💸 Tap-and-Go

🗞️ Top Story

• 🇬🇧 Safety First. The UK government is considering forcing top AI firms to file mandatory safety reports, hoping paperwork will keep the robots in line. (Sifted)
• 🇬🇧 Remote Control. London says Iran orchestrated a planned strike on Fairford airbase using proxies, prompting coordinated condemnation from Western allies and a round of sanctions. (Boursier)
• 🇫🇷 Captain's Table. Macron watches missiles launch from a navy ship while protests erupt at home, a parting image for a presidency adrift in crisis. (New York Times)
• 🇸🇪 Hall of Fame. Robert E. Hall and Michael Woodford take the 2024 Nobel in economics, cementing their place in the discipline's highest echelon. (CNBC)
• 🇪🇺 Kill Switch. European regulators tell Meta, X, and TikTok they must block any livestream of the upcoming Texas execution, citing the Digital Services Act. (Le Temps)
• 🇪🇺 Alliance Unbreakable. NATO’s top commander Alexus Grynkewich warns Russia that any attack on a member will trigger massive retaliation, making aggression a pointless exercise. (El Pais)

• 🇬🇧 Back to the Bloc. Prime Minister Andy Burnham calls for a “serious dialogue” on the UK’s EU relationship, framing an upcoming Brussels summit as a possible first step toward renewed membership. (The Guardian)
• 🇬🇧 Access Denied? The UK government concedes its cyber walls may not hold, with the AI minister predicting a breach is only a matter of time. (BBC)
• 🇬🇧 Silent Partner. Chris Bruni-Lowe, Farage’s private pollster, played a significant but unpublicised part at Redfield & Wilton Strategies, influencing campaign strategy from the shadows. (The Guardian)

• 🇺🇸 Money Talks. Elon Musk has become the largest backer of Republican campaigns to retain Congress, dropping $275M to help shore up struggling races nationwide. (Financial Times)

🏛️ Economy

• 🇬🇧 Hidden Figures. BBC Panorama reveals that Deloitte 🇬🇧 allegedly helped Roman Abramovich mask his fortune by faking and backdating paperwork, making tax bills disappear in the process. (BBC)
• 🇬🇧 Budget Bluff. As the UK prepares its latest budget, officials face skepticism from investors who doubt the government can actually rein in borrowing. (Wall Street Journal)
• 🇩🇪 Tax Machina. Germany's digital minister Karsten Wildberger proposes taxing AI-generated revenue to fund job retraining, arguing that tech profits should help pay for the disruption they cause. (Die Zeit)
• 🇪🇺 Hybrid Theory. The caps Chinese hybrid car imports at 350K per year, forcing Beijing to hit the brakes on its fast-growing European auto ambitions. (Le Figaro)
• 🇪🇺 Chain Reaction. Europe slaps nearly 1,600 new sanctions on Russia’s military-industrial complex, aiming to slow missile production and remind Moscow that unity can be weaponized too. (France Info)
• 🇺🇸 Haul of Fame. Wall Street’s biggest banks will unveil a $19B trading profit this quarter, as JPMorgan, Goldman Sachs, Wells Fargo, and Citi keep their winning streak alive. (Bloomberg)
• 🌎 Fiscal Cliffhanger. The IMF's latest outlook shows advanced economies facing their biggest deficits since 2021, as soaring borrowing and higher rates threaten to push global debt toward 100% of GDP. (Financial Times)
• 🌍 Looped In. Tech giants are recycling billions by investing in each other's AI projects, creating a circular flow of global cash that echoes pre-2008 financial excess. (Bloomberg)
• 🌍 Back in the Red. Global poverty rises for the first time in over a decade, with 1.2B people counted as acutely poor, according to the UN’s latest data. (Les Echos)

• 🇬🇧 Mind the Gap. Chancellor Healey faces a £35B shortfall ahead of the UK budget, with the IFS reminding everyone that numbers do not fudge themselves. (Bloomberg)

• 🇺🇸 Habit Forming. The Cleveland Fed's Beth Hammack says higher rates might be necessary to keep an "inflationary mindset" from taking hold, in case anyone was getting comfortable. (CNBC)
• 🇺🇸 Peak Performance. According to prediction markets, inflation is unlikely to climb higher for 2026, yet it remains stubbornly above target. (CNBC)

🏢 Real Estate

• 🇬🇧 Hot Spot. Slough's rise as Europe's data center capital sparks backlash from residents, who say the facilities bring noise, sleepless nights, and a noticeable jump in local temperatures. (Le Monde)
• 🇪🇺 Current Affairs. European buildings cut their CO2 emissions by 17% in five years, outpacing a modest 6% drop in energy use, according to Deepki. The climate math looks good, but the energy bill is still stubbornly high. (Les Echos)

• 🇬🇧 Cost of Living. Laura Johnson, the ex-director linked to Grenfell Tower cutbacks, steps down from her new £150K housing post after fierce backlash from survivors. (The Guardian)

🔗 On-chain

• 🇬🇧 Crown Mining. The UK Treasury edges closer to keeping a £3.8B bitcoin stash after a High Court ruling blocks Chinese fraud victims from claiming under English law. (Financial Times)

💱 Listed Markets

• 🇫🇷 Gilt Trip. LVMH reports just 1% organic sales growth for Q3, casting a shadow over hopes for a luxury rebound in Europe. Investors wanted champagne, got flat water. (Wall Street Journal)
• 🇩🇪 Driven Down. Volkswagen Group deliveries dropped 14% in Q3 to 1.89M vehicles, as weakness in China keeps the brakes firmly on growth. (Wall Street Journal)
• 🇪🇺 Union Jacked. Stellantis and Renault want the UK treated as an honorary member under new car industry protections, but warn London to keep an eye on Chinese imports. (The Guardian)
• 🇺🇸 Chip Shot. Shares in major semiconductor companies fell sharply after Broadcom 🇺🇸 CEO Hock Tan compared AI investing to gambling, spooking already jittery markets. (Financial Times)
• 🇺🇸 Off the Books. Meta’s data center expansion hides $347B in lease obligations that do not appear on the balance sheet, making its true leverage anyone’s guess. (Financial Times)
• 🇨🇳 Memory Lane. CXMT announces a breakthrough in DRAM technology, sending SK Hynix 🇰🇷 and Micron Technology 🇺🇸 stocks down as the Chinese challenger accelerates. (Boursier)
• 🇦🇺 Clouded Judgment. Firmus shelved its $30B Sydney IPO after investors balked at its sky-high valuation, leaving the data center startup scrambling for private capital and a possible US listing. (Bloomberg)

