🧾 Paper Licence, Please

🗞️ Top Story

• 🇫🇷 Chemical Romance. Four UN rapporteurs accuse France of possible human rights violations over PFAS pollution in the « chemical valley » south of Lyon, putting Arkema and Daikin 🇯🇵 in the spotlight. (Le Monde)
• 🇫🇷 Private Equity Day. Two LFI (left) deputies staged surprise visits to Paris investment funds, accusing firms like Apollo and Mutares of pillaging French industry for double-digit returns. (Le Monde)
• 🇫🇷 Guilt Trip. French prosecutors ask the appeals court to convict Nicolas Sarkozy on all charges in the Libya affair, reviving accusations of corruption and illegal campaign financing. The former president denies any wrongdoing, but the full menu of charges is back on the table. (Le Monde)
• 🇬🇧 Crisis, What Crisis. Faced with cabinet pressure and public calls to quit, Starmer shrugs off the Labour meltdown and refuses to leave No. 10. (Spiegel)
• 🇺🇦 Shadow Cabinet. Andriy Yermak, once Zelensky’s closest aide, is now under formal investigation for corruption and may soon swap the corridors of power for a prison cell. (Libé)
• 🇷🇺 Deep State. The Russian cargo ship Ursa Major sank off Spain in late 2024 carrying nuclear submarine reactor parts bound for North Korea, with Western intervention suspected and Moscow blaming a machine room explosion. (Le Parisien)
• 🇷🇺 Truce and Consequences. Russia resumes heavy drone and missile strikes on Ukraine as the three-day Trump-brokered ceasefire ends, leaving both sides ready to escalate again. (El Pais)
• 🇺🇸 Source Code. The Justice Department pushes to force journalists, including those at the Wall Street Journal, to hand over files on national security leaks, signaling a new era of subpoenas for the press. (Le Monde)
• 🇺🇸 Holy Orders. A Trump-backed commission is preparing recommendations that could grant Christianity special status within institutions, challenging the wall between church and state. (France Info)
• 🇺🇸 Peking Order. Eileen Wang, once Arcadia’s mayor, confessed to spreading Chinese propaganda as a covert agent, confirming Hollywood is not the only place with plot twists. (Spiegel)
• 🇺🇸 Baywatch. Donald Trump calls Cuba a « bankrupt country » and claims talks are underway, all while threatening military action and departing for China. (Le Figaro)
• 🇻🇪 State of Mind. Donald Trump posts a map coloring Venezuela with the US flag and calls it the « 51st state, » oil reserves apparently qualifying as citizenship. (Die Zeit)
• 🇮🇳 Turbulent Times. Air India faces $2.4B annual losses, CEO resignation, and safety scandals, all ahead of the final Ahmedabad crash report. (BBC)
• 🇳🇬 Target Practice. Nigerian military airstrikes on a Zamfara market killed at least 70 people, with Amnesty International claiming the civilian death toll could be 100. Officials insist only bandits were targeted, not shoppers. (Spiegel)

• 🇬🇧 Throne Zone. King Charles III delivers the new legislative agenda while Sir Keir Starmer clings to Downing Street as Labour infighting threatens his grip on power. (BBC)
• 🇬🇧 Red Flag Day. Another Labour minister jumps ship as Zubir Ahmed calls for Starmer to step down, exposing just how frayed the party’s unity has become. (The Guardian)
• 🇬🇧 High Flyer, Low Transparency. Nigel Farage relied on a donor’s helicopter for rallies but reportedly skipped declaring the flights, drawing sharp questions about transparency. (The Guardian)

