What You Need To Know For April 11th, 2024

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Headlines and articles 🔍

• Hotter March Inflation than expected was the talk of the street yesterday. CPI was 0.1% higher than expected on a monthly and annual basis, with monthly CPI +0.4% (vs. est. of 0.3%) and CPI +3.8% y/y (vs. est. of +3.7%). This sent U.S. indices down on the day, while the 10-year rocketed up north of 4.5%. A June rate cut is no longer expected, with 50/50 odds for a July cut, and many investment professionals somewhere in the 1-3 cut territory. However, Apollo’s Chief Economist is among the growing camp that there will be zero cuts in 2024.

• Todd Boehly’s Eldridge is among the finalists to buy Direct Lender, Hayfin ($33B AUM), for >1.2B

• Blackstone is seeking a $1B NAV Loan, backed by their 2016 $18B PE Fund

• Millennium shuts down Jason Feasey’s Credit Fund after the fund’s Altice bets sour

• Barings is trying to rebuild their private credit team after losing 20+ investment professionals to Corinthia

• Adams Street raised $1B for their 1st Private Credit CLO

• Blackstone is evaluating buying sandwich chain, Jersey Mike’s, with the valuation rumored around $8B.

• KKR is looking to take BMC Software public, or sell at a $15B Valuation. KKR acquired BMC for $8.3B in 2018.

• Robinhood launched their new media venture, Sherwood, but is that enough to win people back over after the GameStop debacle?

• Macy’s settles proxy fight with Arkhouse, adds 2 new board members

• Dude Perfect (Yes, the YouTube guys) score an $100m+ investment from Highmount Capital

• Apple is expanding in Miami. Apple is planning a new 45,000 sq. ft. office in the Coral Gables, FL region.

• In other Miami news, Carnival is looking to sell their HQ and downsize

• Delta beats Q1 earnings expectations, CEO sees ‘quite healthy’ travel demand this spring and summer

• US accounting watchdog hits KPMG affiliate with record penalty over exam cheating

• Bank of Japan’s Kazuo Ueda rules out responding to weak yen with rate hike

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Transactions and M&A 💭 

AIR Communities (NYS: AIRC), an apartment investment and management company with 75 apartment communities and over 26,000 units, has entered a definitive agreement to be acquired for $10.0B by Blackstone (NYS: BX). Citigroup advised on the sale.

Karora Resources (TSE: KRR), a multi-asset mineral resource company engaged in production exploration and evaluation activities in Australia, has entered a definitive agreement to be acquired for $1.4B by Westgold Resources (ASX: WGX).

Model N (NYS: MODN), a provider of cloud revenue management solutions for life science and technology companies, has entered a definitive agreement to be acquired for $1.25B by Vista Equity Partners. Jefferies advised on the sale.

Universidad Europea, operator of a chain of schools and insitutions intended to build the future of higher education, has entered a definitive agreement to be acquired for $2.39B by EQT (STO: EQT).

Vision-Box, a developer of biometric-based systems intended for airports, airlines, and border control, was acquired for $347.56M by Amadeus IT Group (MAD: AMS). Houlihan Lokey advised on the sale.

Eagle Bulk Shipping (FRA: E1B1), a U.S. based, fully integrated shipowner-operator, providing transportation solutions to miners, producers, traders and end users across the globe, was acquired for $2.1B by Star Bulk Carriers (NAS: SBLK). Houlihan Lokey advised on the sale.

MeridianBet Group, operator of an online betting platform, was acquired for $300.0M by Golden Matrix Group (NAS: GMGI).

Transactions Private Placements 💭

Tree Energy Solutions, a developer of green hydrogen and a disruptive innovator designed to accelerate the energy transition, raised 152.06M of Series C venture funding led by Fortescue Future Industries, Azimuth Group Services and OG Energy.

Lazada, a developer of an online shopping and selling marketplace designed to offer an effortless shopping experience to customers, raised $1.73B of venture funding led by Alibaba Group (HKG: 09988).

Elcogen, a manufacturer of solid oxide fuel cells, raised $152.14M of venture funding led by Baker Hughes.

Diagonal Therapeutics, a developer of biotech designed to pioneer a new approach to discovering and developing agonist antibodies, raised $128.0M of Series A venture funding led by Atlas Ventures and BVF Partners.

Alterome Therapeutics, a developer of biopharmaceutical therapies intended to discover precise therapies and inspire hope for individuals affected by cancer, raised $132.0M of Series B venture funding led by Goldman Sach Asset Management at a pre-money valuation of $230.0M.

Seaport Therapeutics, a biopharmaceutical company intended to develop novel neuropsychiatric medicines in areas of high unmet patient needs, raised $100.0M of Series A venture funding led by ARCH Venture Partners and Sofinnova Investments.

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