• 🇪🇺 Open All Hours. Japanese retail giant Seven & i Holdings wants to make Europe its next big growth market, targeting expansion for its 7-Eleven chain beyond the Nordics. (Boursier)

• 🇺🇸 Thrill Kill. A fatal accident on the Goliath roller coaster at Six Flags 🇺🇸 Over Georgia sent the company’s shares plunging after-hours, as management scrambled to contain fallout and paused similar attractions nationwide. (CNBC)
• 🇺🇸 Risky Business. Traders are paying up to hedge UnitedHealth 🇺🇸 shares before earnings, with implied volatility hitting 40% while the stock itself stays flat. (CNBC)
• 🇺🇸 Supermarket Sweep. Albertsons is demanding at least $8B from Kroger after their failed merger, accusing its rival of stacking the deck in court filings. (Wall Street Journal)

🛎️ Big Deals (M&A)

• Valerio Therapeutics 🇫🇷 has completed the acquisition of Etherna Immunotherapies 🇧🇪 for €30M.
• The French State 🇫🇷 is set to increase its stake in Eramet 🇫🇷 to up to 49% through a €500M capital raising, becoming its top shareholder.
• Unipol 🇮🇹 has received ECB approval to raise its stake above 20% in BPER Banca 🇮🇹, a $32B-listed lender, and is seeking over 30% of a future group combining BPER with assets carved out of BMPS 🇮🇹.
• Galp Energia 🇵🇹 is weighing a sale of its residential customer portfolio.
• Ithaca 🇺🇸 could announce a deal to acquire dating app company Bumble 🇺🇸 for $1B as early as this week.
• Nvidia 🇺🇸 is in talks to potentially acqui-hire open-weight AI model startup Reflection AI 🇺🇸, recently valued at $25B.
• Cirrus Logic 🇺🇸 made an unsolicited offer for Synaptics 🇺🇸, prompting On Semiconductor 🇺🇸 to improve its $5.7B all-cash offer.
• GTCR 🇺🇸 and Elliott 🇺🇸 are in advanced talks to acquire car insurance software provider CCC Intelligent Solutions 🇺🇸, valued at $4B.
• One Equity Partners 🇺🇸 will acquire Nexora 🇮🇪, DCC Energy’s technology unit, at a $735M valuation ahead of its LBO by KKR.
• The Friedkin Group 🇺🇸 is considering selling a controlling interest in Everton FC 🇬🇧, less than two years after acquiring the club.
• IonQ 🇺🇸 has agreed to acquire cybersecurity firm Elisity 🇺🇸 in an all-stock deal valued at up to $1.3B.
• Steris 🇺🇸 has agreed to acquire specialty surgical products company Xodus Medical 🇺🇸 for $2.1B.
• Stryker 🇺🇸 is set to invest around $400M in CMR Surgical 🇬🇧, with an option to acquire the company outright.
• Jaime Gilinski 🇨🇴 obtained rights to Venezuela’s Bare field and exchanged them for majority control of GeoPark 🇨🇱 via an initial $515M stake.
• Tata Motors 🇮🇳 raises its cash offer for Iveco 🇮🇹, a $4B-listed truck maker, to a 7% premium.
• Turkey Wealth Fund 🇹🇷 will take over state-run lenders Ziraat Bankasi 🇹🇷 and Halkbank 🇹🇷.
• ADNOC Logistics & Services 🇦🇪 is in talks to acquire a large minority or controlling stake in HEA Energy 🇦🇪 at a valuation of up to $3B.
• Pepkor 🇿🇦 plans to merge its fintech arm Flash 🇿🇦 with payments platform Shop2Shop 🇿🇦, creating a $1.3B company in which Pepkor would own 57.1%. The deal is facing shareholder scrutiny.

• PayJoy 🇺🇸 has announced the acquisition of strategic assets from Finia AI 🇲🇽, a fintech focused on AI underwriting and financial products for micro-businesses.

🧳 Private Markets & VC

• 🇫🇷 Cloud Cover. HyLight secures €13M from investors including Y Combinator to scale its hydrogen drone airships, aiming to replace noisy helicopters with silent surveillance. (Maddyness)
• 🇺🇸 Empty Suite. FIFA is paying over $4M for a Trump Tower office that sits mostly unused, raising eyebrows about the soccer body’s priorities and political ties. (New York Times)

• 🇬🇧 Chain Reaction. With Boots sold for $8.9B and brands like PizzaExpress and Morrisons up for grabs, private equity is cashing out of the UK high street while the market is still tepid. (Financial Times)

• 🇺🇸 Up, Up and Away. The Air Force signs a contract worth up to $49M with WindBorne Systems to buy data from its global fleet of autonomous weather balloons, betting on high-flying forecasts. (TechCrunch)

Fundraising

• Firmus 🇦🇺 (Data centers): $2B-$3B
• Ramp 🇺🇸 (Fintech): $1.85B (Dragoneer, Thrive Capital)
• Oxide Computer Company 🇺🇸 (Cloud computing): $445M (Eclipse)
• Atlas Atomics 🇺🇸 (Nuclear): $400M (General Catalyst)
• Voltus 🇺🇸 (Energy): $225M (Generation Investment Management, Activate Capital, Vitol)
• Scanntech 🇺🇾 (Retail): $180M (L Catterton)
• 1Komma5° 🇩🇪 (Energy): €70M (Marunouchi Innovation Partners)
• 1Komma5 🇩🇪 (Climate tech): €70M
• Sabi 🇺🇸 (AI): $50M (Khosla Ventures)
• Scarlet 🇬🇧 (Healthcare): $50M (Headline, Notion Capital, Atomico, Creandum, Kindred Capital, Entrepreneurs First)
• Ambi 🇺🇸 (AI): $26M (Luminous Ventures, Huaqin)
• Kapta Space 🇺🇸 (Space): $24M (Washington Harbour Partners, Bison Ventures)
• HyLight 🇫🇷 (Aerospace): €13M (Rubio Impact Ventures, DRW, Teampact Ventures, Y Combinator, Ring Capital)
• Torch Systems 🇺🇸 (Proptech): $11.5M (Khosla Ventures, Abstract)
• UniSieve 🇨🇭 (Industrial): $9M (Orano Venture Fund, Amadeus APEX Technology Fund, Founderful, Zürcher Kantonalbank, Guenat Holding)
• CarbonFarm 🇫🇷 (ClimateTech): €7M (Colam Impact, Proparco, Suma Capital, elea, Working Capital Fund)
• NEU Battery Materials 🇸🇬 (Recycling): US$7.6M (Shift4Good, SGInnovate, Lotus Singapore Group, M7 Holdings, Paragon Ventures I)
• Loops 🇺🇸 (AI): $3.5M (a16z speedrun, NTT Docomo, Connecticut Innovations, Alumni Ventures, Monday)
• VoicePatrol 🇷🇴 (Voice): €3M (GapMinder)
• Monopulse 🇩🇰🇱🇹 (Drones): €2M+
• Nuvacore (Semiconductors): Hundreds of millions of dollars (Sequoia)

