☕️ Pour one out

In memory of Invocare and We Work, two very different businesses

Good morning.

It’s time to pour one out for Invocare, the ASX-listed funeral business which is set to depart the exchange after finally agreeing a takeover deal with TPG Capital. And it might well be time to pour one out for WeWork soon as well, but for very different reasons.

The co-working space provider warned there is “substantial doubt” about its ability to stay in business. A pretty spectacular change in fortunes in the space of just a few short years for the once high flying business.

One other thing: We got our sums wrong on Canva yesterday, which after this week’s secondary is now valued at $US25.5 billion (or $38.8 billion), not US$38 billion… 😬 🤦🏼‍♂️

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MARKET MOVERS

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

Market News: Funeral operator Invocare was the standout gainer on Tuesday after its board finally agreed to a $1.8 billion buyout proposal from private equity giant TPG Capital. The deal comes after months of back and forth between the two parties and means the ASX will farewell yet another interesting, albeit morbid, Australian business from its boards. The stock rose to $12.48, within 2% of the $12.70/sh bid price.

THE QUICK SYNC

  • Wholesale gas prices spiked 40% in Europe due to concerns about strike action at Woodside and Chevron’s plants in Western Australia (Yahoo Finance | Reuters)

  • L’Occitane’s boss is in advanced talks to take the skincare group private in a US$6.5b deal. (Bloomberg)

  • Roblox shares tumbled after the company missed estimates for both the top and bottom line. (CNBC)

  • ESPN’s partnership with Penn Entertainment has spooked investors in DraftKings. (Investors Business Daily).

TRADING FLOOR

M&A:

  • TPG has won out in its five-month pursuit of InvoCare. (AFR | SMH)

  • Top Australian miners have moved on from Chalice Mining ahead of the deadline for the first round of bids. (The Australian)

  • EastLink’s adviser RBC Capital Markets could delay the auction’s start date by nearly two months. (AFR)

  • AGL’s rising share price may tempt Mike Cannon-Brookes to sell his stake. (The Australian)

  • Pemba Capital has Stanton Road Partners shopping insurance business Arteva Funding to prospective buyers. (AFR)

  • Ramsay Health Care is weighing up M&A options in Europe. (The Australian)

  • Civmec’s minority shareholders are suggested to be keen on a sale as the mining services sector is once again abuzz. (The Australian)

  • Washington H Soul Pattinson has held talks regarding a tie-up with Bruce Mathieson to partner for Star Entertainment’s refinancing. (AFR)

  • North Ridge Partners will collaborate with GP Bullhound to support the UK group’s clients across the Asia-Pacific region. (AFR)

  • Advent International has snared a majority stake in Zimmermann. (BNA)

Capital Markets:

  • None

VC:

  • HAL Systems, a climate tech startup, raised $850,000 in seed funding led by the (. (SmartCompany)

Others:

  • WeWork shares plummeted more than 25% in extended trading on Wall Street. (SMH)

  • Aware has picked up former AMP Capital executive Simon Warner as its new head of portfolio management. (AFR)

  • Nathan Lim left Morgan Stanley Private Wealth Management to become Lonsec’s chief investment officer. (AFR)

  • Amazon started construction of its second robotics fulfillment centre at Melbourne. (BNA | SMH)

  • Suncorp's operations are booming as group earnings jump 68% to $1.15bn. (BNA)

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THE WATERCOOLER