🏛️ Economy

• 🇪🇸 Red Carded. Gerard Piqué, ex-Barcelona defender, has been fined €200K by Spain’s financial watchdog for insider trading after profiting from confidential takeover info. (Le Parisien)
• 🇪🇸 Current Affairs. Chinese battery giant CATL and Stellantis 🇳🇱 are building a $4.4B gigafactory in Spain, raising hopes and questions about jobs and the country’s future economic model. (Le Monde)
• 🇪🇺 Fair Play. The Court backs Italy’s right to force Meta 🇺🇸 to pay news publishers for content use, confirming « fair compensation » is compatible with law. (Le Monde)
• 🇬🇧 Ambition Deficit. The UK government is adding another financial reform bill, but critics say the City’s shrinking market share demands much bolder action than tweaks. (Financial Times)
• 🇳🇴 Crude Awakening. Norway now expects oil and gas revenues to hit €67B in 2026, a sharp jump driven by war-fueled energy prices and a lucky sovereign fund. (Boursier)
• 🇺🇸 Cloud Nine. Google and SpaceX are reportedly in talks to launch data centers into orbit, betting that space is the next frontier for AI computing. (TechCrunch)
• 🇺🇸 Price Tag. inflation jumped to 3.8% after Trump’s Iran conflict drove petrol up 28%, putting household budgets under fresh pressure just in time for summer. (Financial Times)
• 🌎 Ton Up. Copper prices surged past $14,000 a ton this week, putting the metal within striking distance of a new all-time high. (Bloomberg)
• 🇦🇺 Reform or Perform. Treasurer Jim Chalmers calls the new budget a game-changer, but economists are waiting to see if it delivers more than headlines. (Wall Street Journal)
• 🇺🇳 Healthy Balance. WHO leaders announce financial stability post-US withdrawal, though filling the final 15% gap will require some heavy fundraising medicine. (Le Temps)

• 🇬🇧 Keep Calm and Emira On. Lotus pledges to maintain its British production of the Emira for American buyers, but asks the UK government for a little help staying patriotic. (The Guardian)
• 🇬🇧 Gilt Trip. UK government borrowing costs hit their highest level since 1998 as growing doubts over Keir Starmer’s leadership spook bond investors and rattle the pound. (Financial Times)

• 🇺🇸 Senior Year. New data shows the average American defaulting on student loans is now nearly 40, up from pre-pandemic levels, with older borrowers increasingly at risk. (Wall Street Journal)
• 🇺🇸 Fuel’s Gold. consumer prices jumped 3.8% in April, driven by higher gas costs since the Iran war began, delivering inflation’s sharpest hit in three years. (Wall Street Journal)
• 🇺🇸 Swipe Left. Americans’ total credit card debt fell for the first time in a year to $1.25T, yet the New York Fed points to deepening divides between high- and low-income households. (Cnbc)

🏢 Real Estate

• 🇩🇪 State of the Art. Lars Klingbeil’s plan for a federal affordable housing company puts Berlin in the developer’s seat, aiming to outbuild the market on price and speed. (Die Zeit)
• 🇦🇺 Land Down Under Pressure. Australia is tightening rules for property investors, aiming to cool a housing market that has priced out many first-time buyers. (Bloomberg)

• 🇬🇧 Letting Go. Over one third of Edinburgh’s Quartermile properties were bought by overseas buyers, with Hong Kong leading the charge, as local ownership fades into the background. (BBC)

• 🇺🇸 Pied-à-Tax. New York City Mayor Zohran Mamdani pushes a pied-à-terre tax for second homes over $5M, aiming to fill a $500M budget gap, though experts expect the real take to be much lower and the impact on affordability to be minimal. (Cnbc)

🔗 On-chain

• 🇫🇷 Double Ledger. A resident of Ottrott faced two attempted kidnappings in two days, apparently because his crypto activity caught the wrong kind of attention. (France Info)
• 🇸🇪 Coin Seizure. Sweden announces its largest-ever cryptocurrency confiscation, tracing the digital fortune back to one Swedish man facing criminal charges. (Breakit)
• 🇺🇸 Hodl the Line. Labor unions including the AFL-CIO tell the Senate Banking Committee the crypto bill gambles with retirement security for millions of workers. (Cnbc)
• 🇺🇸 ARC of Triumph. Circle ‘s new ARC token and blockchain lifted its stock and price targets, as analysts cheer a bold move beyond vanilla stablecoins. (Cnbc)

