๐ต๏ธโโ๏ธ Chauffeurโs Secret
The insurance knew who was really in the driverโs seat.
Good morning!
Teddy Riner, the French judoka with 5 Olympic golds and 11 world titles, has just lost his second round against the French tax office. In mid-October an appeals court in Versailles confirmed a reassessment the revenue service has been chasing since 2019. His company, which rents out cars with chauffeurs, had paid for a Ferrari and a Rolls-Royce that only one driver ever took out: its owner. The tax office counted โฌ289K of hidden pay, and the judges found a "deliberate intent" to shrink what he owed. The ruling surfaced in early November. Days later Riner announced a 2027 presidential bid to "bring the French together", starting, presumably, with the inspectors. He can still try the Conseil d'รtat, France's top administrative court, and the voters rule next spring.
Every finance director on the planet knows the trick: the company buys the toy, the founder plays with it, and the books call it equipment. Riner's version skipped even the fig leaf. The insurance policy named him exclusive driver and specified that the Rolls must never be rented out, a bold clause for a rental business. Neither car earned a cent in 2016 or 2017, and the British limousine spent its nights outside his home, which doubled as the firm's registered office. The firm's lawyers argued that the 2016 terror attacks had scared off foreign clients. The attacks, apparently, also deterred tourists from hiring a car nobody was allowed to hire.
None of this makes Riner a criminal. No prosecutor has charged him, and a tax dispute bars nobody from a ballot. Manny Pacquiao, the Filipino boxer, ran for president of the Philippines in 2022 with a โฑ2.2B tax claim ($49M when it was filed) hanging over him. Pacquiao at least won that fight: a tax court threw the claim out months after his defeat at the polls. Riner has lost his twice. The law can live with that, the pitch cannot. A man selling himself as the nation's unifier spent years arguing that a perquisite insured in his name, parked at his door and closed to customers was a business asset. He also plans to compete at the Los Angeles Olympics in 2028 even if he wins the presidency, which would make France the only major economy governed between two training camps.
In the summer of 2024 Riner and Marie-Josรฉ Pรฉrec, triple Olympic sprint champion, lit the Olympic cauldron in central Paris, a balloon of light. Every evening it rose over the city while crowds gathered below to watch. Few politicians ever get that. Riner got it by winning. Promising to bring the French together, he has already managed it once more: a tax inspector, a trial court and an appeals court looked at the same Rolls and saw the same driver. The flame belonged to him. The Rolls never did, and it took the French state 7 years of litigation to tell him so.
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๐๏ธ Top Story
- ๐ซ๐ท Cold Case. Iran denies any involvement in the cyberattacks that disrupted French cooling systems, pushing back against French accusations and leaving the real culprit on ice. (De Tijd)
- ๐ฉ๐ช Deep Trouble. In the Hamburg trial over the Nord Stream blasts, a Bundeswehr diving expert testified that skilled divers could easily plant explosives at 80 meters depth, making sabotage all too feasible. (Die Zeit)
- ๐ธ๐ช Waiting for Gรถdel. Sweden's outgoing PM Ulf Kristersson gets another week to try forming a government after weeks of failed coalition talks and political gridlock. (Boursier)
- ๐บ๐ธ Trial and Error. A federal judge ruled that Donald Trump's $10B defamation suit against the BBC can proceed, citing plausibly alleged malice over edited footage. (The Guardian)
- ๐บ๐ธ LinkedOut. A appeals court blocks the Trump administration's demand for LinkedIn data on journalists, citing First Amendment concerns and the risk to confidential sources. (New York Times)
