☕️ AI Power

Good morning.

Iren, the Aussie bitcoin miner with a Nasdaq ticker, is leaning hard into AI, thanks to its Nvidia chip haul worth US$44m ($65.14m). As Capital Brief’s Dan Van Boom reports, the company’s West Texas data centre might soon be on the block, with Morgan Stanley hunting for a hyperscaler to take it over – think AWS, Microsoft or Google.

As AI's energy consumption rockets, Iren, formally known as Iris Energy, is turbocharging power while harnessing renewable resources wherever possible. And yes, asked whether Australia should consider nuclear energy, co-founder Daniel Roberts says, "we absolutely should be exploring it.”

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Market movers

Pacific Smiles’ shareholders were all smiles on Tuesday, as shares jumped 6% following Genesis Capital’s fresh takeover offer.

Beam Dental Bidco, an associate of the private equity firm is sweetening its bid with a choice of cash or shares, hoping to win over investors after their rival NDC’s proposal was knocked back.

The quick sync

• Ex-NAB exec and former Tattarang boss Andrew Haggar recruited ex RBA’s Guy Debelle and Macquarie’s Alex Nikov to seize on Australia's new tech wealth. (Capital Brief)

• Despite a push for shareholder democracy, Vanguard’s experiment shows nearly half of participants let the asset giant make their voting decisions. (FT)

• Real-time payments and open banking are set to disrupt global finance, France’s Capgemini says. (Capital Brief)

• Hedge fund titan Steve Cohen quits trading, turns to mentoring at Point72. (Bloomberg)

• Australian cyberspies phone businesses to warn of danger, but half don’t respond. (AFR)

• SEC slams FTX auditor Prager Metis for not understanding the crypto market, missing key crypto risks in the lead-up to the collapse. (FT)

Trading floor

M&A

• Xero acquires Syft to boost reporting and analytics, planning to integrate its functionality into Xero software across global markets. (Capital Brief)

• Blackstone’s Crown Resorts mulls sale of luxury Melbourne golf course. (AFR)

• Madison Dearborn’s $1.45 per share bid for APM is likely to succeed, with all proxy advisers and the independent board committee supporting the offer. (AFR)

• A consortium led by Santos has sold part of its stake in the Bayu Undan project to Timor Leste's state energy company, reinforcing Santos' long-term partnership with the nation. (Capital Brief)

• Microsoft unveiled a $60bn stock buyback and raised its dividend by 10%, likely to ease investor concerns over its heavy spending on AI infrastructure. (Capital Brief)

• A $1.5bn hostile bid for Korea Zinc threatens the future of a major Queensland renewable energy and hydrogen portfolio, with potential shifts away from these investments. (AFR)

• Pacific Smiles got a new takeover offer from Genesis Capital, highlighting risks due to recent leadership resignations, following shareholders' rejection of a prior bid. (Capital Brief)

• Speculation is rising that KKR may revisit a Ramsay Health Care bid, considering its previous interest and Ramsay’s current lower share price of $40. (The Australian)

• A class action against Virgin Australia alleges financial misrepresentation before its collapse, with retail bondholders preparing an amended claim. (AFR)

• Auckland Airport completed a NZ$1.2bn placement and is offering NZ$200m in retail shares to fund a NZ$1.4bn capital investment, including a new domestic jet terminal. (Capital Brief)

• Tanarra Capital is urging Healius to cancel the $700m sale of its profitable Lumus radiology division, praising its recent turnaround. (AFR)

• Charter Hall Retail REIT is not expected to raise its $3.65 per share bid for Hotel Property Investments, which would need to exceed $4 per share to succeed. (The Australian)

• Webjet shareholders approved a demerger into two ASX-listed companies: WEB Travel Group and Webjet Group. (Capital Brief)

• Actinogen Medical is raising funds to expand Phase 2b trials for its Alzheimer’s drug XanaMIA, targeting 220 patients. (AFR)

Capital Markets

• Novonix downplays an imminent equity raise as it pursues strategic partners and government funding to scale operations, with progress expected next year. (Capital Brief)

• Star Entertainment Group will reveal its annual results next week and new funding arrangements, including up to $200m in loans, before resuming ASX trading. (The Australian)

• Contact Energy plans to raise up to NZ$200m through green capital bonds for financing renewable energy projects. (Capital Brief)

VC

• Mandalay Venture Partners is using QIC’s $130m fund to support Queensland startups Naturo and Nbryo, which focus on livestock genetics and milk processing. (BNA)

People moves

• Adairs named Elle Roseby, former Country Road boss, as its new CEO and managing director. (Capital Brief)

• Amazon appointed Hwei Loke as Prime Video head for Australia and New Zealand, while former local boss Hushidar Kharas shifts to a global role. (Capital Brief)

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