💱 Listed Markets

• 🇩🇪 Seed Money. Bayer doubled its net profit to €2.8B in Q1, thanks to seed sales, but increased debt casts a shadow over the bumper quarter. (Le Figaro)
• 🇬🇧 Tax and Exit. JPMorgan 🇺🇸 CEO Jamie Dimon threatens to abandon the firm’s new UK headquarters over increased bank taxes, making relocation sound like a business expense. (Bloomberg)
• 🇺🇦 Drone Alone. President Zelensky met with Palantir 🇺🇸 CEO Alex Karp as Ukraine accelerates its push to weaponize AI for drone defense against Russia. (Boursier)
• 🇺🇸 Chair Shuffle. JPMorgan Chase will appoint three new co-heads to lead global investment banking as part of a wider leadership reshuffle, with the shake-up reflecting a boom in Wall Street dealmaking. (Financial Times)
• 🇺🇸 Patch Adams. Google found and blocked the first known AI-developed zero-day, proving artificial intelligence can now hunt for vulnerabilities just as well as it protects them. (Webrazzi)
• 🇺🇸 Stranger Claims. Texas sues Netflix for allegedly spying on children and disguising its data collection, accusing the streamer of addictive design and profit-driven surveillance. (The Guardian)
• 🇺🇸 Bid and Seek. GameStop tried to buy eBay for $56B in cash and stock, but eBay called the offer « neither credible nor attractive » and rejected it. (Cnbc)
• 🇺🇸 Bet Blocked. A cooling failure at AWS’s Virginia facility stalled sports bets and crypto trades, leaving FanDuel and Coinbase users locked out for hours. (Cnbc)
• 🇺🇸 Chip Slip. Kim Forrest of Bokeh Capital Partners insists the chip stock selloff is just a pause in momentum, not a panic over inflation data. (Bloomberg)

• 🇺🇸 Fee Speech. PayPal will forgo $30M in transaction fees to settle a Justice Department probe into its $530M minority business fund, dodging further civil rights scrutiny. (Wall Street Journal)

🛎️ Big Deals (M&A)