- ๐ฆ๐ช Accord ou pas d'accord. La Russie et l'Ukraine reprennent les nรฉgociations directes ร Abou Dhabi, sous mรฉdiation, pour la premiรจre fois depuis fรฉvrier. Donald Trump affirme que la paix est ร portรฉe de main si les deux parties sont ยซ lassรฉes de se battre ยป. (Boursier) (Boursier)
- ๐ฎ๐ฑ Inquiry Minds. Gadi Eisenkot introduces a bill to establish a state commission investigating security failures that enabled the October 7 Hamas attack, targeting Netanyahuโs handling of the crisis. (Le Parisien)
- ๐ฎ๐ท Call Waiting. Iranโs security chief says the US has not replied to its conditions, so no discussions or Strait of Hormuz reopening are happening for now. (Boursier)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Flight Risk. The US Air Force quietly moved KC-135 tankers out of RAF Mildenhall, echoing earlier withdrawals from another UK base after security alerts tied to Iran. (BBC)
๐บ๐ธ United States
- ๐ฌ๐ง Flight Risk. The US Air Force quietly moved KC-135 tankers out of RAF Mildenhall, echoing earlier withdrawals from another UK base after security alerts tied to Iran. (BBC)
- ๐บ๐ธ Not So Fast. Bernie Sanders breaks ranks and says he will not support Chuck Schumerโs return as Democratic leader, despite the partyโs sweeping Senate gains. (New York Times)
- ๐บ๐ธ Broadcast Interrupted. The Trump administration's removal of Voice of America chief Michael Abramowitz was ruled illegal by a federal appeals court, highlighting the limits of executive power over independent media. (New York Times)
- ๐บ๐ธ Nowhere to Be Found. ICE has removed most detainees with final deportation orders from public tracking, making it nearly impossible for families and attorneys to locate or assist them. (New York Times)
๐๏ธ Economy
- ๐ซ๐ท Brain Drain. A panel of experts warns Emmanuel Macron that generative AI tools like ChatGPT risk weakening users' cognitive skills and emotional autonomy, urging tighter protections for the public. (Libรฉ)
- ๐บ๐ธ Revenue Roulette. The government received $12B from Venezuelan oil exports this year, quickly redistributed the funds, and left Congress demanding answers on transparency. (New York Times)
- ๐บ๐ธ Penalty Box. The SEC collected just $1.1B in enforcement penalties last year, its lowest haul since 2006, as regulatory zeal takes a back seat. (Wall Street Journal)
- ๐บ๐ธ Hike and Seek. Christopher Waller of the Fed backs a December rate hike, warning a bigger move could come if inflation runs hot. (Bloomberg)
- ๐บ๐ธ Rate Race. The 10-year Treasury yield surged back to 5% after hotter-than-expected inflation data and hawkish Fed comments fueled talk of another rate hike. (CNBC)
- ๐ง๐ท Steady as She Goes. Franklin Templeton Brazil is cutting risk, convinced that Lulaโs administration will avoid major reforms or fiscal shake-ups. (Bloomberg)
- ๐ฆ๐ท Bond and Gloom. Morgan Stanley says Argentinaโs bonds have dropped too far, arguing the market is overestimating the countryโs political and economic risks. (Bloomberg)
- ๐ฐ๐ท Yield of Dreams. The Korea Fair Trade Commission fines major bond dealers $1.2B for secretly fixing yields and volumes in 150 Treasury auctions, making teamwork very expensive. (Bloomberg)
- ๐ธ๐ฌ Safe Deposit. Singapore unveils a 500-tonne gold facility for foreign central banks, betting that being the worldโs safest lockbox is a growth industry. (Le Figaro)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Stuck in Neutral. The Bank of England warns that young people in the UK are facing higher unemployment as the economy stalls and employers hesitate to hire amid Middle East conflict fallout. (The Guardian)
- ๐ฌ๐ง Bid Fiction. Christopher Woolcott faked a ยฃ154M takeover of Touchstone Exploration ๐จ๐ฆ using ChatGPT, fake identities, and an American accent, earning a suspended sentence for his DIY Wall Street drama. (Financial Times)
- ๐ฌ๐ง Rising Soon. The Bank of Englandโs Clare Lombardelli warns another rate hike is on the cards unless inflation drops off quickly. (Wall Street Journal)
๐บ๐ธ United States
