Bloomberg Deals 7/15/2026

>> FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK CITY, WE ARE TRACKING THE KEY PLAYERS, THE MAJOR MOVES, AND THE CAPITAL FLOWS SHAPING GLOBAL MARKETS. THIS IS BLOOMBERG DEALS. >> LET'S START WITH TODAY'S BIG DEALS. A GROUP OF 12 STATES HAVE SUED PARAMOUNT ON MONDAY, SEEKING TO BLOCK ITS 110 BILLION DOLLARS BID TO BUY A WARNER BROS. DISCOVERY. THE STATES ALLEGE THE HOLLYWOOD DEAL WOULD LEAVE VIEWERS WITH HIGHER PRICES AND FEWER CHOICES FOR MOVIES AND TELEVISION. MICHELLE DAVIS HAS BEEN FOLLOWING THAT STORY FOR US NOW. STATES PUSHING BACK. WHAT DOES IT MEAN FOR PARAMOUNT? >> THERE IS A LOT AT STAKE FOR PARAMOUNT. THEY AGREED TO PAY A FEE. SO THAT MEANS IF THESE SUCCEED IN GETTING A JUDGE TO PAUSE THE CLOSE, IT'S GOING TO GET EXPENSIVE REALLY FAST FOR PARAMOUNT. IT'S PART OF A BROADER TREND WHERE THE STATES ARE BEING EMBOLDENED AND GETTING AGGRESSIVE IN TRYING TO POLICE ANTITRUST ENFORCEMENT ON THEIR OWN. THERE IS A FEELING AMONG DEMOCRATS THAT THE TRUMP ADMINISTRATION AND ESPECIALLY THE FTC AND THE DOJ ARE KIND OF ABDICATING THEIR RESPONSIBILITY. THEY ARE NOT PURSUING ANTITRUST ENFORCEMENT THE WAY THEY SHOULD SO THE STATES ARE TRYING TO DO IT THEMSELVES AND THEY HAD SOME VICTORIES ALREADY. THEY SUCCEEDED IN GETTING THEM TO PAUSE INTEGRATION OF THEIR DEAL EVEN THOUGH REGULATORS HAD ALREADY APPROVED THAT DEAL AND THEY SUCCEEDED IN GETTING A JURY TO ROLL THAT LIVE NATION IS AN ANTI-MONOPOLY ENTITY SO THERE'S A LOT OF UNKNOWNS HERE BUT IT REALLY SEEMS LIKE THE STATES HAVE BIG CLAWS. >> THE SEC IS SET TO REPEAL THE AUDIENCE CAP. IT IS BEING FRAMED AS A WIN FOR SOME OF THE DEALMAKER TRYING TO PUSH THAT THROUGH, SPECIFICALLY NEXT R. MICHELLE: -- FROM NEXSTAR. >> THAT COULD PAVE THE WAY FOR OTHER BROADCASTERS TO PURSUE THEIR OWN M&A. THERE ARE OTHERS OUT THERE INCLUDING SINCLAIR THAT HAVE NOT DONE M&A YOU AND THIS COULD MAKE IT EASIER FOR THEM TO DO THAT BUT AT THE END OF THE DAY, THE SEC ALREADY SUSPENDED THIS 39% CAP WHEN THEY CLEARED THE DEAL. TOGETHER, -- COURTS ARE REALLY GOING TO BE THE ONES TO DETERMINE WHETHER IT CAN BE LIFTED. THERE IS SCRUTINY OR DISAGREEMENT ON WHETHER IT'S CONGRESS OR THE FCC THAT CAN MAKE THIS DECISION. THERE IS A COURT CASE NEXT YEAR THAT WILL DECIDE WHETHER THEY CAN ACTUALLY CLOSE THIS DEAL SO THIS DEVELOPMENT JUST MEANS IT COULD BE A LITTLE HARDER FOR THEM TO KEEP THE DEAL FROM CLOSING. >> THANK YOU VERY MUCH FOR YOUR REPORTING. ELSEWHERE IN THE WORLD OF TEXT, SOURCES TELLING BLOOMBERG THAT PAYMENT PROCESSING COMPANIES HAVE OFFERED TO BUY PAYPAL FOR MORE THAN 50 BILLION DOLLARS. RHEINGOLD HAS BEEN FOLLOWING THE STORY. STRIVE HAD BEEN BASICALLY POKING AROUND WITH PAYPAL. WHAT DIFFERENCE DOES IT MAKE TO HAVE ADMIN AS PART OF THIS DEAL? >> IT GIVES CREDIBILITY TO STRIVE. ANY DEALMAKER, YOU SPEAK TO A BANKER OR LAWYER, ANY PRIVATE COMPANY THAT CAN GO OUT AND BUY A $50 BILLION PRIVATE COMPANY WILL HAVE A TOUGH TIME OF IT. ADVENT REALLY GIVES SOME CREDIBILITY BUT I ALSO THINK ON THE OTHER SINOVAC, IT REALLY GETS AT SOMETHING WE WERE JUST TALKING ABOUT IN THE ANTITRUST FUND WHICH IS I WAS ON THE RADIO SHOW ON MONDAY CLAIMING THAT WE ARE NOW IN THE MIDST OF A REALLY SIGNIFICANT DEAL SPILL. HE WOULD YOU WOULDN'T SEE THIS TYPE OF DEAL CONTEMPLATED TWO YEARS AGO UNDER JOE BIDEN. THIS IS GOING TO BE A VERY LONG ROAD FOR THESE TWO COMPANIES AS THIS GOES AHEAD. THIS IS A $50 BILLION-PLUS COMPANY WHERE YOU HAVE OSTENSIBLY ITS BIGGEST COMPETITOR, THOUGH IT IS PRIVATE, LOOKING TO ACQUIRE IT, WITH OR WITHOUT PRIVATE EQUITY. THAT IS GOING TO GIVE A TOUGH TIME FOR REGULATORS. DANI: THEN YOU HAVE KIND OF THE SAME THING HAPPENING CROSS-BORDER WITH GIANTS WITH MARKETER LOOKING TO MERGE, SPECIFICALLY UBER. THERE ARE ADVANCED TALKS TO TAKE OVER A GERMAN COMPANY HERE. RYAN: UBER IS ABOUT TO MAKE ITS BIGGEST DEALING QUITE A NUMBER OF