• Bouygues 🇫🇷 invests $11M in ProcurePro 🇦🇺 through ISAI to enhance digitalization in construction.
• Superprof 🇫🇷 acquires Ripetizioni.it 🇮🇹, the second-largest player in the Italian online tutoring market.
• Sword Group 🇫🇷 acquires CirrusHQ 🇬🇧, a recognized AWS cloud specialist, for an annual revenue of approximately £6.0M.
• Lufthansa 🇩🇪 to acquire an additional stake in ITA Airways 🇮🇹 for nearly $400M, increasing its control to 90%.
• EON 🇩🇪 acquires Ovo Energy 🇬🇧 to create the UK’s largest electric utility.
• Vervaeke 🇧🇪 acquires Transports Bertout 🇫🇷, a company specialized in the transport of hazardous materials.
• EQT 🇸🇪 makes a final bid of $12.8B to acquire Intertek 🇬🇧.
• EQT 🇸🇪 taps Qatari funding as bids for Volkswagen’s 🇩🇪 unit near €8B.
• Venture Design 🇸🇪 acquires Torkelson Möbler 🇸🇪 to accelerate its acquisition strategy.
• Legora 🇸🇪 acquires Graceview 🇸🇪, marking another acquisition in the AI sector.
• Valu8 🇸🇪 is being acquired by a global giant in the AI sector.
• Cinven 🇬🇧 acquires Ongoing 🇸🇪 for approximately €3B, highlighting ongoing interest in profitable SaaS companies despite market challenges.
• Laka 🇬🇧 acquires assets from VeloLife 🇬🇧, a specialist cycle insurance provider.
• CVS Group 🇬🇧 faces pressure from activist investor Converium Capital 🇨🇦 urging a £100M stock buyback to boost its share price.
• eBay 🇺🇸 rejects GameStop 🇺🇸’s $56B takeover proposal, citing lack of credibility.
• OpenAI 🇺🇸 acquires Tomoro 🇺🇸 as part of its $14B PE-backed DeployCo venture.
• Sony Music 🇺🇸 acquires Recognition Music Group 🇺🇸 from Blackstone 🇺🇸 for $4B.
• TA Associates 🇺🇸’s bubble tea chain Gong Cha 🇹🇼 attracted interest from Bain Capital 🇺🇸 and General Atlantic 🇺🇸 for a potential deal valued at $2B.
• Bruin Capital 🇺🇸 acquires a 15% stake in Matchroom Holdings 🇬🇧 at an over $1.4B valuation.
• Apollo 🇺🇸 acquires Emerald Holding 🇺🇸’s live-events business for $1B cash.
• Blackstone 🇺🇸 acquires a majority stake in Skroutz 🇬🇷 from CVC for $745M, including debt.
• Dream Finders Homes 🇺🇸 offers to acquire Beazer Homes USA 🇺🇸 in a $705M cash deal at a 40% premium.
• I Squared Capital 🇺🇸 makes a $555M cash offer for oOh!media 🇦🇺 at a 15% premium, following a $537M bid from Pacific Equity Partners 🇦🇺 at a 65% premium.
• Allen Family Digital 🇺🇸 acquires a 52% stake in BuzzFeed 🇺🇸 for $120M.
• GoPro 🇺🇸 is exploring a sale or merger valued at $250M.
• VoltaGrid 🇺🇸 acquires Propell Technologies Group 🇺🇸.
• Apollo 🇺🇸 acquires Questex 🇺🇸 from MidOcean Partners.
• Brown-Forman 🇺🇸 rejects a $15B takeover offer from Sazerac 🇺🇸.
• SoFi Technologies 🇺🇸 acquires the assets of PrimaryBid 🇬🇧.
• Japan’s Regional Banks 🇯🇵 merge to create a lender valued at $74B.
• No deal information provided.

🧳 Private Markets & VC

• 🇪🇺 AI of the Tiger. European AI startups are now drawing nearly half of all venture funding, with $17B per quarter and new labs popping up across the region. (Crunchbase)
• 🇬🇧 Fast and Spurious. UK mortgage lender Market Financial Solutions collapsed with $1.7B unaccounted for, while its owner Paresh Raja reportedly acquired six Ferraris and three Rolls-Royces in the process. (Wall Street Journal)
• 🇺🇸 Heat of the Moment. Former Tesla exec Drew Baglino has launched Sadi Thermal Machines, a stealthy startup aiming to build advanced heat pumps with ex-Tesla talent. (TechCrunch)
• 🇺🇸 Aqua Pilot. Waymo is recalling 3,800 robotaxis after a software glitch sent vehicles into flooded roads, making self-driving cars test their swimming skills. (Cnbc)
• 🇺🇸 Owl By Myself. Blue Owl’s flagship $20B retail credit fund saw new investments plunge 95 percent year-on-year to just $26M in May as private credit jitters spook investors. (Financial Times)
• 🇺🇸 Gone Viral. BuzzFeed risks collapse and GoPro seeks a buyer, showing that going viral in the 2010s does not pay 2024’s bills. (Financial Times)
• 🇺🇸 Out of This Purse. Jeff Bezos’s Blue Origin may seek outside investors for the first time to fund ambitious launch targets and compete with SpaceX’s $1.75T market fever. (Financial Times)
• 🇺🇸 Rate Expectations. Anthropic announced it hit a $30B revenue run rate after experiencing “crazy” 80x growth, far outpacing its already ambitious 10x projections. (Venturebeat)
• 🇺🇸 Access Denied. Anthropic refused China’s request for its latest AI model, reminding everyone that in this tech race, sharing is not on the syllabus. (New York Times)
• 🇺🇸 Charity Case. OpenAI CEO Sam Altman testified in court after Elon Musk sued him and the company, claiming they betrayed their promise to stay nonprofit. Musk wants answers on where his $38M donation really went. (Cnbc)

