fears that artificial intelligence could outstrip human oversight if left unchecked. (CNBC)
• 🇺🇸 Chip and Chase. Y Combinator topped the charts for U.S. startup investments in August, but Nvidia’s sudden deal spree put the chipmaker in the spotlight. (Crunchbase)
• 🇪🇺 Space Roots. Vega-C launched from French Guiana with Flex and Sentinel-3 C, satellites designed to track climate extremes and ecosystem health for Europe. (Le Monde)
• 🇪🇺 Rate Race. Junk-rated European companies are rushing to refinance $4.3B in debt early, accepting higher rates now to avoid even costlier borrowing later. (Bloomberg)
• 🇬🇧 Steel of Approval. The UK government plans to nationalize Speciality Steel after failing to find a credible private buyer, aiming to safeguard over 1,300 jobs and key industrial capacity. (Le Monde)
• 🇯🇵 Mix and Play. Ex-Spotify innovator Máuhan Zonoozy raises $5.5M for A Vinyl Bar in Shibuya 🇯🇵, betting on interactive music apps over pure AI song generation. (TechCrunch)

Fundraising

• Open Cosmos 🇬🇧 (Space): €300M
• Exein 🇮🇹 (Cybersecurity): $270M (Headline)
• Tabby 🇸🇦 (Fintech): $233M (Blue Pool Capital, HSG, Wellington Capital Management, Arbor Ventures)
• Cornelis 🇺🇸 (AI infrastructure): $205M (IAG Capital Partners)
• EUCLYD 🇳🇱 (AI infrastructure): Over €200M (Samsung, Somerset Capital Partners, Scaleup Europe Fund, Innovation Industries, EIFO, imec.xpand, Brabant Development Agency, Quadri)
• HiBob 🇮🇱 (HR software): $166M (Salesforce, Farallon Capital)
• Lyte 🇺🇸 (AI): $165M (Maverick Silicon, Fidelity Management & Research Company, Atreides Management, Key1 Capital, Ora Global)
• TabaPay 🇺🇸 (Fintech): $155M (FTV Capital)
• Thyme Care 🇺🇸 (Healthcare): $125M+ (Morgan Health, Humana, CVS Health Ventures, AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures, a16z Bio + Health)
• TAR 🇺🇸 (Energy): $120M (Spark Capital)
• Firehawk Aerospace 🇺🇸 (Aerospace): $100M-$200M (Rochefort Asset Management)
• Tandem Health 🇸🇪 (Healthcare): $100M (Scaleup Europe Fund, T.Capital, Norrsken Ventures, Kinnevik, Northzone, Amino Collective, Visionaries)
• Archy 🇺🇸 (Dental technology): $50M (JMI Equity, TCV, Entrée Capital, Bessemer Venture Partners, CRV, Alven)
• Flam 🇺🇸 (AI): $40M (QED Investors, Claypond Capital, Martin Chavez, Olivier Pomel, Venky Harinarayan, Shahrukh Khan, RTP Global, Dovetail)
• Impossible Objects 🇺🇸 (Manufacturing): $40M (Inflection Equity, Aaron Wealth Management, OCA Ventures, Impact Capital, Excell Partners)
• Pave Finance 🇺🇸 (Fintech): $15M
• Piston Technologies 🇺🇸 (Fintech): $15M (FPV Ventures)
• Fundcraft 🇱🇺 (Fintech): €12M (Riverside Acceleration Capital, CCAP Investments, 3VC, MiddleGame Ventures, Aperture Capital)
• Shennon Biotechnologies 🇺🇸 (Biotech): $12M (Future Ventures, NextGen Venture Partners, Samos Investments, Atypical Ventures, Saras Capital, DCVC, Foundation Capital, AV8 Ventures)
• Chift 🇧🇪 (Fintech): €10.5M (BlackFin Capital Partners, Entourage, Shapers, Seeder Fund, Wallonie Entreprendre)
• Zero 🇫🇮 (AI): $10.3M (Primary Venture Partners, Lovable, Supercell, Langdock founders)
• Bulwark Dynamics 🇺🇸 (Mobility): $6.8M (SBI US Gateway Fund, Archetype Ventures)
• FAZE Security 🇺🇸 (Cybersecurity): $6M (New Era Capital Partners)
• Agilis Air 🇺🇸 (Defense): $1.4M (AgEagle Aerial Systems, North Coast Ventures, Vici Capital, Ohio Innovation Fund, angel investors)
• Arcustin Games 🇹🇷 (Gaming): $500K (Webrazzi GSYF)
• XDOF 🌐 (AI): Amount undisclosed (8VC)

