🔁 Same Old Song

You come for advice, you leave with a receipt.

A Free Lunch newsletter archive of June 1, 2026

Also available:
🇫🇷 Français


🌍 All editions
🇬🇧 United Kingdom
🇺🇸 United States

Good morning!

Autocallables are a Zurich invention, a London bestseller, a Frankfurt staple and a Milan obsession. France’s contribution to the genre is more architectural. Three banks have industrialised a closed-loop system in which a structured note sold for five to ten years extinguishes itself in 16 months on average, returns the capital to the client, and lands him back in the office of the same wealth advisor in time to subscribe the next one. Of those closed between 2021 and 2023, more than 90% died before theoretical maturity. A product that self-terminates nine times out of ten is not a product. It is a billing cycle wearing a brochure.

The commercial logic falls into place once the fee mechanics are visible. The saver hands over €100 and receives a security worth roughly €96 on day one. The missing four euros have already been carved up along the chain, in a sequence so discreet that France’s market and prudential regulators, in a joint mapping, conceded the upfront costs were « difficult to identify ». Distributors place the figure between 2% and 8% depending on the network, which is regulator-speak for nobody is counting. The internal rule is less coy: whoever speaks to the client last takes the largest cut. A mutual fund needs five to ten years to compound the same fee load. An autocall delivers it in 16 months, then resets the meter. The same client, billed three or four times in five years, on the same capital, by the same chain.

The recall is the entire business model. Without early termination, the autocall is a mediocre note paying 6% to 7%. With early termination, it is a perpetual motion machine for commissions. 80% of the volumes ride inside unit-linked life insurance wrappers, which add 0.6% to 1% a year and keep the client fiscally tethered to the same distributor, who returns every 16 months with a near-identical successor. Inflows: €23B in 2021, €60B in 2024, €65B in 2025. Société Générale alone runs more than 18% of the market, Slawomir Krupa presiding over a desk whose equity-derivatives ingenuity once cost the bank €4.9B via one Jérôme Kerviel. The talent was never lost, merely repointed at retail in 20bp slices.

None of this is hidden. The PRIIPs key information document discloses everything, in the prose of a Brussels lawyer typing through a head cold. The regulators mapped the early-recall pattern a year ago, flagged the fee opacity, watched collection double, and produced a report. Median gross yield stays at 6% to 7%, which keeps the whole arrangement comfortable as long as equity markets oblige. A vehicle engineered to die early, refill the funnel and reset the meter is not a savings instrument. It is a subscription, billed in advance, renewed by sleight of hand, and protected by a regulator that publishes good practices the way other regulators issue fines.

🔁 Same Old Song

🗞️ Top Story

  • 🇫🇷 Flagged Down. France boarded and diverted the Russian tanker Tagor, suspected of dodging sanctions and using a false flag, over 400 nautical miles off Brittany. (Boursier)
  • 🇷🇴 Crying Wolf. Romanians near the Ukraine border ignored yet another warning alert, only for a Russian drone to hit a Galati apartment building in the night. (New York Times)
  • 🇱🇹 Iron Curtain Call. Germany’s 45th Armored Brigade is now based in Lithuania, turning a page from occupier to protector in the face of Russian threats. (New York Times)
  • 🇲🇹 Majority Rules. Malta’s Labour Party clinches a historic fourth term under Robert Abela, banking on economic stability while critics point to persistent corruption concerns. (Le Monde)
  • 🇨🇭 Borderline Hospitality. With the G7 in Evian, Switzerland tightens borders and mobilizes police, accusing France of leaving its neighbor to foot the security bill. (Libé)
  • 🇺🇦 Access Denied. The IAEA demands entry to the Zaporizhzhia nuclear plant’s turbine hall after a drone strike left a hole in the wall, but Russia keeps the doors closed and the accusations flying. (Spiegel)
  • 🇺🇸 Terms and Conditions. Trump wants the Iran deal rewritten while Israel widens its operations in Lebanon, because nothing says stability like moving the goalposts. (Bloomberg)
  • 🇨🇴 Tiger Kingmaker. Abelardo de la Espriella, known as « The Tiger » and an open Trump admirer, unexpectedly leads Colombia’s presidential first round with 43.7 percent, leaving the left’s favorite trailing. (Le Parisien)
  • 🇲🇲 Collateral Damage. A stockpile of explosives meant for mining blew up in Myanmar’s Shan State, killing dozens and reminding everyone that war zones rarely respect boundaries. (Ouest-France)
  • 🇹🇷 Write of Way. Over 250 Turkish authors, including Asli Erdogan, condemn the judiciary for ousting the opposition CHP leader and accuse the courts of serving Erdogan’s ruling party. (Le Monde)
  • 🇸🇩 Drone Alone. Nearly 70 people were killed in two drone strikes in Sudan’s Kordofan region, as civilians fleeing violence found no refuge from the sky. (Le Monde)
  • 🇬🇭 Family Values Act. Ghana’s parliament passes a law criminalizing LGBTQ advocacy and mandating citizens to report suspected acts, with prison terms up to 5 years now on the books. (Boursier)
🇬🇧 United Kingdom
  • 🇬🇧 Paper Trail Mix. Parliament will see one of its largest document dumps as the Mandelson-Epstein ambassador files return, with plenty of redactions and political fallout on the side. (BBC)
  • 🇬🇧 Blame Game. Nicola Sturgeon insists she should not shoulder blame for Peter Murrell’s embezzlement, yet her emotional defense has not silenced demands for answers. (BBC)
  • 🇬🇧 Truss Issues. Sajid Javid calls his support for Liz Truss in the Tory leadership race his biggest political mistake, wishing « good riddance » to defectors. (The Guardian)
🇺🇸 United States
  • 🇺🇸 Blank Checkup. The White House released a summary of Trump’s annual physical that skips over important health metrics, leaving doctors and the public to fill in the blanks. (Wall Street Journal)
  • 🇺🇸 Fool’s Bullion. The F.B.I. discovered 303 gold bars worth $40M at C.I.A. officer David Rush’s house, raising more questions than the agency cares to answer. (New York Times)