- ๐บ๐ธ Rise and Grind. October saw consumer prices climb 0.4%, a higher-than-expected move that keeps inflation on the front burner for policymakers and shoppers alike. (Wall Street Journal)
๐ข Real Estate
- ๐ธ๐ช Forest Gump. Alex Karp, CEO of Palantir ๐บ๐ธ, stunned Sweden by buying 15,000 hectares of forest for $21M, leaving locals and officials speechless. (Le Monde)
- ๐บ๐ธ Wired and Tired. Cranbury, NJ, population 4,000, just lost $26M in a cyber scam after officials sent funds for a land deal to fraudsters. The colonial charm is not helping with the modern headache. (Wall Street Journal)
- ๐ฆ๐บ Rate Race. Australian home loans plunged 15.5% in Q3 after the Reserve Bank's rapid rate hikes, setting a record for the steepest quarterly drop since 2002. (Bloomberg)
๐บ๐ธ United States
- ๐ฌ๐ง Rated R. Bridgepoint Group ๐ฌ๐ง is eyeing unloved real estate assets, betting that higher rates have created bargains where others see only risk. (CNBC)
๐ฑ Listed Markets
- ๐ซ๐ท French Exit. Exaion, once an EDF subsidiary, is now owned by US-based Mara, promising โฌ5B in AI investments despite fierce political backlash. (Le Figaro)
- ๐ฉ๐ช Chip Happens. Infineon Technologies ๐ฉ๐ช hikes its AI sales target to $4.5B by 2027, betting that data center demand will keep the silicon flowing. (Wall Street Journal)
- ๐บ๐ธ Eyes in the Sky. Ringโs new robotics division introduces an indoor drone and a mobile security bot, offering round-the-clock monitoring and a fresh batch of privacy questions. (CNBC)
- ๐บ๐ธ Jet Lag. Boeingโs October deliveries fell 14% to 49 aircraft, with CEO Kelly Ortberg conceding the 737 MAX target is officially out of reach for 2023. (CNBC)
- ๐บ๐ธ Signed, Sealed, Delivered. Apple ๐บ๐ธ is adding built-in sign language interpretation to Apple TV Originals, letting viewers enable an interpreter directly in supported titles instead of searching for separate versions. (TechCrunch)
- ๐จ๐ฆ ARK and Order. Emerge Canada, the firm that sold Cathie Woodโs ARK ETFs, was found to have breached securities law, prompting an unprecedented trading halt on all its funds. (Bloomberg)
- ๐จ๐ฆ Fund and Games. Ontarioโs Capital Markets Tribunal found Emerge Canada and its founder misused $4.2M from Cathie Wood-linked ETFs to prop up their own business, leaving investors holding the bag. (Bloomberg)
- ๐ง๐ท Like and Order. Brazil fines Meta โฌ1.2M for failing to treat Lula and Bolsonaro equally on its platforms during the presidential election, with judges citing incomplete and opaque disclosures. (Le Temps)
- ๐ฏ๐ต Artificial Disappointment. SoftBank ๐ฏ๐ต swung to its first loss in nearly two years, blaming $3.7B in US data center write-downs and falling tech stocks for the $7.1B hit. (Wall Street Journal)
๐บ๐ธ United States
- ๐บ๐ธ Not Yet Compute. Wall Streetโs hopes for trading futures tied to AI chip rentals are on hold as the CFTC hits pause, citing concerns over manipulation and market readiness. (Financial Times)
๐๏ธ Big Deals (M&A)
- CVC ๐ฌ๐ง and GBL ๐ง๐ช have secured more than 90% of Recordati ๐ฎ๐น, paving the way for their $12.3B take-private.
- Credit Agricole ๐ซ๐ท is in talks to merge its Italian unit with Banco BPM ๐ฎ๐น, valued at $25B.
- Bollorรฉ ๐ซ๐ท is set to transfer Bluebus ๐ซ๐ท's electric-bus R&D activity to ล koda Group ๐จ๐ฟ, preserving 17 jobs.
- Germany ๐ฉ๐ช has agreed to acquire a 50% stake in Franco-German defense group KNDS ๐ซ๐ท๐ฉ๐ช for โฌ6.6B.
- UniCredit ๐ฎ๐น is set to secure unconditional EU approval for its acquisition of Commerzbank ๐ฉ๐ช, valued at $50B.
- Nexi ๐ฎ๐น has agreed to sell German fintech Ratepay ๐ฉ๐ช to Affirm ๐บ๐ธ.
- Argenx ๐ณ๐ฑ has agreed to acquire peptide-focused biotech Unnatural Products ๐บ๐ธ for $1.15B.
- CTP ๐ณ๐ฑ has agreed to acquire all Vietnam assets of South-East Asia Logistics Partners ๐ธ๐ฌ for $500M.
- EP Group ๐จ๐ฟ has completed its tender offer for Fnac Darty ๐ซ๐ท, becoming its controlling shareholder with a 69.3% stake in a deal valuing the retailer at more than โฌ1B.
- Surgery Partners ๐บ๐ธ rejects an unsolicited bid from UnitedHealth Group ๐บ๐ธ and backs a revised $6B deal with HealthSpan Partners ๐บ๐ธ.
