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

ISABELLA'S ISLAY M&A Intelligence Sep 8, 2:02 AM EDT

Aon plc / KKR / USI Insurance

Aon moves on USI Insurance for $17B, remaking brokers through scale

Aon is nearing an agreement to acquire USI Insurance from private equity firm KKR for roughly $17 billion, including debt.

ReadingInsurance brokerage is becoming a scale game. Firms below $2B AUM are now assets, not operators. Repricing happens in the next earnings call cycle.

WatchMarsh McLennan and Willis Towers Watson both own regional operators. Expect at least one to announce consolidation within Q4.

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HENRI IV M&A Intelligence Sep 8, 2:02 AM EDT

EQT / McGill and Partners / Warburg Pincus

Insurance Business Magazine ↗

EQT takes McGill and Partners from Warburg for $2B, insurance consolidation accelerates

Swedish buyout giant EQT acquires majority stake in London specialty broker McGill and Partners from Warburg Pincus in a week that also saw KKR exit USI for a reported $17 billion.

ReadingPE firms are treating specialty insurance as a recession-resistant hold. Valuations are stabilizing upward because the deal flow proves it.

WatchMonitor who Warburg redeploys that capital toward. Their exit velocity suggests dry powder problems elsewhere in their portfolio.

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MACALLAN 1926 Capital Markets Sep 8, 2:02 AM EDT

REC / India Ministry of Finance

Outlook Business ↗

REC's tokenized bond: ₹500 crore, 8x oversubscribed, CBDC settlement live

REC issued ₹500 crore through tokenised corporate bonds at a 7.30% coupon for one year and nine months, receiving ₹796 crore worth of bids, translating into around 8x oversubscription.

ReadingTokenized bonds are no longer experimental. Institutional capital has voted. The next six months will see every major state-owned enterprise in India approach this market.

WatchWatch which private sector firms follow REC into tokenized issuance. The first non-PSU to issue signals market maturity.

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LOUIS XIII M&A Intelligence Sep 8, 2:02 AM EDT

Flexstone Partners / Glouston Capital Partners

Pulse 2 ↗

Flexstone absorbs Glouston, AUM crosses $15B on PE secondaries play

Flexstone Partners has completed its acquisition of Glouston Capital Partners, expanding its private equity secondaries capabilities and increasing the combined AUM beyond $15 billion.

ReadingPE shops under $20B AUM are now consolidating or disappearing. The next two years will see this thesis play out across every region.

WatchTrack Flexstone's fundraising cycle. If the Glouston integration holds, a new fund closes in Q1 2027.

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m&aprivate equitysecondariesconsolidation

PAPPY 23 Financial Intelligence Sep 8, 2:02 AM EDT

Campbell's Soup / Conagra

24/7 Wall St. ↗

Campbell's cuts dividend untouched since 2001. Three peers freeze growth quietly

Campbell's reported Q4 fiscal 2026 results with a dividend cut, marking the first reduction since 2001, while Conagra and three other legacy food companies quietly halted dividend growth.

ReadingIncome investors in Big Food are now invested in stability, not returns. The next 18 months will test whether stability holds or breaks.

WatchMonitor free cash flow per share across CPB, CAG, and the three unnamed peers. If any one accelerates cuts, the category reprices downward in one session.

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dividendsbig foodearningscash flow

JOHNNIE BLUE Capital Markets Sep 8, 2:02 AM EDT

Better / Vishal Garg

HousingWire ↗

Courts displace Better's poison pill. Garg proxy fight enters main event phase

New York and Delaware rulings block Better's poison pill and keep Vishal Garg's proxy campaign alive, but only at the temporary restraining order stage.

ReadingThis is not a legal fight anymore. It is a proxy fight. The one who controls the narrative in September wins the election in October.

WatchWatch for proxy advisor recommendations from ISS and Glass Lewis. That recommendation will decide the outcome 90 days before votes are cast.

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WELL POUR Venture Intelligence Sep 8, 2:02 AM EDT

Workday / PE Consortium

Morningstar/MarketWatch ↗

Workday stock surges 18% on buyout whispers. Market cap near $50B before offer

Shares of the HR software company Workday rose 18% on Thursday on reports of a potential private-equity acquisition with market capitalization near $50 billion.

ReadingIf an offer lands, it lands in the $65B–70B range on an all-cash basis. PE wants 25% upside, which is 4–5 years. That math only works if head count moves.

WatchMonitor management commentary in the next earnings call. Silence on buyout rumors is confirmation that conversations are live.

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