Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY M&A Intelligence Jun 1, 5:02 PM EDT

Electronic Arts

IGN ↗

EA closing in on $50B leveraged buyout to go private

Electronic Arts is reportedly closing in on a $50 billion deal to go private in what could become the biggest leveraged buyout of all time.

ReadingWhen the biggest entertainment asset goes dark, public investors have conceded that volatility and narrative control matter more than long-term cash flow.

WatchIf this closes, watch which studios get sold off within 18 months. The buyer will finance the deal by selling non-core IP.

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HENRI IV Corporate Governance Jun 1, 5:02 PM EDT

Lululemon Athletica

MSN ↗

Lululemon settles proxy fight with founder Chip Wilson, adds two nominees

Lululemon has settled its proxy battle with founder Chip Wilson after months of conflict, agreeing to add two of his board nominees in exchange for his withdrawal of a hostile slate.

ReadingWhen a company's founder launches a proxy fight and the board settles by adding his picks, the board was already fractured. Watch for aggressive cost cuts in Q3.

WatchWilson's two nominees will vote on the next capital allocation decision. If that vote splits 2-9, the conflict is not resolved—it's paused.

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MACALLAN 1926 M&A Intelligence Jun 1, 5:02 PM EDT

Abraaj Capital

Zawya ↗

Abraaj Capital finalizes $1.41B LBO of Egyptian fertilizer producer

Dubai-based private equity firm Abraaj Capital has finalized a $1.41 billion leveraged buyout of a major Egyptian fertilizer company, expanding its portfolio in the MENA region.

ReadingWhen MENA PE firms start buying commodity producers instead of tech platforms, it signals capital is no longer chasing narrative—it's chasing real cash flow.

WatchMonitor fertilizer price movements in Q3. If prices soften, the debt service on this deal becomes a headline within 90 days.

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LOUIS XIII M&A Intelligence Jun 1, 5:02 PM EDT

EQT AB

PEHub ↗

EQT to acquire Coller International for $3.2B to enter secondaries

EQT AB has announced a merger with Coller International valued at $3.2 billion in base consideration plus up to $500 million in contingent payments, marking EQT's entry into the private market secondaries business.

ReadingWhen a mega-PE firm buys its way into a sub-category instead of building it, the category is mature and relationship-driven, not innovation-driven.

WatchThe contingent consideration structure will reveal how much of Coller's earnings were tied to individual GP relationships versus structural LP demand.

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PAPPY 23 Capital Markets Jun 1, 5:02 PM EDT

Prospect Capital

MSN ↗

Prospect Capital cuts dividend despite earnings beat; signaling caution ahead

Prospect Capital reported net investment income of $0.16 per share, beating estimates, but the firm cut its dividend, suggesting management is preparing for portfolio headwinds.

ReadingWhen a dividend cutter beats earnings, it's not returning capital—it's preparing the balance sheet for deployment or stress.

WatchThe next quarterly call will detail which portfolio companies requested refinancing or prepayment in the last 60 days.

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JOHNNIE BLUE Venture Intelligence Jun 1, 5:02 PM EDT

Private Market Secondaries Ecosystem

Secondaries Investor ↗

Secondaries volume surges as evergreen structures attract private wealth capital

As evergreen fund structures continue to attract capital from private wealth, secondaries deal volume is accelerating, with industry players reporting substantial growth driven by continuous capital deployment.

ReadingWhen the largest PE firms are all adding secondaries teams simultaneously, the category is no longer emerging. It's consolidating. Scale operators win.

WatchWatch for first instance of an evergreen fund seeding a secondaries fund directly. That's the next structural move.

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WELL POUR Corporate Governance Jun 1, 5:02 PM EDT

Victoria's Secret (VSCO)

Yahoo Finance ↗

Victoria's Secret braces for earnings and proxy fight simultaneously

Victoria's Secret is heading into a critical week with earnings due before market open and an intense proxy fight over board leadership and governance playing out in real time.

ReadingWhen a proxy fight and earnings collide on the same week, shareholders are voting based on incomplete information. Whichever side controls the narrative wins.

WatchThe earnings call will be weaponized. Every answer will be parsed as evidence that current management is either vindicated or compromised.

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