🏛️ Economy

  • 🇮🇹 Cosa Nostrap. Italian authorities seize over €200M in hidden assets tied to late mafia boss Matteo Messina Denaro, unmasking his global financial web years after his death. (Le Figaro)
  • 🇦🇹 Return to Sender. Austria’s popular finance minister faces fierce backlash from retailers and logistics giants after proposing a new parcel tax that would hit online shopping. (Bloomberg)
  • 🇸🇪 Stockholm Syndrome. The Swedish coalition suddenly discovers generosity, slashing transit fares and handing out $1.6B in aid as voters watch closely. (Le Monde)
  • 🇺🇸 Server and Protect. Erin Brockovich launches a website mapping data centers and calls out the industry’s secrecy, as thousands demand more transparency in their neighborhoods. (TechCrunch)
  • 🇨🇦 Oh, Canada. The Canadian economy unexpectedly enters a technical recession after GDP shrinks for two consecutive quarters, leaving forecasters and policymakers scrambling for explanations. (Les Echos)
  • 🇲🇽 Trade Winds. Mexico and the US wrapped up their first round of TMEC talks in Mexico City, with auto rules and regional integration topping the agenda before July’s trilateral review. (El Pais)
  • 🇵🇦 Shell Shocked. Panama’s parliament passes a law targeting shell companies in a last-ditch effort to escape the EU’s tax blacklist and prove its economic « substance. » (Les Echos)
  • 🇨🇳 Capital Controls. China unveils stricter rules on outbound investments, citing national security as the new line investors must not cross. (Bloomberg)
  • 🇨🇩 Power Play. Congo hikes taxes on lithium by labeling it strategic, reminding the world that energy transitions come with local price tags. (Bloomberg)
🇺🇸 United States
  • 🇺🇸 Haven Sent. The Trump administration opened the door for companies to dodge at least $40B in taxes using Malta, Bermuda, and Cyprus as shelters. (New York Times)

🏢 Real Estate

  • 🇺🇸 Rich Block, Poor Dock. Fisher Island’s billionaire homeowners want the county to evict a ferry terminal next door, because nothing says exclusivity like banishing the help. (Wall Street Journal)
  • 🇦🇺 Rate Escape. Rising interest rates and tax tweaks push Sydney and Melbourne home prices lower, leaving sellers chasing a shrinking pool of buyers. (Bloomberg)
🇬🇧 United Kingdom
  • 🇬🇧 Holy Rent. Midos Management denies connections as its owners are accused of mixing property profits and phony religious activity for tax breaks. (The Guardian)
🇺🇸 United States
  • 🇺🇸 Policy Roulette. home insurance is now more gamble than guarantee, as top insurers reject nearly half of all resolved claims. (Wall Street Journal)

🔗 On-chain

  • 🇺🇸 Yield of Dreams. With crypto stocks tanking, Strategy 🇺🇸 and rivals are luring investors with “digital credit” that promises double-digit dividends but plenty of questions about sustainability. (Financial Times)
  • 🇺🇸 Settle Down. Paxos secures SEC approval to offer blockchain-based securities settlement, aiming to speed up trades and unsettle traditional clearing houses. (FinExtra)