Fundraising

• Isomorphic Labs 🇬🇧 (Healthcare): $2.1B (Thrive Capital, Alphabet, GV, MGX, Temasek, CapitalG, UK Sovereign AI Fund)
• VoltaGrid 🇺🇸 (Energy): $1B (Blackstone, Halliburton)
• Nscale 🇳🇴 (Data Centers): $790M (ABN AMRO, DNB, Eksfin, Nordea, SEB)
• Astranis 🇺🇸 (Spacetech): $450M (a16z, Snowpoint Ventures, Franklin Templeton)
• Cowboy Space 🇺🇸 (Space): $275M
• Circle 🇺🇸 (Blockchain): $222M (a16z)
• Blitzy 🇹🇷 (Software): $200M (Northzone, PSG, Battery Ventures, Jump Capital, Morgan Creek Digital, Defiant, Flybridge, Link Ventures, NFX, Picus Capital, Venture Guides, Liberty Mutual Strategic Ventures, Erie Strategic Ventures, BAL Ventures)
• Paymentology 🇬🇧 (Fintech): $175M (Apis Partners, Aspirity Partners)
• QuantWare 🇳🇱 (Quantum Computing): €152M (Intel Capital, In-Q-Tel, ETF Partners, FORWARD.one, Invest-NL Deep Tech Fund, InnovationQuarter, Ground State Ventures, Graduate Ventures)
• Seraphim Space 🇬🇧 (Space Technology): £137M
• Reserv 🇺🇸 (Insurance): $125M (KKR, Bain Capital Ventures, Flourish Ventures)
• Exaforce 🇺🇸 (Cybersecurity): $125M (HarbourVest, Peak XV, Mayfield, Khosla Ventures, Seligman Ventures)
• Elliptic 🇺🇸 (Fintech): $120M (Nasdaq Ventures, Deutsche Bank, One Peak, British Business Bank)
• DeepInfra 🇺🇸 (AI): $107M (500 Global, Georges Harik, A.Capital Ventures, Crescent Cove, Felicis, NVIDIA, Peak6, Samsung Next, Supermicro, Upper90)
• Waterdrop 🇦🇹 (Beverages): €100M (Temasek, Döhler, Bitburger, Aspey)
• Havoc 🇺🇸 (Autonomy): $100M (CCM Capital Markets, Clear Street LLC, Cobalt Capital, Boardman Bay Capital Management, Meet Perry, Mute Ventures, Soren Ventures, SAIC, JA Green, Outlander VC, Scout VC, B Capital, Lockheed Martin, Taiwania Capital, UP.Partners, The Veteran Fund, Vanderbilt University)
• Grand Games 🇹🇷 (Gaming): $70M (Balderton Capital, Bek Ventures, Laton Ventures, Mert Gür)
• Star Catcher 🇺🇸 (Energy): $65M (B Capital, Shield Capital, Cerberus Ventures, GreatPoint Ventures, Helena, Oceans Ventures, MVP Ventures)
• Eleqtron 🇩🇪 (Tech): €57M
• Astrocade 🇺🇸 (Gaming): $56M (Sequoia Capital, Sea, Google’s AI Futures Fund, NVIDIA, LG Technology Ventures, Dentsu Ventures, Conviction Embed, Chaac Ventures, Rogue VC)
• Vapi 🇺🇸 (AI): $50M (Peak XV, M12, Kleiner Perkins, Bessemer Venture Partners)
• Frame Security 🇮🇱 (Security): $50M (Index Ventures, Team8, Picture Capital)
• eyeo 🇳🇱 (Deep Tech): €40M (Innovation Industries, imec.xpand, Invest-NL Deep Tech Fund, QBIC, High-Tech Gründerfonds, Brabant Development Agency)
• Skeleton Technologies 🇪🇪 (AI): €33M
• Judgment Labs 🇺🇸 (AI): $32M (Lightspeed Venture Partners, Nova Global, SV Angel, Valor Equity Partners, Dynamic)
• Swebal 🇸🇪 (Manufacturing): $30M (Pär Svärdson, Thomas von Kock)
• Embat 🇫🇷 (Fintech): €30M (Cathay Innovation, Creandum, Samaipata, 4Founders, Venture Friends)
• Roadrunner 🇺🇸 (AI): $27M (Kleiner Perkins, Founders Fund)
• Webidoo 🇮🇹 (AI): $25M (IXC3, Banca Generali, TIM Ventures)
• Fifth Dimension 🇬🇧 (AI): €22M (HV Capital, Prudence, Mercia, MMC, AFG, Speedinvest, Seedcamp, Anthemis)
