☕ Get Ziggy with it

Good morning. The PwC tax scandal keeps levelling up, with the firm announcing they've engaged Ziggy Switkowski, the former chairman of the NBN, to get Ziggy with it and lead an independent review of the firm's governance and procedures.

Good morning. The PwC tax scandal keeps levelling up, with the firm announcing they've engaged Ziggy Switkowski, the former chairman of the NBN, to get Ziggy with it and lead an independent review of the firm's governance and procedures.

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: After raising about $750m in capital across a couple of capital raisings to fund their US expansion, Pointsbet has called time and sold off their US business for $222m

Post-sale, the company will divvy out $1.07-$1.10 a share as a capital return — meaning the market reckons the Aussie business is worth about 35c a share or $110m in equity.

THE QUICK SYNC

  • Ziggy Switkowski leads review as PwC tax scandal goes global, ex-CEO resigns. (SMH | AFR)

  • Red Centre’s sea of planes drying up as airlines get back to business. (Australian)

  • How the Fed is helping to fuel a vicious credit crunch. (AFR)

  • Two Australian universities rise in top 100 list. (AFR)

  • Tiger Global looks to cash in part of $40bn portfolio of private companies. (FT)

  • Vice Media files for bankruptcy to enable sale to lenders including Soros and Fortress. (CNBC)

  • YouTuber faces jail time after staging plane crash. (SMH)

TRADING FLOOR

M&A:

  • PointsBet has finalised the sale of its US division to Jay-Z-backed merchandise giant Fanatics Betting and Gaming. (SMH | AFR | CNBC)

  • Aristocrat Leisure has agreed to acquire Israel-based gaming software company NeoGames. (SMH)

  • Mr Yum and me&u are engaged in negotiations about creating one company. (AFR)

  • Newmont Mining successfully convinced Newcrest's board to accept its $26.2bn takeover offer. (AFR)

  • TPG has returned with an improved $1.9bn on bid for InvoCare. (AFR | BNA)

  • Bain Capital is digging in on its $3-a-share bid for Estia Health. (AFR)

  • Silver Lake has cancelled its investor meetings this week about its $656m bid for St Barbara. (The Australian)

Capital Markets:

  • Redox is valued at $1.4bn to $2.1bn ahead of its potential IPO. (AFR | The Australian)

  • Cuscal is eyeing an ASX float with Bank of America as the sole lead manager. (AFR)

  • GenesisCare lenders are understood to have sold $100m of debt in the business amid restructuring speculations. (The Australian)

  • Patrick Kidd has drafted Lempriere Wells to raise up to $10m from investors. (AFR)

VC:

  • Eyetelligence, health-tech startup, has raised US$12m (A$17.75m) from New York investor Ascertain. (StartupDaily)

  • Updater, a home relocation services platform (formerly listed on the ASX), is raising US$40m at a US$260m valuation. (AFR)

  • Cotiss, an NZ procurement startup, has raised $2.2m in a pre-Seed funding round led by Blackbird. (StartupDaily)

  • Kismet, a health tech startup focused on the NDIS has raised a $4m pre-seed round from Airtree, Black Nova and Flying Fox. (AFR)

Others:

  • Tyro upgraded its earnings guidance for the year ending June 30. (AFR | BNA)

  • Goldman Sachs's head of emerging companies research is on his way to Paradice Investment. (AFR)

  • Two more exit Credit Sussie to follow Dragi Ristevski at Macquarie Capital. (AFR)

  • Zip Co and auditor Deloitte face a class action filed by Banton Group. (AFR)

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THE WATERCOOLER

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