“IT company” MindGeek has been sold to a Canadian PE firm. MindGeek may not ring any bells, but perhaps you have heard of the company’s popular website ‘Pornhub’. No? Yeah, I haven’t heard of it either.

The lowdown

• 🍆 Pornhub owner MindGeek bought by PE firm Ethical Capital Partners.

• 🏦 11 large US banks agree to provide deposits to First Republic to stabilize the bank.

• 🤑 New management at FTX say SBF took $2.2 billion from the company.

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Shareholder suggests BAT moves listing to NY

Major British American Tobacco (BAT) shareholder Rajiv Jain has called for the company to move its primary listing from London to New York.

BAT would be the latest in a string of companies to reject the LSE for New York. Chipmaker Arm announced earlier this year it would opt for a US IPO, and construction materials company CRH announced it is preparing to depart the LSE.

Jain pointed to the US-centric nature of BAT's business and the fact that the investor base is now largely US based, calling the company an “orphan in Europe” in his reasoning for the move.

The most compelling reason provided, though, is the valuation gap between BAT and its US-listed peers Philip Morris International and Altria. BAT’s peers trade at a blended multiple of 12 times next year's earnings, while BAT trades at only 7.5 times ($). Perhaps it is indeed time to tobacc-go.

The content we're consuming today

• Acquired podcast: Nintendo.

• The Economist: From high-speed rail to the Olympics, why do big projects go wrong? ($).

• FT: Seven ways in which Credit Suisse isn’t SVB ($).

Off-balance sheet items

• I don’t believe you’ve read all the links provided above, but in case you have and still thirst for more, have a look at this list of interesting pages on Wikipedia from Buzzfeed.

The bottom line