What You Need To Know For July 10th

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Welcome back! Hope everyone is having a good week. Trump has been mailing letters to nations letting them know what tariff rates will go into effect on August 1st. While some of these rates are aggressive and very similar to Liberation Day rates (you know, when the market crashed dramatically), the market is largely discounting the threat of tariffs. The economy has been humming along, and a massive amount of stimulus was just signed into law, but this is somewhat of a reinforcement of the “TACO trade”, with plenty of time for countries to strike better deals by August 1st. We’ve been trying to grow The Wall Street Rollup X account (can follow here) and have been tweeting out the full list of tariff rates.

Despite all this tariff noise, stocks have stayed hot, Bitcoin has touched record highs, and most of Wall Street have bullish 2H25 outlooks with 6,300 to 6,600 price targets on the S&P 500.

Let’s get into it.

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Earnings Corner 📈 📉

There’s no big earnings this week! Enjoy the reprieve.

The Main Story: Goldman loyalty pacts

Goldman Sachs is now requiring junior bankers to certify every 3 months that they haven’t accepted offers from PE firms—part of a new “loyalty pact” to curb early exits and protect sensitive deal info. This follows JP Morgan “barring” any Analyst from accepting a future job offer within the first 18 months of their employment.

The Wall Street Rollup’s own High Yield Harry got a shout on Bloomberg for calling out the banks that are pressuring analysts.

Private Equity recruiting has been getting out of control - with Sponsors recruiting future Associates almost two years before they start their roles. But it seems instead of addressing this directly with PE clients, Banks are taking stances that are very punitive towards their young colleagues.

Remember - these Analysts of today are the Private Equity Managing Directors of tomorrow!

How about a happy middle ground? How about starting PE recruiting after Analysts wrap up their first year of Banking - that feels like a fair time to move back to, right? And how about Banks pay more or have better hours to make staying in Banking more compelling? Some food for thought - Harry

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Today’s Headlines 🍿 

• Trump is levying large rates on big trading partners: Trump announced 25% tariffs on Japan and South Korea, and Brazil will be tariffed at 50% as well. Brazil has stated they will respond with retaliatory measures. These tariffs mentioned are set to go into effect on August 1st

  • Tariffs on copper will go to 50% - temporarily pushing prices for the metal to record highs as importers look to get ahead of the tariff. Copper is heavily relied on for most electrical products, including the majority of devices and appliances found in U.S. homes

  • Pharma tariffs will be at 200%: Trump has said he’d give companies a year or so to “get their act together” before making the tariff official. The U.S. imported $212B in pharmaceuticals last year, but pharma stocks held strong

• The latest in the race to become the new Fed Chair: Kevin Warsh and Kevin Hassett are among the candidates to replace Powell as Trump continues to search for a pro-growth candidate. Hassett has met with Trump to discuss the role, while Warsh has discussed taking a trip to Washington to talk with Treasury Secretary Scott Bessent about the job

• Prime Day latest: Sales plunged 41% compared to the start of Prime Day last year, although this may be attributed to Amazon doubling the length of their event from two days to four

• Meta is hiring a top researcher from Apple, as well as some more talent from OpenAI. Zuckerberg continues to lure valuable AI talent into Meta with pay packages in the tens of millions

  • Meanwhile Meta is increasing its stake in EssilorLuxottica, the eye-wear retailer it is teaming up with for Meta glasses. Shares of the Ray-Ban and Oakley maker jumped over 5% on the news

• OpenAI is building a web browser, aiming to fundamentally change how consumers browse the web. Set to launch in the coming weeks, the browser will give OpenAI more direct access to user data. The new web browser will be built on Chrome’s open-sourced Chromium. Google shares initially fell, but recovered on the day

  • On a similar note, Perplexity has launched a web browser of their own - although users must pay $200 a month to access it

• Waymo has begun Robotaxi testing in New York and Philadelphia, signaling a potential push into the northeast

• Grok is malfunctioning and X’s CEO has resigned: Elon Musk’s AI chatbot went rogue, calling itself “MechaHitler” and posting antisemitic content before engineers shut it down. Shortly after, X CEO Linda Yaccarino announced her resignation, adding to the platform’s growing chaos

• Former UK Prime Minister Rishi Sunak is rejoining Goldman Sachs: Sunak will return as a senior adviser, offering macro and geopolitical insight to clients. He’s donating his pay to charity and remains a sitting MP, 20 years after starting his career at the firm as an analyst.