• Sêmeia 🇫🇷 (Healthcare): €21M (Acton Capital, XAnge, Citizen Capital, Banque des Territoires, Orange Ventures)
• Ciridae 🇺🇸 (AI): $20M
• Greenboard 🇺🇸 (Fintech): $20M (Base10 Partners, Y Combinator, General Catalyst, Wayfinder Ventures, Commerce Ventures, Transpose Platform, Liquid2 Ventures, Kulveer Taggar)
• Bisedge 🇿🇦 (Logistics): $20M
• Adfin 🇬🇧 (Fintech): $18M (Index Ventures, Visionaries Club, Stéphane Kurgan, Andrey Khusid)
• Algorithmiq 🇫🇮 (Quantum Software): €18M (United Ventures, CDP Venture Capital, Inventure VC)
• Ethos 🇬🇧 (AI): £16.7M
• Pit 🇸🇪 (AI): $16M (Andreessen Horowitz, Lakestar)
• Reel 🇩🇰 (Energy): €15M (Future Energy Ventures, UVC Partners, Transition, The Footprint Firm)
• CredibleX 🇦🇪 (Fintech): $15M
• LeciForce 🇵🇱 (Biotech): €13.5M
• Pillar 🇮🇹 (Construction): €12M (Earlybird Venture Capital, Base10 Partners, Italian Founders Fund)
• Casimir 🇺🇸 (Energy): $12M (Scout Ventures, Lavrock Ventures, Cottonwood Technology, Capital Factory, American Deep Tech, Draper Associates)
• OpsMill 🇫🇷 (Data Management): €11.9M (IRIS, BGV, Serena, Partech)
• White Circle 🇺🇸 (AI Governance): $11M (Romain Huet, Dirk Kingma, Guillaume Lample, Thomas Wolf, Olivier Pomel, François Chollet, Mehdi Ghissassi, Paige Bailey, David Cramer)
• ProcurePro 🇦🇺 (Construction): $11M
• Happl 🇬🇧 (HR Tech): $11M (Portage Ventures, F Capital, Y Combinator, 6 Degrees Capital, Haatch, Ventures Together)
• CodeWords 🇬🇧 (AI): $9M (Visionaries, firstminute capital, Sequel, Illusian)
• Ditto 🇳🇱 (Healthtech): €7.6M (Heal Capital, Optiverder, Rubio Impact Ventures)
• Cellply 🇮🇹 (DeepTech): €7.15M
• Five ID 🇬🇧 (Fintech): $6M
• Kohort 🇬🇧 (Gaming): €5.9M
• Elephant 🇩🇪 (EdTech): €5M (EnBW New Ventures, Wepa, business angels from Flix, Home24, Quentic, SB21, Topi)
• Dessn 🇬🇧 (AI): €5M (Connect Ventures, Betaworks, N49P)
• NELSON 🇫🇷 (Automotive): €3M
• Sedivention 🇩🇪 (MedTech): €2.9M (bmp Ventures, IBG funds, High-Tech Gründerfonds, Cambridge Ventures, superangels)
• Moonlight AI 🇨🇭 (Healthcare): €2.8M (Lotus One Investment, VP Venture Partners, MEDIN Fund, N&V Capital, QAI Ventures)
• Ventory 🇧🇪 (Software): €2.65M (KBC Securities, Finindus, Matterwave, delaware)
• NanoStruct 🇩🇪 (Deeptech): €2.6M (High-Tech Gründerfonds, Bayern Kapital, AUXXO Female Catalyst Fund)
• Rogue 🇺🇸 (Snacks): $2.5M (Science Inc., Uncommon VC, Simple Food Ventures)
• Asterix Health 🇬🇧 (Healthcare): £2.1M
• Hardal 🇹🇷 (Data): $1.55M (Simya VC, Türkiye Kalkınma Fonu, Invest101, Maxis Ventures, Sharks and Partners)
• Regulate 🇩🇪 (Healthtech): €1.4M (4impact.vc, angel syndicate)
• Tolemy Bio 🇬🇧 (Biotech): €1.4M (Norrsken Evolve, Big Sur Ventures, JME Ventures, Masia)
• FrostByte 🇳🇱 (Quantum Tech): €1.3M (InnovationQuarter Capital, Graduate Ventures, Paeonia Group, UNIIQ, angel investor)
• Husqvarna 🇸🇪 (Retail): €1.2M
• Holmes 🇧🇪 (Software): €1.1M (Syndicate One, Aikido founders, Louis Jonckheere, Thomas Van Overbeke, NewSchool.vc, RDY Capital, 100IN)
• Vivira Health Lab 🇩🇪 (Digital Health): Amount not specified (I B B Capital GmbH, BONVENTURE, Patrick Palacin)

