☕️ Godly credit vision

Good morning.

Apollo is gunning for US$1.5 trillion ($2.18 trillion) in AUM by 2029, the FT reported, citing the firm’s plans as laid out at its investor day.

That would mean doubling its US$562 billion in credit AUM and going head-to-head with Wall Street’s biggest underwriters to originate US$275 billion in debt annually within the five years.

For context, the FT points out JPMorgan led the market last year underwriting US$268 billion in corporate debt and securitisations.

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Market movers

Sigma shares jumped 23% on Tuesday after the ACCC sought feedback on the company’s proposed Chemist Warehouse acquisition remedies. That caps a staggering 160% gain in the past year.

The quick sync

• US East and Gulf coasts workers launch first major strike in 50 years, freezing nearly half of the nation’s ocean shipping over wage and automation disputes. (Capital Brief)

• BHP's updated climate plan faces shareholder split ahead of AGM, with doubts over its steel decarbonisation efforts. (Capital Brief)

• RBA blacklisted Westpac for 12 months over suspected briefing leak involving Michele Bullock, as traders call for a review of private briefings. (AFR)

• Labor eyes gambling ad ban on streaming services, granting TV networks a key concession in upcoming reform package. (Capital Brief)

• Oil prices jump most in nearly a year after Iran launches missile attack at Israel. (WSJ)(Reuters)(Yahoo Finance)

Trading floor

M&A

• Growthpoint Properties Australia partners with TPG Angelo Gordon to expand in the logistics sector, with the deal set to close by December, pending approval. (Capital Brief)

• Brookfield is among several private equity firms competing for Singapore Post's $1bn Australian asset portfolio, with bids due soon. (The Australian)

• OPTrust and Partners Group are selling the 240-megawatt Ararat wind farm in Victoria for around $500m, hiring Azure Capital to manage the sale. (AFR)

• ACCC reviews Sigma's proposal to address competition concerns in its acquisition of Chemist Warehouse, including potential data access issues. (Capital Brief)

• Growthpoint Properties Australia is selling its 15.1% stake in Dexus Industria REIT for about $131.7m, offering shares at a 3.8% discount. (The Australian)

• Jarden upgrades Dexus, noting limited downside risk but uncertain outperformance without significant FFO growth. (Capital Brief)

• Private equity firm Straight Bat has acquired a majority stake in Sydney's Click Click Marketing, its eighth investment from the Perpetual Legacy Fund, entering the events marketing sector. (AFR)

• LDC leads in Namoi Cotton takeover, while Olam's competing bid faces ACCC competition review. (Capital Brief)

• Experian's $820m acquisition of Illion has created a duopoly in Australia’s credit score market, enhancing banks' credit risk assessments with a richer data set. (AFR)

• Fusion5 has acquired Optimum.consulting to strengthen its commerce and retail capabilities. (BNA)

Capital Markets

• Raptis Seafood is seeking its first external investor and has engaged Kidder Williams for help. (AFR)

• Airwallex is developing its own AI models to improve automation and compliance in its payments platform as it moves toward an IPO. (Capital Brief)

• Symal is targeting an ASX listing, aiming for $1bn in revenue and over $100m in earnings by 2025, and has hired Jarden as its advisor. (AFR)

• BHP, Fortescue, and Rio Tinto shares drop after gains from iron ore price surge. (Capital Brief)

• Life360 shares rise after Goldman Sachs boosts estimates, noting strong monetization potential ahead of Q3 results. (Capital Brief)

• Cartherics has raised $15m to advance its immune-based cancer treatment, CTH-401, starting clinical trials for ovarian cancer. (BNA)

VC

• Ideally raised $5.5m, led by Icehouse Ventures and OIF Ventures, to expand its consumer insights platform in the US and Australia. (Smart Company)

People moves

• Collins Foods names Xavier Simonet as CEO starting November 4, 2024, after Drew O’Malley’s leave and Kevin Perkins' interim role. (Capital Brief)

• National Australia Bank is restructuring its markets division, cutting 23 roles and creating 20 new ones, which may result in at least three redundancies. (Bloomberg)

• Samsung Electronics is set to cut around 10% of its workforce in Southeast Asia, Australia, and New Zealand as part of a global job reduction plan. (AFR)

• Ed Wittig is returning to Australia from Goldman Sachs' New York office to serve as a co-head of mergers and acquisitions for Asia Pacific. (The Australian)

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