• Citi will add 500+ jobs in Charlotte, NC: Citi is investing $16.1M into a new office hub focused on personal banking, finance, and marketing. The bank is eligible for up to $8.9M in state incentives and says the average salary will be around $132K, a huge win for Charlotte as it climbs the ranks of U.S. banking hubs.

• U.S. Travelers no longer have to remove shoes in line at TSA checkpoints: The rule change takes effect immediately, ending a post 9/11 policy in place since 2006. Homeland Security says new tech and layered screening make it safe to ditch the shoe shuffle

• Starbucks is evaluating proposals for a stake in its China business: Private equity bidders have suggested a $10B valuation for the unit. Starbucks says it plans to keep a meaningful stake, but it is open to deal structures that unlock value in its largest international market.

• WK Kellogg shares jumped 50% on rumors of a potential $3B buyout by Ferrero: The deal would mark Ferrero’s biggest U.S. acquisition yet, adding brands like Froot Loops and Frosted Flakes to its growing North American portfolio.

• Credit Latest:

  • Blackstone eyes new fund for private credit secondaries: As LPs scramble for liquidity, Blackstone is exploring a standalone private credit secondaries strategy. The plan would expand its Strategic Partners unit beyond PE, tapping into a booming market that’s drawing billions

  • Coller Capital announces a $6.8B fund for private credit secondaries: The record-setting raise comes as LPs look for liquidity and safer yield in a volatile market. The fund will focus on senior direct lending and both LP and GP led deals. Coller now has over $10B now committed to credit secondaries

  • Bain Capital is evaluating a stake sale of its position in Canada Goose Holdings, Bain currently has 55.5% of voting power

  • Banks are pitching a $4.25B leveraged finance deal to support Sycamore’s LBO of Boots 

  • Brightline Trains Florida is planning to issue up to $400mm in tax-exempt bonds to finance an expansion to Tampa Bay. The railroad would offer a 28-year loan with a 6.5% cost of capital

  • Claire’s, the tween retailer, is evaluating bankruptcy, with Houlihan Lokey advising the borrower. The debt is quoted @ 39 cents on the dollar, and Elliott was reportedly trying to sell the tariff-hit retailer a couple weeks ago

• Pet food M&A has had a hot 1H25 - read up here on manufacturer, supplier, and distributor activity thus far this year

• Packaging industry M&A may be subdued until 2026 - companies are waiting for more certainty around tariffs and a lower rate environment

• Hims & Hers to offer generic semaglutide in Canada as Novo Nordisk patent lapses: Novo originally failed to pay a $250 maintenance fee, letting its Ozempic/Wegovy patent expire. Hims will launch generics in 2026, tapping into a Canadian market projected to hit $4B by 2035

• Jack Dorsey is launching a WhatsApp messaging rival called Bitchat: The app would work solely through bluetooth mesh networks, not requiring an internet connection or an email/phone number from users

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M&A Transactions💭 

Verona Pharma (GREY: VNAPF), operator of a clinical-stage biopharmaceutical company, has entered into a definitive agreement to be acquired by Merck & Co. (NYS: MRK) for $10.0B. EV/Revenue was 84.36x.

International Franchise Professionals Group, operator of a franchise consulting company, was acquired for $113.5M by CNL Strategic Capital. EV/Revenue was 12.47x. Boxwood Partners and BrightTower advised on the sale.

WNS (NYS: WNS), a provider of business process management services, has reached a definitive agreement to be acquired for $3.26B by Capgemini (PAR: CAP). EV/EBITDA was 13.02x and EV/Revenue was 2.76x. J.P. Morgan advised on the sale.

Vidarbha Industries Power, manufacturer of refined petroleum products, was acquired for INR 40.0B by Adani Enterprises (BOM: 512599). SBI Capital Markets advised on the sale.

SynXis, developer of reservation management, was acquired for $1.1B by TPG. Evercore Group advised on the sale.

Swift Storage Operations, provider of storage services, was acquired by Barings for $200.0M.

Sandstorm Gold Royalties (TSE: SSL), provides financing to companies engaged in gold mining, has reached a definitive agreement to be acquired for $3.5B by Royal Gold (NAS: RGLD). EV/EBITDA was 25.15x and EV/Revenue was 19.07x. BMO Capital Markets, CBIC Capital Markets, and National Bank Financial Markets advised on the sale.

JAPEX UK E&P, operator of an oil and gas exploration company, was acquired for $136.0M by Ithaca Energy (LON: ITH).

