☕️ Deal wait

Good morning.

EY has pushed back start dates for 200 new graduates at its strategy advisory unit Parthenon in the US, reportedly due to a slowdown in M&A and private equity activity.

The delay, which will stretch into mid-2025, follows a year of sluggish deal-making for the consulting giant, as big consulting firms continue to wrestle with the effects of a business slowdown.

It’s not just EY feeling the pinch—rivals like PwC, KPMG and Deloitte have seen similar trends this year. According to the FT though, the big four and others like McKinsey are still hiring thousands of graduates in anticipation of a rebound in demand for consulting services. Let’s cross our fingers.

🏆 LOI Subscriber #TBD

Market movers

SiteMinder shares rose 5.31% to $6.74 after Jarden upgraded its rating to ‘buy’ and raised its price target to $7.48.

The boost came from higher confidence in the company’s ability to grow net property adds and maintain momentum. Jarden also increased its EBITDA forecasts for the next three years, which surely helped drive investor interest.

The quick sync

• Apple's push into healthcare is shaping up as its next major growth driver alongside its AI ambitions. (Capital Brief)

• Tesla's two-seater robotaxi baffles experts and investors, sending shares down 9% as doubts grow over its mass-market appeal. (Reuters)(Capital Brief)

• Blackstone quietly pumps $500m into struggling Crown Resorts a year after $8.9b takeover amid fines and dwindling high rollers. (AFR)

• Private jet rivalry explodes as AirX chief’s secret campaign against VistaJet goes public, AirX's John Matthews sued for US$422m.(WSJ)

• Blackstone secures a rare second-lien loan for AutoScout24’s purchase of Trader, as investors chase higher yields amid rate cuts. (Bloomberg)

• Global banks race to develop financial products focused on biodiversity as JPMorgan, StanChart and others attend COP16 to explore opportunities in nature conservation. (Bloomberg)

Trading floor

M&A

• Quadrant Private Equity is set to acquire a stake in property valuer Herron Todd White in a deal worth more than $200m. (AFR)

• Major mining companies are eyeing consolidation opportunities in the Cobar Basin, with interest from Gold Fields, Newmont, and Fortescue Metals. (The Australian)

• Allegro Funds has exited its eight-year investment in drilling company JSW, selling it to a consortium. (AFR)

• UK fintech Banked acquires Sydney-based open banking app Waave after its $4.7m seed funding. (BNA)

• BGH Capital is revisiting the potential acquisition of Incitec Pivot's fertiliser unit, previously explored before the pandemic. (The Australian)

• Woodside Energy seeks partners like Saudi Aramco for a $15.6bn Louisiana LNG export project. (AFR)

• Commonwealth Super is likely to sell its $2bn stake in CDC Data Centres to existing owners Infratil or the Future Fund. (The Australian)

Capital Markets

• Siren Gold's 60% share price rise boosts its M&A potential amid growing consolidation in the gold sector. (AFR)

• Appen, after recovering from a Google contract loss, is back to profitability and raising $50m to explore generative AI opportunities. (BNA)

• Dubber Corporation to raise a total of $25.0m via a fully underwritten equity raising. (Market Index)

VC

• Build Club raised $1.75m in pre-Seed funding led by Airtree and Blackbird, with support from other investors. (Startup Daily)

People moves

• Scott Morrison joins Space Centre Australia to lure SpaceX and global rocket firms to launch from Australian soil. (AFR)

• OneVentures appointed Bevin Shields as a partner to lead growth equity investments and aims to raise $200m for a new fund. (Capital Brief)

• Ares Management is entering Australia's private equity market, hiring Bain Capital's Nicholas Onie to spearhead the strategy. (AFR)

• NAB's markets division restructure sparks competition for the top job, with three contenders in the race. (AFR)

The watercooler