Fund Watch

• SoftBank 🇯🇵: $100B (sought from Gulf SWFs for AI investments)
• Meridiam 🇫🇷: $4.5B (continuation vehicle holding 15 American assets)
• Collective Global 🇺🇸: $1.2B (2nd GP stakes fund, currently raising)
• GIC 🇸🇬: $1B (sale of Asian PE stakes in EQT, TPG Asia and KKR to HarbourVest Partners)
• Yale University 🇺🇸: $1B (PE LP stakes sold to HarbourVest Partners)
• WhiteHorse Capital 🇺🇸: $680M (multi-asset continuation vehicle for its publicly traded BDC, seeking to raise)
• Taurus Private Markets 🇺🇸: $300M (3rd private equity fund of funds)
• Pomona Capital 🇺🇸: reached 80% of target for 11th North America buyouts fund
• Armen 🇬🇧: acquired a minority stake in Freshstream

🔔IPO

• Airtel Money 🇬🇧 (Payments): raised $700M at a $6.6B valuation in the UK’s largest IPO since 2021.
• Refresco 🇳🇱 (Beverages): exploring a US or European IPO targeting a $10B valuation.
• vVardis 🇨🇭 (Dental tech): filed for a US IPO.
• City Therapeutics 🇺🇸 (Biotech): filed for a IPO to raise $185M at a $950M valuation.
• TRex Bio 🇺🇸 (Biotech): raised $117M in a IPO at a $385M market capitalization.
• Base Electron 🇺🇸 (Energy): confidentially filed for an IPO.
• Bambusa Therapeutics 🇺🇸 (Biotech): filed for a IPO.
• Patriot Mobile 🇺🇸 (Telecoms): filed for an IPO.
• Transsion Holdings 🇨🇳 (Technology): raised $390M in a Hong Kong share sale.
• Jio Platforms 🇮🇳 (Telecoms): set to price its IPO at a $107B valuation, raising $3.1B.
• Zetwerk 🇮🇳 (Manufacturing): set to launch an Indian IPO raising $525M at a $2.8B valuation.
• Banque du Caire 🇪🇬 (Banking): plans to sell a 30% stake on Egypt’s stock exchange.
• OPay 🇳🇬 (Fintech): raised $185M in a private placement ahead of a potential US listing.

🧳 Debt

• Omnes Education 🇫🇷: looking to refinance $785M of debt.
• Siemens Energy 🇩🇪: bankers are arranging a $7.9B debt package for a potential sale of its steam turbines business.
• INWIT 🇮🇹: arranging financing for a potential take-private.
• Blackstone Credit & Insurance 🇺🇸: led a $1B financing for Analogic’s merger with Leidos’ security businesses.
• Aditya Birla Renewables 🇮🇳: seeking $1.5B rupee loans to fund its $1.8B acquisition of Shell’s Indian renewable energy arm.

• energyRe 🇺🇸: secured $815M in financing for five South Carolina solar projects.

❌ Failures

• Virgin Media O2 🇬🇧: its bonds fell to 37¢ after a regulator warned that Nexfibre’s expected $2.6B acquisition of Netomnia could hurt competition.
• Electronic Arts 🇺🇸: secured an investment-grade rating after creditors sued over an alleged default following its record $55B LBO.
• Genesis Healthcare 🇺🇸: won approval to amend its $1B asset sale, clearing the way for bankruptcy proceedings.
• Jefferies 🇺🇸: a fund alleges fraud in $900M worth of deals involving iron ore traders Radiant World and Sapphire Minmetals.
• Cable One 🇺🇸: a federal judge temporarily blocked its $480M acquisition of Mega Broadband Investments.
• Venezuela 🇻🇪: creditors now hold 37% of the country’s $22B outstanding debt and expect to reach 40% soon.
• PAG 🇭🇰: the investment firm is in exclusive talks to acquire a majority stake in China Evergrande’s property management unit.

• Telia Co. 🇸🇪: the Swedish telecom operator plans to eliminate 900 jobs, aiming to reduce annual costs by $100M.

🎯 For a Few More Minutes…

• 🇬🇧 Myth Takes. A supposed Roman camp near Frenni Fawr, long dismissed as folklore, now looks real after archaeologists found a fort and ancient coins on site. (The Guardian)
• 🇫🇷 Fake Out. Auction plans for a stash of counterfeit Bojarski banknotes found in a French attic were abruptly halted when the state seized them as public archives. (Libé)

🗞️ Top Story

• 🇬🇧 Safety First. The UK government is considering forcing top AI firms to file mandatory safety reports, hoping paperwork will keep the robots in line. (Sifted)
• 🇬🇧 Back to the Bloc. Prime Minister Andy Burnham calls for a “serious dialogue” on the UK’s EU relationship, framing an upcoming Brussels summit as a possible first step toward renewed membership. (The Guardian)
• 🇬🇧 Access Denied? The UK government concedes its cyber walls may not hold, with the AI minister predicting a breach is only a matter of time. (BBC)
• 🇬🇧 Silent Partner. Chris Bruni-Lowe, Farage’s private pollster, played a significant but unpublicised part at Redfield & Wilton Strategies, influencing campaign strategy from the shadows. (The Guardian)
• 🇬🇧 Remote Control. London says Iran orchestrated a planned strike on Fairford airbase using proxies, prompting coordinated condemnation from Western allies and a round of sanctions. (Boursier)
• 🇫🇷 Captain's Table. Macron watches missiles launch from a navy ship while protests erupt at home, a parting image for a presidency adrift in crisis. (New York Times)
• 🇸🇪 Hall of Fame. Robert E. Hall and Michael Woodford take the 2024 Nobel in economics, cementing their place in the discipline's highest echelon. (CNBC)
• 🇪🇺 Kill Switch. European regulators tell Meta, X, and TikTok they must block any livestream of the upcoming Texas execution, citing the Digital Services Act. (Le Temps)
• 🇪🇺 Alliance Unbreakable. NATO’s top commander Alexus Grynkewich warns Russia that any attack on a member will trigger massive retaliation, making aggression a pointless exercise. (El Pais)