YEARS. THERE WERE TALKS CONFIRMED THAT UBER IS LOOKING TO PAY 40 EUROS A SHARE, HIGHER THAN WHERE THE SHARES HAVE BEEN TRADING THE LAST FEW WEEKS. THE DEAL COULD COME UNSTUCK FROM THE ANTITRUST PERSPECTIVE. UBER, AS WE ALL KNOW, IS PRETTY GLOBAL ITSELF. IF YOU LOOK AT DEALS LIKE THE TAKEAWAY -- DOORDASH IN THE U.K., EVEN SOMETHING LIKE DOORDASH IN GERMANY, THIS IS ALREADY A FRAGMENTED MARKET. YOU GET INTO AN EQUATION WHERE YOU COULD BE LOOKING AT 5-4, 4-3, THESE WILL CHALLENGE THE CORE BASIS OF ANTITRUST LAW. DANI: RYAN, THANK YOU VERY MUCH. BLOOMBERG'S RHEINGOLD. ANTHROPIC IS SEEKING TO MEET WITH INVESTORS ON AN IPO THAT JOINS A RUSH OF AI-DRIVEN STOCK MARKET DEBUTS. ED LUDLOW JOINS US FOR MORE. OPENAI PULLS BACK, ANTHROPIC. MED. -- FULL STREAM AHEAD. ED: IT IS LITERALLY FULL STEAM AHEAD. THESE ARE TESTING THE WATERS MEETINGS, SOUNDING OUT EARLY INDICATIONS OF HOW YOU WOULD STRUCTURE PRICE, VALUATION, ETC. I GOT BACK FROM NEW YORK WITH YOU LAST WEEK, RIGHT, AND WHEN I WAS IN TOWN, THERE WAS NOTHING THAT WOULD INDICATE THAT ANYTHING CHANGED FOR ANTHROPIC. THEY ARE LOOKING AT, BASED ON OUR REPORTING, OCTOBER 4 TO DO THIS LISTING. AND THEY HAVEN'T REALLY DEVIATED FROM THAT. AND GENERALLY, AS MUCH AS THE -- INTERNALLY, AS MUCH AS THEY ARE SPEAKING WITH STAKEHOLDERS OUTSIDE THE BUILDING, THEY ARE DOING PREPARATIONS THEY WOULD NEED TO MAKE TO PULL OFF A LISTING OUTSIDE. AS A REMINDER, THEIR LAST PRIVATE MARKET VALUATION WAS $965 BILLION POST MONEY. IT IS NO SMALL FEAT, BUT YOU ARE EXACTLY RIGHT, YOU JUST SAID THIS IS KIND OF MOVING FORWARD FULL STEAM AHEAD. DANI: OK, WE ARE GOING TO GET ANTHROPIC. THERE IS REPORTING THAT DEEPSEEK WILL COME TO MARKET. ED, I WONDER IF THIS WOULD SPOOK ANY OF THE WOULD BE IPO'ERS THAT WE HAVE SPACEX AT $133 PER SHARE, NOT THE FIRST TIME BELOW ITS IPO PRICE. ED: THIS IS "BLOOMBERG DEALS," SOMEBODY PUT THE ALERT BANNER UP. WHAT HAS CHANGED MATERIALLY IN THE LAST SEVEN DAYS ON THE SPACEX SIDE IS ALL OF THE BANKS THAT WERE A PARTY TO THE DEAL ON THE SELL SIDE INITIATED COVERAGE. OF COURSE THEY ARE SUPER BULLISH. TRADING AT $133. A LOT OF SPACEX'S FUTURE IS PREDICATED IN THE FUTURE. THIS IS THE DEALS SHOW, BUT IT IS WHY BLOOMBERG WILL CARRY THE STARSHIP TEST TOMORROW. THERE ARE VERY FEW SHORT-TERM CATALYSTS TO LOOK AT WITH SPACEX. IT IS ALSO FAR INTO THE DISTANT FUTURE, IT IS ALL SCIENCE FICTION UNTIL IT'S REAL. HOW THE STOCK TRADES IS INTERESTING. I WOULD FRAME IT SLIGHTLY TO FAMILY. WITH ANTHROPIC, THE REPORT ON KICKING THE IPO INTO 2027, WHAT AYANNA 10 IS THE EXECUTIVES FROM BOTH COMPANIES RATHER SPACEX PROSPECTUS VERY CLOSELY AND LOOKED AT HOW SPACEX PRESENTED ITSELF AS AN AI COMPANY AND THAT IPO, PARTLY FORMING THEIR OWN DECISION. A LOT OF THE BANKERS ON THESE DEALS ARE IN COMMON -- DIFFERENT TEAMS, SEPARATED BY WALLS. BUT THE TRADING IN THE SHORT-TERM, DOES THAT SHUT DOWN THE IPO WINDOW? I DON'T THINK SO. DANI: THANK YOU FOR YOUR CONTINUED COVERAGE ON THIS, ED LUDLOW. FORTUNES MINTED IN THE WESTECH INDUSTRY ARE ON BOTH SIDES OF A RECORD-BREAKING DEAL FOR THE SEATTLE SEAHAWKS. SCARLET FU IS COVERING THAT STORY FOR US. SCARLET: THE SEATTLE SEAHAWKS IS CHANGING HANDS IN A DEAL WORTH $9.6 BILLION, THE MOST EVER FOR AN NFL TEAM, AND IT TOPS THE PREVIOUS HIGH OF SIX DOING DOLLARS PAID BY JOSH PARRISH FOR THE WASHINGTON COMMANDERS IN 2023. KHAKIS ON BOTH SIDES OF THE DEAL THE ESTATE OF THE MICROSOFT COFOUNDER PAUL ALLEN, WHO DIED IN 2018, AND DURING A FORMAL AGREEMENT TO SELL THE SEAHAWKS TO A GROUP LED BY THE FAMILY OF VINOD KHOSLA. HE COFOUNDED SUN MICROSYSTEMS IN 1983 BEFORE MOVING TO THE INVESTING SIDE. HE IS AN EARLY INVESTOR IN OPENAI. TERMS OF THE SEAHAWKS TRANSACTION HAVE NOT BEEN DISCLOSED, AND IT IS NOT CLEAR WHICH OTHER BUYERS MAY JOIN KHOSLA. THE NFL NEEDS TO APPROVE THE SALE AS WELL. WHAT WE DO KNOW IS K HOSLA'S BEACH OUT IN AN INDIAN STEEL