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Good Morning,

What a night following the presidential debate. Social media was buzzing, dogs and cats were a topic of discussion, and the memes were on point.

In business news: Apollo is launching a private credit ETF, Elliott got half of Southwest's board to resign, multi-strat hedge funds are seeing a pullback from investors, Taylor Swift endorsed Kamala Harris, and JPMorgan's CEO succession is Jamie Dimon's top priority.

Check out DealCentre AI, a platform to turbocharge and streamline your M&A deal processes like never before…

Let's dive in.

Before The Bell

As of 09/10/2024 market close.

Markets

  • US stocks closed mixed ahead of today's August CPI report

    • Swaps markets see at least one 50 bps Fed rate cut this year

  • China's CSI 300 index is at a near six-year low

  • Oil closed at the lowest level since December 2021 

Earnings

  • GameStop fell 9% despite a surprise Q2 earnings beat as it missed on revenue amid consumers moving away from brick-and-mortar stores (MW) 

  • Dave & Buster's rose 13% after beating Q2 earnings estimates on improvements in its special events business (INV) 

  • What we're watching this week:  

    • Today: Adobe, Kroger 

  • Full calendar here

Headline Roundup

  • Jamie Dimon says JPMorgan CEO succession is his priority (RT)

  • Bond market sees risk of inflation falling below Fed target (BBG)

  • Multi-strat hedge funds suffer outflows as investor frenzy fades (FT)

  • Hedge funds see reduced fees amid subpar returns (WSJ)

  • Morgan Stanley expects M&A and IPOs to lag trends through 2024 (RT)

  • Fed halves proposed capital requirement hikes for big US banks (WSJ)

  • China's $6.5T stock rout is worsening economic confidence (BBG)

  • Apollo and State Street are launching a private credit ETF (BBG)

  • EU upholds $17B in fines and back taxes against Apple and Google (AP)

  • Half of Southwest board, including chairman, to resign amid Elliott pressure (WSJ)

  • Goldman will hand off $2B credit card business to Barclays (WSJ)

  • Dell job cuts will continue with margins under pressure (BBG)

  • US household income rose last year (RT)

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Deal Flow

M&A / Investments

  • PE firm GTCR is in advanced talks to acquire German generic drugmaker Stada Arzneimittel at a potential $11B valuation (BBG) 

  • Australian property listings firm REA made a preliminary offer to acquire UK peer Rightmove for $7.2B (FT) 

  • AngloGold Ashanti agreed to take over rival gold miner Centamin for $2.5B (FT) 

  • Vista Equity Partners and Warburg Pincus will acquire automation software maker Redwood Software from Turn/River Capital for ~$2.5B, including debt (WSJ) 

  • New Zealand's Contact Energy agreed to acquire renewable energy firm Manawa Energy for over $1.1B (RT) 

  • O&G producer APA will sell non-core Permian Basin drilling properties to an undisclosed buyer for ~$950M (RT) 

  • US lender NBT Bancorp agreed to acquire Evans Bancorp at a $236M valuation (RT) 

  • UK hedge fund tycoon Paul Marshall bought The Spectator political magazine from RedBird IMI for ~$131M (RT) 

  • Deutsche Lufthansa is considering taking a stake in Latvia's AirBaltic ahead of AirBaltic's proposed IPO (BBG) 

  • UPS will acquire German healthcare logistics firm Frigo-Trans (RT)  

VC

  • AI-powered search startup Glean raised a $260M Series E at a $4.6B valuation led by Altimeter and DST Global (CNBC)

  • Forterra, a self-driving technology startup for defense and industry, raised a $75M Series B led by Moore Strategic Ventures, XYZ Venture Capital, and Hedosophia (PRN)

  • German sustainable dairy startup Formo raised a $61M Series B from EQT Ventures, TNC, and more (TC)

  • UK fintech Form3 raised a $60M Series C at a $570M valuation led by British Patient Capital (TC)

  • Qualifyze, a startup improving pharmaceutical supply chains, raised a $54M Series B led by Insight Partners (TC)

  • AI translation startup Smartcat raised a $43M Series C led by Left Lane Capital (TC)

  • Spare, a startup improving paratransit services, raised a $30M Series B led by Inovia Capital (TC)

  • AttoTude, am interconnect technology for AI and data center applications, raised a $29M Series A from Sutter Hill Ventures, Canaan Partners, and more (BW)

  • Polly, an innovative mortgage capital markets technology, raised a $25M growth round led by 8VC (BW)

  • Defense tech startup Darkhive raised a $21M Series A led by Ten Eleven Ventures (PRN)

  • Retraced, a modern supply chain platform for fashion brands, raised a $16.5M Series A led by Partech (EU)

  • Enterprise cloud security startup P0 Security raised a $15M Series A led by SYN Ventures (BW)

  • Infrastructure-from-code service AppCD raised a $12.3M seed round led by Thomvest Ventures (TC)

IPO / Direct Listings / Issuances / Block Trades

  • DigitalBridge, FM Investors, and Australian pension Aware Super are considering an IPO for data center operator Switch at a $40B valuation, including debt (RT) 

  • Hewlett Packard Enterprise announced a $1.4B mandatory convertible preferred stock offering to help fund its $14B all-cash acquisition of Juniper Networks (RT) 

  • Online lender K Bank filed for a $732M Seoul IPO at a potential $3.7B valuation in what could be Korea's biggest listing in three years (BBG) 

Debt

  • JPMorgan, BNP Paribas, and Bank of America are set to market over $8.8B in debt for UK vehicle glass repair company Belron (BBG) 

  • Pipeline operator Oneok raised $7B in bonds to fund recent acquisitions worth $5.9B (BBG) 

  • Formula 1 sold a $2.55B loan package to refinance debt and help fund owner Liberty Media's acquisition of MotoGP (BBG) 

  • Mexico sold a $1.5B bond to pay off its purchase of power plants from Spanish energy firm Iberdrola (BBG) 

  • Blue Owl Capital raised $1B in a blue-chip bond sale (BBG) 

  • Raising Cane's Chicken Fingers raised $500M in a leveraged loan offering (BBG) 

Bankruptcy / Restructuring / Distressed

  • Big Lots lenders are in talks with Nexus Capital Management over its $760M bid to buy the bankrupt discount retailer out of bankruptcy (BBG) 

Fundraising

  • Silver Rock Financial is seeking to raise $4B for its latest private credit fund (MA) 

  • Sienna Private Equity, a PE firm founded by ex-Oaktree MDs, raised $412M for a debut PE fund (BBG)

Crypto Corner

  • SSGA and Galaxy Asset Management are launching three crypto-focused ETFs (BBG) 

  • Investors in illegal $1B crypto scheme 'Skyscraper' will be made whole (BBG) 

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