🏛️ Economy

• 🇬🇧 Hidden Figures. BBC Panorama reveals that Deloitte 🇬🇧 allegedly helped Roman Abramovich mask his fortune by faking and backdating paperwork, making tax bills disappear in the process. (BBC)
• 🇬🇧 Budget Bluff. As the UK prepares its latest budget, officials face skepticism from investors who doubt the government can actually rein in borrowing. (Wall Street Journal)
• 🇬🇧 Mind the Gap. Chancellor Healey faces a £35B shortfall ahead of the UK budget, with the IFS reminding everyone that numbers do not fudge themselves. (Bloomberg)
• 🇩🇪 Tax Machina. Germany's digital minister Karsten Wildberger proposes taxing AI-generated revenue to fund job retraining, arguing that tech profits should help pay for the disruption they cause. (Die Zeit)
• 🇪🇺 Hybrid Theory. The caps Chinese hybrid car imports at 350K per year, forcing Beijing to hit the brakes on its fast-growing European auto ambitions. (Le Figaro)
• 🇪🇺 Chain Reaction. Europe slaps nearly 1,600 new sanctions on Russia’s military-industrial complex, aiming to slow missile production and remind Moscow that unity can be weaponized too. (France Info)
• 🇺🇸 Haul of Fame. Wall Street’s biggest banks will unveil a $19B trading profit this quarter, as JPMorgan, Goldman Sachs, Wells Fargo, and Citi keep their winning streak alive. (Bloomberg)
• 🌎 Fiscal Cliffhanger. The IMF's latest outlook shows advanced economies facing their biggest deficits since 2021, as soaring borrowing and higher rates threaten to push global debt toward 100% of GDP. (Financial Times)
• 🌍 Looped In. Tech giants are recycling billions by investing in each other's AI projects, creating a circular flow of global cash that echoes pre-2008 financial excess. (Bloomberg)
• 🌍 Back in the Red. Global poverty rises for the first time in over a decade, with 1.2B people counted as acutely poor, according to the UN’s latest data. (Les Echos)

🏢 Real Estate

• 🇬🇧 Cost of Living. Laura Johnson, the ex-director linked to Grenfell Tower cutbacks, steps down from her new £150K housing post after fierce backlash from survivors. (The Guardian)
• 🇬🇧 Hot Spot. Slough's rise as Europe's data center capital sparks backlash from residents, who say the facilities bring noise, sleepless nights, and a noticeable jump in local temperatures. (Le Monde)
• 🇪🇺 Current Affairs. European buildings cut their CO2 emissions by 17% in five years, outpacing a modest 6% drop in energy use, according to Deepki. The climate math looks good, but the energy bill is still stubbornly high. (Les Echos)

🔗 On-chain

• 🇬🇧 Crown Mining. The UK Treasury edges closer to keeping a £3.8B bitcoin stash after a High Court ruling blocks Chinese fraud victims from claiming under English law. (Financial Times)

💱 Listed Markets

• 🇫🇷 Gilt Trip. LVMH reports just 1% organic sales growth for Q3, casting a shadow over hopes for a luxury rebound in Europe. Investors wanted champagne, got flat water. (Wall Street Journal)
• 🇩🇪 Driven Down. Volkswagen Group deliveries dropped 14% in Q3 to 1.89M vehicles, as weakness in China keeps the brakes firmly on growth. (Wall Street Journal)
• 🇪🇺 Open All Hours. Japanese retail giant Seven & i Holdings wants to make Europe its next big growth market, targeting expansion for its 7-Eleven chain beyond the Nordics. (Boursier)
• 🇪🇺 Union Jacked. Stellantis and Renault want the UK treated as an honorary member under new car industry protections, but warn London to keep an eye on Chinese imports. (The Guardian)
• 🇺🇸 Chip Shot. Shares in major semiconductor companies fell sharply after Broadcom 🇺🇸 CEO Hock Tan compared AI investing to gambling, spooking already jittery markets. (Financial Times)
• 🇺🇸 Off the Books. Meta’s data center expansion hides $347B in lease obligations that do not appear on the balance sheet, making its true leverage anyone’s guess. (Financial Times)
• 🇨🇳 Memory Lane. CXMT announces a breakthrough in DRAM technology, sending SK Hynix 🇰🇷 and Micron Technology 🇺🇸 stocks down as the Chinese challenger accelerates. (Boursier)
• 🇦🇺 Clouded Judgment. Firmus shelved its $30B Sydney IPO after investors balked at its sky-high valuation, leaving the data center startup scrambling for private capital and a possible US listing. (Bloomberg)

🛎️ Big Deals (M&A)