MAGNATE. DANI: SCARLET, THANK YOU FOR THAT. FOR DEALMAKING IN GENERAL 2026 HAS BEEN A BLOCKBUSTER HERE, AND THAT IS WITH A BACKUP OF PRIVATE EQUITY DEALS. DAVID SOLOMON SAYS THE SPONSORED ACTIVITY IS TRADING BELOW ITS 10-YEAR AVERAGE. >> A LOT OF THE DIALOGUES I'M HAVING WITH CEO'S, CEO'S ARE DREAMING AND THINKING OF LARGE-SCALE OPPORTUNITIES. THAT IS LEADING TO A LOT MORE STRATEGIC ACTIVITY. THE STUFF IS STILL NOT ACCELERATED, AND CANDIDLY, IT IS GOING TO COME AT SOME POINT. DANI: DAVID SOLOMON THERE, THE CEO OF GOLDMAN SACHS SAYING THAT THE PIPELINE IS ROBUST, BUT STILL WE HAVEN'T SEEN THE ACTIVITY QUITE YET PICK UP FROM PRIVATE EQUITY. JOINING IS A VETERAN OF THIS SPACE, THE CO-CEO OF PE FIRM WITH INVESTMENT ACROSS MEDIA AND TELECOM. HE JOINS US TO LOOK AT THE BIG PICTURE. >> THANKS FOR HAVING ME, DANI. DANI: DAVID SOLOMON HAS A POINT. YOU HAVE MADE SIZABLE EXITS AND YOU HAVE BEEN ACTIVE. OVERALL, WE ARE STILL LOOKING AT QUITE A BACKLOG OF COMPANIES -- PITCHFORK HAD IT AT 13,000 COMPANIES AMONG PRIVATE EQUITY. WHAT BASICALLY UNCLOG THIS THING? >> I DON'T KNOW. OUR INDUSTRY HAD A LOT OF INFLOWS, CAPITAL THAT DROVE PRICES UP. THE RISK TOLERANCE WENT WAY UP, IN COMMENCEMENT WITH THE RETURN. THAT PEAKED IN 2021. NOW WE ARE LIVING WITH THE FALLOUT FROM THAT. WE ARE LONG-DURATION ASSETS, SO IT DOES NOT GET RECONCILED QUICKLY. EVERYBODY IS SURPRISED HOW DEAL VOLUMES HAVEN'T PICKED UP. LPS ARE COMMITTING LESS. MANY SPONSORS ARE AFRAID OF COMMITTING BECAUSE THEY DON'T KNOW IF THEY CAN RAISE THEIR NEXT FUND. NOW THAT GETS UNCLOG COMMIT HAS TO EVENTUALLY. BUT IT HASN'T HAPPENED AND YOU HAVE THE AI OVERHANG, ANOTHER FACTOR IN TERMS OF IF YOU ARE A SPONSOR AND YOU GET A BID, IS THE AI OVERHANG ON THAT COMPANY MEANING YOU DON'T HAVE A BIDDER? THE FINANCING IS THERE. THERE IS OPPORTUNITY ON THE FINANCING SIDE AND THAT IS HEALTHY, NON-WITHSTANDING WHAT IS HAPPENED TO PRIVATE CREDIT. BUT IS THE BID THERE FOR LARGER ASSETS? LARGER DEALS, IT IS A LITTLE MORE DICEY. DANI: BUT THERE HAS BEEN THIS REAL TREND OF CREATIVE LIQUIDITY SOLUTIONS, THE EVERGREEN FUNDS, WHAT HAVE YOU COULD IS THE PRESSURE REALLY THERE TO START SELLING? YOU SAID IT NEEDS TO BE THERE AT SOME POINT. WHAT FINALLY CREATES THE PRESSURE TO OPEN UP THE DAM? COLLIN: THE CONTINUATION VEHICLE MARKET WHERE YOU PRICE NEW INVESTORS TO BUY THE COMPANY FROM AN EXISTING FUND, THAT IS A FAIRLY BIG PART OF PRIVATE EQUITY LIQUIDITY. THERE ARE ESTIMATES ANYWHERE FROM 15% TO 25% LIQUIDITY. BUT THOSE ARE YOUR BETTER COMPANIES COULD THE ISSUE -- THAT YOU -- BETTER COMPANIES. IT IS THE COMPANIES THAT HAVE GONE SIDEWAYS, MAYBE YOU OVERPAID FOR, OVERLEVERAGED AND HASN'T PERFORMED, AND THEN THE RATES WENT UP AND YOU HAVE NEGATIVE FREE CASH FLOW WHERE YOU HAVEN'T COMPOUNDED VALUE. MAYBE FOR SPONSORS YOU ARE CARRYING TOO HIGH A MULTIPLE AND YOU CANNOT SELL IT AT A PREMIUM TO THAT VALUE, ONLY AT A DISCOUNT, WHICH LOOKS BAD. A GREAT NUMBER OF COMPANIES YOU ARE REFERRING TO AREN'T GETTING TRANSACTED AT ALL. DANI: HOW DO YOU FIND YOUR WAY AROUND THIS? I WAS LOOKING AT A RECENT EXITS. HOW ARE YOU NOT FACING THE SAME PRESSURE? YOU DIDN'T BUY THESE AT EXPENSIVE EVALUATIONS? COLLIN: STICKING TO URINATING, UNDERSTANDING THAT WHEN THINGS GET--STICKING TO YOUR KNITTING, UNDERSTANDING THAT WHEN THINGS GET FROTHY, THAT IS A BETTER TIME TO BE A SELLER THAT A BUYER. AND THAT IS A DISCIPLINE ON THE INVESTMENT TEAMS. NEED TO SEE THAT MAYBE YOU PAID 15 TIMES FOR A BUSINESS BUT THAT IS WORTH 14 TIMES TODAY. IF YOU CARRY A THERE, THAT IS MORE REALISTIC, BUT YOU CAN SELL IT. IF YOU HAVE THAT MULTIPLE COMPRESSION, DID YOU CREATE VALUE THAT OFFSETS THAT? THAT IS ANOTHER THING THAT OUR INDUSTRY BECAME LEVERAGED BETA AND LOST TRACK OF WE NEED TO BE IN THE VALUE CREATION BUSINESS. DANI: A LOT OF WAYS WE HAVE SEEN A LOT OF YOUR PEERS TALK ABOUT GRADING VALUES WE ARE TEAMING