☕️ Tech deals boost

Big news in the US for big tech M&A

July 12, 2023

Good morning.

Significant developments overnight in the largest live M&A situation on the planet and the biggest tech acquisition ever. Microsoft secured a court win in the US which appears to pave the way for it to complete its US$75 billion takeover of Call of Duty-maker Activision Blizzard.

The decision is also a blow for the Biden administration, which has been trying to rein in both big deals, and big tech. The deal still faces some regulatory hurdles in Europe, but the market (Activision shares spiked +10% on the news) seems confident they will be overcome.

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MARKET MOVERS

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

Market News: It was a good day for serial telco entrepreneur Bevan Slattery. Shares in the former PIPE Networks and NextDC founder’s latest endeavour, Megaport, exploded higher off the back of a relatively modest earnings upgrade. It reeks of a squeeze situation - Megaport is one of the most heavily short sold (and divisive) stocks in the market. On paper, Slattery’s stake of about 7 million shares appreciated by ~$16m.

THE QUICK SYNC

  • Microsoft secured a critical court victory that boosts its chances of completing the US$75 billion takeover of Activision Blizzard. (CNBC).

  • Salesforce shares rose after it announced plans to raise prices by ~9%. (Investing.com)

  • Public servants in Canberra have secured uncapped work from home days following negotiations between unions and the Commonwealth. (AFR)

  • Private jets are descending on Sun Valley, Idaho ahead of the high profile conference dubbed the “playground for billionaires”. (Insider)

TRADING FLOOR

M&A:

  • Simon Bligh, the former CEO of Illion, has partnered with financiers to acquire Worthington Clarke. (AFR)

  • At least one Asian state-owned enterprise had made an approach to Incitec’s troubled fertiliser business. (AFR)

  • There has been block trade activity on luxury retailer Cettire share register. (AFR)

  • Salter Brothers has signed contracts to acquire the Sofitel Adelaide Hotel for approximately $154m. (BNA)

  • Owner-operators of Murphys Geelong restaurant and bar have purchased Eureka Hotel. (SMH)

  • American Industrial Partners kicks off international meetings with prospective investors in Molycop as it ramps up IPO. (The Australian)

  • Pacific Equity Partners is lining up for Aurora Healthcare. (The Australian)

Capital Markets:

  • Atomo Diagnostics has Bell Potter drumming up interest in an equity raising. (AFR)

  • CurveBeam AI opened the books on an IPO. (AFR)

  • Lyre's has raised $34.7m to capitalise on accelerating demand in the category. (BNA)

  • Athena Home Loans is raising $20m from existing investors. (AFR)

  • Mason Stevens is understood to be the latest company ramping up its IPO campaign. (The Australian)

VC:

  • OIF Ventures has launched its new Opportunity Fund into which investors have already committed $55m. (AFR| StartupDaily)

  • Black Nova has launched a new fund seeking a target of $35m. (StartupDaily)

  • International Medical Robotics Academy (IMRA) has raised $5.6m largely from venture capital firm Trefor Capital. (AFR)

  • Cricket captain Pat Cummins has secured a shareholding in Nexba and its new affiliated parent company Goodness Group Global. (BNA)

Others:

  • Abrdn‘s Natalie Tam has jumped ship to Perpetual. (AFR)

  • Credit Suisse is expecting another round of redundancies. (The Australian)

THE WATERCOOLER