☕️ Apolitical hero?

Good morning.

Capital Brief’s Bronwen Clune is reporting HR tech giant Employment Hero’s “apolitical” mantra took centre stage when it axed an International Women’s Day initiative meant to feature some of its women employees.

Employees were told by chief of staff Zara Tonkin the IWD initiative "does not align with the EH Way," according to a memo seen by Clune. Instead, the firm scheduled a talk featuring its two male co-founders’ insights on corporate values, aligning with its “EH Way.

The pivot sparked unease internally, especially given CEO Ben Thompson’s outspoken online persona, where libertarian quips and a “dad joke” have raised eyebrows.

One employee told Clune, “The apolitical thing really flies in your face when our CEO is responding to Ian Miles Cheong, talking about being a Libertarian Monarchist, and just spouting off nonsense on Twitter.”

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Market movers

HMC shares rose Monday after it agreed to snap up iseek for $400 million, expanding its data centre footprint in Australia and fuelling momentum for DigiCo's $4 billion AUM listing. Between this and last month's Global Switch buy, the David Di Pilla-led firm is stacking assets for that ASX debut like it’s a race.

The quick sync

• A Mastercard survey found one-third of Australian merchants are breaching surcharge rules as the ACCC gears up for stricter enforcement. (Capital Brief)

• ‘Active’ Foxtel sale talks spark intrigue over CEO Patrick Delany’s future (Capital Brief)

• Australian Digital Holdings TV, chaired by Maurice Newman, has made a ~$15m offer for Southern Cross Austereo’s 96 regional TV stations. (AFR)

• ISPT, backed by major industry super funds, suffers $1.5b loss in flagship property fund due to asset writedowns and debt costs, prepares to merge with IFM Investors. (AFR)

• Trump 2.0 threatens to unravel the OECD’s global tax deal as experts warn countries may back off enforcing corporate minimum taxes for fear of US retaliation. (FT)

Trading floor

M&A

• Montessori Academy founders regain majority control with a 16% buyback, increasing their stake to 60%. (AFR)

• LGT Crestone acquires CBA’s ultra high-net-worth advisory unit, offering roles to all CBA advisers and staff. (AFR)

• Incitec Pivot is selling its fertiliser distribution unit to focus on mining explosives, with Jarden handling the sale after a $941m valuation loss. (The Australian)

• Thule Group is buying Melbourne's Quad Lock for $500m, leveraging its global e-commerce success. (Capital Brief)

• ART is exploring a $16bn investment in CDC Data Centres, after profiting from its $1bn exit from AirTrunk. (AFR)

• Seven Group and Wesfarmers are prioritizing debt reduction and small acquisitions over big mergers, with Wesfarmers focusing on Kmart and its pharmacy growth. (The Australian)

• Genesis Capital increases its offer for Pacific Smiles to $1.9825 per share, aiming to secure the deal by Christmas. (AFR)

• Novonix shares jumped following a supply deal with Stellantis for synthetic graphite. (Capital Brief)

• Carlyle and Pacific Equity Partners are final bidders for Waste Services Group in a billion-dollar deal. (AFR)

• HMC Capital is acquiring iseek for $400m to help launch its DigiCo REIT on the ASX, aiming to raise $2.6bn in equity by year-end. (Capital Brief)

Capital Markets

• True North Copper, backed by Regal Funds, is finalizing a $60m recapitalization to exit voluntary administration. (AFR)

• Fonterra plans a dual listing for its $2bn Oceania business instead of a trade sale, beginning the process early next year. (The Australian)

• David Di Pilla’s DigiCo REIT is raising $1.645bn for a data centre IPO, set to be the largest of 2024. (AFR)(Capital Brief)

• Resolute Mining shares fell as its CEO and two employees were detained in Mali while addressing local business practice concerns and disputed claims. (Capital Brief)

• Rox Resources launches a $26m equity raise at a 17.6% discount via institutional placement. (AFR)

• Fonterra is divesting its global consumer brands, with strong buyer interest, and has increased its full-year milk price forecast. (Capital Brief)

• JPMorgan sees stronger year-end S&P 500 rally than in 2016, driven by Big Tech and financials, as post-election optimism lifts markets amid global growth challenges and rising yields. (Bloomberg)

• Quants like Barry Griffiths are pioneering new 'direct alpha' methods to demystify private market returns, challenging traditional performance measures in an industry where managers often control valuation data and profitability reports. (Bloomberg)

VC

• W23 Global, Reinventure, and a Nasdaq weapons company lead a $72.6m funding round for Auror, valued at over $500m. (AFR)

• Bridgit secures $250m from Citi to expand its AI-powered bridging loans for homebuyers. (AFR)

People moves

• Senior leadership changes are happening at Charter Hall, GPT, and Lendlease. (The Australian)

• News Corp's potential Foxtel sale has stirred speculation about CEO Patrick Delany's role if the deal goes through. (Capital Brief)

• Former AlphaThorn manager Brett Trevillian sentenced to three years for falsifying trading records. (BNA)

• Kennards Hire CEO Bill Whitehouse to step down in April 2025 after 35 years.

  (BNA)

• Citadel hired top Elliott partner Nabeel Bhanji, one of the year's most notable hedge fund talent moves, while Elliott promotes Samantha Algaze as first female partner. (Bloomberg)

• Blackstone CEO’s Stephen Schwarzman’s Trump endorsement has positioned the firm to influence the administration’s policies like antitrust rules, trade policy and the tax code. (Bloomberg)

• Elon Musk's influence is set to deepen in Trump's administration as he pushes to place trusted allies in government roles, aiming to cut regulations, protect his ventures and advance ambitious tech initiatives. (FT)

The watercooler