Green Week

Good Morning,

Liz Truss is the new PM of the UK, new UK PM Liz Truss plans to freeze household energy bills for 18 months which could cost up to £130B, the Australian Reserve Bank lifted the cash rate by 50 basis points to 2.35%, the Bank of Canada lifts rates by 0.75%, the ECB has lifted all their rates by 0.75% & Queen Elizabeth II has died.

Let's jump in.

Before The Bell

Markets

• Wall Street scored its first weekly gain since mid august as all markets ended in the green. (RT)

Earnings

• Fonterra has boosted earnings predictions for next year to 45c to 60c (NZ) per share compared with previous guidance of 30c to 45c (NZ) due to demand for dairy products. (Stuff)

News Summary

Monday

• Australia has confirmed it will restore the full exercise on fuel at the end of the month. (AFR)

• Gas prices soar 26%. (BBC)

• Germany announced a €65B package to combat the threat of rising energy costs. (BBC)

• Euro-zone business activity dropped in August. (RT)

• The Euro dropped to a 20-year low whilst the Sterling was at a two and half year low. (RT)

• Liz Truss is the new PM of the UK. (BBC)

Tuesday

• The Australian Reserve Bank lifted the cash rate by 50 basis points to 2.35%, a 7-year high. (9 News)

• The Australian government has promised cost of living relief in the next budget. (9 News)

• New UK PM Liz Truss plans to freeze household energy bills for 18 months which could cost up to £130B. (BBG)

• Liz Truss is also planning a further £40B support package to lower the cost of energy for UK businesses. (BBG)

• VW to go ahead with Porsche IPO. (BBG)

• OPEC+ have agreed on a small oil production cut. (RT)

Wednesday

• The New Zealand Government has outlined its $80m (NZD), 3-year Māori media strategy. (Stuff)

• Contact Energy will invest $300m (NZD) into a fourth geothermal plant in Taupō. (Stuff)

• The US has bared tech companies that receive federal funding from building advanced technology facilities in China. (BBC)

• Leverage loan defaults hit $6B in August, the highest amount since October 2020. (WSJ)

• European energy companies need a minimum of $1.5 trillion USD to cover their exposure to rising gas prices. (RT)

Thursday

• The Australian Reserve Bank Governor hinted at a slower pace of monetary tightening going forward. (AFR)

• Kim Kardashian to launch PE firm with a former Carlyle partner. (RT)

• The Bank of Canada lifts rates by 0.75% to a 14-year high of 3.25%.(RT)

• Thomas Tuchel sacked as Chelsea coach (BBC)

Friday

• Online lender Harmoney is delisting from the NZX. (NBR)

• Queen Elizabeth II has died, and her son Charles III has become king. (BBC)

• The Bank of England has delayed its interest rate decision to mourn the Queen. (BBG)

• The ECB has lifted all their rates by 0.75% and warned of more rises in the future. (BBC)

• EY plans to spin off its audit and consulting units. (RT)

• Mercedes-Benz and Rivian plan a joint venture to produce electric vans for the European market. (RT)

Weekend

• The New Zealand Government Cabinet will consider a public holiday and memorial service to honour the Queen today. (Stuff)

• The New Zealand Treasury has said housing affordability is a big social issue. (Stuff)

• New Zealand has tumbled down the international housing price growth ratings to 41st globally. (Stuff)

• It was a sad day as five people passed in a boating accident that may have been caused by a collision with a whale in New Zealand. (Stuff)

• Mirvac, an Australian property group, has cut build times by 25% in a prefab building trial. (AFR)

• Russian forces have withdrawn from key eastern towns. (BBC)

• Kings Charles has officially been proclaimed King and monarch in the UK, Australia and New Zealand. (RT)

• Twitter agreed to pay whistleblower $7m (USD) in June settlement. (RT)

• At least 3 people are dead after a magnitude 7.6 earthquake hits Papua New Guinea highlands. (Stuff)

Deal Flow

Investments/ M&A

• The German Government has agreed with Deutsche Bahn to sell their rail operator Schenker's logistics business. Schenker is valued between €12B and €20B. (RT)

• Saudi Arabia's sovereign wealth fund PIF is leading the bidding for Alshaya's Starbucks franchise business, which is believed to be worth ~$15B (USD), but bids are expected to be in the $11B (USD) range. (BBG)

• EQT, a US gas firm, is close to acquiring THQ Appalachia I and some Midstream assets in a deal worth ~$5.2B (USD). (BBG)

• EQT Corp has agreed to buy Marcellus Gas and Pipeline Assets for $5 billion (USD). (BBG)

• Sitio Royalties eyes energy gains by buying gas rights company Brigham Minerals in a $4.8 billion (USD) deal. (RT)