• Valerio Therapeutics 🇫🇷 has completed the acquisition of Etherna Immunotherapies 🇧🇪 for €30M.
• The French State 🇫🇷 is set to increase its stake in Eramet 🇫🇷 to up to 49% through a €500M capital raising, becoming its top shareholder.
• Unipol 🇮🇹 has received ECB approval to raise its stake above 20% in BPER Banca 🇮🇹, a $32B-listed lender, and is seeking over 30% of a future group combining BPER with assets carved out of BMPS 🇮🇹.
• Galp Energia 🇵🇹 is weighing a sale of its residential customer portfolio.
• Ithaca 🇺🇸 could announce a deal to acquire dating app company Bumble 🇺🇸 for $1B as early as this week.
• Nvidia 🇺🇸 is in talks to potentially acqui-hire open-weight AI model startup Reflection AI 🇺🇸, recently valued at $25B.
• Cirrus Logic 🇺🇸 made an unsolicited offer for Synaptics 🇺🇸, prompting On Semiconductor 🇺🇸 to improve its $5.7B all-cash offer.
• GTCR 🇺🇸 and Elliott 🇺🇸 are in advanced talks to acquire car insurance software provider CCC Intelligent Solutions 🇺🇸, valued at $4B.
• One Equity Partners 🇺🇸 will acquire Nexora 🇮🇪, DCC Energy’s technology unit, at a $735M valuation ahead of its LBO by KKR.
• The Friedkin Group 🇺🇸 is considering selling a controlling interest in Everton FC 🇬🇧, less than two years after acquiring the club.
• IonQ 🇺🇸 has agreed to acquire cybersecurity firm Elisity 🇺🇸 in an all-stock deal valued at up to $1.3B.
• Steris 🇺🇸 has agreed to acquire specialty surgical products company Xodus Medical 🇺🇸 for $2.1B.
• Stryker 🇺🇸 is set to invest around $400M in CMR Surgical 🇬🇧, with an option to acquire the company outright.
• Jaime Gilinski 🇨🇴 obtained rights to Venezuela’s Bare field and exchanged them for majority control of GeoPark 🇨🇱 via an initial $515M stake.
• Tata Motors 🇮🇳 raises its cash offer for Iveco 🇮🇹, a $4B-listed truck maker, to a 7% premium.
• Turkey Wealth Fund 🇹🇷 will take over state-run lenders Ziraat Bankasi 🇹🇷 and Halkbank 🇹🇷.
• ADNOC Logistics & Services 🇦🇪 is in talks to acquire a large minority or controlling stake in HEA Energy 🇦🇪 at a valuation of up to $3B.
• Pepkor 🇿🇦 plans to merge its fintech arm Flash 🇿🇦 with payments platform Shop2Shop 🇿🇦, creating a $1.3B company in which Pepkor would own 57.1%. The deal is facing shareholder scrutiny.

🧳 Private Markets & VC

• 🇬🇧 Chain Reaction. With Boots sold for $8.9B and brands like PizzaExpress and Morrisons up for grabs, private equity is cashing out of the UK high street while the market is still tepid. (Financial Times)
• 🇫🇷 Cloud Cover. HyLight secures €13M from investors including Y Combinator to scale its hydrogen drone airships, aiming to replace noisy helicopters with silent surveillance. (Maddyness)
• 🇺🇸 Empty Suite. FIFA is paying over $4M for a Trump Tower office that sits mostly unused, raising eyebrows about the soccer body’s priorities and political ties. (New York Times)

Fundraising

• Firmus 🇦🇺 (Data centers): $2B-$3B
• Ramp 🇺🇸 (Fintech): $1.85B (Dragoneer, Thrive Capital)
• Oxide Computer Company 🇺🇸 (Cloud computing): $445M (Eclipse)
• Atlas Atomics 🇺🇸 (Nuclear): $400M (General Catalyst)
• Voltus 🇺🇸 (Energy): $225M (Generation Investment Management, Activate Capital, Vitol)
• Scanntech 🇺🇾 (Retail): $180M (L Catterton)
• 1Komma5° 🇩🇪 (Energy): €70M (Marunouchi Innovation Partners)
• 1Komma5 🇩🇪 (Climate tech): €70M
• Sabi 🇺🇸 (AI): $50M (Khosla Ventures)
• Scarlet 🇬🇧 (Healthcare): $50M (Headline, Notion Capital, Atomico, Creandum, Kindred Capital, Entrepreneurs First)
• Ambi 🇺🇸 (AI): $26M (Luminous Ventures, Huaqin)
• Kapta Space 🇺🇸 (Space): $24M (Washington Harbour Partners, Bison Ventures)
• HyLight 🇫🇷 (Aerospace): €13M (Rubio Impact Ventures, DRW, Teampact Ventures, Y Combinator, Ring Capital)
• Torch Systems 🇺🇸 (Proptech): $11.5M (Khosla Ventures, Abstract)
• UniSieve 🇨🇭 (Industrial): $9M (Orano Venture Fund, Amadeus APEX Technology Fund, Founderful, Zürcher Kantonalbank, Guenat Holding)
• CarbonFarm 🇫🇷 (ClimateTech): €7M (Colam Impact, Proparco, Suma Capital, elea, Working Capital Fund)
• NEU Battery Materials 🇸🇬 (Recycling): US$7.6M (Shift4Good, SGInnovate, Lotus Singapore Group, M7 Holdings, Paragon Ventures I)
• Loops 🇺🇸 (AI): $3.5M (a16z speedrun, NTT Docomo, Connecticut Innovations, Alumni Ventures, Monday)
• VoicePatrol 🇷🇴 (Voice): €3M (GapMinder)
• Monopulse 🇩🇰🇱🇹 (Drones): €2M+
• Nuvacore (Semiconductors): Hundreds of millions of dollars (Sequoia)

Fund Watch

• SoftBank 🇯🇵: $100B (sought from Gulf SWFs for AI investments)
• Meridiam 🇫🇷: $4.5B (continuation vehicle holding 15 American assets)
• Collective Global 🇺🇸: $1.2B (2nd GP stakes fund, currently raising)
• GIC 🇸🇬: $1B (sale of Asian PE stakes in EQT, TPG Asia and KKR to HarbourVest Partners)
• Yale University 🇺🇸: $1B (PE LP stakes sold to HarbourVest Partners)
• WhiteHorse Capital 🇺🇸: $680M (multi-asset continuation vehicle for its publicly traded BDC, seeking to raise)
• Taurus Private Markets 🇺🇸: $300M (3rd private equity fund of funds)
• Pomona Capital 🇺🇸: reached 80% of target for 11th North America buyouts fund
• Armen 🇬🇧: acquired a minority stake in Freshstream

🔔IPO

• Airtel Money 🇬🇧 (Payments): raised $700M at a $6.6B valuation in the UK’s largest IPO since 2021.
• Refresco 🇳🇱 (Beverages): exploring a US or European IPO targeting a $10B valuation.
• vVardis 🇨🇭 (Dental tech): filed for a US IPO.
• City Therapeutics 🇺🇸 (Biotech): filed for a IPO to raise $185M at a $950M valuation.
• TRex Bio 🇺🇸 (Biotech): raised $117M in a IPO at a $385M market capitalization.
• Base Electron 🇺🇸 (Energy): confidentially filed for an IPO.
• Bambusa Therapeutics 🇺🇸 (Biotech): filed for a IPO.
• Patriot Mobile 🇺🇸 (Telecoms): filed for an IPO.
• Transsion Holdings 🇨🇳 (Technology): raised $390M in a Hong Kong share sale.
• Jio Platforms 🇮🇳 (Telecoms): set to price its IPO at a $107B valuation, raising $3.1B.
• Zetwerk 🇮🇳 (Manufacturing): set to launch an Indian IPO raising $525M at a $2.8B valuation.
• Banque du Caire 🇪🇬 (Banking): plans to sell a 30% stake on Egypt’s stock exchange.
• OPay 🇳🇬 (Fintech): raised $185M in a private placement ahead of a potential US listing.

