☕️Premature Evacuation

Good morning.

Side Stage Ventures and Archangel Ventures both secured an exit as MagicBrief sold to Canva this week, reports Capital Brief. Turns out it wasn’t quite the exit everyone might have hoped for.

The deal signifies Side Stage’s second exit in under a year – both courtesy of Canva. "We're about two years into the fund,” Side Stage Ventures partner Ben Grabiner said, explaining that Side Stage typically intends to hold its investments for 5-10 years and that he had "mixed emotions" about the acquisition.

Rayn Ong of Archangel was less torn up about the deal: "and I am always keen to hold shares in the bluest chip Australian unicorn towards the IPO."

We’re glad at least someone here is happy to have his cake and eat it too.

🏆 LOI Subscriber #TBD

Market movers

Shares in Viva Energy rose Wednesday, jumping over 5% to lead gains among the top 200 stocks as oil prices climbed on Middle East tensions.

The quick sync

• PointsBet snubs Betr’s pitch, wins Bennelong’s backing for MIXI deal ahead of decisive vote. (Capital Brief)

• Private credit is muscling into the gaps left by banks, backing nimble non-bank lenders that are thriving in Australia’s riskier, fast-moving corners of finance. (Capital Brief)

• Canva’s airport dash for MagicBrief shows it’s moving fast and smart to become an all-in-one creative engine before IPO. (Capital Brief)

• Meta tries to poach OpenAI staff with $100m offers as HSBC considers mandatory 3-day office return. (FT)

Trading floor

M&A

• Platinum and L1 Capital finish due diligence, move to finalise merger terms. (Capital Brief)

• DigiDirect buys Mwave out of administration, eyes retail group dominance. (Smart Company)

• Kelsian wins $91m US transport deal with Worley for Louisiana LNG project. (Capital Brief)

• XRG says it wants 100% of Santos, rejecting asset split speculation. (AFR)

• Karoon Energy wins six offshore exploration blocks in Brazil’s Santos Basin. (Capital Brief)

• Mayne shareholders approve $672m Cosette deal amid looming court fight over termination. (Capital Brief)

• Private equity giants eye $1b NOJA Power after Ellerston stake sale. (AFR)

• Woodside inks 15-year LNG deal with Petronas for 1 million tonnes of LNG from 2028. (Capital Brief)

• Nippon Steel finalises $21.8b US Steel buyout, ceding US government veto power. (Capital Brief)

• AustralianSuper reveals surprise $60m coal stake in Whitehaven, now second-largest holder. (AFR)

• Macquarie buys stakes in three UK airports from Ontario Teachers’ Pension Plan. (Capital Brief)

• PointsBet CEO and Bennelong reject Betr bid, back MIXI’s $1.20-a-share offer. (Capital Brief)

• Private credit fills funding gap for non-bank lenders in niche sectors. (Capital Brief)

• Colinton Capital acquires iconic Aussie brand Doors Plus with iPartners' backing. (AFR)

Capital Markets

• Boss Energy hits FY25 output target at Honeymoon uranium project. (Capital Brief)

• Lynas begins terbium oxide production in Malaysia, boosting non-China rare earth supply. (Capital Brief)

• Cygnus Metals launches equity raise after drill results, riding strong copper and gold prices. (AFR)

• UBS upgrades Cochlear to 'buy' on Nucleus Nexa launch and growth outlook. (Capital Brief)

• NextDC raises $2.2b in debt to fund data centre growth and new contracts. (Capital Brief)

• Macquarie closes US$6.8b Americas infrastructure fund with $US1.3b in co-investment. (The Australian)

• Optus faces $100m penalty for selling unsuitable phone plans to vulnerable consumers. (Capital Brief)

• ScotPac secures $325m refinancing as Affinity takes dividend payout. (AFR)

• Blackbird-backed Kiki is shutting down its New York City operations amid rental law crackdown and failed rebrand. (Capital Brief)

• Vow has become the first company approved to sell cultivated meat in Australia and NZ with quail product. (Capital Brief)

• UBS CEO’s phone and staff data leaked in supplier cyber attack, though no client data was affected. (Capital Brief)

• Brookfield’s insurer is trimming private credit, calling time on a hype-fuelled trade where risk still bites but returns no longer do. (Bloomberg)

VC

• ReGen Ventures raises $100m to fund climate solutions, gathers investors in Byron Bay. (AFR)

• Austrade launches free UK Landing Pad to help Aussie startups expand. (Smart Company)

• Sydney startup Vow has received regulatory approval to sell cultured quail meat in Australia, with plans to serve it in top Sydney and Melbourne restaurants soon (Startup Daily)

People moves

• Lendlease names Lianne Buck to board ahead of planned restructure and asset sales. (Capital Brief)

• Rob Whitfield and Christine Holman are shortlisted for ASIC’s ASX governance inquiry panel. (AFR)

• Goldman Sachs appoints James Cornell as ANZ equity sales head; David Welsh also joins. (The Australian)

• Sally-Ann Williams steps down as Cicada CEO after six years of national expansion and sector partnerships. (Capital Brief)

• OKX Australia CEO launches SMSF Innovation Council to guide crypto and super fund policy. (Capital Brief)

• Sandy Isherwood rejoins CLSA as head of sales after exit from MA Moelis. (AFR)

• Journo-turned-IR head Ross Dunkley busted for anonymous Auric hype on HotCopper. (AFR)

The watercooler