• Spanish oil and gas company Repsol is selling a quarter of its exploration and production unit to a US PE firm EIG Global Energy Partners, for $3.4B (USD). (BBG)

• Texas Capital has agreed to sell its insurance premium finance unit to Truist Financial Corp in a $3.4B (USD) deal. (RT)

• Vector has ramped up its plans to sell half of its share in its $3B (AUD) Australia/New Zealand metering unit, with first-round bids due on the 27th of September. (AFR)

• SoftBank is closing in on a ~$2B (USD) deal to sell Fortress Investments to Abu Dhabi sovereign fund Mubadala Investment Corp. (BBG)

• Bain Capital is weighing up if it should sell Works Human Intelligence, an HR software firm. Works Human Intelligence has a valuation of ~$2B (USD). (BBG)

• Ramsay Health Care has walked away from talks to sell their Malaysian JV despite a valuation of $1.83B (AUD). (AFR)

• Vistry Group, a UK homebuilder, has agreed to buy fellow UK homebuilder Countryside in a deal worth ~$1.4B (USD). (BBG)

• State Farm Mutual Automobile Insurance has purchased a 15% stake in Apollo-backed commercial security systems and services company ADT for $1.2B (USD). (BBG)

• Shell and Exxon Mobil have put the Dutch joint venture NAM, one of Europe's largest and oldest natural gas production ventures, up for sale. They hope to raise over $1B (USD) from the sale. (RT)

• Potentia Capital and partner HabourVest have put a $1.27 bid per share in for Tyro Payments. Implying a valuation of ~$658m (AUD). Tyro rejected the offer. (AFR)

• South Africa's Competition Commission has approved Heineken's takeover of Distell as long as they invest over $578m (USD) over 5 years in the country. (RT)

• Investment firms DIF Capital Partners and Amber Infrastructure have bought locomotive and wagon leasing company Rail First Assessment Management from Anchorage Capital Partners for $425m (AUD). (AFR)

• Versent, an Australian cloud transformation and consulting group, has called in Goldman Sachs to sell their business in a deal that could be worth ~$300m (AUD). (AFR)

• CleanSpark, a bitcoin miner has agreed to purchase a mining facility and equipment from Sydney-based Mawson Infrastructure Group in a ~$42m (USD) deal. (BBG)

• The Cushings family has offered to buy an additional 3.5% of the farm investment company Rural Equities. The offer was at $6.35 (NZD) for 1 million shares for a total value of $6.35m (NZD). (NBR)

• Kiwi Property Group will sell its Northlands mall in Christchurch for $160m (NZD) in a conditional deal with Queenstown-based MP Holdings 5 Limited. (Stuff)

• Pacific Premium Coal, a private syndicate, has put a $1 (AUD) a share bid in for coal mining company Australian Pacific Coal. (AFR)

• Citrix is thinking about exploring the sale of its Wrike unit after buyout closes. (BBG)

• Yara, a Norwegian chemical company, is close to acquiring the fertilizer unit of Brazilian state-controlled oil company Petroleo Brasileiro known as Petrobras. (RT)

• Tourism Holdings and Apollo Tourism and Leisure have committed to selling 80% of their 4-6 berth motorhome rental fleet to Next Capital owned Juicy Rentals ahead of the proposed merger. (NBR)

• The Todd Corporation has terminated its agreement with Flinders Mines and will no longer be part of the Pilbara iron ore project. (NBR)

• Wiluna,a WA gold company, has started its sales process, with the first bids due by the 23rd of September. (AFR)

• Two Bulls, a Melbourne-based digital agency, has been acquired by DEPT, who are a European giant in the space. (AFR)

• Obayashi and the Tauropaki Trust have partnered to create a hydrogen refuelling joint venture called Halcyon Power. They also announced a deal to supply Toyota NZ's Hydrogen Project Car Share Scheme. (Herald)

• Sydney-based Allegro Funds and Melbourne's Tanarra Funds will have the largest equity stakes in Camp Australia when the lender syndicate takes control in a debt-for-equity swap on Friday. (AFR)

• APA Group is the preferred bidder for Basslink. (AFR)

• New Zealand medical courier provider Cedra Express has been snapped up by UPS Healthcare (NBR)

• Igneo has won the auction for a 60% stake in wind farm asset Lal Lal (AFR)

• AustralianSuper is in talks to buy Brookfield Infrastructure Partners-owned technology business ENE.HUB. (AFR)

VC

• Baring Private Equity Asia has raised $11B (USD) for its largest fund ever. (BBG)

• Bessemer Venture Partners closed $4.6B (USD) across two new funds. (BW)

• BayPine, a PE firm, has raised $2.2B (USD) for its debut fund. (BBG)