- LS Power ๐บ๐ธ to acquire six natural-gas-fired power plants from NRG Energy ๐บ๐ธ for $4B in cash.
- KPS Capital Partners ๐บ๐ธ will acquire a 70% stake in MM Group's ๐ฆ๐น packaging unit at a $2.7B valuation including debt.
- Brad Jacobs ๐บ๐ธ will lead a $1B investment in land management company CKX Lands ๐จ๐ฆ.
- A consortium backed by Charles River Laboratories ๐บ๐ธ will take private Frontage Laboratories ๐ญ๐ฐ in a $616M deal at a 60% premium.
- Walt Disney ๐บ๐ธ and Skydance ๐บ๐ธ are considering bids for the broadcast rights to Franceโs Ligue 1 soccer league ๐ซ๐ท.
- Clearlake Capital Group ๐บ๐ธ is exploring a sale of packaging company IPG ๐บ๐ธ for more than $3.5B.
- The Riverside Company ๐บ๐ธ to acquire Hoover Circular Solutions ๐บ๐ธ, supported by a $130M facility led by Silver Point Capital ๐บ๐ธ.
- Broadwing Capital ๐บ๐ธ has completed the acquisition of Supply Side ๐บ๐ธ, a distributor of packaging materials and hardware for the self-storage and parcel retail sectors.
- OpenAI ๐บ๐ธ has acquired AI travel agent Odessia ๐บ๐ธ in an acqui-hire. The startupโs tool has been shut down.
- Oura ๐บ๐ธ has agreed to acquire AI-native primary care startup Counsel Health ๐บ๐ธ for $625M. The deal is expected to close before the end of 2027.
- BankTech Ventures ๐บ๐ธ invests in Bud Financial ๐ฌ๐ง to support its U.S. expansion.
- Strathcona Resources ๐จ๐ฆ has agreed to acquire Greenfire Resources ๐จ๐ฆ in a $2B cash-and-stock deal, including debt.
- Canada ๐จ๐ฆ says Stellantis ๐ณ๐ฑ's sale of its Toronto-area factory to Roshel ๐จ๐ฆ is unacceptable and threatens legal and policy action to protect around 2,000 jobs.
- Mitsui Chemicals ๐ฏ๐ต will acquire chipmaking materials maker JSR ๐ฏ๐ต from JIC ๐ฏ๐ต for $12B.
- Kobe Steel ๐ฏ๐ต acquires a 70% stake in CNH Industrial ๐ณ๐ฑโs construction equipment business for $700M, from Exor ๐ฎ๐น.
- NMDC Group ๐ฆ๐ช plans to announce an acquisition in December and is considering three to five targets.
- Botswana ๐ง๐ผ will double its stake in diamond company De Beers ๐ฟ๐ฆ to 30%, while Global Diamond Consortium is pursuing a $1B acquisition of the company from Anglo American ๐ฌ๐ง.
๐บ๐ธ United States
- Skyline Investors ๐บ๐ธ provides a $10M+ investment to YouFit Gyms ๐บ๐ธ for upgrades at 12 Florida clubs.
- Rochefort Asset Management ๐บ๐ธ provides strategic financing to INTALUS ๐บ๐ธ for U.S. manufacturing facilities and equipment.
- Mastercraft Ventures ๐บ๐ธ invests in MyoWorks ๐บ๐ธ, a healthcare technology startup developing connected treatment tools for musculoskeletal care providers.
- Marlin Equity Partners ๐บ๐ธ makes a strategic growth investment in cybersecurity audit and assurance firm Insight Assurance ๐บ๐ธ.
- Altamont Capital Partners ๐บ๐ธ has made an equity investment in architecture and engineering services provider CESO ๐บ๐ธ.
- CC Capital ๐บ๐ธ and Motive Partners ๐บ๐ธ have agreed to sell investment advisory and analytics firm Wilshire ๐บ๐ธ to Marsh ๐บ๐ธ, with closing expected in Q1 2027 pending regulatory approval.
- Five Elms Capital ๐บ๐ธ announces a growth investment in iCareManager ๐บ๐ธ, an EHR and care management platform for IDD and human services providers.
- Scalestack ๐บ๐ธ has acquired Alysio ๐บ๐ธ, an AI agent workspace, alongside new funding led by Leonis Capital ๐บ๐ธ.
