☕️ Power move

Good morning.

HMC Capital is doing it again. Fresh from big data centre bets, the David Di Pilla-headed fund just locked in Neoen’s Victorian renewables portfolio for $950m, adding 652 MW of operating assets and 2,800 MW in development to its books.

“You wouldn’t be able to build this type of portfolio for this kind of entry point level, so a lot of the value in these assets is in the buying,” he said.

“It sets us up in pretty good shape to deliver compelling returns.” What are those? – I hear you ask. HMC is reportedly targeting returns of more than 20%. The AFR notes that is far higher than the high single digits Neoen previously cited as typical across its portfolio.

Not bad.

🏆 LOI Subscriber #TBD

Market movers

Shares in Ramelius Resources jumped Thursday after it said it was lifting its Spartan stake to 19.9% in a $220m placement priced at a 7% discount. Shares rose 8.53% on the move—the market clearly likes it.

The quick sync

• Bendigo and Mastercard exit Cuscal ahead of its $336m ASX debut, raising questions over the payments firm's growth and compliance risks. (Capital Brief)

• Bitcoin breaks past US$100,000 as retail investors flood back, boosting altcoins like XRP by 350%. (Capital Brief)

• Nine's acting CEO Matt Stanton is navigating SafeWork NSW inquiries into workplace safety amid mounting allegations of systemic misconduct and cultural failings. (Capital Brief)

• Jim Chalmers' focus on weak household consumption spotlights a key uncertainty for RBA's 2025 rate cuts, as economists debate signs of a retail revival. (Capital Brief)

• Australia’s legal boom slows as clients demand value, margins tighten and AI ambitions face court pushback. (AFR)

Trading floor

M&A

• Bendigo and Mastercard have sold their stakes in Cuscal ahead of its ASX debut. (Capital Brief)

• First-round bids for a stake in CDC Data Centres are due before Christmas, with ART and potentially IFM as interested parties. (The Australian)

• Palisade Impact is partnering with Zig Inge Group to invest $300m in retirement living. (AFR)

• ESR's potential privatization could lead to Cromwell Property selling its 30% stake in the company. (The Australian)

• Australia's critical minerals sector gains $21m support and tax incentives under the FMIA package, excluding coal and gas projects. (Capital Brief)

• iPartners has acquired a majority stake in Mi Funds Management to expand its investment offerings to retail investors. (AFR)

• Bigtincan has terminated its merger deal with Investcorp and accepted a superior offer from Vector Capital. (Capital Brief)

• Apollo Global Management is expected to sell its remaining stake in Challenger after an escrow period ended on December 3rd. (The Australian)

• The ACCC has expanded its broadband speed testing program to include satellite services like Starlink and NBN Sky Muster. (Capital Brief)

• National Mini Storage, a major self-storage company in Auckland, is up for sale. (AFR)

• DroneShield receives a $8.2m order for its counterdrone systems from a European military customer. (Capital Brief)

• North Queensland Airports Group's auction has been delayed, and there's uncertainty about the level of genuine interest from potential buyers. (The Australian)

• HMC Capital buys Neoen's Victorian renewables for $950m. (Capital Brief)

Capital Markets

• Splend has secured a $300m loan from Macquarie to finance electric vehicles. (AFR)

VC

• The Western Australian government is investing $45m to attract venture capital firms to fund local startups. (Startup Daily)

People moves

• Aristocrat Leisure's gaming CEO Hector Fernandez has resigned and will be replaced by CFO Craig Toner. (Capital Brief)

• Alvarez & Marsal is building a local restructuring unit in Australia by Jason Tracy from Deloitte. (AFR)

• Simon Birmingham joins ANZ as head of Asia Pacific engagement and South Australia chair to boost trade and growth. (Capital Brief)

• Several key employees are leaving Jefferies, including top executives in research, hedge fund sales, equities, and sales trading. (Capital Brief)

• Kmart's managing director, Ian Bailey, is retiring and will be succeeded by CFO Aleksandra Spaseska. (Capital Brief)

• French PM Michel Barnier ousted after a no-confidence vote; Macron to appoint a successor but stays as president. (Capital Brief)

• Hains dynasty splits $3b fortune as siblings chart separate paths and reshape one of Australia's most private legacies. (AFR)

The watercooler