UP WITH XAI LLM AND THEY WILL COME IN AND MAKE DIFFERENCES. DOES THAT ACTUALLY ADD A SOURCE OF ALPHA TO TRY TO AI-IFY OR WHATEVER THE WORD MIGHT BE? COLLIN: OUR VIEW AT GTCR IS THAT NEEDS TO BE INTERNAL TO THE PRIVATE EQUITY FIRM AND THAT NEEDS TO BE INTERNAL TO THE MANAGEMENT TEAM AT THE PORTFOLIO COMPANY. OUR MODEL, WORKING CLOSELY WITH OUR MANAGEMENT TEAMS, WE AFFECT CHANGE IN THE INVESTMENT, WE CALL TRANSFORMATION. AI IS NOW A HUGE PART OF THAT. BUT WE THINK THE PRIVATE EQUITY FIRM OF THE FUTURE NEEDS YOU HAVE THAT AS THE CORE PART OF THEIR DNA. MOST OF OUR FRIENDS ON ANTHROPIC, WE HAVE BEEN EARLY ADOPTERS OF THESE AI TECHNOLOGIES. THEY ARE AMAZING. WE ARE TRYING TO FIGURE OUT HOW TO DEPLOY THEM INTO PORTFOLIO COMPANIES, ESPECIALLY TO FIND COSTS AND EFFICIENCIES. BUT THE POWER OF THESE TOOLS IS THERE, AND PRIVATE WHAT HE TERMS NEED TO ON THE INTELLECTUAL CAPITAL AND THEREFORE FULLY APPEARED DANI--THEIR PORTFOLIO. DANI: ANOTHER THING THAT IS HAPPENING IN YOUR INDUSTRY IS NOT JUST CALLS, BUT ACTION OF CONSOLIDATION. YOU ARE A LARGE PLATFORM, BUT THE THOUGHT HAS ARISED, YOU HAVE TO BE HUNDREDS OF BILLIONS. I WONDER IF YOU AGREE WITH THAT AND WHETHER YOU WOULD LOOK AT M&A TO GROW THE SIZE OF YOUR FIRM. COLLIN: IT IS NOT A PRIORITY FOR US. WHAT I WOULD SAY IS YOU TALK ABOUT THE ADVENT DEAL EARLIER. GREAT FIRM. THERE ARE OTHER GREAT FORMS WE COMPETE WITH. WE ARE BY AND LARGE MONOLINE DO CONTROLLED PRIVATE EQUITY. WE TRY TO DO IT REALLY WELL AND HAVE ALPHA IN WHAT WE DO. THERE IS OTHER FORMS OF PRIVATE EQUITY THAT ARE MUCH MORE INDEXED-BASED, AND THAT IS FINE IF YOU WANT EXPOSURE TO A PRIVATE EQUITY INDEX. THE REAL OUTPERFORMERS TEND TO BE MONOLINE, AND THAT'S OK. THAT IS WHERE WE ARE POSITIONED AND MANY OF OUR PEERS ARE ORIENTED THE SAME. DANI: ONLY A LITTLE BIT OF TIME LEFT, COLLIN, BUT LARGE CONSOLIDATION FOR THOSE THAT ARE NOT MONOLINE? COLLIN: I THINK YOU WILL SEE MORE OF THAT BECAUSE HE HAVE WE CANS THAT HAVE CAPABILITY, BUT MAYBE SHOULD BE PART OF SOME OTHER PLATFORM THAT NEEDS THE CAP ABILITY. DANI: THIS IS BEEN WAY TOO SHORT. I BLAME KEVIN WARSH, FOR WHAT IT'S WORTH. COLLIN ROCHE OF GTCR. RECORD PROFITS DRIVEN IN NO SMALL PART THANKS TO M&A. THIS IS BLOOMBERG. DANI: WELCOME BACK TO BLOOMBERG DEALS. I'M DANI BURGER. BIG DEALS AND EVEN BIGGER IPO'S HELP BOOST REVENUE AND PROFIT BY THE LARGEST BANKS LAST QUARTER. SCARLET FU IS TAKING A CLOSER LOOK AT WHAT WE LEARNED THIS WEEK. >> THEY WERE VERY LUCRATIVE FOR WALL STREET DEALMAKERS. THIS WEEK'S RELEASE OF EARNINGS SHOWS INVESTMENT BANKING SURGED BY DOUBLE DIGITS IN THE FIRST HALF OF 2026. GOLDMAN SACHS IS A PERENNIAL NUMBER ONE IN THE TABLE AND WE SAW THE FAMILY THE WAY WITH SIX QUARTER BILLION DOLLARS. THAT IS AT 52% OVER LAST YEAR. MORGAN STANLEY HAD THE SECOND BIGGEST GAME WITH A 47 PERCENT JUMP. J.P. MORGAN AND BANK OF AMERICA THEN FOLLOWED WITH AT LEAST 30% GAINS WITH AT LEAST 18% GAINS. GOLDMAN'S CEO, DAVID SOLOMON, SEES NO SLOW DOWN EITHER WITH THE BACKLOG AT A FIVE-YEAR HIGH AND THE SECOND HIGHEST LEVEL ON RECORD. WHAT IS DRIVING ALL THIS ACTIVITY? AI. THE NEW TECHNOLOGY IS BLOCKING COMPANY TO FOCUS ON ACHIEVING SCALE WHICH LEADS TO THEY ARE SEEKING MORE STRATEGIC OPPORTUNITIES. HERE'S WHAT WELLS FARGO SEE CFO TOLD BLOOMBERG. -- WELLS FARGO'S CFO TOLD BLOOMBERG. >> IT WOULD NOT HAVE BEEN POSSIBLE A COUPLE YEARS AGO. IT REALLY SPANS EVERYTHING FROM HEALTH CARE TO TECH TO MEDIA TO ALL INDUSTRIAL SECTORS AS WELL SO I THINK YOU ARE SEEING IT IN A PRETTY BROAD-BASED WAY. WE WILL HAVE TO SEE WHAT HAPPENS IN TERMS OF THE IS GETTING DONE BUT THE ACTIVITY LEVEL IS QUITE HIGH. SCARLET: THERE IS ALSO THE PERMISSIVE REGULATORY ENVIRONMENT AS WELL. DANI: THAT BRINGS US TO THIS WEEK'S INVESTMENT COMMITTEE WHERE WE TAKE YOU INTO THE BOARDROOM DEBATES IN REAL TIME. TODAY'S IC, WE ARE GOING TO BE TALKING ABOUT DEALS WITHIN