Good morning,

With EQT emerging as the top dog in the fight forVetPartners, it’s time to probe what went down. Our own mini ‘Inside the Deal’, if you will.

A little birdie told us EQT lowballed their opening bid, coming in well below the $1.4 billion ask price. But VetPartnersand Jefferies wouldn’t budge on price, demanding 17 to 18 times EBITDA, and eager beaver EQT caved.

Veterinary businesses have been a happy hunting ground for dealmakers globally as they eye booming pet ownership and recession-proof industries, and we reckon this activity bodes well for others that come up for sale.

Affinity may have missed out this time, but there are plenty of fish in the sea.

Happy reading,

• Trevor St Baker-backed Evie Networks powers up for deal; UBS mandated.
• Online retailer Adore Beauty hires UBS as its defence adviser.
• Albemarle’s due diligence runs out at Liontown; eyes on Rinehart.
• Venture capitalists Queensland-bound after government investment fund rammed.
• Done deal: Telstra buys cloud services business Versent for $268 million.
• Tim Goyder-chaired uranium play DevEx rattles the tin.

• Analysts have branded the ACCC’s argument to back a takeover of Origin Energyas ‘flimsy’, writes Angela Macdonald-Smith.
• The biggest deal of the year - Exxon Mobil’s $90 billion proposed acquisition of Pioneer Natural Resources - has thrown up a much-needed win for the US’s major investment banks, Bloomberg reports.
• Birkenstock’s shares fell on their trading debut, a potential blow to the IPO market, The Wall Street Journal reports.

Adore Beauty posted $180.6 million revenue and about $600,000 EBITDA for the 2023 financial year. Turn back the clock to its IPO, and Adore Beauty pulled in $121.1 million revenue and $5 million earnings in the 2020 financial year.

Click here for the latest equity market wrap.