Private Equity Bros Weekly

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📊 Weekly Summary

A quick look at the week’s most important financial news:

US Q2 GDP growth was revised up to 3.8% YoY, while global debt surged to a record $338T. Private markets stayed active with Goldman’s $5.5B loan to Dayforce, the largest LBO financing of the year, and private credit firms increasingly turning debt into equity for jumbo deals.

BlackRock is tilting toward European credit, while Euronext rolled out its first-ever mini bond futures. India is headed for its busiest IPO month this century, while Japan’s stock market continues to break records. In the Middle East, Saudi Arabia is pushing to expand its debt market to fund giga projects.

Let’s dive in.

📈 Recent Finance News

US Q2 GDP growth was revised up to 3.8% YoY: Stronger-than-expected output adds fuel to Fed debates on policy direction (CNN)

Global debt hit a record $338T: Driven by looser global financial conditions, a weaker US dollar, and more accommodative central banks (YF)

Goldman’s $5.5B loan to Dayforce is the biggest for LBO this year: The deal shows PE’s use of strong EBITDA and recurring revenue in tech buys (AInvest)

BlackRock sees opportunities in European credit: The firm favors Europe for fixed income and targeted equity plays to expand its global reach (BlackRock)

Euronext launches new European government bond futures: First-ever mini-sized, cash-settled futures on the main European government bonds (Euronext)

AI stock bubble risk raises concerns: Investors and Wall Street are questioning the longevity of the current AI trade (MW)

India heads for its busiest IPO month this century: JPMorgan sees India IPOs surpass 2024 levels as fundraising gathers steam (YF)

Private credit giants turn debt into equity for jumbo deals: The shift highlights new risks and creativity as traditional lending slows (FP)

Saudi aims to grow debt market to fund giga projects: Expanding bond issuance is central to the country’s economic transformation plan (BBG)

Japan stocks keep breaking records: Foreign investment and corporate governance changes continue to power equities (CNBC)

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🔍 Newly Released Reports

• European Leveraged Finance Market (Rothschild)

• Fed Rate Cuts: Impact on Direct Lending (Antares)

• Australia M&A: Trends, Sectors, Deals (Skadden)

• Can Positive Markets Move Even Higher? (Stifel)

• Tech M&A: European Market Update (Lombard)

• UK Alternative Investment Funds (Legal 500)

• UK Mid-Market M&A: Autumn Update (ACF)

• Private Markets and Europe’s Growth (TIA)

• The Future of Financial Markets (FMSB)

• Investing as the Fed Cuts Rates (UBS)

• Infrastructure M&A Primer (KPMG)

• Global Macro Trends (KKR)

• The Power of Credit (KKR)

🤝 M&A Activity

Spain’s BBVA increases Sabadell bid in takeover battle (Finimize)
Potential Deal Value: $20B

NBIM, APG, and GIC acquire 46% of TenneT’s German unit (YF)
Deal Value: $11.3B

KKR and Canada's CPPIB to buy 45% of Sempra Infrastructure arm (GN)
Deal Value: $10B

Blackstone and Warburg lead bidding battle for CVC-backed Sebia (PEI)
Potential Deal Value: $5.8B

Fernando Chico Pardo acquires 25% stake in Banamex from Citi (YF)
Deal Value: $2.3B

Novacap to take-private digital ad verification firm Integral Ad Science (PEW)
Deal Value: $1.9B

Chocolate Lake explores strategic stake sale with private equity interest (PEI)
Potential Deal Value: $800M

Sixth Street and billionaire Metropoulos buy stake in New England Patriots (PEW)
Potential Deal Value: $720M

Oracle, Silver Lake, and MGX in talks to acquire 45% stake in TikTok (CNBC)
Deal Value: Undisclosed

Irenic Capital pushes for take-private of Upper Crust owner SSP Group (PEI)
Deal Value: Undisclosed