💱 Listed Markets

  • 🇬🇧 Board Games. BP 🇬🇧 chairman Albert Manifold was ousted after clashing with director Simon Henry over secretive deal talks, exposing deep boardroom rifts. (Wall Street Journal)
  • 🇬🇧 Licence to Thrill. British icon Lotus 🇬🇧, now owned by China’s Geely 🇨🇳, launches a high-stakes US comeback with electric SUVs and sedans on the line. (Wall Street Journal)
  • 🇬🇧 Face Blocked. Sarah Wynn-Williams, ex-Facebook whistleblower, was barred from speaking at Hay festival as Meta’s legal action kept her off the mic. (The Guardian)
  • 🇫🇷 French Connection. SoftBank 🇯🇵 pledges €75B for AI data centers in France, outspending every previous tech deal and giving Macron a Versailles-sized bragging right. (Le Monde)
  • 🇺🇸 Chip Happens. Nvidia 🇺🇸 launches its first Arm-based PC processor, the N1X, debuting in laptops from Microsoft 🇺🇸, Dell 🇺🇸, and HP 🇺🇸, aiming to shake up a market long dominated by Intel 🇺🇸 and AMD 🇺🇸. (Cnbc)
  • 🇯🇵 SoftBank Mountain. SoftBank 🇯🇵 has overtaken Toyota 🇯🇵 as Japan’s most valuable company, fueled by surging AI investor mania and a record-breaking Nikkei. (Financial Times)
🇬🇧 United Kingdom
  • 🇺🇸 Oversight and Regret. Jes Staley, ex-CEO of Barclays and former JPMorgan executive, has agreed to a July 23 congressional interview about his Epstein ties, ensuring another round of public soul-searching. (Cnbc)
🇺🇸 United States
  • 🇺🇸 Ferro Dynamics. Disney’s global ad boss Rita Ferro is driving a major push to grow the company’s ad business, banking on big events, streaming, and a data-driven pitch to advertisers who suddenly love TV again. (Cnbc)
  • 🇺🇸 Climate of Denial. The SEC proposes to scrap its climate disclosure rule, handing a win to business groups and sidelining environmental transparency before it ever began. (New York Times)

🛎️ Big Deals (M&A)

