Macquarie sells data centres to Nvidia-backed group for $61.4b

Good morning. Here's what happened overnight and what you need to know today.

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1.

(No) Big deal: Investors led by BlackRock’s Global Infrastructure Partners agreed to buy Macquarie Asset Management-owned Aligned Data Centers in its latest bet on AI. The deal, which is expected to close in H126, values Aligned Data Centers at around USD40 billion ($61.4 billion). The AI Infrastructure Partnership consortium, comprising Nvidia, xAI, Microsoft and MGX, said it aims to mobilise USD30 billion of equity capital from investors, asset owners, and corporations, with the potential to reach USD100 billion including debt financing. Aligned, which designs, builds and operates data centres for the hyperscalers, neocloud and enterprises, will remain headquartered in Dallas, Texas, after the acquisition and will be led by CEO Andrew Schaap. Aligned’s portfolio includes 50 campuses and more than 5 gigawatts of operational and planned capacity, including assets under development, located across the US and LATAM. Meanwhile, the UK's Nscale agreed to supply Microsoft with 200,000 Nvidia AI chips. (Macquarie)(AIP)(Capital Brief)(Reuters)

2.

Trade volley: US Treasury Secretary Scott Bessent escalated tensions with China, calling it an “unreliable partner” over rare earth export controls and publicly labelling Chinese Vice Minister Li Chenggang “very disrespectful,” in comments that coincided with volatile but rising markets led by strong US bank earnings. Bessent said the US and its allies will deliver a “fulsome, group response” to China’s plan to tighten limits on rare earths, but floated the possibility of extending a pause on US tariffs if China drops its new export controls on rare earths. He said US-South Korea trade talks are “about to finish up” and that US-Canada talks were “back on track.” Bessent also said the US government shutdown is costing the economy USD15 billion a day and confirmed the US is assembling a USD20 billion private finance facility to support Argentina’s debt, adding to a USD20 billion currency swap framework already in place. Meanwhile, US stocks were rising in late trading as Morgan Stanley posted results that topped all of its largest rivals, with profit up 45% to USD4.61 billion and trading revenue surging, as the top six US banks posted USD15.4 billion in stock trading revenue, the highest third quarter in at least five years, according to Bloomberg. (Capital Brief)(Bloomberg)

3.

Beneficial boost: The federal government plans to launch and maintain an open register of beneficial ownership of companies to boost transparency about who ultimately controls unlisted companies, which may be different from the legal owners. The government is targeting early 2028 to have the ASIC beneficial ownership register designed and legislated, according to a spokesperson. The government had previously expected to launch a beneficial ownership registry through a two-staged approach, with lists to initially be maintained by companies rather than the government. In a statement, Assistant Minister for Productivity, Competition, Charities and Treasury, Andrew Leigh, said the federal government will “now proceed directly to a public, Commonwealth-operated register of beneficial ownership information for unlisted companies”. Further policy work on the register will be undertaken from early 2027, followed by a public consultation. The government will also progress work on developing a beneficial ownership regime in relation to trusts. (Capital Brief) (Andrew Leigh)(InnovationAus.com)

4.

Case closed: London’s High Court dismissed UBS’s USD440 million ($675 million) claim against SoftBank over Credit Suisse’s losses linked to the collapse of Greensill Capital. The case focused on a 2020 transaction involving Greensill and Katerra, a US construction company backed by SoftBank, in which Credit Suisse alleged SoftBank engineered a restructuring to recover its own money, leaving the bank’s investors out of pocket. Judge Robert Miles ruled that SoftBank “did not orchestrate” the transactions and “believed in good faith” that the money involved would repay noteholders. He found that Lex Greensill misled Credit Suisse and presented “reconstructed” and “opportunistic and misleading” evidence. UBS brought the case after its 2023 rescue of Credit Suisse and said it is reviewing the decision. SoftBank said the ruling “fully vindicates” it and confirmed the lawsuit was a “baseless attempt to redirect blame”. (Capital Brief)(Judgment)(FT)(Reuters)(Bloomberg)

5.

AI strikes gold: Greatland Resources is deploying AI tools to uncover new opportunities to extend the life of one of Australia’s oldest gold projects, as miners seek to leverage record-high commodity prices to secure long-term profitability. After acquiring the Telfer project — located in the Pilbara, Western Australia, and first producing gold in 1977 — in December 2024, Greatland Resources managing director Shaun Day said AI is enabling the identification of “ore bodies hiding within existing drill data”. Speaking on a panel at the Citi Australia & New Zealand Investment Conference 2025, Day said the technology is helping “order and search” the “ginormous drill database”. This is supporting 240,000 metres of planned drilling at Telfer this year, which he said is the most in the project’s history. He also noted that the industry will increasingly rely on more advanced geophysical techniques because “you’re not going to find major deposits expression at the surface in Australia anymore, it’s been picked over”. (Capital Brief)

6.

MAC undone: American pharmaceutical giant Cosette Pharmaceuticals failed in its bid to walk away from its $672 million acquisition of Mayne Pharma, after the NSW Supreme Court dismissed its claims in full. Justice Ashley Black ruled that Cosette had affirmed the deal when it signed an amended scheme of implementation deed on 1 April, executed a deed poll on 9 May and participated in a court hearing on 15 May. Although aspects of Mayne’s Q3 FY25 sales performance “constituted an adverse change”, the court found its impact on maintainable EBITDA did not meet the $10.76 million threshold required to trigger the material adverse change clause. Cosette also failed to establish that Mayne engaged in misleading or deceptive conduct. The court noted Cosette’s advisers and employees of its private equity owner had access to key data, even if senior executives were unaware. The deal remains subject to FIRB approval and Cosette has until 22 October to appeal. (Capital Brief)

7.

Far right block: Australia’s High Court unanimously upheld the government’s decision to refuse a visa to US commentator Candace Owens, who had planned a speaking tour last year. Home Affairs Minister Tony Burke used powers under the Migration Act to deny her entry last October, finding she failed the “character test” and posed a risk of inciting discord in the Australian community. The court found the law “does not infringe the implied freedom of political communication“ and served a legitimate purpose in protecting the public from visitors likely to “stir up or encourage dissension or strife in the Australian community.” Owens’ lawyers had argued the refusal placed an “impermissible burden” on the implied freedom of political communication and that Burke had misconstrued his powers. The court rejected both arguments and ordered Owens to pay the government’s legal costs. Burke said the outcome was a “win for social cohesion,” adding that “Australia’s national interest is best served when Candace Owens is somewhere else.” (High Court of Australia)(Reuters)

8.

Healthy scepticism: Uncertainty sparked by the appointment of vaccine-sceptic Robert F Kennedy Jr as US health secretary, combined with the persistent threat of new industry-wide tariffs, has weighed heavily on the Australian pharmaceutical sector. Healthcare has been the worst-performing sector in 2025, retreating around 13% as the benchmark S&P/ASX 200 index advanced 10%. Biotech heavyweight CSL, which carries an outsized influence on the index, has seen its shares sink 23% this year. But sentiment has started shifting. Since US President Donald Trump announced a 100% tariff on branded and patented drugs last month, the segment has rallied. Australia’s largest healthcare firms have largely downplayed the impact of the new tariffs, pointing to existing US manufacturing operations and diversified global supply chains as buffers against disruption. Jack Kalavritinos, a senior health official during Trump’s first term, believes the future looks even brighter for pharma stocks, pointing to the prospect of accelerated approval processes for new drugs. (Capital Brief)