Private credit woes, Trump tariffs coerce US corporate right-scaling

John West, Mergermarket’s global commentary editor and author of our weekly Continental Drift column, joins Dealcast host Julie-Anna Needham to discuss how corporates can navigate the new trade realities, along with other macroeconomic risks and opportunities. What is the real impact of First Brands and Tricolor on capital markets pipelines?How strong are the parallels between the boom in AI investment and the dotcom bubble?Could M&A financing become more expensive even if the Federal Reserve cuts rates?All this and more in this week’s Dealcast.

Reuben Miller, Mergermarket’s global chief regulatory editor, joins Dealcast host Julie-Anna Needham to discuss why the antitrust review of the deal is likely to be relatively straightforward, despite the risks from other processes.Could China seek concessions from the Trump administration in the midst of the ongoing trade war?Will the Committee on Foreign Investment in the US give PIF an easy ride given the involvement of Trump’s family?Could regulators seek a data firewall to prevent PIF gaining full access to information on EA’s gamers?All this and more in this week’s Dealcast.

Carlos Martinez, Mergermarket’s energy editor in the Americas, joins Dealcast host Julie-Anna Needham to discuss the energy landscape including:Which sponsors are investing in a wider range of energy assets, like BlackRock’s recent agreement to purchase utility company AES for USD 38bnWhy the changing approach to utilities investments may spark state-level policy pushback in the USWhy more renewable energy-focused investors may begin to look toward opportunities in CanadaHow strategics are circling energy investments by funding plants and entering into power purchase agreementsAll this and more in this week’s Dealcast.

Simon Segal, Mergermarket’s Australia director, joins Dealcast host Julie-Anna Needham to discuss the behind the scenes of the deal, including:Why the deal fell apart, looking at potential regulatory factors, foreign investment dynamics, and the landscape of Australia’s guarded domestic energy sector;Which other bidders have tried and failed to purchase Santos and why;What could be next for Santos, including which assets shareholders may look for it to spin out and, conversely, which upcoming facilities could burgeon the business.All this and more in this week’s Dealcast.

Brian Yue, Mergermarket’s New York-based consumer reporter, joins Dealcast host Julie-Anna Needham to discuss dealmaking in the beauty sector, including:How trending, well-branded assets have overcrowded the space, refocusing buyers' attention toward science-backed or dermatology-focused companies;Which companies have successfully transacted, looking at examples like the sale of Hailey Bieber’s Rhode to e.l.f. Beauty for USD 1bn;How consumer spending and larger factors are impacting beauty sector dealmaking;All this and more in this week’s Dealcast.

Johannes Baier, a founding partner at Rohde Baier, and Aurelia Seidlhofer, Mergermarket’s Munich-based senior correspondent, join Dealcast host Julie-Anna Needham to discuss the emergence of search funds in DACH. Topics include:Why these funds can offer more flexibility and tailor-made solutions for investors over typical structures like private equity;Why search funds are gaining popularity in DACH, particularly in Germany's Mittelstand (export-focused SMEs);The outlook for the emerging category as banks become more familiar with financing these transactions;The exit timelines and typical return expectations for investors and entrepreneurs involved in search funds.All this and more in this week’s Dealcast.

Troy Hooper, Mergermarket’s North America Co-Head of Equity Capital Markets, joins Dealcast host Julie-Anna Needham to discuss the trend of dual-track de-SPAC deals, including:What exactly is a SPAC is and how does the de-SPAC process work?Why is Kyivstar's de-SPAC deal significant?What is driving the revitalized popularity of SPACs? Why are these deals popular with life sciences and digital asset companies?All this and more in this week’s Dealcast.

The cybersecurity industry is based around three pillars: identity management (like CyberArk and ForgeRock), network management (like Palo Alto) and end-point security (also provided by Palo Alto).Will the DoJ be concerned about Palo Alto bundling the three pillars together?How has regulatory thinking on bundling theory evolved from US President Joe Biden’s administration to President Donald Trump’s?Will officials under Trump continue to take a hard line on tech consolidation in general? And how about cybersecurity in particular?All this and more in this week’s Dealcast.

The banking sector has seen rapid change over the last decade, and the new landscape offers opportunities for traditional banks, challenger banks, and fintech startups alike.In the deal space, Mergermarket’s data shows around 120 financial institutions that may IPO in Europe including big names like Klarna and Revolute. Banks are also developing M&A plans for fintech service companies, and some fintechs are looking to merge and create larger platforms.Thomas Krecek, an M&A Partner in Clifford Chance’s Frankfurt office focusing on financial services and co-head of Clifford Chance’s European Corporate M&A Practice, and Rupert Cocke, one of Mergermarket’s Europe-based senior editors, join Dealcast host Julie-Anna Needham to discuss the outlook for the banking sector, including:How antitrust bodies and a lack of global banking regulations in cross-border dealmaking impact the outlook for potential dealsThe role of private equity in the fintech corporate ecosystem, and how their capital is likely to help fintechs in the next stage of globalizingWhich firms, like Advent and its purchase of Bulgarian-based tbi bank, showcase the new trends in the industryHow entities like Unicredit offer a showcase of a new playbook to approach banking deals in EuropeAll this and more in this week’s Dealcast.

Patrick Harris, Mergermarket’s senior editor based in London, joins Dealcast host Julie-Anna Needham to discuss the outlook for mining deals, including:Which deals are showcasing the overall trend, like IRH’s acquisitions of mines in Zambia or the Qatari’s sovereign wealth fund's investment in TechMet, an Irish company that recycles lithium batteriesWhich minerals, like lithium and copper, are critical for electrification and seeing significant investor interestPotential opportunities for mining in the Middle East itself, like Saudi Arabia’s alleged USD 2.5 trn worth of minerals available to be minedAll this and more in this weeks Dealcast.