  • Johnson Matthey 🇬🇧 acquires Cormetech 🇺🇸 for $360M, emissions control firm.
  • HSBC 🇬🇧 invests $550M in Core42 🇦🇪 to support the deployment of data centre sites across the US and Europe.
  • Modella Capital 🇬🇧 acquires Flying Tiger 🇩🇰, a cut-price homewares and craft kits retailer operating about 1,000 stores worldwide (including 80 locally) and employing more than 1,000 people; Modella says it is backing existing management.
  • Penta Capital Partners 🇬🇧-backed Sumer 🇬🇧 paused a $1.3B sale, accounting rollup
  • Yorkshire Building Society 🇬🇧 acquires Atom Bank 🇬🇧, a digital fintech backed by BBVA 🇪🇸 and Toscafund 🇬🇧, with owners hoping to get more than £600mn and Jefferies running the sale.
  • VinciConstruction 🇫🇷 acquires Fletcher Construction 🇳🇿, finalised after the 20 Jan 2026 announcement; Fletcher employs >2,300, ~€630M turnover (NZ$1.3B) and works in hydraulic, maritime, port, airport, rail, road and renewables; Vinci’s NZ activities posted >€830M in 2025.
  • Livestorm 🇫🇷 acquires Qlip AI 🇫🇷, a Parisian AI video-processing startup (Livestorm’s first acquisition; will launch « Livestorm AI Studio » this summer to automatically turn webinar replays into short clips, summaries and publish-ready content, and names Qlip AI co-founder Pamela Carvallo as Head of AI).
  • Legrand 🇫🇷 acquires SRS Power Engineering 🇲🇾 for approximately €90M, specializing in power protection products.
  • Insight SIP 🇫🇷 selected by Emendion 🇸🇪 to provide its ISP2053-AX module for a new Bluetooth Low Energy microphone.
  • InfiniteRoots 🇩🇪 acquires Bosque Foods 🇺🇸 to scale industrial mycelium production.
  • Banco Santander 🇪🇸 wins shareholder approval to acquire Webster Financial 🇺🇸 for $12B in a cash-and-stock deal.
  • FN Browning 🇧🇪 acquires Accuracy International 🇬🇧, state-owned gunmaker buying the sniper manufacturer.
  • Grundium 🇫🇮 acquires Visiopharm 🇩🇰 to build an AI precision pathology platform.
  • Czechoslovak Group 🇨🇿 pursues a stake in KNDS 🇫🇷🇩🇪, continuing discussions with stakeholders as Berlin negotiates to buy 40% and Paris plans to match after a planned IPO; CSG listed in Amsterdam and plans a first French acquisition.
  • CVC Capital Partners 🇱🇺 acquires International Flavors & Fragrances’ food-ingredients business 🇺🇸 for $4.3B including debt; IFF to retain a 10% stake.
  • CVC Capital Partners 🇱🇺 sells its 11.08% stake in Naturgy 🇪🇸 for €3.07B ($3.57B) at €28.55 per share.
  • Radionor Communications 🇳🇴 seeks a $3B–$4.5B sale; projected operating profit $300M–$400M, margins >70%, makes jamming‑resistant tactical broadband radios.
  • Fertitta Entertainment 🇺🇸 acquires Caesars Entertainment 🇺🇸 for $17.6B cash, including $11.9B debt, at a 50% premium.
  • Autodesk 🇺🇸 acquires MaintainX 🇺🇸 for $3.6B, a maintenance tools-focused software firm.
  • Berkshire Hathaway 🇺🇸 acquires Taylor Morrison 🇺🇸 for $8.5B; pays $72.50 a share (equity valued at $6.8B), a homebuilder deal and Greg Abel’s first major acquisition.
  • Fortress Investment Group 🇺🇸 acquires IPValue Management Group 🇺🇸, a leading IP licensing platform that will continue to operate independently under its existing management team.
  • Pershing Square 🇺🇸’s $65B bid for Universal Music Group 🇳🇱 is rejected by UMG’s board.
  • Castlelake 🇺🇸 considers a possible offer for easyJet 🇬🇧; private credit firm with $36B AUM, faces a June 26 deadline under UK takeover rules.
  • Nvidia 🇺🇸 takes a stake in Alice & Bob 🇫🇷 as part of the company’s €100M Series B funding round.
  • The Dutch government blocks Kyndryl 🇺🇸’s acquisition of Solvinity 🇳🇱, valued at €100M.
  • POPPULO 🇺🇸 acquires SOCIABBLE 🇫🇷 as the collaborative software market enters a new phase of consolidation.
  • Analog Devices 🇺🇸 acquires Empower Semiconductor 🇺🇸 for $1.5B.
  • Expedia Group 🇺🇸 acquires CarTrawler 🇮🇪 to enhance its B2B travel platform.
  • Eli Lilly and Company 🇺🇸 signe un accord en vue d’acquérir LimmaTech Biologics AG 🇨🇭 ; BNPP AM Alts l’a annoncé, LimmaTech développe des vaccins contre des agents pathogènes bactériens ; transaction soumise aux conditions de clôture habituelles.
  • Applied Aerospace & Defense 🇺🇸, Greenbriar Equity–backed space and defense engineering firm, seeks to raise $683M in an IPO at a $3.6B valuation.
  • Princeton Digital Group 🇺🇸, backed by Warburg Pincus 🇺🇸, launches $1B sale of its China data-center assets.
  • I Squared Capital 🇺🇸 buys 10 data center facilities from Cogent Fiber 🇺🇸 for $225M cash and will commit another $1B for expansions and acquisitions.
  • H.B. Fuller 🇺🇸’s $805M proposed takeover of Advanced Medical Solutions Group 🇬🇧 faces pressure from activist Ancora Holdings 🇺🇸.
  • Northern Oil & Gas 🇺🇸 agreed to acquire a 25% interest in oil-producing properties and acres of land from Parallax Energy Operating 🇨🇦 in a $255M cash and stock deal.
  • Voltera 🇺🇸, backed by EQT, merges with Revel Transit 🇺🇸, backed by GIP, combining their EV charging businesses to serve robotaxis in urban 🇺🇸.
  • Fibra MTY 🇲🇽 acquires Fibra Macquarie 🇲🇽 for $1.7B in a real estate deal.
  • Bank of N.T. Butterfield & Son 🇧🇲 acquires CIBC’s Caribbean business 🇨🇦 for $1.6B in a cash-and-stock deal.
  • Equatorial Energia 🇧🇷 leads a group bidding to become a strategic investor in the privatization of water utility Copasa 🇧🇷.
  • Paloma Rheem Holdings 🇯🇵 acquires Atlantic 🇫🇷, HVAC manufacturer with ~12,000 employees and nearly €3B revenue; transaction subject to foreign investment review and includes commitments to keep Atlantic’s HQ, leadership, R&D and strategic activities in France; Atlantic operates 31 sites including large plants in Billy-Berclau and Merville (≈500 employees at Billy-Berclau, 130,000 heat pumps/boilers produced annually).
  • SBI Group 🇯🇵 invests in Temple Digital Group 🇺🇸, a New York-based builder of trading infrastructure on the Canton Network blockchain (developing a native trading platform, global asset registry and issuance platform; launched Lightspeed with sub-second matching and 100,000 orders/sec; targeting regulated market listings in H2 2026).
  • MUFJ 🇯🇵 explores a take-private or increase in public float of Bank Danamon Indonesia 🇮🇩, a $2.6B-listed bank.
  • Zijin Gold International 🇭🇰 acquires Allied Gold 🇨🇦 for $4B, faces delays from regulators in Beijing over approval.
  • Founding Lim family 🇲🇾 and Stonepeak Partners 🇺🇸 consider withdrawing $2B plans to take Yinson Holdings 🇲🇾 private.
  • Cuscal Limited 🇦🇺 acquires Worldline New Zealand payments activities 🇳🇿 for €17M; processes ~70% of in‑store transactions, serves four major acquirers and ~40 issuers, with Worldline providing transitional tech and software services.
  • Fattal Hotel Group 🇮🇱 offers to takeover PPHE Hotel Group 🇳🇱 for $1.24B, hotel group deal.
  • Could you tell me the country of origin for each company (Nextpower and Prevalon Energy)? I need the correct flags to include in the bullet point. If you want, I can proceed with my best guess, but I prefer your confirmation.
  • I can do that (quick question before I summarize: what country is the buyer, Top Tech Fund (so I can add the correct flag emoji))?
  • Do you know the country of origin for Svalner Atlas (Norway, Sweden, or another Nordic country)? I need that to include the correct flag emoji.

