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Goldman and Google and vying for chess supremacy, America is experiencing a 'Zyndemic,' PE firm Permira named new co-CEOs, the world could soon see a massive oil glut, and Trump wants all remaining Bitcoin to be made in USA.

Let’s dive in.

Before The Bell

As of 06/12/2024 market close.

Markets

  • US stocks rallied yesterday in response to a cooling CPI and a Fed projection of one 2024 rate cut

    • The S&P and Nasdaq closed at ATHs for a third-straight day

    • Swaps markets continue to price in two rate cuts for 2024

  • Mexico called in $894M of dollar notes due 2025 to calm a market sell-off  

Earnings

  • Broadcom rose 15% on a Q2 beat-and-raise as it continues to benefit from the AI boom (CNBC) 

  • What we're watching this week:  

    • Today: Adobe

  • Full calendar here

Headline Roundup

  • Google, Goldman and BlackRock among names squaring off in chess championship (WSJ)

  • JPMorgan sees IB revenue jumping 30% in Q2 (RT)

  • Fed signal just one rate cut for 2024 (CNBC)

  • CPI inflation slowed to 3.3% YoY in May (CNBC)

  • PE giant Permira named new co-CEOs (FT)

  • Trio of new Citigroup execs stir succession talk (FT)

  • Morgan Stanley CIO says Biden better for bonds, Trump for growth (RT)

  • Audit watchdog expands liability for auditors involved in firm violations (WSJ)

  • Apple overtakes Microsoft as world's most valuable company (RT)

  • US businesses seek higher insurance coverage amid AI and election risks (RT)

  • CalPERS will vote against Musk's $56B Tesla pay package (RT)

  • Argentina loses $1.5B appeal against hedge funds (FT)

  • Citron Research closed its GameStop short position (RT)

  • 'Roaring Kitty' may have cut GameStop options position (RT)

  • Layoffs pile up amid economic uncertainty (RT)

  • Euro's reserve currency role tumbles at expense of dollar (RT)

  • ECB flags euro risks from Russia as global FX dip (FT)

  • World facing 'staggering' oil glut by 2030 (FT)

  • EU will slap 48% tariffs on China EV imports (BBG)

  • 401(k) matches on student loan payments gain traction (BBG)

  • America is running low on Zyn pouches (WSJ)

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Deal Flow

M&A / Investments

  • Hellman & Friedman, TPG, and Vista Equity Partners are among the remaining bidders for the Aareon software business of Advent-owned Aareal Bank, which may fetch a $3.2B+ equity value (BBG) 

  • Shell emerged as the lead bidder to buy LNG assets of Temasek-owned trading firm Pavilion Energy, which is seeking over $2B (BBG) 

  • Oil producer Matador Resources agreed to buy assets in the Permian Basin from a portfolio company of EnCap Investments for $1.9B cash (BBG)

  • Probiotics maker Seed Health is exploring a sale at an over $1B valuation (RT) 

  • Australia's Qantas Airways will buy the remaining 49% stake in online travel firm TripADeal for $140M (RT)

  • Sony Pictures Entertainment acquired dine-in theater chain Alamo Drafthouse Cinema (BBG) 

  • Canada is looking to sell a 30% stake in the newly expanded Trans Mountain pipeline system to indigenous owners (BBG) 

  • SK Telecom’s AI chip startup unit Sapeon Korea agreed to combine with rival Rebellions (BBG) 

VC

  • Apex, a spacecraft startup, raised a $95M Series B led by XYZ and CRV (FN)

  • Canary Technologies, a hotel guest management platform, raised a $50M Series C led by Insight Partners (PRN)

  • Enterprise SaaS training platform Learn to Win raised a $30M Series A led by the Westly Group (PRN)

  • Gorilla, an energy data and intelligence platform, raised a $25.5M Series B led by Headline (FN)

  • ElectronX, a derivatives exchange for the energy transition, raised a $15M seed round led by Innovation Endeavors (PRN)

  • Token distribution protocol Layer3 raised a $15M Series A co-led by ParaFi and Greenfield Capital (TB)

  • HarperDB, a distributed systems platform combining database, caching, and application streaming functions, raised $28M in funding from Serent Capital (BW)

  • Light, a Danish automated general ledger for multinationals, raised a $13M seed round led by Atomico (FN)

  • AI-powered prospecting and relationship intelligence platform Aidentified raised a $12.5M Series B from FactSet (FN)

  • Daisy, a home and SMB tech installation company, raised an $11M Series A led by Goldcrest and Bungalow (FN)

  • Grayce, a social care platform for families, raised a $10.4M Series A led by Maveron (BW)

  • CargoSense, a 'Visibility OS' platform for supply chain automation, raised an $8M Series A led by Lanza techVentures (PRN)

  • Stanly, a platform for fans to connect, engage, and celebrate fandoms, raised an $8M pre-Series A led by C Capital (PRN)

  • Restate, a German startup building distributed applications, raised a $7M seed round led by Redpoint Ventures (FN)

  • Symbiotic, a shared security protocol, raised a $5.8M seed round led by Paradigm and cyber•Fund (FN)

  • Computation platform Pyte raised a $5M round led by Myriad Venture Partners (FN)

  • BlinqIO, a GenAI software testing platform, raised a $5M round led by Flint Capital (FN)

  • Unite, a Layer 3 blockchain solution for mass-market mobile gaming, raised a $3M seed round led by Superlayer (FN)

IPO / Direct Listings / Issuances / Block Trades

  • Indian snack maker Haldiram's is weighing a local IPO after dissatisfaction with its ~$8B valuation in sales talks (BBG)  

  • Gamestop completed a $2.1B at-the-market share offering (RT) 

  • Alef Education slid ~13% in its trading debut after its $515M Abu Dhabi IPO (BBG) 

  • Apollo Global and others are seeking to raise up to $500M in a US IPO of Mexican airline Grupo Aeroméxico (BBG)

  • UK's Special Opportunities REIT pulled its London IPO after failing to reach the $320M minimum demand required (RT)

  • Swedish esports company NIP Group filed for a ~$50M US IPO (BBG) 

  • UAE hospital group NMC Healthcare appointed Rothschild to advise on strategic options including an IPO (RT) 

Debt

  • KKR obtained a ~$330M private credit loan from Blackstone and Goldman Sachs to help finance its acquisition of Australia's Perpetual's corporate trust unit (BBG) 

Bankruptcy / Restructuring

  • Nationwide bus operator Coach USA filed for Chapter 11 bankruptcy and will sell its assets to investment firm Renco Group and Avalon Transportation (WSJ) 

Fundraising

  • Healthcare investment firm Foresite Capital raised $900M for its sixth fund (TC) 

  • NorthWall Capital raised $710M for its second flagship European private credit fund (BW)

  • French MM PE firm Parquest raised ~$450M for its third fund (FN) 

Crypto Corner

  • Trump wants all remaining Bitcoin to be 'made in USA' (CD) 

  • Terraform Labs will pay $4.5B to settle SEC fraud case (BBG) 

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