Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY M&A Intelligence Jul 25, 2:02 AM EDT

Saudi PIF / Electronic Arts

Saudi PIF acquired Electronic Arts for $55B, 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.

ReadingWhen a state actor outbids private equity on a cultural asset, the definition of what is buyable expires. Every other gaming studio CEO is now calculating their defensibility.

WatchThe next three institutional LBO targets will be announced within 90 days. All of them will price above historical multiples.

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HENRI IV M&A Intelligence Jul 25, 2:02 AM EDT

Stripe / Advent International / PayPal

IBTimes ↗

Stripe and Advent bid $53B for PayPal with $50B financing locked

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

ReadingPayments consolidation is now in the acquisition phase. Every payments infrastructure play at a $10B+ valuation just became an LBO target until proven otherwise.

WatchPayPal board responds within 14 days. A competing bid appears in the same window or not at all.

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MACALLAN 1926 Capital Markets Jul 25, 2:02 AM EDT

SpaceX

Forbes ↗

Elon Musk became the first trillionaire as SpaceX went public

The world gained its first ever trillionaire on Friday, when Elon Musk took his rocket and satellite company SpaceX public in the biggest IPO in history.

ReadingWealth inflection happens at IPO, not at operating breakeven. Every unicorn founder watching this now knows the IPO is the prize, not the beginning.

WatchSpaceX stock volatility spikes as early-stage investors take positions. The lock-up period matters more than the current price.

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ipospacexwealthcapital markets

LOUIS XIII M&A Intelligence Jul 25, 2:02 AM EDT

Brookfield / Gregg Distributors

Modern Distribution Management ↗

Brookfield acquired Gregg Distributors in Canada for $1.1B

Brookfield's private equity business will acquire a controlling interest in the Edmonton-based industrial MRO distributor, while Gregg employees retain equity stake.

ReadingIndustrial MRO consolidation is now an equity story for middle managers, not just founders. The next distributor acquisition will feature similar rollover provisions.

WatchBrookfield announces two additional MRO acquisitions within 120 days under this same framework.

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PAPPY 23 Technology Intelligence Jul 25, 2:02 AM EDT

Verizon / Google

Yahoo Finance ↗

Verizon signed $1B dark fiber deal with Google for AI infrastructure

Verizon CEO Dan Schulman said the company expects to announce additional AI infrastructure deals by year-end worth multiple billions of dollars.

ReadingIncumbent telecom carriers are now classified as AI infrastructure vendors. Their dividend safety now depends on locking multi-year capacity contracts with hyperscalers.

WatchVerizon announces the next dark fiber deal within 60 days. AT&T and Comcast follow with their own agreements within 90.

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infrastructureaitelecomcapital deployment

JOHNNIE BLUE Venture Intelligence Jul 25, 2:02 AM EDT

Private Equity Sector

MSN Money ↗

PE zombie funds held record assets as exits stalled across the sector

Funds are outliving their intended lifespans as fund managers struggle to sell the remaining assets.

ReadingLP check-writing velocity is about to change. Funds with extended timelines will see reduced commitment from repeat institutional investors.

WatchQ3 2026 brings a wave of GP-led secondary sales. Asset values reset downward across the ecosystem.

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private equityexitsasset managementmarket slowdown

WELL POUR Procurement Intelligence Jul 25, 2:02 AM EDT

SpaceX / Pentagon

Financial Express ↗

SpaceX in talks with Pentagon for multi-billion AI computing capacity

Elon Musk's SpaceX is in talks with the US Department of Defence to provide multi-billion dollar data centre capacity for AI models.

ReadingDefense procurement is now classified as a compute infrastructure play. Every contractor in the C5 space is scrambling to secure capacity.

WatchAnnouncement or silence from both parties within 45 days. Either outcome matters.

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