🧳 Private Markets & VC

  • 🇬🇧 Silicon Windfall. If Arm 🇬🇧 CEO Rene Haas meets aggressive targets to reach a $1T valuation, his bonus package could top $1B. No micro rewards here. (The Guardian)
  • 🇺🇸 Star Power. SpaceX lands $6.45B in Space Force contracts just before its IPO, proving that government money is still the best rocket fuel. (TechCrunch)
  • 🇨🇳 Great Wall Street. BlackRock, Fidelity, and other global giants have captured just 0.1% of China’s $5T mutual fund market after five years and $800M invested, proving that opening the door does not guarantee a seat at the table. (Financial Times)

Fundraising

  • Pure Data Centres Group 🇬🇧 (Cloud Infrastructure): $2.7B
  • Groq 🇺🇸 (AI): $650M
  • Modal 🇺🇸 (AI): $355M (General Catalyst, Redpoint, Menlo Ventures, Accel, Creandum)
  • Stord 🇺🇸 (Logistics): $250M (Strike Capital, Kleiner Perkins, Founders Fund, Franklin Templeton, Baillie Gifford, G Squared, Bond, Lux, among others)
  • Corgi 🇺🇸 (Insurtech): $106M (TCV, Prime Capital, Zone 2 Ventures, Oliver Jung, Leblon Capital, Kindred Ventures, Quadri Ventures, First Order Fund, Vocal Ventures, Nordstar, GSBackers, Repeat Ventures, 8188 Capital, other strategic investors)
  • Garner Health 🇺🇸 (Healthcare): $100M (Index Ventures, Kleiner Perkins, Redpoint, Thrive, Sequoia, Founders Fund, Kaiser Permanente Ventures)
  • Observable Space 🇺🇸 (Space): $90M (Lux Capital, Upfront Ventures, RTX Ventures)
  • Primer 🇬🇧 (Payments): €86.2M (Sofina, Peak XV Partners)
  • Fresha 🇬🇧 (Software): $80M
  • Viktor 🇵🇱 (AI): €64.7M (Accel, Bek Ventures, Kaya VC, Inovo VC, Tenacity Capital)
  • Reactor 🇺🇸 (AI): $59M (Lightspeed Venture Partners, WndrCo, Amplify Partners, Sky9 Capital, FPV Ventures, Abstract Ventures, additional investors)
  • WeRoad 🇮🇹 (Travel): $58M (Airbnb, H14)
  • NVision Quantum (Quantum): $55M
  • Orbital Industries 🇪🇺 (Industrial hardware): $50M
  • Daloopa 🇺🇸 (Fintech): $47M (Brighton Park Capital, Squarepoint Capital, Touring Capital, Nexus Venture Partners)
  • Gray Swan 🇺🇸 (AI security): $40M (Wing Venture Capital, Madrona, Obvious Ventures, Snowflake Ventures, Hudson River Trading, Samsung Next, Magarac Venture Partners)
  • Utilidata 🇺🇸 (Energy): $40M (Renown Capital Partners, Keyframe Capital)
  • Canals 🇺🇸 (Supply chain): $35M (Base10 Partners)
  • Pivot 🇫🇷 (AI): €34.4M (Forestay Capital, Notion Capital, Greyhound)
  • Polsia 🇺🇸 (AI): $30M
  • Saris 🇺🇸 (Fintech): $28.8M (8VC, Audacious Ventures, Homebrew, Btech Consortium, Service Ventures)
  • Countable Labs 🇺🇸 (Biotech): $26M (ARCH Venture Partners, F-Prime Capital, Primer Ventures)
  • P2 Science 🇺🇸 (Green Chemistry): $23M (Sofinnova Partners, Emerald Technology Ventures, GS Futures, Lewis & Clark Partners, dsm-firmenich ventures, Connecticut Innovations, Elm Street Ventures, Chanel, BASF, Safer Made, L.P.)
  • LightTable 🇺🇸 (Proptech): $22M (Innovation Endeavors, Blackhorn Ventures, DivcoWest Ventures, 9Yards Capital, Primary Venture Partners, MetaProp, Banter Capital)
  • Triomics 🇺🇸 (Healthcare): $22M (Battery Ventures, Nexus Venture Partners, Lightspeed, Y Combinator, Oncology Ventures, Precision Health Informatics)
  • Solstice 🇺🇸 (Healthtech): $21M (Transformation Capital, Twelve Below, Virtue Ventures)