๐งณ Private Markets & VC
- ๐ซ๐ท Bug Hunt. French startup Heal.dev raises โฌ4M to deploy AI agents that find security flaws and bugs in code generated at record speed by other AIs, promising to catch what old-school reviews miss. (Maddyness)
- ๐ซ๐ท Fair Use Farce. Mistral pushes back on proposed French AI copyright laws, triggering outrage among creatives who see their work as more than just training data. (Sifted)
๐บ๐ธ United States
- ๐บ๐ธ Chair Force. TOV Furniture tried to bring manufacturing jobs back to the, but tariffs and costs sent production right back overseas instead. (Wall Street Journal)
Fundraising
- Mercor ๐บ๐ธ (AI): $750M (Benchmark, Felicis, Fundomo, Nvidia, Apollo)
- Onodrim Industries ๐ช๐บ (Defense): $300M (Lux Capital)
- Path Robotics ๐บ๐ธ (Robotics): $300M (Georgian, Addition, Drive Capital, IronArc Ventures, Tiger Global, Yamaha Motor Ventures, D. E. Shaw Ventures, Naver Ventures)
- Blue J Legal ๐จ๐ฆ (AI): US$176M (JMI Equity, Oak HC/FT, Sapphire Ventures, Intrepid Growth Partners)
- Mavria (Data center): $130M (Paradigm)
- Clara ๐ง๐ท (Fintech): $105M (Citius, Kaszek Ventures, DEG, General Catalyst)
- Delix Therapeutics ๐บ๐ธ (Biotech): $100M (J&J)
- XLIO ๐ฌ๐ง (Technology): $100M
- Sparxity ๐ฉ๐ช (AI): $90M (ICM HPQC Fund)
- Project Omega (Energy): $80M (B Capital)
- Spines ๐บ๐ธ (AI): $64M (Zeev Ventures)
- Hone ๐บ๐ธ (AI): $60M
- Charta Health ๐บ๐ธ (Healthcare): $55M (Insight Partners, Madrona, Bain Capital Ventures, South Park Commons, QuantumLight)
- Bay ๐ฎ๐ฑ (Cybersecurity): $50M (Battery Ventures, YL Ventures, Striker Venture Partners)
- Index Industries ๐บ๐ธ (Proptech): $50M (Lightspeed Venture Partners, Polychain Capital, Galaxy Ventures, Wintermute Ventures)
- Mosaic Intelligence Labs ๐บ๐ธ (Healthcare): $47M (8VC, Fundomo, Lingotto Innovation, Obvious Ventures)
- SRTD Biotech ๐ฉ๐ช (Biotech): โฌ31.5M (Mรฉrieux Equity Partners, NRW.BANK, Boehringer Ingelheim Venture Fund, Lilly Ventures, High-Tech Grรผnderfonds, Anobis Family Office)
- Coframe (AI): $35M (Khosla Ventures, Hanabi Capital)
- Graphon Labs ๐บ๐ธ (AI): $35M (RRE Ventures, HP, Energy Impact Partners, Hitachi Ventures, Gaia VC)
- Nidus ๐บ๐ธ (Robotics): $30M (Kleiner Perkins, Costanoa, Ludlow Ventures, SF1, Absolute Partners, Tau, Chris Power, Adrian Aoun, Nikhil Goel)
- Sumary ๐ฌ๐ง (Fintech): $25M (Singular)
- Nanopath ๐บ๐ธ (Healthcare): $25M (Norwest, SV Health Investors' MedTech Convergence Fund, Labcorp Venture Fund, Elderberry Ventures, GingerBread Capital, Alumni Ventures)
- WhiteMatter ๐บ๐ธ (Cybersecurity): $20M (Blumberg Capital, Crew Capital, Sprout & Oak)
- SPARETECH ๐ฉ๐ช (Industrial AI): $20M (Blume Equity, Insight Partners, Headline)
- Hiverge ๐ฌ๐ง (AI): $19.4M (Plural, Nvidia)
- geniosAI (Fintech): $19.1M (FactSet)
- Primordial Labs ๐บ๐ธ (Defense): $18M (Ballistic Ventures, Squadra Ventures, Lockheed Martin Ventures)
- PORT ๐ฌ๐ง (Mobility): โฌ14.5M (European Bank for Reconstruction and Development, Balnord)
