Google GOAT raise
Alphabet upsizes its record-breaking equity raise.
Good Morning.
Google parent Alphabet was already on track for its upcoming equity raise to be the biggest ECM transaction of all time. Then the tech giant went and one-upped itself, upsizing the raise to USD85 billion after pretty strong demand.
The Information read the fine print and learned nearly 40% of the proceeds will not go to data centres at all. They will cover employee equity tax obligations, a hidden cost of the AI talent war that has roughly doubled in a year.
And the success has stoked speculation that Big Tech rivals will follow suit, in what is shaping up as a bumper year for public offerings.
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A green light from Australia’s competition watchdog saw Ampol’s share price rise 3.43% on Wednesday, after the ACCC cleared the fuel retailer’s $1 billion purchase of EG Australia, subject to the sale of 41 retail fuel sites to an approved purchaser.
