☕ Footy tipping

Good morning. Shout out to Alliance Advisors for the M&A conference giveaway, and congrats to the winners Lazar Krstić from Hitch Advisory and Jamie Barnett from EY!

Good morning. Shout out to Alliance Advisors for the M&A conference giveaway, and congrats to the winners Lazar Krstić from Hitch Advisory and Jamie Barnett from EY!

Also, we're going to re-run the Footy Tipping comp like we did last year.

  • The game is AFL.

  • 23 rounds of regular season tipping.

  • $20 buy-in.

  • Kicks off Thursday

Click here to buy in 🤝

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ps. if this was fowarded to you, sign up here > letterofintent.com.au 

LOI Subscriber #TBD

MARKET MOVERS

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

Market news: The flight to safety helped Westgold and other gold miners jump yesterday — with the underlying price of gold up 1% yesterday, but up about 5% since Friday when the ASX last closed.

Ramelius, St Barbara and Regis Resources were just a few of the other gold miners who were up over 8% yesterday.

THE QUICK SYNC

  • Foxtel is fighting claims that it inflates NRL and AFL viewing audiences. (SMH)

  • Xero’s start-up buyout went from $31m to zero within three years (AFR)

  • Alita Resources is worth $1.5bn, equity holder tells court in its battle with the company’s receiver. (The Australian)

  • Missiles and people: Why Australia is scaling up AUKUS pact. (SMH)

  • SVB aftermath

    • Biden says to do 'whatever needed' as banks hit despite SVB action. (Reuters)

    • HSBC acquires SVB UK in last-minute deal, paying just £1. (TC)

    • First Republic drops 60%, despite the US government’s backstop of SVB. (CNBC)

    • Stablecoin USDC nearly regains $1 peg after Circle says $3.3bn held with SVB will be available. (CNBC)

TRADING FLOOR

M&A:

  • HRL Morrison & Co. is in discussions to acquire Ark Data Centres, in a deal said to be worth £2.5 billion. (BBG)

  • TPG has added proxy solicitation firm Morrow Sodali as one of its advisers; InvoCare’s board has called in Goldmans for back-up. (AFR)

    • Spheria reckons InvoCare should give TPG DD but push for a higher price. (AFR)

  • Newcrest and Newmont have agreed on terms for a round of early-stage takeover talks. (AFR)

  • Integral Diagnostics is believed to have PE funds running the ruler over the business. (The Australian)

  • Teys and Cargill’s owners are now opting to retain its abattoir business. (The Australian)

  • BaptistCare will combine their east and west coast arms in one of the biggest aged-care mergers of the year. (The Australian)

Capital Markets:

  • Kelsian Group’s set to pitch equity investors for a $300m capital injection to fund M&A in the US. (AFR)

  • Zip is believed to have recently approached banks for additional funding; may need to raise equity if they fail. (The Australian)

  • IP Generation is chasing capital to fund its $300m purchase of Craigieburn Central. (AFR)

  • AirTrunk returns with another $650m loan and an undisclosed equity injection from its shareholders. (AFR)

VC:

  • Nexl, a legal CRM startup, has raised $4m from EVP with follow-on participation from The Legal Tech Fund, Vulpes and Saniel Ventures. (AFR)

  • Eucalyptus founder Tim Doyle on lying to VCs. (AFR)

Others:

  • PE funds will be forced to resort to hostile tactics or look for non-monetary ways to get tech M&A deals across the line (AFR)

TOGETHER WITH WHOLESALE INVESTOR

Starting this week, LOI readers now have exclusive complimentary passes to Australia’s largest venture capital conference, Emergence 2023, hosted by Wholesale Investor, March 23-24.

  • 750+ Aussie VCs, Investors and Deal Makers… professionals from the VC and Capital Markets space will gather in Sydney CBD to learn, network and access exciting scale-up opportunities.

  • 40+ leading speakers and panellists… including folks from Five Sigma, TEN13, Empress Capital, NAB Ventures, BMYG, INP Capital, Flying Fox Ventures, Kotti Capital, Apollo Crypto, Aussie Angels, Gencap Wealth, Investible, Backbone Partners and Antler

  • 80+ Founders… across emerging and core sectors will be presenting their opportunities directly to you.

Dealflow, insights, and networking… claim your complimentary pass as an LOI reader here.

THE WATERCOOLER

THE TRADE

  • Strategy & Corporate Development Manager — OFX (Learn More)

  • Business Development, Vice President (M&A) — GenesisCare (Learn More)

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