- triPica ๐ซ๐ท (Energy software): โฌ12.4M (TiLT Capital Partners)
- PromptPath ๐บ๐ธ (Automotive): $12M (FM Capital, Armory Square Ventures, Automotive Ventures, Holman Ventures)
- EnVision Endoscopy ๐บ๐ธ (Healthcare): $11.5M (Puma Venture Capital, UTEC - University of Tokyo Edge Capital, Olympus Corporation of the Americas, MassVentures)
- PuppyGraph ๐บ๐ธ (AI): $10M (Particle Future, defy.vc)
- Astral (AI): $5.5M (MapleVC)
- Light Frame ๐จ๐ญ (Fintech): $5.1M (Fortino Ventures, Sidekick Partners, Tenity, Chamaeleon, AltaIR Capital, Rogue Venture Partners, New Stack Ventures, Studio Alpha)
- Efferon ๐ฉ๐ช (Biotech): โฌ4.3M (Existing private investors in the DACH region)
- BionicM ๐ฏ๐ต (Healthcare): JPY 710M (B Dash Ventures, Mitsubishi UFJ Capital, overseas investors, angel investors)
- Agent F ๐ฉ๐ช (Fintech): $4M (Alpha Edison, United Founders, Jan Oberhauser, Julian Teicke, Dr Jรผrgen Mรผller, Maximilian von Dรผring, Daniel Lauchardt, Paul Ohlhaut, Nicklas Teicke, Timo Gerken, Tiny Supercomputer)
- Triplemoon ๐บ๐ธ (Healthcare): $4M (LiveOak Ventures, Activate Venture Partners)
- LiCuSpace ๐ฉ๐ช (Climate tech): โฌ3M (bmp Ventures, IBG funds of Saxony-Anhalt)
- Toutix ๐บ๐ธ (Sports): $3M (Evolution Equity Partners)
- Numina ๐ฉ๐ฐ (Fintech): โฌ1.1M (Founders A/S, Emblem, Nebular, The Nordic Web, Bjarke Klinge Staun, Jonathan Sanders, Alen Cvisic)
- Valkyrie Dynamics (Defense): โฌ1M
Fund Watch
- Blackstone ๐บ๐ธ: $14.5B (4th European private credit fund)
- Igneo Infrastructure Partners ๐ฌ๐ง: $6.7B (4th European infrastructure fund)
- Altimeter Capital Management ๐บ๐ธ: $3.5B (late-stage and early-stage funds, seeking to raise)
- I Squared Capital ๐บ๐ธ: $3B (2nd infrastructure credit fund)
- Cube Infrastructure ๐ฑ๐บ: $1.7B (4th flagship infrastructure fund, seeking to raise)
- Brian Long ๐ฎ๐ช: $1.6B (departing Atlantic Bridge to launch a US tech fund)
- Ardian ๐ซ๐ท: $1.1B (debut semiconductor fund)
- Nigerian pension funds ๐ณ๐ฌ: $750M (infrastructure platform, launched)
- Proterra Investment Partners ๐บ๐ธ: $680M (3rd private credit fund focused on food and beverage)
- Clarion Partners ๐บ๐ธ: $620M (3rd European sale-leaseback fund)
- Intera Partners ๐ซ๐ฎ: $505M (5th buyout fund, largest fund in Sweden)
- Ballistic Ventures ๐บ๐ธ: $490M (3rd flagship fund and separate vehicle, seeking to raise)
- BlackPeak Capital ๐ช๐บ: $140M (2nd regional growth strategy, first close)
- Zacua Ventures ๐บ๐ธ: $135M (Fund II, construction and physical industries venture fund, closed 35% oversubscribed)
- Stage 2 Capital ๐บ๐ธ: $100M (Venture Fund IV and Catalyst IV, closed)
- Proximal Ventures ๐บ๐ธ: $27.5M (debut VC fund for AI in drug development)
- Townie Wells ๐บ๐ธ: billions (equity L/S fund, raising from Millennium)
- Certior Capital ๐ซ๐ฎ: (3rd European small-cap PE fund, first close)
๐IPO
- Worldline ๐ซ๐ท (Payments): completed a โฌ329.8M buyback of bonds maturing in June 2027.
- Windward Bio ๐จ๐ญ (Biotech): targeting a $1B valuation in its US IPO.
