☕️ Selling news

Good morning.

John Buckley’s first edition of The Signal zeros in on Nine’s $1.4 billion Domain exit and the questions it raises about what comes next. With the AFR alone rumoured to be worth $700 million, some shareholders are already weighing a broader publishing sell-down, despite CEO Matt Stanton’s insistence it’s core to the plan.

Whether Bruce Gordon agrees, or ever did, is the part worth watching...

🏆 LOI Subscriber #TBD

Market movers

Shares in Infratil rose Friday after the company disclosed that its CFO and directors increased their holdings through a dividend reinvestment, days after joining the ASX 200 index.

The quick sync

• Gilbert + Tobin is embedding AI across its legal practice, pushing toward a hybrid model to deliver faster, more consistent client outcomes. (Capital Brief)

• As Google's search dominance is reshaped by AI, Hall is betting $2m on AISO tools that reveal how businesses show up inside ChatGPT and Claude. (Capital Brief)

• Markets face a make-or-break week as Australian inflation data and a pivotal Fed meeting test rate cut hopes on both sides of the Pacific. (Capital Brief)(Bloomberg)

• The PC will propose bigger immediate tax deductions for selected new business investments to help reverse a 15-year slide in non-mining spending. (AFR)

Trading floor

M&A

• NSW regulator raises concerns over Bally’s $300m takeover of Star Entertainment, citing financial and leadership scrutiny. (AFR)

• Westgold has bought 15% of New Murchison Gold and may pursue a takeover to feed its underused Bluebird Mill in WA’s Murchison region. (The Australian)

• Nine’s $1.4b Domain sale sparks speculation over future asset sell-offs, including its radio business. (Capital Brief)

• BGC has postponed selling its Midland Brick business until 2026. (The Australian)

• Bain Capital drops bid for Perpetual’s wealth arm, leaving AZ NGA as lead contender. (AFR)

• ADNOC and Carlyle are eyeing a $30b takeover of Santos after initially targeting its LNG assets. (The Australian)

• Lendlease is close to selling its Keyton stake to help meet a $2.5b capital release goal. (AFR)

Capital Markets

• Clarity Pharmaceuticals plans major capital raise to fund cancer treatments, with Bell Potter leading. (AFR)

• Atlassian, Cochlear and BCA push for R&D tax reforms, aiming to unlock $7.7b in economic gains through higher business investment and productivity. (Capital Brief)

• Online importer New Aim eyes IPO with $350m+ revenue, joining 2025 listing hopefuls. (AFR)

• Gilbert + Tobin is normalising AI use in legal work to boost efficiency and stay future-ready. (Capital Brief)

• KKR is backing CleanPeak Energy with $500m to scale rooftop solar and battery projects. (AFR)

• Soul Patts is investing $40m in battery developer North Harbour to boost renewable energy storage. (AFR)

• White House presses US Fed for ‘dramatically lower’ rates as meeting looms. (FT)

  Sezzle, once left for dead, has stunned the market with a $7b comeback fuelled by profit-first grit. (AFR)

• Insurers allege Lex Greensill was dishonest as they seek to deflect blame in a $7b court fight over Greensill Capital’s collapse. (AFR)

VC

• Hall, a Blackbird-backed startup, raised $2m to help brands optimise how they show up in AI chatbots as Google search traffic falls. (Capital Brief)

People moves

• APA executive Kay Stuart joins Future Fund to head its energy transition push. (AFR)

• Three top tax partners from Clayton Utz, Brendon Lamers, Angela Wood, and Andy Bubb, leave for DLA Piper. (AFR)

The watercooler