🧳 Debt

• Omnes Education 🇫🇷: looking to refinance $785M of debt.
• Siemens Energy 🇩🇪: bankers are arranging a $7.9B debt package for a potential sale of its steam turbines business.
• INWIT 🇮🇹: arranging financing for a potential take-private.
• Blackstone Credit & Insurance 🇺🇸: led a $1B financing for Analogic’s merger with Leidos’ security businesses.
• Aditya Birla Renewables 🇮🇳: seeking $1.5B rupee loans to fund its $1.8B acquisition of Shell’s Indian renewable energy arm.

❌ Failures

• Virgin Media O2 🇬🇧: its bonds fell to 37¢ after a regulator warned that Nexfibre’s expected $2.6B acquisition of Netomnia could hurt competition.
• Electronic Arts 🇺🇸: secured an investment-grade rating after creditors sued over an alleged default following its record $55B LBO.
• Genesis Healthcare 🇺🇸: won approval to amend its $1B asset sale, clearing the way for bankruptcy proceedings.
• Jefferies 🇺🇸: a fund alleges fraud in $900M worth of deals involving iron ore traders Radiant World and Sapphire Minmetals.
• Cable One 🇺🇸: a federal judge temporarily blocked its $480M acquisition of Mega Broadband Investments.
• Venezuela 🇻🇪: creditors now hold 37% of the country’s $22B outstanding debt and expect to reach 40% soon.
• PAG 🇭🇰: the investment firm is in exclusive talks to acquire a majority stake in China Evergrande’s property management unit.

🎯 For a Few More Minutes…

• 🇬🇧 Myth Takes. A supposed Roman camp near Frenni Fawr, long dismissed as folklore, now looks real after archaeologists found a fort and ancient coins on site. (The Guardian)
• 🇫🇷 Fake Out. Auction plans for a stash of counterfeit Bojarski banknotes found in a French attic were abruptly halted when the state seized them as public archives. (Libé)

🗞️ Top Story

• 🇺🇸 Money Talks. Elon Musk has become the largest backer of Republican campaigns to retain Congress, dropping $275M to help shore up struggling races nationwide. (Financial Times)
• 🇫🇷 Captain's Table. Macron watches missiles launch from a navy ship while protests erupt at home, a parting image for a presidency adrift in crisis. (New York Times)
• 🇸🇪 Hall of Fame. Robert E. Hall and Michael Woodford take the 2024 Nobel in economics, cementing their place in the discipline's highest echelon. (CNBC)
• 🇪🇺 Kill Switch. European regulators tell Meta, X, and TikTok they must block any livestream of the upcoming Texas execution, citing the Digital Services Act. (Le Temps)
• 🇪🇺 Alliance Unbreakable. NATO’s top commander Alexus Grynkewich warns Russia that any attack on a member will trigger massive retaliation, making aggression a pointless exercise. (El Pais)
• 🇬🇧 Safety First. The UK government is considering forcing top AI firms to file mandatory safety reports, hoping paperwork will keep the robots in line. (Sifted)
• 🇬🇧 Remote Control. London says Iran orchestrated a planned strike on Fairford airbase using proxies, prompting coordinated condemnation from Western allies and a round of sanctions. (Boursier)

🏛️ Economy

• 🇺🇸 Habit Forming. The Cleveland Fed's Beth Hammack says higher rates might be necessary to keep an "inflationary mindset" from taking hold, in case anyone was getting comfortable. (CNBC)
• 🇺🇸 Peak Performance. According to prediction markets, inflation is unlikely to climb higher for 2026, yet it remains stubbornly above target. (CNBC)
• 🇺🇸 Haul of Fame. Wall Street’s biggest banks will unveil a $19B trading profit this quarter, as JPMorgan, Goldman Sachs, Wells Fargo, and Citi keep their winning streak alive. (Bloomberg)
• 🌎 Fiscal Cliffhanger. The IMF's latest outlook shows advanced economies facing their biggest deficits since 2021, as soaring borrowing and higher rates threaten to push global debt toward 100% of GDP. (Financial Times)
• 🇩🇪 Tax Machina. Germany's digital minister Karsten Wildberger proposes taxing AI-generated revenue to fund job retraining, arguing that tech profits should help pay for the disruption they cause. (Die Zeit)
• 🇪🇺 Hybrid Theory. The caps Chinese hybrid car imports at 350K per year, forcing Beijing to hit the brakes on its fast-growing European auto ambitions. (Le Figaro)
• 🇪🇺 Chain Reaction. Europe slaps nearly 1,600 new sanctions on Russia’s military-industrial complex, aiming to slow missile production and remind Moscow that unity can be weaponized too. (France Info)
• 🇬🇧 Hidden Figures. BBC Panorama reveals that Deloitte 🇬🇧 allegedly helped Roman Abramovich mask his fortune by faking and backdating paperwork, making tax bills disappear in the process. (BBC)
• 🇬🇧 Budget Bluff. As the UK prepares its latest budget, officials face skepticism from investors who doubt the government can actually rein in borrowing. (Wall Street Journal)
• 🌍 Looped In. Tech giants are recycling billions by investing in each other's AI projects, creating a circular flow of global cash that echoes pre-2008 financial excess. (Bloomberg)
• 🌍 Back in the Red. Global poverty rises for the first time in over a decade, with 1.2B people counted as acutely poor, according to the UN’s latest data. (Les Echos)

🏢 Real Estate

• 🇪🇺 Current Affairs. European buildings cut their CO2 emissions by 17% in five years, outpacing a modest 6% drop in energy use, according to Deepki. The climate math looks good, but the energy bill is still stubbornly high. (Les Echos)
• 🇬🇧 Hot Spot. Slough's rise as Europe's data center capital sparks backlash from residents, who say the facilities bring noise, sleepless nights, and a noticeable jump in local temperatures. (Le Monde)