BANKS , WITHIN FINANCIAL SERVICES THEMSELVES. OUR MEMBERS TODAY, THAT ALL BEINGS, AT LIGHTYEAR CAPITAL. MORE THAN $8 BILLION AND MARGARET TIRE IS PARTNER AND NO HEAD OF FIG AND A MEMBER OF THE FINTECH TEAM AND ELYSE RILEY IS A PARTNER MEETING FINANCIAL SERVICES FOR PARTHENON. THANK YOU BOTH SO MUCH FOR JOINING, ALL THREE OF YOU. LET ME START WITH YOU BECAUSE I KNOW YOU ARE CONSTANTLY TALKING TO CLIENTS ABOUT THIS. WHAT SORT OF AREAS IN SECTORS OR TYPES OF DEALS DO YOU THINK ARE MOST EFFECTIVE -- ATTRACTIVE IN THIS ENVIRONMENT? >> THANK YOU SO MUCH FOR HAVING ME AND FROM OUR PERSPECTIVE, WE ARE REALLY LOOKING FORWARD TO CONTINUED CONSOLIDATION WITHIN THE REGIONAL BANK AND WEALTH MANAGEMENT SPACE IN THE COMING PERIODS. DANI: HOW ABOUT YOU? WHERE ARE YOU SEEING IT CONCENTRATED? MEG: REGIONAL BANKS, THE INDUSTRIAL LOGIC, PARTICULARLY WITH AIA AND TECH INVESTMENT, THEY JUST NEED TO HAVE SCALE. I THINK BEFORE THE REGULATORS BLOCKED IT, NOW THEY ARE NOT BLOCKING IT. THE KEY CHALLENGES THERE ARE MORE BUYERS AND SELLERS. DANI: NATALIE, LET ME BRING YOU IN. HE WOULD BE ONE OF THOSE BUYERS. AT LIGHT -- YOU WOULD BE ONE OF THOSE BUYERS. WHAT IS THE MOST RIPE OPPORTUNITY FOR BUYING ONE NATALIE: OF THOSE COMPANIES? WE DEPLOY IT AN ASSET'S STRATEGY. INVESTING AT THE NEXUS OF FINANCIAL SERVICES AND TECHNOLOGY, HEALTH CARE, AND BUSINESS SERVICES SO WE ARE SEEING A RICH OPPORTUNITY SET COMING THROUGH INVESTMENT COMMITTEE ACROSS THOSE AREAS AND IN OUR SIX INVESTMENT THEMES. WE HAVE ALREADY SIGNED FOR DEALS AND THOSE DEALS ARE IN THE AREAS OF WEALTH MANAGEMENT, HIGH NET WORTH TAX SERVICES BUSINESS, VOLUNTARY BENEFITS BUSINESS, AND MUNICIPAL PARKING PAYMENTS BUSINESS. DANI: WHEN IT COMES TO THIS IDEA OF SOME OF THE REGIONAL BANKS, I WONDER WHAT THEY ARE BUYING THEM FOR. WHAT ARE THE GAPS THEY ARE TRYING TO FILL? SOMETHING THAT HELPS THEM WITH AI OR SOMETHING DIFFERENT. >> WE ARE SEEING CLIENTS FOCUS ON BUYING FOR CAPABILITIES AND SCALE. WHEN WE ARE TALKING TO OUR CLIENTS, THEY ARE LOOKING AT TARGETS THAT ARE GOING TO DRIVE THAT GROWTH AGENDA FOR THEM PARTICULARLY WITH MANAGEMENT TEAMS LOOKING INTERNALLY AND EVALUATING THEMSELVES, THEY ARE TAKING A LOOK AT THEMSELVES AND SAY AND WHAT SHOULD I BE DIVESTING AND HOW CAN I USE THAT TO ACQUIRE CAPABILITIES THAT ARE GOING TO DRIVE MY GROWTH AGENDA? ABSOLUTELY. THAT IS HOW THEY ARE DRIVING THEIR CAPITAL AGENDA. DANI: IF A LOT OF THIS IS FOR SCALE, AND YOU MENTIONED THE REGULATORY ENVIRONMENT, IS EVERYTHING ON THE TABLE? IS THE DOOR WIDE OPEN TO ANY TYPE OF DEAL AT ANY SCALE HERE IN THE U.S.? >> YOU'RE TALKING ABOUT PAYMENTS, STABLECOIN. THERE IS JUST AN ENORMOUS AMOUNT OF INNOVATION GOING ON IN THE FINANCIAL SECTOR SO IT'S NOT JUST REGIONAL BANKS. ON THE REDEVELOPING SIDE, WHAT IS DRIVING IT IS TALENT PLANNING IN ADDITION TO TECHNOLOGY AND AI. DANI: ARE YOU SEEING THAT ON YOUR SIDE BEING A LARGE DRIVER OF WHY A COMPANY WOULD WANT TO PARTNER WITH LIGHTYEAR? >> ABSOLUTELY. A THIRD ACTUALLY ARE CARVEOUTS SO THE POINT IS ALSO A REALLY EXCITING OPPORTUNITY FOR US. PAYBYPHONE WHICH IS THE MUNICIPAL PARKING PAYMENTS BUSINESS WAS A CARVE OUT FROM A PUBLICLY TRADED PARENT SO WE ARE SEEING A LOT OF OPPORTUNITY. THE SUCCESSION PLANNING IS AN IMPORTANT POINT AND THE OTHER POINT MENTIONED IS IN THE WEALTH MANAGEMENT AREA, IT IS DRIVEN BY SUCCESSION PLANNING WITH INVESTORS WANTING TO MOVE INTO A LARGER BUSINESS SO THEY CAN AVOID ALL OF THE COMPLIANCE ISSUES AND ALSO CREATE SUCCESSION PLANNING FOR THEIR YOUNGER ADVISORS AND CLIENTS. DANI: ON THE POINT OF THIS PAYPAL DEAL, YOU ARE SEEING SOME PUBLIC COMPANIES SPIN OFF DIFFERENT INVESTMENTS. I WONDER WHAT SEEMS TO BE THE DIVIDE. ARE THERE INTERESTING THINGS? PAYPAL'S OF THE WORLD ARE THEIR OWN ASSETS? ARE YOU SEEING THE BULK OF OPPORTUNITY HAPPENED IN PRIVATELY OWNED COMPANIES? NATALIE: WE ARE SEEING A MIX. IT'S