☕️ Tycoon play

Good morning.

Bruce Gordon, the nonagenarian tycoon with a penchant for media empires has turned Nine Entertainment into his personal chessboard, increasing his controlled stake to 25.1%, according to the AFR. Gordon’s manoeuvring, done through a neat equity swap with Macquarie, bypasses pesky ownership rules and tightens his grip without full voting power. Smooth move.

Meanwhile, Peter Costello exited stage left after a not-so-choreographed tussle with a News Corp journalist, leaving behind a media circus worthy of prime-time drama and Catherine West as the new chairwoman.

With shares in free fall, Nine's future reads like a cliff-hanger. Stay tuned, this corporate saga is just heating up.

🏆 LOI Subscriber #TBD

Market movers

Ellerston Capital, always the opportunistic eagle, has swooped in to snap up a stake in IDP Education amidst the visa restriction blues.

With Chris Kourtis at the helm, Ellerston is betting on a rebound faster than you can say "student visa."

While IDP’s stock has taken a hit, Ellerston sees this "attractive entry point" as the perfect moment to play the long game in the international education market.

The quick sync

• Ex-ASX exec Max Cunningham aims to revitalize NSX as a viable small caps market (Capital Brief)

• TPG Capital taps ex-Telstra CEO Andy Penn to Lead $1.5b fund targeting high-return healthcare and consumer investments in Australia and NZ. (AFR)

• IBM and Amazon’s quantum computing lead threatens Australia’s PsiQuantum ambitions (Capital Brief)

• Chemist Warehouse’s $8.8b Sigma merger sparks major competition concerns in Australian pharmacy market, Wickhams Hill says (AFR) 

• Glencore faces $20m hit from Queensland payroll tax change, heightening tensions with Labor government (AFR)

Trading floor

M&A

• Whitehaven Coal plans to announce the sale of a stake in its Blackwater coal mine, acquired from BHP, in August. (The Australian)

• Amber Infrastructure is selling its $400m data center business, iseek, with both Amber and founder Jason Gomersall open to bids. (AFR)

• Hanwha's third bid for Austal, 15% higher than Cerberus's, has stalled as it seeks to renegotiate what it sees as unfair diligence conditions set by Austal's board. (AFR)

• QIC's private debt team finalized financing in late May for Pacific Equity Partners' acquisition of ATOM. (AFR)

• Healthscope, under negotiation with stakeholders and facing $1.6bn debt, is dealing with potential job losses and internal tensions after key staff departures and seeking US executive advice. (The Australian)

• Rich Lister Raphael Geminder plans to shake up Pact Group's board if his $234m buyout bid fails. (AFR)

• Speculation is growing that Morgan Stanley Infrastructure Partners might bid for the entire Healius company, while Partners Group is also interested in Healius' diagnostic imaging unit and may consider buying the entire entity. (The Australian)

• Bain Capital is reportedly eyeing a takeover of Bapcor following Bapcor's three profit downgrades and a 27% share price decline in the past year. (AFR)

• Wesfarmers may be reevaluating the future of online marketplace Catch, four years after its acquisition. (The Australian)

• Chemist Warehouse's $8.8bn merger with Sigma Healthcare raises competition concerns. (AFR)

• Hancock Prospecting may be considering a buyout of Strike Energy, valued at $578m, amid rising energy demand. (The Australian)

• Genesis Minerals is set to offload smaller assets after a strong deal-making streak. (The Australian)

Capital Markets

• Helmsec Global has partnered with HUBX to raise capital and will operate the platform in Australia and New Zealand. (AFR)

• Opthea is raising $220m to fund its phase-three drug trials, with MST Financial overseeing the process. (AFR)

• Bhagwan Marine is seeking $80m in an IPO to improve its balance sheet, aiming to fill the gap left by MMA Offshore's $1bn take-private deal. (AFR)

VC

• None

People moves

• Peter Costello has stepped down as chairman of Nine Entertainment Co following a tumultuous period and accusations of knocking a journalist to the ground. (Capital Brief)

• Fletcher Building is nearing the appointment of a new chairman, but Mark Cairns, once a strong contender, is reportedly no longer in the running. (The Australian)

Watercooler