☕ Succession

Good morning. For all the Succession fans out there, you may have already heard, but the new season finally restarts on March 26. Check out the Season 4 trailer which dropped last week. ​

ps. we're moving to a new email service let us know if you experience any issues + check out VCinsights.co

LOI Subscriber #TBD

MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: Alludo's $2.15/sh bid for Nitro Software failed to get up after the scheme was voted down. The scheme vote was basically DOA, as Potentia Capital (the other suitor) effectively owned enough stock to block the deal.

Potentia's been trying to break into a few datarooms over the last few months. Having finally made their way into Tyro's, they may now also have a better chance of getting into Nitro's.

TRADING FLOOR

M&A:

• Recharge Industries is understood to be one of potentially only two bids left standing for Britishvolt. (AFR | AFR | AFR)

• BGH Capital squeezes lenders for Australian Venue Co. (AFR)

• Tyro and Potentia have had their bankers and lawyers negotiating on due diligence. (AFR)

• Newcrest Mining is understood to have received an early-stage approach to buy the group. (AFR)

• Spheria Asset Management voted against Alludo’s Nitro bid which was voted down on Friday. (AFR)

• QIC is in the process of raising funds for the acquisition of Vector Meters. (The Australian)

• Humanforce deal for intelliHR could start a trend in tech M&A. (The Australian)

• TPG’s preference for its Vision Networks sale is believed to be to find a passive investor that takes only 40-50% of the business (The Australian)

• Cura Group, the private day hospital operator, makes for a healthy new target for private equity investors. (The Australian)

ECM:

• AIC Mines was crossing investors for a $30m equity raising. (AFR)

VC:

• Six Australian startups raised $94m in capital last week (SmartCompany)

  • Q-CTRL secures $39m in a Series B round led by Salesforce. 

  • Hnry raised $35m in an oversubscribed funding round.

  • FoodByUs received $12m in investments led by Base Capital. 

  • Fingerprint For Success (F4S) announced a $5m raise led by Investible.

  • STRAAND landed $2m in pre-seed funding led by Unilever Ventures.

  • Lenexa Medical has received $1m in Pre-Series A funding led by Stoic VC.

Other:

• Wilsons Advisory and Stockbroking has copped an ASIC fine for trade pricing. (AFR) 

• Blackstone has Gresham lining up high-net-worth investors and their gatekeepers for meetings on a new private credit fund. (AFR)

THE QUICK SYNC

• 🚀 U.S. military shoots down suspected Chinese surveillance balloon

• 📒 ChatGPT sets record for fastest-growing user base - analyst note

• 💳 ANZ weekly fintech wrap up

• 👀 Adani crisis ignites India contagion fears, credit warnings

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THE WATERCOOLER

THE TRADE

• M&A Lead — Woolworths Group (Learn More)

• Early Stage Investments Analyst — No Brand Holdings (Learn More)

• M&A Analyst — Orica (Learn More)

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