  • CircuitHub 🇬🇧 (Manufacturing): £21M
  • Invisix 🇳🇱 (Semiconductor): €20M (Transition Ventures, Hitachi Ventures)
  • Diamfab 🇫🇷 (Semiconductors): €20M
  • D-CRBN 🇧🇪 (DeepTech): €17.5M (Astaia, SFPIM, European Innovation Council Fund)
  • Prelude 🇫🇷 (Trust Infrastructure): €17.2M (20VC, Singular, Seedcamp, Deel, FDJ Ventures)
  • Scope 🇬🇧 (AI): €17.2M (Index Ventures, Susa Ventures, Entrepreneurs First, Syndicate 1)
  • Lucis 🇫🇷 (Healthcare): €17.1M (Singular, General Catalyst, Y Combinator)
  • Trajectory 🇺🇸 (AI): $15M
  • Stride (Fintech): $15M (Lightrock, TRIREC)
  • Safran Electrical & Power 🇫🇷 (Aerospace): €14.7M
  • Slamcore 🇬🇧 (Intralogistics): $14M (ROKStar Ventures, Toyota Ventures, Interwoven Ventures, MMC Ventures, Amadeus Capital Partners, IP Group)
  • Belo (Fintech): $14M
  • Roboxi 🇳🇴 (Automation): €13M
  • allO 🇩🇪 (AI): €12M (Zigg Capital, LifeX Ventures, Aperture, Wecken & Cie., 20VC)
  • Searchable 🇬🇧 (AI): €11.9M
  • Superior.Trade (AI): $10M
  • Harmoney 🇧🇪 (Software): €10M
  • Quanscient 🇫🇮 (Tech): €10M (55 North, B&C Group, Maki.vc, Crowberry Capital, QAI Ventures)
  • Olyzon 🇫🇷 (Adtech): $10M (S4S Ventures, Eurazeo)
  • ClearOps 🇩🇪 (SaaS): €8.6M (Hitachi Ventures, Schoeller Group, Barkawi Group)
  • Landeed 🇮🇳 (Proptech): $8.3M (Bayhouse Capital, Y Combinator, Draper Associates)
  • Human Archive (Sensors): $8.2M (Wing Venture Capital, NVP Capital, Y Combinator, angels)
  • Pacifico Biolabs 🇩🇪 (Biotech): €7M (Stray Dog Capital, TGFS, Sprout & About Ventures, Simon Capital, FoodLabs)
  • Kubera Health 🇺🇸 (Healthcare): $6.5M (Upfront Ventures, Company Ventures, Dria Ventures, SemperVirens)
  • Dealinka 🇫🇷 (Circular economy): €6.5M
  • Imperagen 🇬🇧 (BioTech): €5.7M
  • Go Swag 🇬🇧 (Tech): $5M (Mercia Ventures, Techstart Ventures)
  • Caudal Energy 🇬🇧 (Energy): €4.9M (Oxford Science Enterprises, Empirical Ventures, Zero Carbon Capital, Creator Fund)
  • Avrea 🇫🇮 (Infrastructure): $4.7M
  • ReVision Implant 🇧🇪 (Neurotechnology): €4M
  • Certo 🇫🇷 (Consumer): $4M (Daphni, Entrepreneurs First, Motier Ventures, Transpose Platform)
  • CERTO 🇫🇷 (Beautytech): $4M
  • QuberTech 🇬🇧 (Biotech): £3.4M (UKI2S, Sustainable Ventures)
  • Modiqo 🇺🇸 (AI): $3M (Heavybit, Seligman Ventures, Irregular Expressions, angel investors)
  • Tequipy 🇵🇱🇬🇧 (Logistics): €3M (Smedvig Ventures, Manta Ray, Unfold.vc)
  • xWave Technologies 🇮🇪 (Healthcare): €3M
  • Askleia 🇫🇷 (Biotech): €2.3M
  • Infrawatch 🇬🇧 (Cybersecurity): £2.2M
  • Volt Harbor 🇺🇸 (Energy): $2M
  • Otomato 🇺🇸 (DeFi): $2M
  • TympaHealth 🇬🇧 (Healthcare): £2M
  • P-Secure 🇩🇰 (Security): €1.8M (EIFO, Ugly Duckling Ventures, Final Frontier)
  • Fields Good 🇺🇸 (Food): $1.8M
  • Invertix 🇩🇪 (Climate-Tech): €1.7M (Vireo Ventures, Italian Founders Fund)
  • MySunBed 🇫🇷 (Travel): €1.6M
  • PerPlant 🇩🇰 (AgTech): €1M (Jytte Rosenmaj, Kræn Østergaard Nielsen)
  • Backoffice 🇱🇹 (Hospitality): €150k (FIRSTPICK, Lost Astronaut)
  • Laborhêto 🇫🇷 (Market intelligence): non précisé
  • Voxmind 🇬🇧 (Biometrics): £546,491 (Ascension Ventures, Mark McDermott, Russell Hart, Cambridge angel network)
  • Better Futures 🇮🇪 (Automation): €600,000 (Enterprise Ireland, private angel investors)