Fund Watch

• ICG 🇬🇧: $17.5B (6th European private credit fund, currently raising)
• Transformation Capital 🇺🇸: $850M (4th digital health venture and growth equity fund)
• Sound Ventures 🇺🇸: $300M (5th venture capital fund, seeking to raise)
• Airbnb 🇺🇸: $250M (housing investment fund)

🔔IPO

• OpenAI 🇺🇸 (AI): postponing its IPO beyond 2026, with a target valuation near $1T.
• Anthropic 🇺🇸 (AI): Nvidia is considering investing $10B in its $100B IPO.
• Oracle 🇺🇸 (Software): founder Larry Ellison canceled plans to sell $7.5B worth of stock.
• Grupo Traxion 🇲🇽 (Logistics): planning a tender offer for up to 100% of its shares at 13.18 pesos each.
• Ponar Wadowice 🇵🇱 (Defense): considering a Poland IPO.
• Enflame 🇨🇳 (Semiconductors): raised $910M in a China IPO.
• SB Energy 🇯🇵 (Data Centers): seeking up to $500M in Japan’s portion of its planned US IPO.
• Kioxia 🇯🇵 (Semiconductors): considering raising at least $10B through a US listing next year.
• Tata Sons 🇮🇳 (Conglomerate): facing an IPO after India rejected its bid to remain private, potentially unlocking over $180B value.
• National Stock Exchange of India 🇮🇳 (Stock Exchange): preparing a landmark IPO that could reshape India’s unlisted-share market.
• Firmus Technologies 🇦🇺 (Data Centers): targeting up to a $5B Australian IPO by October.
• Dangote Petroleum Refinery 🇳🇬 (Energy): targeting $1.6B in Nigeria’s largest-ever IPO at a $49B valuation.

🧳 Debt

• Aon 🇺🇸: launched a seven-part bond sale to fund its USI takeover, attracting $65B in orders.
• KKR 🇺🇸: finalized a $2.1B loan to fund its $5.7B LBO of Integer Holdings.
• Africell 🇺🇸: will receive a $100M loan from the.
• 100 Wall Street 🇺🇸: secured a $219M construction loan from Northwind Group.
• Morningstar Properties 🇺🇸: received $157M in financing from First Citizens Bank.
• AB CarVal 🇺🇸: acquired a $340M portfolio of 10 construction loans.
• PBF Energy 🇺🇸: plans to offer $500M of exchangeable notes due 2032.
• Aareal Bank 🇩🇪: working on a $2.9B SRT tied to CRE loans.
• Davion Healthcare 🇮🇪: raised a £30M senior secured bond at a 10.5% coupon.
• Fluidstack 🇬🇧: in talks for a $5B Pentagon loan.
• Sophos 🇬🇧: lenders offered concessions to refinance its debt.
• UBS 🇨🇭: buying back $7.9B of old Credit Suisse bonds in its largest buyback yet.
• Mitsubishi UFJ Financial 🇯🇵: sold $1.3B of perpetual AT1 bonds.
• AirTrunk 🇦🇺: in talks to raise $1.6B from banks ahead of a REIT IPO.

❌ Failures

• Citigroup 🇺🇸: alongside Office Depot, it can veto the sale of Cuba-linked Canadian miner Sherritt International.
• Kennedy Center 🇺🇸: the performing arts center could close as early as Tuesday and faces bankruptcy.
• Mercuria 🇻🇪: the commodity trader is in talks with Venezuela and Glencore over a deal for Venalum, the country’s largest aluminum smelter.
• Senegal 🇸🇳: the IMF is preparing a debt sustainability analysis under the current framework for low-income countries.

🎯 For a Few More Minutes…

• 🇺🇸 Talk of the Circuit. Paradromics 🇺🇸 debuted a wireless brain implant allowing a speech-impaired patient to communicate spontaneously, even when only imagining what to say. (New York Times)
• 🇬🇧 Back for Good. Oasis unveil a second round of reunion concerts for 2027, booking massive venues after their first comeback grossed £300M and left fans wanting more. (BBC)