☕️ Packer’s exposure

Good morning.

James Packer is wagering that OnlyFans, one of the internet’s most controversial platforms, still has room to scale, emerging as a backer of Architect Capital’s USD535 million deal for a 16% stake in its parent Fenix International, after reportedly being approached by the latter’s adviser, Moelis.

The FT reported the acquisition vehicle was backed by investors including funds associated with Packer, and The Oz reckons the billionaire was turned on what really caught the billionaire’s eye was OnlyFans’ appeal as “valuable alternative technology” exposure that is uncorrelated to his mega-cap tech portfolio.

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Market movers

Shares in Tabcorp plunged again on Friday, extending the betting group’s sell-off after AUSTRAC launched an enforcement investigation into its anti-money laundering and counter-terrorism financing compliance. The stock has now shed more than a third of its value in two sessions as analysts cut ratings.

The quick sync

• Nationals call for more migrant truckies to ease workforce shortages. (Capital Brief)

• One Nation’s Farrer win deepens Coalition crisis in regional Australia. (Capital Brief)

• Chalmers faces pressure to balance reform and inflation in war-disrupted budget. (Capital Brief)

• Macquarie profits from market chaos after years de-risking its business. (Capital Brief)

• IREN plans Australian data centre expansion as AI demand surges. (Capital Brief)

• Australia’s economy is increasingly dependent on foreign-owned space infrastructure as investment in the local sector declines, writes Dan Lloyd. (Capital Brief)

Trading floor

M&A

• A shareholder pushes Mattel to consider selling the business. (WSJ)

• Fletcher Building agrees to sell a Melbourne property to Forza Capital for $53.8m. (Capital Brief)

• James Kennedy acquires Australian LEGO retail stores. (AFR)

• OnlyFans was valued at USD3.15b in a minority stake sale to Architect Capital. (WSJ)

• Paraway Pastoral’s $3b sale is advancing with multiple bidders touring assets and submitting offers. (The Australian)

• Intertek rejects a revised USD12.1b takeover offer from EQT. (WSJ)

• Iglu is seeking passive investors in a $3b stake sale, excluding control-focused buyers. (The Australian)

Capital Markets

• REA Group records 6% revenue growth in Q3 due to strong Sydney and Melbourne property listings. (Capital Brief)

• QBE Insurance reports 11% growth in gross written premiums in Q1. (Capital Brief)

• IREN shares rise after securing a $4.7b AI cloud contract with Nvidia. (Capital Brief) (Capital Brief)

• Block raises FY26 earnings guidance following record Q1 results. (Capital Brief)

• Amplia Therapeutics begins a clinical trial for an ovarian cancer protein inhibitor treatment. (SMH)

• News Corp posts a 13% rise in Q3 net income, while CEO Robert Thomson criticizes AI “bad boy bots.” (Capital Brief)

• A Del Vecchio heir is challenging a EUR10b family control deal tied to EssilorLuxottica. (Bloomberg)

• Uber-backed Lime files for a public listing in New York. (Reuters)

• Apollo Global Management and Blackstone consider providing USD35b financing for Broadcom. (Bloomberg)

• Yahoo refinances USD1.6b in debt linked to an Apollo Global Management deal. (Bloomberg)

• Isomorphic Labs, owned by Google, seeks to raise more than USD2b in funding. (Bloomberg)

• Inspire Brands, owner of Dunkin', confidentially files for a US IPO. (Bloomberg)

• Intel shares jump after reports of a preliminary chip manufacturing agreement with Apple. (Capital Brief)

• Applied Aerospace files for an IPO amid heightened investor interest in space-related firms before SpaceX potential listing. (Bloomberg)

• ROC Partners launches a poultry industry consolidation strategy competing with KKR-backed ProTen. (AFR)

• Atlas Arteria faces scrutiny over its confidential M&A strategy regarding Chicago assets. (AFR)

• ASIC reportedly investigated Hudson Global before its collapse. (AFR)

• ProcurePro reaches a $100m valuation. (AFR)

• Flinders Ports seeks more than $700m in refinancing for South Australian port assets. (AFR)

• SkyCredit gains involvement from the founder of MoneyPlace. (AFR)

• Armani may divide a 15% stake among L'Oréal, LVMH, and EssilorLuxottica. (Reuters)

VC 

• Repeat Builders is launching in Sydney, offering $3m and support to build startups without early fundraising. (Startup Daily)

• Australian startups express growing concern over proposed capital gains tax changes. (AFR)

• Pet treat maker Wagalot creates dog treats using leftover vegetables. (Startup Daily)

People moves

• Cleanaway Waste Management announces its chair will retire, with Samantha Hogg named successor. (Capital Brief)

• Perseus Mining hires Wade Bickley as COO to strengthen its African mining operations. (Capital Brief)

• Bank of America hires a UBS banker Richard Hardegree to boost its Silicon Valley investment banking team. (Bloomberg)

The watercooler