☕️ Fintech Mafioso

Carta CEO labelled 'The Godfather' by ex-CTO in new lawsuit.

Good morning.

Carta’s January just got even more chaotic, as its ex-CTO Jerry Talton, filed a lawsuit accusing current CEO, Henry Ward, of misusing Carta resources. Adding insult to injury, Talton compared Ward to The Godfather, Don Corleone, calling him “charismatic, but insecure and narcissistic.” The $11 billion fintech shut down its secondary trading operations last week following allegations of misusing sensitive customer information.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Healius shares tanked over 7.5% on Friday after Morgan Stanley downgraded the pathology and diagnostics company to underweight, reaching $1.46 by close of trading. The bank’s diagnosis said that HLS’ P/E multiple is too high in light of earnings uncertainty. In late 2023, Australian Clinical Labs pursued a $1.5 billion takeover of Healius, but the deal was blocked by the ACCC.

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The quick sync

  • BlackRock will become the world’s second largest private infrastructure manager with its $18.7b acquisition of Global Infrastructure Partners. (Financial Times)

  • Whitehaven Coal’s acquisitions of the BHP Daunia and Blackwater mines were bankrolled by Areas Management, Canyon Partners and Farallon Capital Management. (AFR)

  • 2024 could be the year Australia’s space tech sector takes off. (Capital Brief)

  • PE players KKR, EQT AB and Thoma Bravo circle Broadcom Inc, showing keen interest in acquiring its end-user software business unit valued at approximately $7.5b. (Bloomberg)

  • LNG output from Woodside and Santos could fall as legal and environmental challenges halt project progress. (AFR)

  • Goldman Sachs hopes to diversify revenue streams by increasing lending to private-wealth clients who hold over $90m with the bank. (Wall Street Journal)

  • Private market players bet that ASX companies and unlisted startups will search for less dilutive funding like venture credit to fuel their growth. (Capital Brief)

Trading floor

M&A

  • Morgan Stanley eyes potential $4bn auction of I-MED Radiology Network later this year. (AFR)

  • Vodafone Group is reportedly considering selling down its 50.1% stake in TPG Telecom, a move that could result in a significant block trade. (AFR)

  • Zenith engages Azure Capital for a review of its lithium business, seeking a strategic investor or buyer. (AFR)

  • Fox Group eyes acquisition of Retail Prodigy Group, Nike's retail franchise partner in ANZ. (AFR)

Capital Markets

  • Japan-backed Flotation Energy, a key offshore wind developer in Victoria, denied federal development license. (The Australian)

  • Nuix expects lower half-year earnings due to legal costs of ASIC dispute. (Capital Brief)

  • Citi to maintain Australian presence despite global job cuts; local investment banking fees drop 23%. (AFR)

  • Airwallex founder and CEO says the payments giant is planning to IPO in the next two years. (AFR)

VC

  • None

People moves

  • None

☝️ Know about a deal or people move we don’t? Hit reply.

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