☕️ Cettire’s fight

Good morning.

Luxury e-commerce platform Cettire has hit back at short sellers by assembling a top-tier team. As reported by Capital Brief’s Alex Derwin, they’ve enlisted legal powerhouse Arnold Bloch Leibler, dealmakers from Hamilton Locke and corporate advisers Highbury Partnership to join the fight.

It has already shelled out $912,000 on "short campaign costs" over just four months of FY24.

Founder Dean Mintz upped the ante post-earnings, buying an additional 3% stake in the company, giving the share price a much-needed boost. But with short interest still sitting at 9.28% last week, CFO Tim Hume’s suggestion that more spending is on the cards for this short-selling battle feels spot on.

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Market movers

Data centre-related stocks soared on Thursday, but none more than NextDC, which received a formal query from the ASX to explain the 12% intraday jump in its shares to as much as $18.14 each.

The rally followed its inclusion in the US NAREIT Real Estate Index, and of course, more than anything, the excitement after Blackstone’s $24 billion acquisition of AirTrunk.

The quick sync

• Harrison.ai's, used by a third of Australia's radiologists and in a number of UK hospitals, eyes Series C and US expansion after launching its own AI model (Capital Brief)

• Investor Adir Shiffman has been order to pay legal costs for Sleeping Duck co-founders' an another investor after losing court case. (Capital Brief)

• Paramount Global, the parent of CBS and Network 10 locally, will be controlled by software billionaire Larry Ellison after a group led by his son David completes its purchase of the Redstone family’s interest in the film and TV company. (Bloomberg)

• Macquarie may rake in $1.3bn in performance fees from AirTrunk sale. (The Australian)

• Private Equity’s favourite borrowing tool, net-asset-value (NAV) loans, and its increased use has sparked fresh scrutiny from UK regulators, led by Prudential Regulation Authority. (Bloomberg)

Trading floor

M&A

• Apollo Global Management has halved its stake in Challenger to pursue other growth opportunities but continues its commercial partnership with Challenger. (Capital Brief)

• John Laing will become the largest investor in Sydney Light Rail, increasing its stake to 95% by acquiring Aware Super's 62.5% share. (AFR)

• Hydration Pharmaceuticals, chaired by Adem Karafili, is trying to sell itself after a 6% sales drop. (The Australian)

• Optus and TPG received regulatory approval to proceed with their regional network and spectrum sharing agreements, while keeping separate networks in metropolitan areas. (Capital Brief)

• Global Data Centre Group investors expect $1.70 per share from AirTrunk’s $24bn sale to Blackstone, after debt and fees are deducted. (AFR)

• AirTrunk founder Robin Khuda predicts his data centre business could become a $100bn company. (AFR)

• Megmilk Snow Brand is likely to acquire Beston Global Food Company’s dairy assets, with the deadline approaching. (The Australian)

• Atlas Arteria's bid to raise tolls on the Dulles Greenway was rejected by regulators, and the company is considering its next steps. (Capital Brief)

• Global Infrastructure Partners will acquire a 40% stake in Jemena for $5-$6bn, following its recent loss in the AirTrunk deal. (AFR)

• Gateway Capital, with Ontario Teachers’ Pension Plan and an Asian sovereign wealth fund, bought a Chullora site for over $110m. (The Australian)

Capital Markets

• Real Flow Finance, a leading New Zealand proptech and non-bank lender, is seeking a capital partner through Ad Astra Corporate Advisory. (AFR)

VC

• None

People moves

• Santos named Sherry Duhe as its new CFO, replacing Anthea McKinnell. (Capital Brief)

• Adairs CEO Mark Ronan will retire early next year after over 17 years with the company, including eight years as CEO. (BNA)

• Vocus CEO Ellie Sweeney is appointed CEO of NBN Co, succeeding Stephen Rue, amid a leadership shake-up in the telco sector. (BNA)

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The watercooler

☕️ Cettire’s fight