Fund Watch

• Boyu Capital 🇨🇳: $3B (new China fund, currently raising)
• ZenX Quant 🇨🇳: $2B (hedge fund, tripled AUM in six months)
• Trasteel Holding 🇮🇹: $1.3B (merging with Sizzle Acquisition Corp. II)
• Snowhawk Capital 🇺🇸: $1.3B (inaugural digital infrastructure fund, Fund I)
• S2G Investments 🇺🇸: $1B (Solutions Fund I, growth-stage fund for food, energy, and oceans)
• Verdane 🇪🇺: $750M (multi-asset CV, led by Coller Capital)
• A* 🇺🇸: $450M (3rd fund, early-stage venture)
• Duration Ventures 🇺🇸: $375M
• Abry Private Debt 🇺🇸: $330M
• KKR 🇺🇸: $150M
• Off Piste Capital 🇳🇴: $30M (Off Piste Fund I, early-stage VC fund)
• Top Down Ventures 🇨🇦: $28M (Founders Fund I, MSP software and AI)
• Front Ventures 🇸🇪: €5M (defense tech fund, expanding portfolio in Ukraine and Sweden)
• Daiwa Asset Management 🇯🇵: N/A (partenariat avec Elea Capital, focus sur actions japonaises en Europe)

🔔IPO

• Fnac Darty 🇫🇷 (Retail): EP Group’s public offer opens on May 12, 2026, at €36 per share and €81.12 per OCEANE.
• INNIO 🇩🇪 (Energy): filed for a US IPO targeting a $15B valuation backed by Advent and SWF ADIA.
• Delivery Hero 🇩🇪 (Food Delivery): Aspex Management to acquire a 5% stake for $395M at a 22% premium, raising its total stake to 14%.
• Acerinox 🇪🇸 (Steel): exploring a US IPO for its US unit.
• Intertek 🇬🇧 (Testing): Palliser Capital acquired a stake after multiple takeover offers from EQT valuing the firm at $12B.
• GMR 🇺🇸 (Healthcare): has reduced its IPO target to $479M.
• Cerebras Systems 🇺🇸 (AI): seeking to raise $4.8B at a $34B valuation in an upsized IPO.
• Fervo Energy 🇺🇸 (Energy): looking to raise $1.8B at a $7.4B valuation in an upsized IPO.
• Mattel 🇺🇸 (Toys): Southeastern Asset Management acquired a 4% stake in the $4.4B company and is advocating for a sale to private equity.
• Lincoln International 🇺🇸 (Finance): seeking to raise $420M in an IPO.
• Fervo 🇺🇸 (Energy): raised $1.89B in its IPO as a geothermal energy developer.
• Quantinuum 🇺🇸 (Quantum): filed for an IPO aiming to raise over $1.5B and reach a valuation of up to $20B.
• SpaceX 🇺🇸 (Aerospace): valued at $1.25tn ahead of its expected blockbuster IPO, potentially the largest in history.
• Elo Servicos 🇧🇷 (Payments): selected banks for a $500M US IPO.
• Dangote Petroleum Refinery & Petrochemicals 🇳🇬 (Refinery): aiming to raise $5B in a Nigeria IPO with a $50B valuation.