SLANTED TOWARD PRIVATE TRANSACTIONS AND WE SEE OPPORTUNITIES IN CARVEOUTS FROM PUBLICLY TRADED PARENTS. ONE THIRD OF OUR INVESTMENTS HAVE COME FROM CARVEOUTS. WE CONTINUE TO SEE OPPORTUNITIES. DANI: WHAT ARE YOU SEEING? ELYSE: I THINK WE ARE SEEING IS A GOOD MIX AND WHAT WE ARE SEEING IS WE WANT TO MAKE SURE COMPANIES ARE CLEAR ON IS THAT WHILE THERE IS SIGNIFICANT UNCERTAINTY RIGHT NOW, THOSE COMPANIES HOLDING BACK DURING THAT UNCERTAINTY HISTORICALLY HAVE NOT BEEN AT THE TOP OF THEIR GAME WHEN IT COMES TO COMPARED TO COMPETITORS SO OUR ENCOURAGEMENT IS TO PUSH THAT -- PUSH THROUGH THAT UNCERTAINTY AND THINK ABOUT WHAT MNA ASPECTS ARE GOING TO CONTINUE TO DRIVE YOUR GROWTH AGENDA. DANI: REGIONAL BANKS, SOME PAYMENT SERVICES BUT WE DID HEAR FROM THE BIG BANKS. YOU HAD MORGAN STANLEY SAYING WE ARE REALLY CONSERVATIVE AND IT'S A REALLY HIGH BAR FOR US TO DO ANY MNA AND THE ORDER BEFORE, WE ARE ACTIVELY HUNTING FOR DEALS. WHAT ARE YOU EXPECTING IN TERMS OF THE BIG BANK BRACKETS AND THEIR ABILITY AND DESIRE TO DO DEALS? ELYSE: I THINK WE ARE REALLY LOOKING TO SEE THEM ACQUIRE FOR CAPABILITIES THAT ARE GOING TO DRIVE THEIR SPECIFIC GROWTH AGENDA RATHER THAN MEGA DEALS. DANI: WHAT ARE YOU SEEING IN TERMS OF ARE MEGA DEALS ACTIVE AND POSSIBLE? MARGARET: MORE SPECIALTY CIVILIANS, WHERE THERE IS A LINE OF BUSINESS, WHETHER IT'S A CAPABILITY, WHETHER IT'S TECHNOLOGY AND IF YOU LOOK AT THE PATTERN OF DEALS DONE IN THE LAST SEVEN YEARS, THAT IS WHAT YOU SEE. DANI: WHAT ABOUT CROSS-BORDER DEALS? DO YOU EXPECT ANY MORE OF THAT? MARGARET: THERE ARE FOREIGN BANKS INTERESTED IN REBATE ENTERING THE -- REENTERING THE U.S. MARKET. IT WILL DEPEND UPON THE FOREIGN BANK. WE WILL GET EACH FOREIGN BANK AND ITS REGULATORY HISTORY AND ITS FUNDAMENTALS. DANI: I WOULD QUICKLY LOVE TO GET A FLAVOR OF TWO THINGS. VALUATIONS AND DEAL VOLUMES. IN THE COMPANIES YOU LOOK LIKE, HOW ARE VALUATIONS LOOKING? ARE THEY FROTHY? ARE THEY REASONABLE? NATALIE: I THINK IT IS A MIX. LOWER COMPANY -- LOWER QUALITY COMPANIES ARE NOT TRADING WERE COMING IN AT LOWER MULTIPLES, NOT CLEARING MULTIPLES. THAT IS WHY THEY ARE NOT TRADING SO WE SEE A MIX. WE ARE VERY DISCIPLINED AROUND WHAT WE LOOK AT AND SPEND TIME ON SO WE HAVE BEEN ABLE TO TRANSACT ON FOUR COMPANIES THIS YEAR SO FAR. ALL REALLY EXCITING BUSINESSES. >> WHEN WE ARE LOOKING AT THE MARKET OVER THE HISTORICAL PERIOD WHILE VALUES HAVE BEEN DOWN, VOLUMES HAVE BEEN UP. WE ARE SEEING THAT TREND CONTINUE INTO THE SECOND HALF OF 2026 AND BEYOND AND LOOKING FOR COMPANIES THAT ARE CONTINUING TO MOVE FORWARD IN THE FACE OF UNCERTAINTY AND THOSE OF THE COMPANIES THAT ARE GOING TO WIN. DANI: ARE YOU SEEING SOMETHING SIMILAR WHERE VALUATIONS LOOK REASONABLE DEPENDING ON WHERE YOU LOOK? MARGARET: THE CHALLENGE IS THERE ARE MORE BUYERS AND SELLERS. IT LEADS TO PRICE MISMATCHES IN THAT KIND OF MARKET. DANI: DOES THAT MEAN DEAL VOLUMES WILL REMAIN SOMEWHAT MUTED JUST BECAUSE OF THAT IN BALANCE? ELYSE: IT'S -- MARGARET: IT'S ODD. NOT MUCH ABOVE THAT. THE ANSWER IS PREDICTING THE FUTURE IS HARD. ELYSE: WE ARE ANTICIPATING THAT VOLUME CONTINUES TO GROW. WE ARE LOOKING AT PIPELINE AND SEEING A STRONG INDICATOR IN OUR PIPELINE. DANI: THANK YOU FOR JOINING. PLEASURE TO HAVE YOU. THAT IS TODAY'S INVESTMENT COMMITTEE WITH LIGHTYEAR CAPITAL. COMING UP NEXT, DISPLAY VOLATILITY, VENTURE CAPITAL HAS BEEN FLOWING STEADILY INTO THE AI SECTOR. CAROLINA TELLS US WHERE SHE SEES VC HEADING NEXT. THIS IS BLOOMBERG DEALS. YOU ARE WATCHING "BLOOMBERG DEALS." I AM DANI BURGER. TIME FOR AN ALTERNATIVE VIEW. BY THE END OF THIS YEAR, THREE MASSIVE COMPANIES ARE EXPECTED TO HAVE GONE PUBLIC, SPACEX, ANTHROPIC, MAYBE OPENAI, I GUESS WE CAN ADD DEEPSEEK, TWO. THAT WILL MAKE FOR A MASSIVE INFLUX OF CASH INTO VC. WE ARE JOINED BY THE HEAD OF EQT VENTURES AND HEAD FOR GROWTH FOR THE U.S. AT EQT PARTNERS. THANK