- Anthropic ๐บ๐ธ (AI): targeting a valuation of up to $1.02T in its IPO, raising up to $64.4B.
- T-Head ๐จ๐ณ (Semiconductors): confidentially filed to list on the Hong Kong Stock Exchange.
- Goodman Group ๐ฆ๐บ (Real estate) and Digital Realty Trust ๐บ๐ธ (Data centers): jointly acquired a 9.9% stake in NEXTDC ๐ฆ๐บ (Data centers), valued at $5.5B.
- First Abu Dhabi Bank ๐ฆ๐ช (Banking): exploring a $5B rights issue.
- Dangote Cement ๐ณ๐ฌ (Building materials): scrapped plans for a London secondary listing due to market conditions.
๐บ๐ธ United States
- Enova International ๐บ๐ธ (Fintech): authorized a new $500M share repurchase program through June 2028.
๐งณ Debt
- Qualtrics ๐บ๐ธ: banks are offering up to 15ยข discounts on a $5B debt package.
- SBA Communications ๐บ๐ธ: raised a $2B senior unsecured term loan to refinance tower debt.
- Lucid ๐บ๐ธ: expanded its credit line from Saudi Arabiaโs PIF ๐ธ๐ฆ by $1.75B to $3.75B.
- Alphabet ๐บ๐ธ: held talks to raise $3B in debut Hong Kong and Singapore bond sales.
- Peloton ๐บ๐ธ: seeking $600M in its debut junk bond sale.
- Fox Corp. ๐บ๐ธ: seeking $8B in bonds to repay debt for its Roku acquisition.
- Ecopetrol ๐จ๐ด: raising $2B in its first dollar bond sale in two years to prepay a bridge loan.
- China ๐จ๐ณ: priced its first yuan-denominated green bond in Canada to raise $600M.
- Indonesia ๐ฎ๐ฉ: marketing its second Panda bond to raise $1.8B.
- Yoco Technologies ๐ฟ๐ฆ: raised a $100M private credit facility from Victory Park Capital.
๐บ๐ธ United States
- DRW Energy Trading ๐บ๐ธ: secured a $1B revolving credit facility.
โ Failures
- Children's Place ๐บ๐ธ: the children's apparel retailer filed for Chapter 11 bankruptcy due to tariffs and declining consumer sentiment.
- Boeing ๐บ๐ธ: plans to cut 5% of its commercial aviation workforce, or over 2,500 jobs, amid production and delivery difficulties.
- Braskem ๐ง๐ท: shareholders and creditors are set to conclude out-of-court restructuring talks over $11B in debt.
- Wing Fai Ng ๐ญ๐ฐ: the businessman leading talks to buy a stake in Tottenham Hotspur was declared bankrupt over $4M in unpaid debts.
- Qantas Airways ๐ฆ๐บ: a technology and AI deal with Accenture will lead to around 850 job cuts.
- David Jones ๐ฆ๐บ: the retailer will close 19 of its 38 department stores by year-end to save the business.
๐ฏ For a Few More Minutesโฆ
- ๐ฌ๐ง Beam Me Up. Jamie Douglas, 18, now holds the title of the UK's youngest lighthouse keeper, shining a new light on a very old job. (BBC)
- ๐ซ๐ท Burn Notice. An attacker set his own balaclava on fire while hurling a Molotov cocktail at Joliot-Curie high school in Nanterre, leaving only minor injuries and a charred ego. (Le Parisien)
- ๐ฎ๐น Paper Jam. A three-year-old born in Paris is not recognized by Italy due to a French clerical error that swapped his parentsโ names on his birth certificate, leaving the family in legal limbo. (Ouest-France)
- ๐ท๐บ Press Pause. Novaia Gazeta, Russia's last major opposition newspaper, closed its doors after 33 years, losing both its newsroom and its funding in one blow. (Le Temps)
- ๐บ๐ธ Back to the Human. companies that replaced staff with AI are now rehiring the same workers after automation failed to deliver, often at a higher cost. (Le Figaro)
- ๐บ๐ธ Vent Interest. A humble air vent that once sold in small batches is suddenly in massive demand, leaving manufacturer Andrew Witteck both baffled and busy. (Wall Street Journal)
- ๐ฆ๐บ Sticky Wicket. Khawaja's memoir reignites debate over the 2018 ball-tampering saga, urging team-wide responsibility as officials insist there is no reason for a new investigation. (BBC)