• Ardian closed $2.1B (USD) for the latest version of its Americas Infrastructure fund. (BW)

• Mysten Labs, a web3 infrastructure company, raised $300m (USD) in series B funding at more than a $2B (USD) valuation. (BW)

• Tonal, a fitness firm, is seeking upwards of $100m (USD) at a $1.9B (USD) valuation. (BBG)

• Adamantem is seeking $350m (AUD) for an ESG fund. (AFR)

• Arsenal Biosciences, a programmable cell therapy company, closed a $220m (USD) Series B financing. (BW)

• OIF Ventures, an Australian VC fund, has raised $140m (AUD) for its third fund. The raise was oversubscribed in 24 hours. (AFR)

• AMSL Aero, an Australian flying vehicle startup, has raised $23m (AUD) in funding. The Investors were the St Baker Innovation Fund, IP Group Australia, TelstraSuper & Hostplus. (AFR)

• Former international cricketer Kumar Sangakkara has teamed up with a group of Australian entrepreneurs to form a new esports company called Behaviol. It has raised $3.7m (AUD) in seed funding. (AFR)

• Behemoth Brewing, an Auckland beer business, is seeking a $3m (NZD) capital injection for expansion. (Herald)

Equity Raises

• Battery maker CALB has got approval from the Hong Kong Stock exchange for an IPO. It is seeking up to $2B (USD) in the IPO. (BBG)

• AIG will sell 80m shares in its life and retirement unit, Corbridge Finance, between the price of $21-$24 (USD) in an IPO which aims to raise ~$1.9B. (BBG)

• Dubai is selling a 20% stake in Salik, a road toll collection system, via an IPO, which could raise ~$1b (USD). (BBG)

• FWD, an insurance company, based in Asia, is eyeing an IPO on the Hong Kong Stock Exchange in 2023 with plans of raising ~$1B (USD). (BBG)

• Publisher Britannica is looking to go public in 2023. It could be valued at $1B (USD) +. (BBG)

• The Welkin Fund, a Chinese-focused PE fund, is seeking up to $300m (USD) in its planned London IPO. (BBG)

• Regal Partners has confirmed a one to five accelerated non-renounceable entitlement offer for 42.3 million new shares. These will be offered at $2.60 (AUD) a share, an 8.5% discount, bringing the total raise to ~$110m (AUD). (AFR)

• Hasting Tech Metals is seeking $100m (AUD) at an 18.8% discount. (AFR)

• Realside, an Australian private market investor, is seeking $100m (AUD) to buy a stake in a Perth office tower. (AFR)

• Pro-Pac has launched a $30.2m (AUD) rights offer to investors, which is priced at a 52.2% discount. (AFR)

• Comet,a Queensland gas explorer, is raising $22m (AUD) at a 28.6% discount. (AFR)

• Lithium Power is running a $20 million (AUD) placement to fund work at its Maricunga lithium brine project in Chile (AFR)

• Healthia Limitedis readying a $15 million (AUD) capital raise as an entitlement offer (AFR)

• NZ-listed medical cannabis business Greenfern has launched a $1.2m (NZD) wholesale offer at a 29% discount as part of its plan to raise $5m (NZD). (NBR)

• Moelis has run Pro-Pac's shortfall book build for 2.3M shares with bids starting at 30c (AUD). (AFR)

• Australian MGI Golf has enlisted Deloitte to find investors as they chase a capital injection to help fuel growth in the US. (AFR)

• Australian furniture and mattress startup Kola headlined the IPO class of 2023 meetings run by Ord Minnett. (AFR)

• Australian miner Mineral Reserve is considering spinning off its lithium arm and listing it in the USA. (AFR)

Debt Raises

• Yes Bank is likely to approve the transfer of a $6B (USD) stressed loan portfolio to PE firm J.C. Flowers. (RT)

• Walmart will raise $5B (USD) in a bond raising with the bonds due between 2025 and 2052 with coupon rates between 3.9% and 4.5%. (RT)

• Lowe's Companies, a home improvement store, has announced the pricing of a four-parts note offering at $4.75B (USD). (RT)

• Dollar General Corporation announces pricing of $2.3 billion (USD) of senior notes (BW)

• McDonald's will raise ~$1.5B (USD) in two-part bonds due 2052 and 2032. (RT)

• Target will raise $1B (USD) in bonds that mature in 2032. (RT)

• Mitsubishi UFJ Financial Group plans to sell $806m (USD) worth of Marelli debt to Deutsche Bank. (RT)

• UBS has locked in $495m (AUD) debt for BGH Capital's Virtus Health. (AFR)

• ION Holding Limited, an Australian electrical retailer, is considering a $30-$40m (AUD) debt raise. (AFR)

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