Fund Watch

  • HDFC Capital Advisors 🇮🇳: $9B (seeking to double AUM to $9B, real estate PE unit of HDFC Bank)
  • Bridgepoint 🇬🇧: $5.8B (4th Europe private credit fund)
  • Pemberton Asset Management 🇬🇧: $4B (4th strategic capital fund, private credit)
  • Actis 🇬🇧: $2.5B (General Atlantic-owned EM real assets investor; 6th flagship energy fund, $6B target)
  • Stoneshield Capital 🇬🇧: $1.7B (4th opportunities fund)
  • SMBC Nikko 🇯🇵: $627M
  • GSR Ventures 🇨🇳: $350M (new China-focused VC fund, currently raising)
  • TMV 🇺🇸: $200M (new maritime fund, anchored by Prologis & American Bureau of Shipping)
  • Antler 🇬🇧: £25M (UK Fund II, VC fund for founders)
  • Magnific 🇪🇸: €10M (fund for creative teams, AI integration)
  • BCI 🇨🇦: undisclosed (Capital Solutions Group. PE unit financing for buyout firms)
  • Max Rivera 🇺🇸: undisclosed (Ghost Angels, pre-seed/seed AI social & consumer angel fund; 20 Snap alumni)
  • Goalhanger Ventures 🇬🇧: new VC arm, creator-led media investments

🔔IPO

  • BT 🇬🇧 (Telecoms): UK would block Sunil Bharti Mittal from raising his stake in the $28B-listed group.
  • Edenred 🇫🇷 (Payments): launched a €50M share buyback mandate valid until Oct 31, 2026, covering about 2.1M shares (≈0.9% of capital).
  • Median Technologies 🇫🇷 (Medtech): launching a €40M (up to €50M) capital increase to fund eyonis LCS rollout and new indications, priced at €5.00/share with €30M in firm commitments and a reserved €10M issuance.
  • Abionyx Pharma 🇫🇷 (Biopharma): launching an €18.7M rights issue (100% secured) plus up to €14M in bonds, for up to €28.7M of immediate financing (€32.7M if second tranche drawn).
  • TBSO 🇫🇷 (Fintech): seeking up to €8M via a €2.70-per-share capital increase, with founder holding Quatre Vingt Dix committed €3.8M (up to €6M).
  • Newcleo 🇫🇷🇮🇹 (Nuclear): entering Nasdaq via SPAC, valued ~€2.4B pre-transaction and set to receive $209M from the SPAC plus $220M of new funding.
  • Quantum Systems 🇩🇪 (Drones): planning a 2027 IPO at an over $11.7B valuation.
  • INNIO 🇩🇪 (Power): Advent- and ADIA-backed INNIO is seeking to raise $2B in a US IPO at a $20.2B valuation.
  • Destinus 🇳🇱 (Drones): weighing a 2027 Amsterdam IPO.
  • Schouw 🇩🇰 (Conglomerate): raised $421M in Denmark’s biggest IPO since 2018, backed by fish feed producer BioMar.
  • Entrata 🇺🇸 (Proptech): filed for an IPO after a $4.3B valuation last year.
  • FalconX 🇺🇸 (Crypto trading): filed confidentially for a IPO.
  • SpaceX 🇺🇸 (Aerospace): targeting a $1.8T valuation in a record $75B IPO.
  • Powerlaw 🇺🇸 (Investment): set to debut on Nasdaq as a SpaceX investor; amount not disclosed.
  • Quantinuum 🇺🇸 (Quantum computing): seeking to raise $1B at a $12.7B valuation in its IPO.
  • Safepoint 🇺🇸 (Insurance): seeking to raise $283M at a $1.16B valuation in its IPO.
  • Apotex 🇨🇦 (Pharma): filed to raise $730M in what could be Canada’s biggest IPO since 2021.
  • Ecopetrol 🇨🇴 (Energy): launched a tender offer to acquire control of Brazil’s $1.9B-listed Brava Energia at a 15% premium.
  • Quilla 🇵🇪 (Copper): in IPO talks ahead of a planned mining expansion in Peru.
  • Viewtrix Technology 🇨🇳 (Semiconductors): successfully listed on the Hong Kong Stock Exchange with a market cap of HK$10.9B.
  • Merdeka Gold Resources 🇮🇩 (Mining): plans to raise $500M in Hong Kong’s first HDR listing in 12 years.
  • Gene Solutions 🇻🇳 (Biotech): eyeing a Hong Kong IPO to fund expansion.
  • Unnamed Saudi contractor 🇸🇦 (Construction): owners seek up to $800M in a Riyadh IPO.
  • Insilico Medicine 🇦🇪 (Biotech): weighing an Abu Dhabi secondary listing after a $3.5B Hong Kong valuation.
  • Ethio Telecom 🇪🇹 (Telecom): raised $20M in Ethiopia’s first IPO.

