The Monthly Recap - May

The Monthly Recap – May

It was a strong close to May in dealmaking, with two long-running transactions finally completed and a third set to be inked shortly. Momentum built through the month, with markets also digesting the RBA rate hike and the 2026–27 Budget. This report outlines selected M&A deals, general market activity and significant news among the investment bank & private equity firms, plus any significant news across debt markets.  

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M&A

 · Bain Capital set for $2.5b payout as Estia Health sold to Stonepeak (AFR).

· Permira exits I-MED in $3.4b sale to Jardine Matheson (AFR).

· Goldman Sachs Asset Management wins $1b race for NOJA Power (AFR).

Other Activity  

· AirTrunk to invest $4.2b in two new Malaysia data centres (AFR).  

· Chemist Warehouse enters UK market through Greenlight Healthcare investment (AFR).

· Sixth Street expands sports investing push into Australia with a new $US2b fund (AFR).

· PEP and NAB take equal control of FirstCape as Jarden exits stake (AFR).

· Magellan hands $5.3b global equities funds to Vinva IM ahead of Barrenjoey merger (AFR).

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Investment Banking News & Debt Markets

· NextDC secures $750m debt raising as order book tops $1.2b (The Australian).

· Flinders Port Holdings locks in $730m refinancing amid expected stake sale (AFR).

· Morgan Stanley Australia more than doubles profit on deal-making surge (The Australian).

· Westpac cuts 94 jobs after BT Wealth Platform consolidation (AFR).

Market Moves          

· Airtree names Elicia McDonald as first CEO as AI reshapes venture capital (AFR).

· Former Platinum Asset Management portfolio manager, Jodie Bannan joins Eley Griffiths Group (AFR).

· Wayne Gordon becomes UBS' new head of advisory and sales (The Australian).

· Macquarie Capital veteran David Wickstrom joins Jefferies Australia to lead PUI advisory (AFR).

· MFF Capital investments hires former Magellan talent amid Barrenjoey merger (AFR).

· Melannie Pyzik returns to Macquarie to lead private capital markets for Australia and NZ (AFR).

· Bell Potter has hired former Flinders Investment Partners co-founder Andrew Mouchacca to its institutional sales team (AFR).

· Karl Guilfoyle has left Bank of America to join Ord Minnett’s institutional sales team (AFR).

· Jefferies FIG head Jackie Cleary joins AMP as CFO (AFR).

· AustralianSuper promotes equities chief Shaun Manuell as its next CIO (AFR).