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

ISABELLA'S ISLAY M&A Intelligence Jun 16, 2:01 AM EDT

Electronic Arts

EA going private at $55B, largest LBO on record in gaming

Electronic Arts agreed to be taken private in a $55 billion leveraged buyout, marking the largest LBO transaction in the gaming sector's history.

ReadingPE returns to mega-cap tech only when public markets have priced in enough pessimism that leverage becomes cheaper than equity. EA hitting this threshold means gaming valuations have normalized to their cost of capital floor.

WatchThe secondary sale window opens within 18 months. Which gaming IP leaves the portfolio first.

Read full analysis → Original ↗

lboprivate equitygamingm&a

HENRI IV M&A Intelligence Jun 16, 2:01 AM EDT

Nuvei Corporation

The Globe and Mail ↗

Nuvei acquires Payoneer in $2.75B post-private payment consolidation

Nuvei, operating as a private company since 2024, announced its acquisition of Payoneer for $2.75 billion, marking the first significant M&A move since going private.

ReadingPayment consolidation is now a private game. Public market investors rejected these multiples. Sponsors did not.

WatchWhich combination of Nuvei, Payoneer, and one more fragmented processor gets sold to a FAANG or banking platform within 24 months.

Read full analysis → Original ↗

m&afintechpaymentsprivate equity

MACALLAN 1926 M&A Intelligence Jun 16, 2:01 AM EDT

KKR

Consulting.us ↗

KKR acquires Crowe in $3B professional services consolidation play

KKR announced it will acquire Crowe, a leading consulting and professional services firm, for nearly $3 billion, continuing the buyout firm's expansion in the services sector.

ReadingConsulting roll-ups require scale velocity. KKR owns the deployment machine. Crowe gets the treatment.

WatchThe first three Crowe partner exits. The pattern matters more than the departures.

Read full analysis → Original ↗

m&aprivate equityconsultingconsolidation

LOUIS XIII M&A Intelligence Jun 16, 2:01 AM EDT

DigitalBridge

The Business Journals ↗

DigitalBridge buys Boston PE firm for $1B in tech infrastructure play

DigitalBridge announced it will acquire a Boston-based private equity firm for $1 billion, expanding its presence in the alternative asset management space.

ReadingInfrastructure funds need scale to compete with Brookfield and Blackstone. DigitalBridge is building platform density. Each acquisition opens a new LP corridor.

WatchThe first institutional LP base merger announcement. When DigitalBridge folds two acquired GP teams into one LP vehicle.

Read full analysis → Original ↗

m&ainfrastructureprivate equityaum

PAPPY 23 Executive Appointments Jun 16, 2:01 AM EDT

Elliott Management

Reuters ↗

Elliott takes A$1B Northern Star stake, demands strategic review

Elliott Management disclosed a significant stake in Australia's Northern Star Resources and is calling for a strategic review of the mining company's operations.

ReadingMining consolidation has returned. Elliott does not show up on A$1B positions without a clear exit path mapped to a larger peer.

WatchWhich other Australian miners see pre-announcement activity in the next 90 days.

Read full analysis → Original ↗

activismminingelliottstrategic review

JOHNNIE BLUE Capital Markets Jun 16, 2:01 AM EDT

Private Credit Markets

Markets Group ↗

Private credit investors pivot to specialty finance as direct lending crowds

Private credit investors are increasingly targeting specialty finance opportunities as the direct lending segment becomes crowded with capital competing for standard middle-market deals.

ReadingCrowding in direct lending means basis compression. Smart capital moves to the adjacent lane before spreads normalize there too.

WatchWhich private credit fund size for new specialty-finance mandates hits market in Q2. The anchor LP bets get placed now.

Read full analysis → Original ↗

private creditspecialty financecapital allocation

WELL POUR Venture Intelligence Jun 16, 2:01 AM EDT

Ares Management

Bloomberg ↗

Ares plans smaller private credit fund with reduced leverage profile

Ares Management is planning a new private credit fund with a smaller size and lower leverage than prior offerings, signaling a recalibration in the manager's credit strategy.

ReadingSmaller fund sizes signal LP fatigue. When Ares moves, everyone else follows within 90 days.

WatchThe first competitor announces a similarly smaller fund. That confirms the cycle turn is public.

Read full analysis → Original ↗

private creditfund strategyleverage