YOU FOR JOINING. >> THANK YOU FOR HAVING ME. DANI: THIS IS AN INTERESTING DYNAMIC BECAUSE THE SAME CRITICISM HAS BEEN MADE FOR ALL OF PRIVATE EQUITY, THAT MONEY HAS BEEN TIED UP AND WE HAVEN'T SEEN RETURNS. THESE ARE ABOUT TO BE BIG UNLOCKS OF CAPITAL. WHAT DOES IT DO TO THE ECOSYSTEM TO HAVE THESE BIG IPOS COME TO MARKET? >> AT THE END OF THE DAY IT IS A VIRTUOUS CIRCLE NOT ONLY OF TALENT, BUT OF CAPITAL THAT COMES BACK INTO THE ECOSYSTEM. IF YOU THINK ABOUT THE PAYPAL MAFIA, THEY HAVE STARTED A NEW BUSINESSES AND VENTURE CAPITAL FUNDS AND WE SEE THAT ACROSS THE ECOSYSTEM OVER TIME. WHAT WE ARE SEEING NOW BECAUSE OF THE AI PARADIGM SHIFT, WHICH IS SUCH A MASSIVE OPPORTUNITY RELATIVE TO THE OPPORTUNITIES BEFORE, IS THAT WE THINK A LOT OF THIS VALUE IS GOING TO BE IN PRIVATE CAPITAL FOR A LONG TIME. DANI: ONE OF THE THINGS I THOUGHT WAS INTERESTING ABOUT YOUR ALL'S RELATIONSHIP TO SPACEX IS YOU HAVE A SPACE-BASED STARTUPS U.S.-BACKED. STRUCTURE FOR DATA CENTERS, EUROPE'S ANSWER TO SPACEX. DOES HAVING SPACEX BEING PUBLIC HELP YOU OR HURT YOU? MAYBE IT IS COMPETING FOR SOME OF THE SAME CAPITAL. DID IT CHANGE ANYTHING FOR YOU? CAROLINA: IT ABSOLUTELY HELPS. IT HELPS BRING ATTENTION TO SPACE AND THE SPACE RACE AS IT IS AND HIS NEW ITERATION. WHAT WE HAVE SEEN IS A LOT OF INTEREST NOW IN SEVERAL OF OUR BUSINESSES. STAR CLOUT IS TRYING TO BUILD THE DATA CENTERS IN SPACE. AND THE EXPIRATION COMPANY, FOCUSED ON REUSABLE CAPSULES, BUT ALSO GOING INTO THINGS LIKE LAUNCHING. IT REALLY HAS ALSO BEEN AT THE SAME TIME, AS WE HAVE SEEN, A BIG SHIFT INTO RE-INDUSTRIALIZATION. A LOT OF FOCUS, SOME OF ITS SOVEREIGNTY-BASED, SOME OF IT JUST AI-BASED AS WELL. DANI: YOU WILL HAVE TO COME BACK SO WE CAN DO A WHOLE HOUR OF DATA CENTERS IN SPACE BECAUSE I LOVE IT, IT IS VERY SCI-FI AND I CAN'T WRAP MY HEAD AROUND IT EXACTLY. BUT WITH ALL OF THIS, WE HAVE SEEN SPACEX TODAY TRADING BELOW ITS IPO PRICE. IT GETS PEOPLE INTERESTED, BUT WHAT DOES THAT VOLATILITY DO AS YOU THINK OF EXITING SOME OF THESE COMPANIES? CAROLINA: YES. WHEN YOU INVEST EARLY STAGE, YOU HAVE TO HAVE A LONG-TERM MINDSET. SOMETIMES WE INVEST IN FOUNDERS WHERE IT IS JUST AN IDEA, PRE-PRODUCT, AND THEY WILL BE IN SOME SORT OF A VALLEY FOR FOUR, FIVE YEARS. INDITEX YOU MIGHT BE EVEN LONGER BECAUSE OF --IN DEEP TECH YOU MIGHT BE EVEN LONGER BECAUSE THE MILESTONES ARE TECH-BASE. DANI: YOU HAVE THESE SPACE INVESTMENTS AND YOU HAVE A HEALTHY PORTFOLIO OF MORE ROBOTICS AND HARDWARE COMPANIES. IT IS INTERESTING TO LOOK AT BECAUSE TRADITIONALLY WHEN YOU THINK OF VC GROWTH, YOU THINK OF ASSET-LIGHT BUSINESSES. THESE ARE NOT IS THIS A WHOLESALE CHANGE AND WANT TO BE INVESTED IN OUT? CAROLINA: OUR GOAL IS TO BE INVESTED THROUGH THE WAVES AND CYCLES. INVESTORS ARE INVESTING AT THE FOREFRONT. AND WHAT IS AROUND THE CORNER. FOR THE LAST 10 YEARS, WE HAVE THOUGHT THAT DEEP TECH IS AROUND THE CORNER. NOW WE ARE IN A NICE POSITION WITH AI AND THE REINDUSTRIALIZATION OF EVERYTHING. BUT IT IS ABSOLUTELY TRUE PARTICULARLY AS YOU COME INTO GROWTH STAGE THAT WITH SOFTWARE, IT'S REALLY EXCITING BECAUSE IT WAS HIGHLY RECURRING AND STICKY AND ASSET-LIGHT. NOW MANY SOFTWARE BUSINESSES ARE TURNING INTO SERVICES, OR INTO HARDWARE. AI HAS REALLY CHANGE THE PLAYING FIELD IN MANY WAYS. DANI: ONE OF THOSE, MAYBE WE CAN POINT TO ANOTHER INVESTMENT OF YOURS, IS HARVEY. LOOKING AT EUROPE FOR THAT. SINCE YOU HAVE SUCH A GOOD CRYSTAL BALL, HOW HAVE YOU BEEN THINKING OF WHAT THESE TYPES OF COMPANIES DUE TO LABOR MARKETS? DO YOU SEE SOMETHING LIKE HARVEY COMING IN AND REPLACING THE JOBS OF LAWYERS AND PARALEGALS? ARE YOU BACKING MORE COMPANIES THAT HAVE THE ABILITY TO DO THAT? CAROLINA: YES, IF YOU TAKE A STEP BACK, THE SOFTWARE MARKET IS SOMETHING LIKE $1.2 TRILLION. AI, IF YOU THINK ABOUT IT RELATIVE TO THE SERVICES INDUSTRY, COULD BE A $15 TRILLION OPPORTUNITY. WE THINK ABOUT WHAT OTHER PIECES OF THE WORLD WHERE IT MAKES SENSE FOR AI TO INCREASE PRODUCTIVITY GAINS. LEGAL IS A VERY OBVIOUS PLACE FOR THAT. CUSTOMER SERVICE IS A VERY OBVIOUS PLACE FOR THAT. LOVABLE IS A REALLY GREAT EXAMPLE OF VIBE CODING, WHICH ANYONE CAN BE A DEVELOPER. WE THINK THAT ULTIMATELY THIS WILL CREATE MORE JOBS, MAKE DRUGS MORE INTERESTING.