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On the wire

Markets Edge

Issued Saturday, July 25, 2026 · 03:00 UTC Edition 8/day editions · 6 papers From the chopped neck Latest Issue Archive Corporate Accounts
7
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Ranked by the pour ISABELLA'S ISLAY HENRI IV MACALLAN 1926 LOUIS XIII PAPPY 23 JOHNNIE BLUE WELL POUR
Also crossing the wire
ISABELLA'S ISLAYSaudi PIF acquired Electronic Arts for $55B, now the largest LBO on recordHENRI IVStripe and Advent bid $53B for PayPal, backed by $50B in financingMACALLAN 1926Brookfield paid $1.1B for Canadian MRO supplier Gregg DistributorsLOUIS XIIISotheby's posted $4.4B in first-half sales, a record. Private-treaty hit $826MPAPPY 23Private credit funds faced $20B in redemption requests in Q1. Charts show uneven payoutsJOHNNIE BLUEDirect lending issuance fell sharply in Q2 even as fundraising rebounded. Deployment gap wideningWELL POURTD Greystone closed its first loan in its private credit strategy. Entry move notedISABELLA'S ISLAYSaudi PIF acquired Electronic Arts for $55B, now the largest LBO on recordHENRI IVStripe and Advent bid $53B for PayPal, backed by $50B in financingMACALLAN 1926Brookfield paid $1.1B for Canadian MRO supplier Gregg DistributorsLOUIS XIIISotheby's posted $4.4B in first-half sales, a record. Private-treaty hit $826MPAPPY 23Private credit funds faced $20B in redemption requests in Q1. Charts show uneven payoutsJOHNNIE BLUEDirect lending issuance fell sharply in Q2 even as fundraising rebounded. Deployment gap wideningWELL POURTD Greystone closed its first loan in its private credit strategy. Entry move noted
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ISABELLA'S ISLAY M&A Intelligence Jul 24, 11:02 PM EDT
Saudi PIF / Electronic Arts
Global Banking and Finance Review ↗

Saudi PIF acquired Electronic Arts for $55B, now the largest LBO on record

Saudi PIF's $55 billion deal to acquire Electronic Arts gained EU antitrust approval, marking the largest leveraged buyout to date.

ReadingSovereign wealth funds have entered the digital-asset acquisition phase. Strategic buyers are no longer the marginal player in mega-deals.
WatchThe next three gaming-adjacent acquisitions will reference PIF's thesis. Within 90 days.
Read full analysis → Original ↗
m&asovereign wealthgaminglbo
HENRI IV M&A Intelligence Jul 24, 11:02 PM EDT
Stripe / Advent International
IBTimes Singapore ↗

Stripe and Advent bid $53B for PayPal, backed by $50B in financing

Stripe and Advent have offered $53 billion to acquire PayPal, backed by $50 billion in financing and a 28% premium to current valuation.

ReadingFintech consolidation has entered the forced-reckoning phase. The growth-at-any-cost thesis is being replaced by buyers who know what margins actually look like.
WatchBoard reaction and whether other buyers emerge within 30 days. The financing is real—that changes the negotiation floor.
Read full analysis → Original ↗
m&afintechpaymentsleverage
MACALLAN 1926 M&A Intelligence Jul 24, 11:02 PM EDT
Brookfield / Gregg Distributors
Modern Distribution Management ↗

Brookfield paid $1.1B for Canadian MRO supplier Gregg Distributors

The investment firm's private equity business acquired a controlling interest in the Edmonton-based industrial MRO distributor, while Gregg employees retain equity.

ReadingIndustrial MRO is being systematically moved from founder-operators to scaled capital structures. This is consolidation disguised as partnership.
WatchThe next two acquisitions in industrial supply. Brookfield has flagged its appetite.
Read full analysis → Original ↗
m&aprivate equityindustrialmro
LOUIS XIII Luxury Sector Jul 24, 11:02 PM EDT
Sotheby's
Artnet News ↗

Sotheby's posted $4.4B in first-half sales, a record. Private-treaty hit $826M

Sotheby's first-half sales jumped 59 percent year-over-year, with private-treaty business hitting an all-time high of $826 million.

ReadingThe wealth transfer is happening now, not gradually. Auction houses are positioned as clearinghouses for estate consolidation.
WatchWhether Q3 maintains this pace or normalizes back to trend. The single-owner flow can't sustain 59% growth.
Read full analysis → Original ↗
luxuryauctionswealth transfersales
PAPPY 23 Capital Markets Jul 24, 11:02 PM EDT
Private Credit Sector (Blue Owl, Blackstone, Apollo)
Business Insider ↗

Private credit funds faced $20B in redemption requests in Q1. Charts show uneven payouts

Private credit redemptions reached record levels in the first quarter, with approximately $20 billion in investor requests, revealing significant variance in payout rates across fund managers.

ReadingPrivate credit liquidity is stratified by manager reputation. Payout rates are becoming as important as returns.
WatchQ2 redemption requests and whether the pattern accelerates or stabilizes.
Read full analysis → Original ↗
private creditredemptionscapital flowsliquidity
JOHNNIE BLUE Financial Intelligence Jul 24, 11:02 PM EDT
US Direct Lending Sector
Reuters ↗

Direct lending issuance fell sharply in Q2 even as fundraising rebounded. Deployment gap widening

US direct lending activity fell sharply in the second quarter even as private credit firms raised record capital, creating a significant deployment gap.

ReadingPrivate credit has shifted from a shortage dynamic to a supply glut. Returns will compress before deployment catches up.
WatchWhether Q3 deal volume recovers or if the dry powder triggers a rate war in syndication.
Read full analysis → Original ↗
direct lendingprivate creditfundraisingdeployment
WELL POUR Financial Intelligence Jul 24, 11:02 PM EDT
TD Bank / TD Greystone
MSN Money ↗

TD Greystone closed its first loan in its private credit strategy. Entry move noted

Toronto-Dominion Bank's asset management unit closed its first loan in its newly-launched global private credit strategy, marking the official entry into the market.

ReadingCanadian banks are finally competing in US direct lending. The question is whether they deploy capital at returns or scale.
WatchDeal two and the timeline to close it. If it takes longer than six months, this was a pilot.
Read full analysis → Original ↗
private creditbankingasset managementdirect lending
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