☕️ Dirty Tactics

Good morning.

Three senior PwC partners breached leadership election rules, leading the firm to strip them of their management roles, and disqualify one of them from the race to run its US business. According to the Financial Times, the consulting giant’s US election rules sets limits on campaigning so that the race doesn’t distract from normal business operations. Neil Dhar, a frontrunner to replace Tim Ryan as US senior partner, and his two allies, John Garvey, PwC’s global financial services leader, and Julien Courbe, global chief client officer were caught committing ‘significant violations’ of these rules.

Just when we thought PwC’s headaches couldn’t get any worse…beware the ides of March.

🏆 LOI Subscriber #TBD

Market movers

Shares in Healius soared over 14% to close at $1.29 during trading on Tuesday, on news that CEO and managing director Maxine Jacquet would step down with immediate effect. Jacquet joined Healius in 2015, stepping into the CEO role in March 2023, leading the company through a "difficult period for medical diagnostic companies post-Covid,” said interim chair Kate McKenzie. The pathology services provider also announced that it would commence a wide-ranging strategic review of the company's structure and assets.

The quick sync

• Bitcoin soared above US$69,000 ($106,060) to a new record high on Tuesday, reaching a new peak for the first time in two years. (Capital Brief)(CoinDesk)

• CPA Australia slashes compliance roles amid fallout from the PwC scandal. (Capital Brief)

• Singapore’s state investment firm, Temasek, is in discussions to invest in the Microsoft-backed OpenAI. (Financial Times)

• Australian and international renewable energy developers have been preliminarily selected for a licence to develop an offshore wind project in Victoria. (The Australian)

• UK digital bank, Monzo, has reached a US$5b ($7.7b) valuation as it completes a US$430m investment round ahead of its planned US expansion. (Reuters)

• 2024 Australian corporate insolvencies are tracking 36% higher than pre-Covid levels, and are set to hit highest level since the GFC. (The Australian)

Trading floor

M&A

• Super funds UniSuper and ISPT buy land parcel near Sydney’s new airport for $850m. (The Australian)

• Global Infrastructure Partners (GIP) is set to sell its 50% stake in Pacific National after contemplating the move for seven months. (AFR)

• EMR Capital is considering selling Ravenswood gold mine. (The Australian)

• Thoma Bravo eyes Iress, and engages Jarden for guidance. (AFR)

• Telix Pharmaceuticals is set to acquire ARTMS Inc for $125.9m (Capital Brief)

• AMA Group was approached by former Capital SMART heads. (AFR)

• ACCC concedes in its bid to block ANZ's $4.9b acquisition of Suncorp's banking arm. (AFR)

• Woolworths' Endeavour Group mulls property portfolio sale. (The Australian)

Capital Markets

• Dubber Corp considers discounted capital raise amid uncertainty. (AFR)

• Brisbane Korean barbecue icon, Maru, saved; three restaurants to continue. (BNA)

• Dicker Data co-founder initiates a $200m block trade to offload 10.2% of stock. (AFR)

• Symphony Infrastructure Partners retains Lazard to secure a $200m equity injection to fund infrastructure services purchases and working capital. (AFR)

VC

• Perth startup Anni secures $1m for marketplace expansion. (Smart Company)

• Kismet, a healthcare platform focused on the NDIS, raises $12.6m in seed funding led by Prosus Ventures and existing backer Airtree Ventures. (Startup Daily)

• Australian spacetech startups receive $9m in grants for space solutions, including NextAero and Neumann Space. (Startup Daily)

People moves

• None

The watercooler