--JOBS MORE INTERESTING. BUT IN THE SHORT TERM THERE MIGHT BE CHANGED MANAGEMENT OF WHAT DO PEOPLE DO EVERY DAY FIVE. DANI: DO YOU VIBE CODE? CAROLINA: MOST RECENTLY I HELPED MY DAUGHTER AND HER GIRLFRIENDS PUT TOGETHER A BRACELET-MAKING BUSINESS. DANI: I LIKE IT. VERY ENTREPRENEURIAL, NICE OVERLAP WITH WHAT YOU DO. WHATEVER YOUR ROLE AT E--PART OF YOUR ROLE AT EQT VENTURES, THE SCALE OF FUND. HOW HAS THAT BEEN GOING? CAROLINA: THAT IS SUCH A TERRIFIC INITIATIVE BECAUSE AS A CLEAR GAP WITH SOMEONE OPERATING IN THE MARKET MANY YEARS THAT THERE IS A CLEAR GAP AT GROWTH STAGE FOR DEEP TECH BUSINESSES IN EUROPE. WE THINK THIS WAS A FANTASTIC INITIATIVE. WE ARE THRILLED TO HAVE WON IT, BECAUSE WE HAVE VENTURES, WE HAVE GROWTH, WE HAVE A LIFE VENTURE BUSINESS. ACROSS ALL THE PEOPLE WE HAVE ALL OF THE PHDS IN LIFE-SCIENCES AND THE TECHNOLOGISTS AT VENTURES, WE HOPE THEY WILL BE ABLE TO DRIVE A LOT OF INVESTMENT. DANI: IS THERE A TIMELINE WHEN CAPITAL CAN START GETTING PUT TO WORK? CAROLINA: VERY IMMINENTLY, WE THINK. DANI: CAROLINA, WE WILL HAVE TO END IT. THANK YOU FOR JOINING. CAROLINA BROCHADO, HEAD OF GROWTH AT EQT PARTNERS. A NEW DEAL COULD HAVE APOLLO GOING TO BAT FOR THE YANKEES.. AND A PE DEAL THAT COULD SEE A CHANGE OF HANDS FOR ONE OF THE ONLY MAKERS OF BASEBALLS. THIS IS "BLOOMBERG DEALS." DANI: YOU ARE WATCHING "BLOOMBERG DEALS." I AM DANI BURGER, ALONGSIDE SCARLET FU. SPORTS FANS MAY BE FOCUSING ON THE WORLD CUP, BUT APOLLO HAS ITS EYES ON MLB. THE NEW YORK YANKEES ARE IN ADVANCED TALKS TO RAISE $3 BILLION OF FINANCING FROM APOLLO. SCARLET FU AND RYAN GOULD ARE BACK WITH ME. I FEEL LIKE THERE HAD BEEN RUMOR MILL SWIRLING ABOUT THE YANKEES LOOKING AT SELLING STAKES. IT IS NOT JUST DEAD, BUT IT LOOKS LIKE EQUITY THEY'RE GIVING UP, TOO. SCARLET: THAT IS WHAT THE REPORTING IS SHOWING US, THAT THERE ARE DEEP DISCUSSIONS RIGHT NOW TO RAISE AS MUCH AS $3 BILLION. THE TERMS OF THE PACKAGE WOULD BE MADE UP OF DEBT AND SOME EQUITY AS WELL. WE DON'T KNOW BEYOND THAT. SOME OF THE PROCEEDS OF THE MONEY RAISED WILL BE USED TO REFINANCE EXISTING DEBT, AND ALSO THE BALANCE WILL BE USED TO LOOK FOR GROWTH OPPORTUNITIES. WE KNOW THAT THE YANKEES, THE FAMILY THAT OWNS THE YANKEES, THEIR HOLDING COMPANY, THEY HAVE INVESTED QUITE A BIT IN SOCCER, SO WE COME FULL CIRCLE. THEY OWN STAKES IN AC MILAN. DANI: AND PE GOING IN, THIS IS SOMETHING WE DISCUSSED BEFORE, THE NFL HAS HARD CAPS. DOES MLB HAVE THE INSTRUCTOR? SCARLET: PE'S ARE NOT ALLOWED TO BE MAJORITY OWNER OF A SINGLE FRANCHISE. DANI: EVERYTHING IN THIS ECOSYSTEM --RYAN, YOU WERE REPORTING ON RAWLINGS, THE COMPANY THAT MAKES BASEBALL THINGS. RYAN: GLOVES AND BALLS. A FAIRLY SMALL FIRM CALIFORNIA, THEY ARE TRYING TO SELL THEIR STAKE. THEY OWN THE MAJORITY OF RAWLINGS. IT IS A BIG SUPPLIER WITH MLB. THEY, OWN IT WITH MLB AND THEY ARE LOOKING TO CASH OUT. IT IS EARLY STAGES OF THE CELL PROCESS. IT GETS AT THE HEART OF THE FACT THAT PE FIRMS ARE LOOKING TO GET INTO HIGH-CONTACT SPORTS AND FRANCHISES. DANI: ANYTHING GEAR, TEAMS, IT DOESN'T MATTER. SCARLET: EVERY LEVEL, FROM YOUTH SPORTS TO THE PROS. DANI: HOW MUCH ANXIETY, RYAN, ARE YOU FEELING FOR 3:00 P.M. TODAY, ENGLAND? RYAN: I HAVE ANXIETY ABOUT WHERE I'M GOING TO WATCH THE GAME, LET ALONE -- DANI: HOPEFULLY NOT UNDER DESK. THAT IS RYAN AGOULD, AND SCARLET FU ALWAYS ALONGSIDE ME ON "BLOOMBERG DEALS." STAY UP TO SPEED AFTER THE SHOW BY SUBSCRIBING TO THE "BLOOMBERG DEALS" NEWSLETTER. UP NEXT, "BALANCE OF POWER" LIVE FROM WASHINGTON.