Good morning. For everyone who took part in Dry January... welcome back 🍻. 2023 saw the highest participation in dry January, which coincided with the slowest start in deal activity in years. Correlation or causation?
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*Stock data as of the market close. Commodities and crypto data in USD.
Market news: The communication services company, Megaport, was smashed after warning that they were seeing clients delay sales decisions.
The company reported its second-quarter results, which grew monthly recurring revenue by 6% QoQ. This was well below analyst expectations, who anticipated about double the rate of growth.
TRADING FLOOR
M&A:
CleanPeak Energy is acquiring Mugga Lane Solar Farm in a deal expected to be worth about $30m to $40m. (AFR)
Barrenjoey Capital launched the buyer search for Repurpose It. (AFR | The Australian)
Binding bids for Sun Cable are due by the end of April. (AFR)
Moelis has finally been mandated to sell Sun Cable. (AFR)
Flight Centre acquires UK luxury tour operator Scott Dunn for $211m. (BNA | The Australian)
UBS analysts believe that Hansen Technologies will get involved in M&A's this year. (The Australian)
Lendlease, St Barbara and Westgold Resources topped Morgan Stanley’s M&A targets list. (AFR)
Bain research suggests resources and energy companies will be at the centre of M&A action this year. (AFR)
ECM:
Carbon Revolution went into a trading halt, saying it now estimates it needed $27.8m in bridge funding. (AFR)
Hawsons Iron and Auteco Minerals are chasing quarterly numbers with cash calls. (AFR)
UBS and Macquarie Capital have underwritten Flight Centre's $180m placement. (AFR)
Virgin Australia shuffles top ranks ahead of IPO campaign. (SMH)
VC:
CurveBeam AI, a bone fragility imaging tech company, banks $25m in an oversubscribed funding round. (AFR)
Venture capital investors have warned local tech start-ups they face a painful 2023. (AFR)
Other:
Zen Energy mandated Azure Capital for a $200m to $300m raising. (AFR)
Ridiculous REIT discounts put real estate teams up pecking order. (AFR)
GCQ Funds Management is trumpeting 13.1% returns for the December half. (AFR)
👨✈️ Boeing's 747, the original jumbo jet, prepares for final send-off 5 decades later
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