☕️ Temasek’s Aussie play

Good morning.

Singapore's Temasek is making waves with a $300m investment in Betashares, the local ETF heavyweight managing $38b in index-hugging funds - its first foray into Australian financial services.

Temasek's bet on Betashares, led by Alex Vynokur, underscores its confidence in the burgeoning ETF market, which has been taking significant flows out of the managed funds sector.

Vynokur told The Australian Review that proceeds from the undisclosed stake sale will help fund growth into new products, following Betashares' launch of its retail investment platform and acquisition of a superannuation business from Bendigo and Adelaide Bank.

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Market movers

After losing about a quarter of its value this year, Tabcorp was the best-performing stock on the S&P/ASX 200 on Friday. It rose 10% to 65.5¢ each after the NSW government announced a review of wagering laws that could hike taxes for rivals like Sportsbet and Entain.

Meanwhile, former AFL boss Gillon McLachlan, is reportedly eyeing the top gig at Tabcorp while also dabbling with Blackstone, the owner of Crown Resorts. Talk about having a bet each way!

The quick sync

• These things are not the same': Why Nanuk's Tom King thinks it's time to retire ESG (Capital Brief)

• 'A very big deal': Sydney-based Diraq edges closer to 2028 quantum computing goal after key contract win (Capital Brief)

• Landlords and holiday homeowners hit by $1.5b NSW tax hike (AFR)

• ANZ under scrutiny by APRA over bond rigging allegations while reviewing $500m penalty (The Australian)

• Investor Adir Shiffman loses Sleeping Duck lawsuit (Capital Brief)

Trading floor

M&A

• GIP has joined the $15bn-plus bidding war for data center giant AirTrunk. (AFR)

• Ramsay Health Care may sell underperforming hospital assets in its French Ramsay Sante unit due to limited interest in the entire unit. (The Australian)

• AZ NGA has paused its $600m sale to TA Associates and brought in bankers to explore other options. (AFR)

• Investment bankers from Macquarie Capital are seeking a US-based rival suitor for Bapcor, targeting major American car parts companies. (The Australian)

• Aware Super and Roc Partners have enlisted Macquarie Capital to review and refinance their $1bn chicken farming business, ProTen, potentially preparing it for sale. (AFR)

• Australian investment bankers are preparing proposals to advise Fonterra on its asset sales, with submissions due this week. (The Australian)

• The Finance Sector Union is not opposing ANZ's $4.9bn acquisition of Suncorp's banking business. (AFR)

• Adamantem Capital is selling two businesses, hiring UBS for its New Zealand smallgoods company Hellers, and Lazard for its laundries business, Linen Services Australia. (The Australian)

Capital Markets

• Stralis Aircraft secured government funding to support test flights of its hydrogen-electric plane. (BNA)

• Telix Pharmaceuticals has canceled its plans to raise USD$200m and list on Nasdaq. (BNA)

VC

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People moves

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