☕️Bunker-buster

Good morning.

Sydney hedge fund titan Phil King has taken a beating this year, after his firm Regal Partners' bungled bets on biotech Opthea and luxury goods platform Cettire.

But this week, he bounced back in a big way as another Regal bet, DroneShield, soared to fresh record highs, allowing Regal to take some money off the table. DroneShield, which is up more than 200% this year, closed with a market value above $2 billion on Thursday, Capital Brief reports.

It’s somewhat heartening to hear a positive defence spending story this week after Jane Street co-founder Robert Granieri conceded that he put up money to fund an alleged coup d'état to topple the government of South Sudan…he (of course) says he was duped into the funding.

🏆 LOI Subscriber #TBD

Market movers

Shares in Xero dropped over 5% Thursday as investors digested its $3.9b purchase of US platform Melio, funded by a major capital raising.

The quick sync

• Optus is preparing to axe its sports platform and more than 100 jobs, with English Premier League rights set to land at Nine’s Stan. (Capital Brief)

• As small banks face mounting costs and merger pressure, Constantinople’s 10x alliance pitches tech, not consolidation, as way forward. (Capital Brief)

• Eastend Ventures raises $13m to launch Adelaide's first ESVCLP, backing startups in SA, WA and Queensland where VC capital remains scarce. (Capital Brief)

• As Arthur Fan writes, Australia’s gold and commodity muscle is turning global disorder into a strategic windfall for investors. (Capital Brief)

Trading floor

M&A

• Betr plans a PointsBet takeover after MIXI’s bid failed due to a vote error. (Capital Brief) (AFR)

• Computershare admits fault in PointsBet vote blunder, triggering a review. (AFR)

• Regal Partners enters hotel sector via Ark Capital deal and $75m Mayfair Hotel buy. (Capital Brief)

• Coronado Global Resources is in talks with Indonesian miners, BUMA tipped in possible takeover or asset sale. (The Australian)

• ANZ’s urgency to buy back its payments business has intensified after partner Worldline was linked to a global scandal. (Capital Brief)

• Duxton merges private agri-assets into $298m listed fund to fix business troubles. (AFR)

• Brookfield sells Aveo to Scape and Korea’s pension fund for $3.85b in record property deal. (Capital Brief)

• Acciona to refinance and sell stake in WA’s top waste-to-energy plant. (AFR)

• Palantir is partnering with The Nuclear Company to build AI tools for nuclear plant construction. (Capital Brief)

• Amcor’s US “Rigids” unit eyed in asset sale after $13b Berry deal. (The Australian)

• NEOS Protect hits the market with $200m+ price tag, Bank of America running sale. (AFR)

• BP jumps on report of Shell takeover talks, deal could rival Exxon and Chevron. (AFR)

Capital Markets

• Westgold gave Barminco a $200m mining contract for its WA site due to strong safety and performance. (Capital Brief)

• Aurizon will miss FY25 targets and reshuffles leadership to cut costs and boost efficiency. (Capital Brief)

• QPM Energy seeks $10m to boost gas project output in Queensland. (AFR)

• WAM Global posted an 18.8% annual gain and announced a fully franked dividend with a special payout. (Capital Brief)

• Westpac tips a July rate cut but warns it's not certain despite easing inflation. (Capital Brief)

• Elanor Investors Group nears recap deal with Singapore group, hunts for new CEO amid debt crisis. (The Australian)

• Visma picks London for €19b IPO, giving the LSE a rare win amid listing slump. (Capital Brief)

• GTI Energy raises $4.5m with Snow Lake backing Lo Herma expansion. (AFR)

• Eastend Ventures raises $13m for Adelaide's first ESVCLP, targeting overlooked startup regions. (Capital Brief)

• Global uncertainty boosts demand for real assets, putting resource-rich Australia in a prime spot. (Capital Brief)

• Jeanswest returns to Yeung family, while unsecured creditors get only 2¢ per dollar. (AFR)

• Phil King’s Regal rebounds as DroneShield soars 200%, eyeing index inclusion. (Capital Brief)

• Canva's Wall Street pivot leaves ex-staff facing huge tax hits, and scrambling to cash out. (AFR)

• Blackstone acquires US$2b in CRE loans from Atlantic Union Bankshares. (Reuters)

• Bessent says US to drop ‘revenge tax’ from Trump bill after G7 agreement. (Capital Brief)

• BlackRock puts private equity and credit into 401(k) funds. (Bloomberg)

• Hillhouse-backed India startup’s founder taps private credit. (Bloomberg)

VC

• NSW allocates $5m to relocate Sydney Startup Hub to Tech Central by 2026. (Startup Daily)

People moves

• Rob Whitfield will chair ASIC’s ASX governance inquiry, reporting by March 2026. (Capital Brief)

• ANZ tech head Gerard Florian retires, with Michael Bullock stepping in as interim replacement. (Capital Brief)

• Julian Delany named News Corp global CTO, moving from Australia to New York. (Capital Brief)

• Macquarie’s ECM exec Andrew Batmanian resigns. (AFR)

• Musk ally Omead Afshar exits Tesla amid leadership shake-up and weak sales. (Capital Brief) (Bloomberg)

• Optus may axe 100+ jobs as it nears EPL rights deal with Nine's Stan. (Capital Brief)

• Anna Wintour to step down as editor of US Vogue. (FT)(NYT)

The watercooler