🧳 Debt

• Europlasma 🇫🇷: raised €45M through a controversial bond financing method called Ocabsa.
• Crédit Agricole 🇫🇷: rembourse 14.5B JPY de ses obligations senior non préférées le 11 juin 2026.
• Rolls-Royce 🇬🇧: plans to sell euro-denominated debt for the first time since 2020.
• Amazon 🇨🇭: sold a record six-part Swiss Franc bond offering.
• ServiceNow 🇺🇸: seeking $4B in a bond sale to refinance Armis acquisition debt.
• Verizon 🇺🇸: raised $12B from hybrid debt sales this year.
• ServiceNow 🇺🇸: seeking to raise $4B in an investment grade bond sale for recent M&A.
• United Airlines 🇺🇸: selling $256M of junk-rated munis to fund a new catering center.
• Alphabet 🇺🇸: planning a debut yen bond sale.
• Amazon 🇺🇸: planning a debut Swiss franc bond sale.
• Credibly 🇺🇸: secured over $260M in new financing to accelerate SMB growth.
• Quarterhill 🇺🇸: secured a $60M credit facility and established a $100M accordion to strengthen its balance sheet and support growth initiatives.
• Alphabet 🇯🇵: launched an eight-tranche deal in its debut yen bond sale.
• PCPD 🇭🇰: raised $500M in a bond sale led by RRJ Capital and PIMCO.
• Mutapa Investment 🇿🇼: seeking to raise $250M from local lenders to boost gold mining.

❌ Failures

• DeepL 🇩🇪: the German AI translator is cutting around 250 jobs, affecting about a quarter of its workforce.
• Spanish Broadcasting System 🇪🇸: the radio station owner filed for bankruptcy, planning to transfer control to creditors.
• Truecaller 🇸🇪: the company reported a revenue of 362 million SEK, a 27% decrease from the previous year, and is cutting about 70 jobs with a restructuring cost of approximately 23 million SEK.
• Fortress 🇺🇸: creditors are circling the struggling Florida high-speed rail Brightline ahead of a potential $6B restructuring.
• Accendra Health 🇺🇸: the healthcare supplier agreed with creditors to extend maturities on $1.5B of existing debt through exchanges.
• Spirit Airlines 🇺🇸: bankruptcy advisers to the collapsed airline have made $80M in fees.
• Walmart 🇺🇸: the retail giant is laying off or relocating about 1,000 corporate workers to streamline its technology and product teams.
• Petroperu 🇵🇪: the state-owned company was authorized to take on $2B of private loans to alleviate a liquidity crisis.
• Hong Kong 🇭🇰: the city is resorting to selling collateral and pushing borrowers into liquidation to address its $25B in bad debt.

🎯 For a Few More Minutes…

• 🇫🇷 Vice Versa. The former head of Bobigny’s anti-drug prosecution admits to years of synthetic drug use while leading the fight against traffickers, now facing disciplinary action and a proposed transfer. (Le Parisien)
• 🇬🇧 Page Turners. London’s libraries and museums invite visitors to see priceless originals like the Magna Carta and “Beowulf,” with many exhibits free to access. (New York Times)
• 🇺🇸 Curb Appeal. Texas tried to erase rainbow crosswalks, but San Antonio just moved the colors to the pavement, because pride finds a way. (New York Times)