The bible tells us that Moses was 120 years old when he climbed atop Mount Nebo to die. And he did this only after he had divided the Red Sea. It makes EY boss Carmine Di Sibio look all the more pathetic considering he is only 60 and resigned after failing to climb his own mountain – Project Everest – after being unable to divide an accounting firm, let alone a sea. All I’m saying is that it’s lucky he was only leading EY and not the ancient Israelites.

The lowdown

• 🚶 EY boss Carmine Di Sibio informs partners he will retire, creating a succession battle to lead the firm.

• ❄️ US inflation cools, coming in at 4% for the 12 months to May.

• 📈 UK short-term borrowing costs rose above ‘mini budget’ crisis levels after strong wage growth numbers.

Featured stories

Nasdaq writes BIG check to acquire Adenza

Nasdaq plans to acquire software company Adenza from PE firm Thoma Bravo for $10.5 billion in cash and stock. Adenza makes software for risk management and regulatory purposes and is mainly used by banks and brokers, allowing Nasdaq to expand its presence in the space.

$10.5 billion is a large check to write, though, and values Adenza at about 18 times its expected revenue for 2023. Following the announcement of the acquisition, Nasdaq’s share price dropped 10%, indicating some may think they have overpaid.

Thoma Bravo will receive a stake of 14.9% in Nasdaq as part of the deal, making it one of the largest shareholders in the exchange. Finally, it would be remiss of me not to note that ‘Adenza’ is only one letter away from the first name of Nasdaq CEO Adena Friedman – possibly why she likes it so much.

The content we're consuming today

• WSJ: Goldman Sachs Is at War With Itself ($).

• Acquired podcast: Uber CEO Dara Khosrowshahi.

• Apricitas Economics: The Case for a Fed "Skip".

Off-balance sheet items

• Check out the trailer for ‘Poor Things,’ a super weird Frankenstein-like story based on a novel about a resurrected girl (Emma Stone) who rejects social norms and goes on an adventure.

The bottom line