☕ Money burner

Good morning. Just another quick reminder for grads to chip in on the Grad Salary Survey before it closes. Also, hats off to Suisse_Cheese who continues to lead the LOI tipping comp with a 3-tip lead, despite not being one of just 3 folks who tipped the Bombers win over Melbourne.

Good morning. Just another quick reminder for grads to chip in on the Grad Salary Survey before it closes.

Also, hats off to Suisse_Cheese who continues to lead the LOI tipping comp with a 3-tip lead, despite not being one of just 3 folks who tipped the Bombers win over Melbourne.

--

ps. if this was forwarded to you, you can sign up for LOI at letterofintent.com.au

LOI Subscriber #TBD

MARKET MOVERS

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

Market news: Rumours that Pointsbet might be looking to offload its money-burning US business sent its shares higher on Friday.

Pointsbet's US business lost $92m in HY23 at the EBITDA line — 4x its Australia division losses. Yet it only generated $75m of revenue — less than the $95m in Australia.

THE QUICK SYNC

  • Inside the private equity firm taking on the Murdochs. (AFR)

  • Bumper start to 2023 for takeovers overshadowed by caution and softer M&A outlook. (Australian)

  • These are the tech jobs most threatened by ChatGPT and A.I.. (CNBC)

  • Sudan's army pounds paramilitary bases with air strikes in power struggle. (RT)

  • Trump discloses earning at least $9 million since leaving White House. (SMH)

TRADING FLOOR

M&A:

  • Brookfield and EIG have started the formal process to seek approval for its $18.7bn takeover of Origin Energy. (AFR)

  • Genesis Minerals has put a $450m placement to investors to buy St Barbara's WA assets. (AFR | The Australian)

    • Genesis Minerals pivoted to the acquisition of just St Barbara's West Australian assets. (ARF)

  • Avada Group acquired Wilsons Traffic Management for up to NZ$15m. (AFR)

  • Lendlease faces new activist shareholder in HMC Capital who takes a 3% stake. (The Australian)

  • Active Utilities is understood to have hired bankers to test interest. (AFR)

  • Glencore digs in for battle as momentum shifts against Teck Resources. (AFR)

  • Morgan Stanley Infrastructure Partners is understood to have tapped Rothschild & Co as it considers Healius buyout. (The Australian)

  • EQT and Gina Rinehart are believed to be lining up to buy Alinta Energy’s West Australian assets. (The Australian)

  • Brookfield is understood to have bought back about $250m worth of debt in Healthscope. (The Australian)

Capital Markets:

  • Kilter Rural is readying a $500m farms fund, kicking off with three farm and water assets in NSW’s Riverina region. (AFR)

VC:

  • Bspkl, a New Zealand deep tech manufacturing startup, has raised NZ$2.5m (A$2.3m) in a Seed round led by WNT Ventures. (StartupDaily)

  • Square Peg's James Tynan was promoted to partner; will lead investments and join company boards. (AFR)

  • Milkrun was onboarding drivers for GoGet car deliveries weeks before closure. (SmartCompany)

Others:

  • Former Mirvac chief investment officer Brett Draffen is expected to lead GPT. (The Australian)

TOGETHER WITH INTRALINKS

We are proud to announce that we are the new sponsor for Letter of Intent. 

SS&C Intralinks continue to invest heavily in R&D, bringing us new partnerships, features and products making us the #1 provider in the M&A space globally.

Over the next 4 days we will be introducing more information about the following

  • Deal Services (a unique Managed Services offering built for the banking community)

  • Market differentiators

  • AI Redaction, people and technology

  • Social and Industry Events

If you don’t already know your SS&C Intralinks relationship manager, please reach out HERE and mention “Letter of Intent” in the description. Whether you have a live transaction or not, we’d love to talk.

THE WATERCOOLER

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