💱 Listed Markets

• 🇺🇸 Chip Shot. Shares in major semiconductor companies fell sharply after Broadcom 🇺🇸 CEO Hock Tan compared AI investing to gambling, spooking already jittery markets. (Financial Times)
• 🇺🇸 Thrill Kill. A fatal accident on the Goliath roller coaster at Six Flags 🇺🇸 Over Georgia sent the company’s shares plunging after-hours, as management scrambled to contain fallout and paused similar attractions nationwide. (CNBC)
• 🇺🇸 Risky Business. Traders are paying up to hedge UnitedHealth 🇺🇸 shares before earnings, with implied volatility hitting 40% while the stock itself stays flat. (CNBC)
• 🇺🇸 Supermarket Sweep. Albertsons is demanding at least $8B from Kroger after their failed merger, accusing its rival of stacking the deck in court filings. (Wall Street Journal)
• 🇺🇸 Off the Books. Meta’s data center expansion hides $347B in lease obligations that do not appear on the balance sheet, making its true leverage anyone’s guess. (Financial Times)
• 🇫🇷 Gilt Trip. LVMH reports just 1% organic sales growth for Q3, casting a shadow over hopes for a luxury rebound in Europe. Investors wanted champagne, got flat water. (Wall Street Journal)
• 🇩🇪 Driven Down. Volkswagen Group deliveries dropped 14% in Q3 to 1.89M vehicles, as weakness in China keeps the brakes firmly on growth. (Wall Street Journal)
• 🇪🇺 Union Jacked. Stellantis and Renault want the UK treated as an honorary member under new car industry protections, but warn London to keep an eye on Chinese imports. (The Guardian)
• 🇨🇳 Memory Lane. CXMT announces a breakthrough in DRAM technology, sending SK Hynix 🇰🇷 and Micron Technology 🇺🇸 stocks down as the Chinese challenger accelerates. (Boursier)
• 🇦🇺 Clouded Judgment. Firmus shelved its $30B Sydney IPO after investors balked at its sky-high valuation, leaving the data center startup scrambling for private capital and a possible US listing. (Bloomberg)

🛎️ Big Deals (M&A)

• Ithaca 🇺🇸 could announce a deal to acquire dating app company Bumble 🇺🇸 for $1B as early as this week.
• Nvidia 🇺🇸 is in talks to potentially acqui-hire open-weight AI model startup Reflection AI 🇺🇸, recently valued at $25B.
• Cirrus Logic 🇺🇸 made an unsolicited offer for Synaptics 🇺🇸, prompting On Semiconductor 🇺🇸 to improve its $5.7B all-cash offer.
• GTCR 🇺🇸 and Elliott 🇺🇸 are in advanced talks to acquire car insurance software provider CCC Intelligent Solutions 🇺🇸, valued at $4B.
• One Equity Partners 🇺🇸 will acquire Nexora 🇮🇪, DCC Energy’s technology unit, at a $735M valuation ahead of its LBO by KKR.
• The Friedkin Group 🇺🇸 is considering selling a controlling interest in Everton FC 🇬🇧, less than two years after acquiring the club.
• IonQ 🇺🇸 has agreed to acquire cybersecurity firm Elisity 🇺🇸 in an all-stock deal valued at up to $1.3B.
• Steris 🇺🇸 has agreed to acquire specialty surgical products company Xodus Medical 🇺🇸 for $2.1B.
• PayJoy 🇺🇸 has announced the acquisition of strategic assets from Finia AI 🇲🇽, a fintech focused on AI underwriting and financial products for micro-businesses.
• Stryker 🇺🇸 is set to invest around $400M in CMR Surgical 🇬🇧, with an option to acquire the company outright.
• Jaime Gilinski 🇨🇴 obtained rights to Venezuela’s Bare field and exchanged them for majority control of GeoPark 🇨🇱 via an initial $515M stake.
• Valerio Therapeutics 🇫🇷 has completed the acquisition of Etherna Immunotherapies 🇧🇪 for €30M.
• The French State 🇫🇷 is set to increase its stake in Eramet 🇫🇷 to up to 49% through a €500M capital raising, becoming its top shareholder.
• Unipol 🇮🇹 has received ECB approval to raise its stake above 20% in BPER Banca 🇮🇹, a $32B-listed lender, and is seeking over 30% of a future group combining BPER with assets carved out of BMPS 🇮🇹.
• Galp Energia 🇵🇹 is weighing a sale of its residential customer portfolio.
• Tata Motors 🇮🇳 raises its cash offer for Iveco 🇮🇹, a $4B-listed truck maker, to a 7% premium.
• Turkey Wealth Fund 🇹🇷 will take over state-run lenders Ziraat Bankasi 🇹🇷 and Halkbank 🇹🇷.
• ADNOC Logistics & Services 🇦🇪 is in talks to acquire a large minority or controlling stake in HEA Energy 🇦🇪 at a valuation of up to $3B.
• Pepkor 🇿🇦 plans to merge its fintech arm Flash 🇿🇦 with payments platform Shop2Shop 🇿🇦, creating a $1.3B company in which Pepkor would own 57.1%. The deal is facing shareholder scrutiny.

🧳 Private Markets & VC

• 🇺🇸 Empty Suite. FIFA is paying over $4M for a Trump Tower office that sits mostly unused, raising eyebrows about the soccer body’s priorities and political ties. (New York Times)
• 🇺🇸 Up, Up and Away. The Air Force signs a contract worth up to $49M with WindBorne Systems to buy data from its global fleet of autonomous weather balloons, betting on high-flying forecasts. (TechCrunch)
• 🇫🇷 Cloud Cover. HyLight secures €13M from investors including Y Combinator to scale its hydrogen drone airships, aiming to replace noisy helicopters with silent surveillance. (Maddyness)

