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

ISABELLA'S ISLAY M&A Intelligence Jul 25, 5:02 AM EDT

Saudi PIF / Electronic Arts

Saudi PIF closed its $55B EA acquisition under EU antitrust rules

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

ReadingSovereign wealth has displaced private equity as the buyer of record for billion-dollar assets. Gaming IP carries leverage now. Mid-cap studios have a floor price.

WatchThe next entertainment asset above $20B will price assuming Saudi capital is in the room.

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HENRI IV M&A Intelligence Jul 25, 5:02 AM EDT

Stripe / Advent International

IBTimes ↗

Stripe and Advent offered $53B to buy PayPal, backed by $50B financing

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

ReadingPayments infrastructure is moving from public company to private operator. PayPal's market cap just became a starting point, not a ceiling.

WatchPayPal's board response within 14 days will signal whether this closes or goes hostile.

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MACALLAN 1926 Capital Markets Jul 25, 5:02 AM EDT

SpaceX

MSN ↗

SpaceX stock fell below $135 IPO price, short sellers now piling in

Shares of Elon Musk's space and AI company fell below their $135 IPO price for the first time, with short sellers gaining positions as momentum wanes.

ReadingPost-IPO euphoria in capital equipment is done. Operators will demand unit economics, not founder charisma.

WatchIf SpaceX holds above $120 for 30 days, shorts cover. If it breaks $120, the next stop is $100.

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LOUIS XIII Capital Markets Jul 25, 5:02 AM EDT

Jersey Mike's Subs

MSN ↗

Jersey Mike's IPO roadshow begins; pricing and listing date near

The popular submarine sandwich chain is moving forward with its public offering, with roadshow underway and pricing expected imminently.

ReadingNot every IPO is a venture story. Franchise operations with unit economics still access the public markets—and trade on execution, not narrative.

WatchOpening day lockup expiration will be watched more carefully than any tech IPO. Food franchises attract different money.

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PAPPY 23 M&A Intelligence Jul 25, 5:02 AM EDT

Brookfield / Gregg Distributors

Modern Distribution Management ↗

Brookfield's PE arm acquired controlling stake in Gregg Distributors for $1.1B

Brookfield's private equity business acquired a controlling interest in Edmonton-based industrial MRO distributor Gregg Distributors, with existing employees retaining equity.

ReadingDistribution assets with stable operator teams are attractive to large capital. The seller gets paid now; the team stays employed with upside.

WatchBrookfield's next three announcements will likely be in allied industrial distribution. The sector is ripe for roll-ups.

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JOHNNIE BLUE Capital Markets Jul 25, 5:02 AM EDT

Multiple (Physitrack, Powerlaw, Popular, Hartford Insurance)

MSN / Yahoo Finance / MarketWatch ↗

Four major firms announced buyback programs in one week; capital returning to shareholders

Physitrack, Powerlaw, Popular, and Hartford Insurance each announced share buyback programs ranging from $1B to $4.2B, signaling confidence in current valuations.

ReadingBuybacks are not confidence—they are surrender. When growth slows, boards stop investing and start returning cash. It's the inverse of capex announcements.

WatchIf a fifth firm announces a buyback this week, we have a sector-wide pattern. The growth narrative has officially shifted.

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buybackscapital allocationearningsshareholder returns

WELL POUR M&A Intelligence Jul 25, 5:02 AM EDT

SpaceX / xAI

MSN ↗

SpaceX's $250B xAI acquisition masks private equity exit slowdown underneath

SpaceX's massive $250 billion acquisition of xAI made the first half of 2026 look like a banner period for private market exits, but beneath headline numbers, PE exit velocity has stalled.

ReadingPrivate equity has a liquidity problem. Mega-deals flatter the narrative. Smaller PE firms are quietly extending fund lives and deferring exits.

WatchQ3 private market exit statistics will reveal whether xAI is a breakout or a one-off cover story.

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