Horizon Copper (TSX: HCU), a copper company, has reached a definitive agreement to be acquired for $196.0M by Royal Gold (RGLD). EV/Revenue was 13.97x. Cormark Securities and Fort Capital Partners.

Frauscher Sensortechnik, manufacturer of railway sensing systems, has reached a definitive agreement to be acquired for $800.0M by Westinghouse Air Brake Technologies (NYS: WAB).

Family Dollar Stores, owner and operator of a chain of retail variety stores, was acquired for $1.01B by Macellum Capital Management, Arkhouse, and Brigade Capital Management. As part of the transaction, net proceeds from the sale are estimated to total $800.0M comprising of $665.0M paid at closing and $135.0M as a result of the monetization of cash prior to closing through a reduction of net working capital. The company now expects the economic impact of tax benefits from losses on the sale to be approximately $375.0M. J.P. Morgan advised on the sale.

Distinguished, provider of specialized insurance programs, has entered into a definitive agreement to be acquired for $30.0M by White Mountains Insurance Group.

Core Scientific (NAS: CORZ), engaged in designing, building, and operating digital infrastructure, has reached definitive agreement to be acquired for $7.792B by CoreWeave (NAS: CRWV). EV/Revenue was 18.96x. The deal is an all-stock transaction. Under the terms of the agreement, Core Scientific, Inc. stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock based on a fixed exchange ratio.

Ceres Global, engaged in the agriculture, energy, and industrial supply chains, was acquired for $276.91M by Bartlett and Company. EV/EBITDA was 25.59x and EV/Revenue was 0.33x. Blair Franklin Capital Partners advised on the sale.

Progressive Roofing, provider of commercial roofing services, has reached a definitive agreement to be acquired for $810.0M by TopBuild (NYS: BLD). EV/EBITDA was 9.1x and EV/Revenue was 1.85x. Citizens JMP and Guggenheim Securities advised on the sale.

The API and Core Formulations Businesses of Nectar Lifesciences (BOM: 532649) were acquired for INR 12700 by Ceph Lifesciences.

The Consumer Business in Norway of GlobalConnect has reached a definitive agreement to be acquired by Telenor Group (OSL: TEL) for $594.24M.

The Cryogenics Business Unit of Fives was acquired by Alfa Laval (STO: ALFA) for EUR 800.0M.

Cargo Therapeutics (NAS: CRGX), a clinical-stage biotechnology company, has reached a definitive agreement to be acquired for $520.2M by Concenntra Biosciences. TD Cowen advised on the sale.

Western’s Smokehouse, provider of private labeling services, was rolled into the continuation fund Monogram Capital Partners Continuation Fund through an estimated $500.0M deal. Harris Williams and Evercore advised on the sale.

Cogelec (PAR: ALLEC), a company that engages in the design and manufacture of communications and telecommunications equipment, has reached a definitive agreement to be acquired for EUR 254.0M by Legrand (PAR: LR).

Private Placement Transactions💭 

SpaceX has reached a $400B valuation following a share sale.

Wefox, developer of a comparison platform, raised EUR 151.0M of venture funding through a combination of debt and equity. The EUR 76.0M of equity was raised by undisclosed investors.

Ocient, operator of a data analytics platform, raised $132.0M of Series B venture funding through a combination of debt and equity led by Allstate Strategic Ventures, Blue Bear Capital, and OCA Ventures at a pre-money valuation of $28.25M.

MAXX FOR BEAUTY, a company in stealth mode, raised $110.0M of venture funding from undisclosed investors.

Xpanceo, manufacturer of an AI-powered extended reality computing product, raised $250.0M of Series A venture funding led by Opportunity Ventures at a pre-money valuation of $1.1B.

TARS, developer of intelligent robots, raised CCNY 880.0M of Series + Seed funding from China Intelligent and Connected Vehicles, Xiamen C&D Corporation, and Mei tuan.

SiPearl, developer of an energy-efficient processor, raised EUR 130.0M of venture funding from Cathay Venture. 

Also, developer of an integrated technology platform, raised $200.0M of venture funding from Greenoaks Capital Partners at a pre-money valuation of $800.0M.

MaintainX, developer of a work order and procedure digitization platform, raised$150.0M of Series D venture funding led by Bessemer Venture Partners at a pre-money valuation of $2.5B.

Odds of the Day 🍒 

Kalshi traders are pricing in a 38% chance of Bitcoin trading over $120k this month

*New Traders on Kalshi receive a $20 bonus of trading credit when depositing $100+ with the code “HYH”.

Noteworthy Chart 🧭

Meme Cleanser 😆 

Until next time!

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