Good evening,

Macquarie Capital’s scored the final touch down at Cobham Aviation’s sale.

Its bankers have hammered out a deal with American military contractor Leidos for Cobham’s special missions arm, after matching ASX-listed Regional Express for the FIFO unit earlier.

That’s about six months from the start to the finish, but proves M&A is still live and kicking for the right businesses.

Over at Metigy, which went from unicorn status to under administration in a jiffy, investors were finding it hard to swallow the business had run out of money or was struggling to raise.

There’s still more questions than answers. But there were calls for a full audit, while Cathro Partners prepped for a sale.

The events are every VC investor’s worst nightmare come true, and no doubt the fleece-and-sneakers lot would be spending their evenings poring over their portfolios to feel for any other hidden surprises.

Elsewhere, we spotted super and investing start-up Spaceship in an emergency convertible raise to tide over the equity raising drought, and Barrenjoey had signed on the dotted line with Forsyth Barr for Kiwi deals.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood

Street Talk Editors