Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYCapital MarketsSep 22, 11:02 AM EDT
A report shows that 29 individuals now control 27% of all billionaire wealth, with the gap widening rapidly as wealth concentration accelerates.
ReadingRegulators calling for wealth taxes are already outpaced by the velocity of concentration. Policy makers are legislating against yesterday's problem.
WatchState-level wealth tax proposals will accelerate. The first one to pass will trigger secondary migration of high-net-worth individuals into competing jurisdictions.
HENRI IVM&A IntelligenceSep 22, 11:02 AM EDT
Michael Dell's family office is leading a planned $7.7 billion deal to take The Baldwin Insurance Group private, outbidding traditional private equity.
ReadingFamily offices are now competing directly with PE for control of insurance platforms. Operators with insurance assets should expect acquisition interest from both channels, simultaneously.
WatchThe next three insurance acquisitions announced will split between family office and PE buyers. The pricing between them will diverge.
MACALLAN 1926M&A IntelligenceSep 22, 11:02 AM EDT
Audiobook and multi-format publisher Podium Entertainment has been acquired by private equity firms Flexpoint Ford and Shamrock Capital from Presidio Investors.
ReadingAudiobook publishing is in portfolio optimization phase. The next two years will see further consolidation as mid-tier operators merge to reach scale.
WatchPodium's next acquisition target. Shamrock and Flexpoint will use this platform to acquire complementary catalog assets within 18 months.
LOUIS XIIICapital MarketsSep 22, 11:02 AM EDT
The National Stock Exchange of India's IPO opened at a price band estimated to raise between ₹21,494 and ₹22,569 crore, significantly lower than the earlier estimate of around ₹30,000 crore. Simultaneously, five IPOs (Swastika Infra, Sona Selection India, Varmora Granito, Elevate Campuses, FX Multitech) are scheduled to open between September 22 and 24.
ReadingIndian primary market is recalibrating pricing assumptions. IPO allocators should assume 20-30% markdown from initial guidance is now the standard correction.
WatchNSE's subscription data on September 16. If oversubscribed above 3x, the five concurrent IPOs will face demand pressure. If below 2x, two of the five will defer.
PAPPY 23Technology IntelligenceSep 22, 11:02 AM EDT
Flex Incorporated announced the new name for its planned cloud and power infrastructure spin-off company and filed a Form 10 registration statement, preparing for separation into two independent publicly traded companies.
ReadingFlex's management believes cloud infrastructure commands a higher valuation multiple than contract manufacturing. The spin creates two distinct investment theses.
WatchThe first earnings call post-separation. Each company will establish its own guidance framework. Watch for management retention and board independence announcements.
JOHNNIE BLUECapital MarketsSep 22, 11:02 AM EDT
Qatar Investment Authority reportedly plans a $20 billion partnership with JPMorgan in equities and private markets, part of a broader wave of sovereign wealth fund restructuring and domestic investment division formation.
ReadingSovereign wealth capital is increasingly concentrated and directional. The era of broad diversification by SWFs has ended.
WatchThe next three major SWF announcements will each include either domestic division formation or strategic partnership with a major financial institution.
WELL POURGlobal Business NewsSep 22, 11:02 AM EDT
Eric Schiffer, a California entrepreneur, warns that California's Proposition 40 billionaire wealth tax could trigger a mass exodus of billionaire entrepreneurs, draining jobs and tax revenue.
ReadingIf Proposition 40 passes, watch for C-suite relocations and headquarters moves announced within 90 days.
WatchVoting data on Proposition 40. If polling shows movement toward passage, three major California-based operators will announce relocation feasibility studies.
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