☕️Delaware Calling

Good morning.

An unassuming footnote in fresh corporate filings reveal that Canva paid $22.5 million to acquire Sydney-based advertising analytics startup MagicBrief, Capital Brief reports.

The filings also reveal an intense flurry of corporate activity as Canva gets its house in order ahead of a potential public listing next year. The filings detail a consolidation into one global entity and the company organising a secondary share sale this year to allow employees to sell equity to new investors.

While Canva ruled out an IPO until 2026, the filings show the company restructured its corporate ownership in February to establish a new Delaware-registered parent company while converting its previous Aussie parent company into Canva Australia Holdings.

Delaware incorporation is a classic pre-IPO move by tech companies to leverage the US state’s business-friendly laws and established legal precedents.

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Market movers

Shares in Telix Pharmaceuticals rose more than 6% Friday after Citi began coverage with a ‘buy’ rating. The diagnostics group was the strongest mover on the ASX 200, driving gains across the healthcare sector.

The quick sync

• StrongRoom AI founder Max Mito admits financial discrepancies but blames investor EVP’s due diligence as a Federal Court battle over a $10.4m investment deepens. (Capital Brief)

• Cosette’s $672m fight to exit its Mayne Pharma takeover is set to become a watershed test case that could redefine how ASX deals are structured. (Capital Brief)

• Albanese’s expected meeting with Trump is likely to eclipse Michele Bullock’s final opportunity to guide markets before the RBA meets. (Capital Brief)

• Atlassian’s $1.5 billion DX deal is both a wager on AI’s promise and a defensive play to avoid being sidelined. (Capital Brief)

• The CCA “ground truthed” its models, removing nascent tech after Trump’s policy shift, and warned a 62% cut needs rapid acceleration. (Capital Brief)

Trading floor

M&A

• ADH pursues media buys, fueling talk of Gina Rinehart backing. (Capital Brief)

• Westpac to sell $30b RAMS loan book, BofA running auction. (AFR)

• Santos may sell $300m–$700m Cooper Basin assets after failed ADNOC bid. (The Australian)

• Canva buys Sydney AI startup MagicBrief for $22.5m, restructures ahead of IPO. (Capital Brief)

• GIP eyes BHP’s ports, rail, and desal assets amid profit slump. (AFR)

• Bain exits La Trobe bid; Brookfield holds out for $3b as watchdog order chills auction. (The Australian)

• Cannon-Brookes uses private jet to launch record M&A deal, tied to F1 circle. (AFR)

• Trump says Murdochs likely in US group buying TikTok. (Capital Brief)

• Emeco attracts takeover interest from US, Saudi, and local mining groups. (The Australian)

• Humm results delay Abercrombie’s $286m buyout bid. (AFR)

• Cosette’s exit bid in Mayne Pharma deal may set ASX takeover precedent. (Capital Brief)

• Nufarm may sell $900m seed unit to UPL, but debt could trigger full takeover or equity raising. (The Australian)

• Lendlease seeks $350m to buy out Hostplus in $10b fund tussle. (AFR)

Capital Markets

• KKR and CBA finish Colonial First State review, weigh next steps. (AFR)

• Ex-NAB execs win Australia’s first stablecoin licence for AUDM. (AFR)

• ASIC flags real estate concentration as key risk in private credit. (Capital Brief)(AFR)

• Government to tighten telco rules after deadly Triple Zero outage. (AFR)

• Sea Forest partners with Marubeni for Europe push, considers IPO. (AFR)

VC 

• StrongRoom AI founder blames EVP’s due diligence for losses, denies fraud. (Capital Brief)

People moves

• ATO seeks to bankrupt Jon Adgemis before creditor vote. (AFR)

The watercooler