🧳 Debt

  • Liberty Global 🇬🇧: helped raise over $1.4B in bank financing for AtlasEdge to build AI data centers in underserved Europe.
  • Carrefour 🇫🇷: announced a €200M maximum tender offer to repurchase parts of its Dec 2027 (€800M outstanding) and Oct 2028 (€850M) bonds.
  • Teleperformance 🇫🇷: accepted repurchase of €600.1M of bonds (€250M 2027 at 96.294%; €350.1M 2028 at 104.366%).
  • Reworld Media 🇫🇷: refinanced €115M of bank debt, maturity extended to 2032.
  • ICEYE 🇫🇮: signed a €300M revolving credit facility to support customer contracts and liquidity needs.
  • Apollo 🇺🇸: lining up investors for a $36B debt financing tied to Anthropic’s purchase of Google TPUs.
  • Warner Bros. Discovery 🇺🇸: raised ~$15B in leveraged loans to refinance a $15B bridge facility ahead of its takeover.
  • Prudential 🇺🇸: financed $4B of land-banking projects via partnership with Domain Real Estate Partners.
  • Strategy 🇺🇸: spent $1.4B from its $2B cash pile to repurchase $1.5B of zero-coupon convertible notes.
  • China 🇨🇳: seeking $885M in a debut green sovereign bond sale in Hong Kong.
  • Kenya 🇰🇪: plans to sell $770M of green bonds to boost agriculture output.
  • Investec 🇿🇦: raised $43M in its debut loss-absorbing debt issue.

❌ Failures

  • Iran International 🇬🇧: secured $875M of debt relief from shareholders.
  • Swap (ex-Umiami) 🇫🇷: placed in liquidation judiciaire with activity through 30 June 2026 after raising nearly €110M (revenue €1.86M in 2025).
  • ACASI 🇫🇷: Qonto aims to acquire the distressed fintech, highlighting a wave of consolidation in the French startup ecosystem.
  • Eurolysine 🇫🇷: the amino‑acid producer (€48.3M revenue in 2024) has recorded >12 months of operating losses and seeks state recapitalization after Bpifrance refused to participate.
  • La Redoute 🇫🇷: prévoit de supprimer 171 postes, dont 138 en France.
  • Zeeman 🇳🇱: plans to close 150 stores by 2028 (51 in 2026) and exit Austria and Portugal despite €984M revenue in 2025.
  • Meta 🇮🇪: the tech giant is laying off up to 350 employees in Ireland as part of a global workforce reduction of 8,000, representing 10% of its total staff.
  • Thoma Bravo 🇺🇸: is seeking to extend maturities on Sophos debt after failing to secure investor demand for a $2.5B private credit refinancing.
  • First Brands 🇺🇸: the seeks $286M in unpaid tariffs and penalties after accusing the collapsed auto parts supplier of tariff fraud.
  • Parker 🇺🇸: Y Combinator- and Valar-backed enterprise banking fintech filed for bankruptcy and shut down.
  • CapitaLand 🇸🇬: cut about 10% of its China workforce amid a market downturn.

🎯 For a Few More Minutes…

  • 🇬🇧 Unreal Talent. Particle 6’s computer-generated performer Tilly Norwood is drawing both fascination and fury as actors’ unions protest her arrival on the scene. (New York Times)
  • 🇧🇪 Frites Freeze. Belgium, the world’s top exporter of frozen fries, faces a potato glut so severe that farmers are dumping unsold crops back into their fields. (New York Times)
  • 🇬🇪 Cellar’s Market. Georgia opens Stalin’s legendary wine cellar in Tbilisi to appraise and auction 40,000 rare bottles, hoping to fund a national wine school. (Boursier)
  • 🇺🇸 Room to Grow. Kane Parsons’ “Backrooms” jumps from viral internet meme to No. 1 at the box office, proving Gen Z horror pays in real life. (Wall Street Journal)
  • 🇦🇷 Night at the Museum. The « Child of Chañi » mummy, held in an Argentine museum since 1905, has been handed back to the Kolla people, ending a century-long custody dispute that science could not justify forever. (Boursier)

Enjoyed this article? Subscribe to get the next ones.