Fundraising

• Firmus 🇦🇺 (Data centers): $2B-$3B
• Ramp 🇺🇸 (Fintech): $1.85B (Dragoneer, Thrive Capital)
• Oxide Computer Company 🇺🇸 (Cloud computing): $445M (Eclipse)
• Atlas Atomics 🇺🇸 (Nuclear): $400M (General Catalyst)
• Voltus 🇺🇸 (Energy): $225M (Generation Investment Management, Activate Capital, Vitol)
• Scanntech 🇺🇾 (Retail): $180M (L Catterton)
• 1Komma5° 🇩🇪 (Energy): €70M (Marunouchi Innovation Partners)
• 1Komma5 🇩🇪 (Climate tech): €70M
• Sabi 🇺🇸 (AI): $50M (Khosla Ventures)
• Scarlet 🇬🇧 (Healthcare): $50M (Headline, Notion Capital, Atomico, Creandum, Kindred Capital, Entrepreneurs First)
• Ambi 🇺🇸 (AI): $26M (Luminous Ventures, Huaqin)
• Kapta Space 🇺🇸 (Space): $24M (Washington Harbour Partners, Bison Ventures)
• HyLight 🇫🇷 (Aerospace): €13M (Rubio Impact Ventures, DRW, Teampact Ventures, Y Combinator, Ring Capital)
• Torch Systems 🇺🇸 (Proptech): $11.5M (Khosla Ventures, Abstract)
• UniSieve 🇨🇭 (Industrial): $9M (Orano Venture Fund, Amadeus APEX Technology Fund, Founderful, Zürcher Kantonalbank, Guenat Holding)
• CarbonFarm 🇫🇷 (ClimateTech): €7M (Colam Impact, Proparco, Suma Capital, elea, Working Capital Fund)
• NEU Battery Materials 🇸🇬 (Recycling): US$7.6M (Shift4Good, SGInnovate, Lotus Singapore Group, M7 Holdings, Paragon Ventures I)
• Loops 🇺🇸 (AI): $3.5M (a16z speedrun, NTT Docomo, Connecticut Innovations, Alumni Ventures, Monday)
• VoicePatrol 🇷🇴 (Voice): €3M (GapMinder)
• Monopulse 🇩🇰🇱🇹 (Drones): €2M+
• Nuvacore (Semiconductors): Hundreds of millions of dollars (Sequoia)

Fund Watch

• SoftBank 🇯🇵: $100B (sought from Gulf SWFs for AI investments)
• Meridiam 🇫🇷: $4.5B (continuation vehicle holding 15 American assets)
• Collective Global 🇺🇸: $1.2B (2nd GP stakes fund, currently raising)
• GIC 🇸🇬: $1B (sale of Asian PE stakes in EQT, TPG Asia and KKR to HarbourVest Partners)
• Yale University 🇺🇸: $1B (PE LP stakes sold to HarbourVest Partners)
• WhiteHorse Capital 🇺🇸: $680M (multi-asset continuation vehicle for its publicly traded BDC, seeking to raise)
• Taurus Private Markets 🇺🇸: $300M (3rd private equity fund of funds)
• Pomona Capital 🇺🇸: reached 80% of target for 11th North America buyouts fund
• Armen 🇬🇧: acquired a minority stake in Freshstream

🔔IPO

• City Therapeutics 🇺🇸 (Biotech): filed for a IPO to raise $185M at a $950M valuation.
• TRex Bio 🇺🇸 (Biotech): raised $117M in a IPO at a $385M market capitalization.
• Base Electron 🇺🇸 (Energy): confidentially filed for an IPO.
• Bambusa Therapeutics 🇺🇸 (Biotech): filed for a IPO.
• Patriot Mobile 🇺🇸 (Telecoms): filed for an IPO.
• Refresco 🇳🇱 (Beverages): exploring a US or European IPO targeting a $10B valuation.
• Airtel Money 🇬🇧 (Payments): raised $700M at a $6.6B valuation in the UK’s largest IPO since 2021.
• vVardis 🇨🇭 (Dental tech): filed for a US IPO.
• Transsion Holdings 🇨🇳 (Technology): raised $390M in a Hong Kong share sale.
• Jio Platforms 🇮🇳 (Telecoms): set to price its IPO at a $107B valuation, raising $3.1B.
• Zetwerk 🇮🇳 (Manufacturing): set to launch an Indian IPO raising $525M at a $2.8B valuation.
• Banque du Caire 🇪🇬 (Banking): plans to sell a 30% stake on Egypt’s stock exchange.
• OPay 🇳🇬 (Fintech): raised $185M in a private placement ahead of a potential US listing.

🧳 Debt

• Blackstone Credit & Insurance 🇺🇸: led a $1B financing for Analogic’s merger with Leidos’ security businesses.
• energyRe 🇺🇸: secured $815M in financing for five South Carolina solar projects.
• Omnes Education 🇫🇷: looking to refinance $785M of debt.
• Siemens Energy 🇩🇪: bankers are arranging a $7.9B debt package for a potential sale of its steam turbines business.
• INWIT 🇮🇹: arranging financing for a potential take-private.
• Aditya Birla Renewables 🇮🇳: seeking $1.5B rupee loans to fund its $1.8B acquisition of Shell’s Indian renewable energy arm.

❌ Failures

• Electronic Arts 🇺🇸: secured an investment-grade rating after creditors sued over an alleged default following its record $55B LBO.
• Genesis Healthcare 🇺🇸: won approval to amend its $1B asset sale, clearing the way for bankruptcy proceedings.
• Jefferies 🇺🇸: a fund alleges fraud in $900M worth of deals involving iron ore traders Radiant World and Sapphire Minmetals.
• Cable One 🇺🇸: a federal judge temporarily blocked its $480M acquisition of Mega Broadband Investments.
• Venezuela 🇻🇪: creditors now hold 37% of the country’s $22B outstanding debt and expect to reach 40% soon.
• Telia Co. 🇸🇪: the Swedish telecom operator plans to eliminate 900 jobs, aiming to reduce annual costs by $100M.
• Virgin Media O2 🇬🇧: its bonds fell to 37¢ after a regulator warned that Nexfibre’s expected $2.6B acquisition of Netomnia could hurt competition.
• PAG 🇭🇰: the investment firm is in exclusive talks to acquire a majority stake in China Evergrande’s property management unit.

🎯 For a Few More Minutes…

• 🇫🇷 Fake Out. Auction plans for a stash of counterfeit Bojarski banknotes found in a French attic were abruptly halted when the state seized them as public archives. (Libé)
• 🇬🇧 Myth Takes. A supposed Roman camp near Frenni Fawr, long dismissed as folklore, now looks real after archaeologists found a fort and ancient coins on site. (The Guardian)