Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYM&A IntelligenceSep 21, 8:02 PM EDT
SLB (Schlumberger)
· MSN ↗The oil drilling and production company agreed to acquire thermal management company Kelvion for $4.1 billion in a bid to strengthen its growing data center business.
ReadingSLB's move signals that data center infrastructure is now competing with traditional energy for deployment capital. Thermal management becomes a moat.
WatchThe next three announced deals in thermal infrastructure. The pricing per megawatt will indicate whether SLB overpaid or calibrated correctly.
HENRI IVM&A IntelligenceSep 21, 8:02 PM EDT
Global private equity dealmaking fell sharply in August. Still, healthcare emerged as the standout sector, helped by KKR & Co.'s $5.89 billion agreement to acquire Integer Holdings.
ReadingHealthcare remains the only PE category where multiples held. Operators in other sectors should expect capital rotation to continue toward regulated, recurring revenue.
WatchKKR's integration timeline and which Integer divisions are marked for bolt-on acquisition within 18 months.
MACALLAN 1926M&A IntelligenceSep 21, 8:02 PM EDT
Michael Dell's family office is leading a planned $7.7 billion deal to take The Baldwin Insurance Group private, the Financial Times reported.
ReadingPE's insurance consolidation window is narrowing as family offices and strategic buyers enter auctions with different return thresholds. Deal economics are shifting.
WatchBaldwin's standalone technology roadmap post-close. If Dell commits capital to a new tech stack, it signals insurance software is the actual acquisition thesis.
LOUIS XIIIVenture IntelligenceSep 21, 8:02 PM EDT
Jefferies Credit Partners announced $4 billion capacity for its European Direct Lending Strategy anchored by the first close of its inaugural European Direct Lending Fund.
ReadingDirect lenders are now running geographic arbitrage. European middle-market companies should prepare for a wave of refinancing calls from unfamiliar faces.
WatchJefferies' first close size and deployment velocity. A sub-$1B first close would indicate limited LP confidence in European credit conditions.
PAPPY 23M&A IntelligenceSep 21, 8:02 PM EDT
Swedish buyout giant EQT acquires majority stake in London specialty broker McGill and Partners from Warburg Pincus in a week that also saw KKR exit USI for a reported $17 billion.
ReadingInsurance brokerage consolidation is maturing. The easy arbitrage is gone. EQT's thesis is geographic and operational, not multiple expansion.
WatchEQT's next broker acquisition target. If it stays in specialty, they are building a platform. If they go commercial, they are chasing pure scale.
JOHNNIE BLUECapital MarketsSep 21, 8:02 PM EDT
National Stock Exchange of India Ltd. opened its IPO on Thursday, September 17, and will close on Monday, September 21, at a newly announced price band estimated to raise ₹21,494-22,569 crore.
ReadingIndian primary market timing is front-loaded into this quarter. The velocity suggests demand is real but not unlimited.
WatchNSE's subscription fill rate and the allotment results for secondary-tier IPOs like Varmora Granito and Elevate Campuses. Over-subscription on NSE with under-subscription elsewhere would indicate quality bifurcation.
WELL POURCapital MarketsSep 21, 8:02 PM EDT
SEC proposes scrapping Rule 14a-8 and modernizing proxy rules, shifting shareholder proposals to state law and streamlining solicitations.
ReadingActivist investors are not going away. They will simply file in state courts and Delaware vice federal proxy rules.
WatchThe final rule adoption timeline and whether the SEC retains any federal guardrails or fully delegates to states.
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