Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYCapital MarketsSep 21, 2:03 AM EDT
Apollo and Blackstone finalized a $35 billion debt package financing Anthropic's access to Alphabet's custom AI chips through an first off the floor SPV structure.
ReadingAI compute access is now a debt instrument, not an equity event. The firms that can't borrow at these rates will compete on scraps.
WatchThe next SPV structures will involve OpenAI. Within eight weeks.
HENRI IVM&A IntelligenceSep 21, 2:03 AM EDT
Michael Dell's family office led a $7.7 billion deal to take The Baldwin Insurance Group private, outbidding traditional private equity bidders.
ReadingInsurance consolidation has switched hands from buyout shops to operator wealth. The next targets are those still selling to traditional PE.
WatchWhich PE-backed insurance roll-up gets recapitalized by a tech family office in Q4.
MACALLAN 1926Capital MarketsSep 21, 2:03 AM EDT
The National Stock Exchange of India's initial public offering was repriced significantly lower than earlier estimates, with the new band estimated to raise ₹21,494-22,569 crore.
ReadingIndian capital markets pricing has normalized. The next IPO wave will be priced for reality, not narrative.
WatchWhich large-cap IPOs expected in October will reprice downward in advance.
LOUIS XIIIM&A IntelligenceSep 21, 2:03 AM EDT
Ropes & Gray represented Audax Private Equity in its acquisition of Integral Consulting, a science and engineering firm, from Imperial Capital.
ReadingScience and engineering consulting is in consolidation phase. Independents should model their own processes now.
WatchWhich of the remaining top-tier engineering consultancies gets approached by Audax or Carlyle within 90 days.
PAPPY 23Technology IntelligenceSep 21, 2:03 AM EDT
Semiconductor equipment maker ASML began India operations and plans to hire 20–30 engineering graduates as Tata Electronics develops its Dholera chip fabrication facility.
ReadingSemiconductor equipment localization to India is now operational, not aspirational. The next hire wave comes in Q1.
WatchWhich Korean equipment firms announce India hiring plans in the next 45 days.
JOHNNIE BLUEProcurement IntelligenceSep 21, 2:03 AM EDT
The Semiconductor Wet Chemicals Market is projected to reach USD 8.38 billion by 2035, with a compound annual growth rate of 3.70%, driven by expanding global fab capacity.
ReadingSemiconductor materials are becoming a structural play, not a cyclical bet. Procurement teams should lock multi-year agreements now.
WatchWhich materials suppliers announce quarterly capacity expansions in Q4.
WELL POURFinancial IntelligenceSep 21, 2:03 AM EDT
Korea Investment Corp. plans to sell over $1 billion in private equity stakes, joining GIC and UC in a wave of sovereign wealth fund secondary market activity.
ReadingSovereign wealth funds are exiting PE positions early. Returns expectations have reset downward.
WatchWhich mega-funds announce secondary buybacks to prop up their own fund pricing.
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