☕️ Right-move price

Good morning.

GCQ’s Doug Tynan is tipping a heated price battle for UK listings giant Rightmove if News Corp’s REA Group follows through with its acquisition plans.

Tynan, who has built a big stake in Rightmove, touted the company’s enviable 70% margins and strong market position in an interview with Capital Brief’s Jack Derwin. He hinted that US-based CoStar could easily join the fray, attracted by Rightmove’s potential for further premiumisation.

Rightmove shares soared over 27% after REA revealed it was mulling a bid, and if Tynan’s comments are any guide, shareholders are expecting whoever wants Rightmove to pay a serious markup.

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Market movers

Shares in REA Group dived over 5% on Monday following its confession it was considering buying the UK’s largest but long undervalued property platform Rightmove, whose shares of course skyrocketed.

The quick sync

• Naspers offshoot, Prosus, is eyeing the Aussie consumer and deep tech startup market for opportunities. (Capital Brief)

• Bapcor new CEO Angus McKay is backing the dismantling of an overhaul program driven by McKinsey & Co that failed to meet targets and caused internal turmoil. (AFR)

• When COVID hit, payments startup Zeller had just raised its seed round. It quickly learned some hard lessons on hiring and building in a new environment. (Capital Brief)

• Are small merchants cross subsidising digital payments costs? Who should pay for cash? Big banks join scrap over surcharging as payments debate heats up.  (Capital Brief).

• Solar farm owners in south-eastern states are switching off plants to protect their profits as extreme winds, abundant solar generation and low demand create an oversupply. (AFR)

Trading floor

M&A

• Woolworths sold its remaining stake in Endeavour for $383m to fully acquire PFD Food Services. (Capital Brief)

• Blackstone is leading the $20bn AirTrunk sale, with a deal expected soon. (The Australian)

• Betashares has entered the superannuation industry by acquiring Bendigo Superannuation. (Capital Brief)

• Qatar Airways is nearing a deal to buy a minority stake in Virgin Australia, pending regulatory approval. (AFR)

• Santos and partners will sell a stake in the Bayu Undan project to Timor Leste's state energy company. (Capital Brief)

• Hitachi invested $10m in Envirosuite for a 12% stake, supporting its environmental technology and net-zero goals. (The Australian)

• REA Group is considering a potential offer to acquire Rightmove but has not approached the company yet. (Capital Brief)

• Zellis is nearing a deal to acquire Benify from Vitruvian Partners amid increased deal activity in European tech. (Capital Brief)

• Commonwealth Bank is selling its ultra-high-net-worth advice business, with Gresham managing the sale and preparing to solicit bids. (AFR)

• Axcess Consulting has been acquired by Aryza Group, expanding Aryza’s presence in the Asia-Pacific region. (BNA)

• Maggie Beer Holdings wrote down Paris Creek farms by $4.6m due to declining sales and lower milk supply, and is now considering it for sale. (The Australian)

Capital Markets

• Metrics Credit Partners is raising $300m for a new fund, aiming for a 10-12% annual return, despite ASIC's investigation. (AFR)

• Energy Resources of Australia suspended its shares from trading pending an announcement on its capital raise. (Capital Brief)

VC

• Two South Australian startups are each getting $100,000 from the state for space projects: one for Moon astronaut rescue and the other for AI-equipped spacecraft. (Startup Daily)

People moves

• Bendigo Bank appointed Up CEO Xavier Shay as Chief Digital Officer to boost its digital capabilities and customer experience. (Capital Brief)

• Matthew Millar has resigned from PwC Australia after 30 years and may start a boutique advisory firm after a gardening leave. (AFR)

• Citi hired Dan Birch as head of markets sales NZ, Ankit Khandelwal for G10 rates trading, and Melanie Vandervord for the Access Strategies team. (The Australian)

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