Deutsche Glasfaser Turns to Preferred Equity to Tempt Investors
The firm, owned by private equity group EQT AB and Canadian pension fund Omers, is aiming to raise about €500 million of preferred equity in the coming weeks to finance its business plan, according to people familiar with the matter, who asked not to be named because they aren't authorized to talk about it. And the rest will be raised at a later stage, one of the people said, adding that the coupon will likely be in the low teens.
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Yahoo
2 hours ago
- Yahoo
Wall Street bosses want junior bankers to come clean about PE jobs. It won't be easy.
Big banks are cracking down on entry-level workers with covert private equity jobs. Citing conflicts of interest, they are asking junior bankers to disclose future-dated job. Experts warn that this approach could encourage secrecy and undermine retention. Big banks are cracking down on junior bankers with covert private equity jobs — but experts warn that their approach may drive secrecy further underground. To guard against private equity firms poaching junior talent, investment banks are requiring analysts to disclose in writing if they've accepted future-dated jobs. While each bank's policy is different, juniors who confess to having a PE job may be terminated, moved to another team or division, or taken off certain deals — consequences that could encourage ambitious young bankers to clam up and undermine banks' efforts to retain them. "These are smart people. Their cognitive calculus is always working," said Maurice "Mo" Cayer, an organizational psychologist and lecturer at the University of New Haven. Young bankers facing termination for accepting PE jobs might think, "If I get caught, I'll lose my job. Well, I'll lose my job anyway," Cayer added. The banks declined to comment. Redeployment could also backfire if the moves are viewed as demotions. "As long as they're still doing the job they were hired for and they're not relocating them to a different geography or a different vertical, that's okay," said Kate Morgan, founder and CEO of Boston Human Capital Partners, a talent acquisition and HR consulting firm. Anything short of that could result in bankers playing it safe, she said. Even bankers who stay on the M&A track may have reason to worry, said Anthony Keizner, cofounder of Wall Street recruiting firm Odyssey Search Partners. "The bigger thing that the bankers are worried about is if you tell them you're leaving, then you're less likely to be considered for the most high-profile deals, and it could affect the way you're rated, and it could affect your bonus," he said. Meanwhile, the attestations don't seem to be deterring young bankers from their buyside ambitions, according to Keizner, whose recruiting firm has surveyed about 1,100 first-year bankers in the past few weeks. In describing the early findings, he said many of them are concerned about the situation and "unsure how to proceed" — but only "a tiny proportion" said they're planning to not participate in PE recruiting because of policy changes at their banks. Questioning conflicts Banks have said the attestations are necessary to protect against conflicts of interest that can arise as a result of private equity recruiting tactics, which seek to hire junior bankers for jobs that won't start for two years, after they have been trained by the banks. That means a junior banker could be assigned to work on a deal involving a future employer. The people who spoke to Business Insider, however, questioned the ambiguity of this argument. "What does it mean to avoid conflicts?" Keizner said, adding, "Say you accept a role at PE firm X. Does it mean you can't work on something related to PE firm Y? Or can you not work on a deal for a company where PE firm X has a portfolio company that's competitive to it?" "Just because you've accepted a role at the PE firm in 18 months' time, it's not like you're privy to their deal pipeline or you've got the team on speed dial," he added. Morgan also warned that prioritizing hard-to-control compliance issues could hurt retention. "They're going to always feel like the banks are now gatekeeping their ambition," she said of junior bankers. "They are sort of saying, 'we don't trust you,'" she added of the banks. A New York-based private equity employee who was previously an investment banker agreed that banks are sending the message that "analysts owe the firm their underlying loyalty." "To me personally, it wouldn't mean anything," she said, adding, "People will continue to recruit regardless." For now, banks don't have much to worry about because private equity recruiting has largely stalled. "I don't think any of the participants nor firms know exactly where this is all headed," Keizner said, adding. "Everyone is watching and waiting to see how the pieces will come together." When and if it resumes, the attestations could prevent some young bankers from participating, said Cayer. "There are a lot of good Boy Scouts," he said, adding, "They've studied hard. They're conscientious people." "If the bankers won't show up because they're too scared or being seriously restricted from doing so — well that would be a big problem. That really would put a stick in the spokes of the system. But my sense is that we are not at that stage," Keizner said. "I think the bankers will still want to interview. The PE firms still want to hire," he added. "Yes, it's going a little later, but certainly based on what we've seen so far, it's going to continue happening." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Why Dycom (DY) Shares Are Falling Today
What Happened? Shares of telecommunications company Dycom (NYSE:DY) fell 8.5% in the afternoon session after the company reported mixed second-quarter 2025 results where revenues and forward guidance fell short of market expectations. The telecommunications infrastructure company posted second-quarter contract revenues of $1.38 billion. While this represented a 14.5% increase compared to the same period last year, it fell short of analyst estimates of $1.41 billion. Despite the revenue miss, Dycom delivered strong profitability. Its adjusted EBITDA of $205.5 million beat the consensus estimate of $191.9 million, and its earnings per share of $3.33 was a notable increase from $2.32 in the prior-year quarter. However, the company's revenue guidance for the upcoming third quarter of $1.41 billion also underwhelmed investors, coming in below Wall Street's forecast of $1.46 billion, overshadowing the profit beat. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Dycom? Access our full analysis report here, it's free. What Is The Market Telling Us Dycom's shares are somewhat volatile and have had 14 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 29 days ago when the stock dropped 3.4% as investors appeared to take profits after the stock reached a new all-time high in the previous trading session. The specialty contracting services company had reached a new 52-week and all-time high the previous day, trading as high as $260.84. The stock's move lower on Tuesday came amid a broader market retreat, as major indices like the S&P 500 and Nasdaq pulled back from their own record highs in early trading. The decline for Dycom followed a significant run-up in its share price, which had gained over 47% year-to-date as of Monday's close, supported by strong quarterly results in May and a series of positive analyst ratings. Dycom is up 41.7% since the beginning of the year, but at $250.46 per share, it is still trading 10.5% below its 52-week high of $279.99 from August 2025. Investors who bought $1,000 worth of Dycom's shares 5 years ago would now be looking at an investment worth $5,397. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Bloomberg
3 hours ago
- Bloomberg
Quantinuum Weighs Raising Funds at $10 Billion Valuation
Honeywell International Inc. and other backers of Quantinuum are considering raising money for the quantum computing firm at a valuation of around $10 billion, people familiar with the matter said. Discussions have taken place with existing Quantinuum investors, as well as possible new backers, about a fresh injection of capital, according to the people. The size of the fundraising is expected to run into the hundreds of millions of dollars, they said.
