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3M has agreed to buy Acelity, a San Antonio-based wound care products company that recently filed to go public, for $6.7 billion from Apax Partners, CPP Investment Board and PSP Investments.

Why it matters: This is a high-priced reminder that 3M has become much more than Scotch Tape and Post-it notes, with health care already accounting for 18% of its $32 billion in annual revenue. Acelity will only add to that, with a top-line of nearly $1.5 billion last year.

What's next: Expect Acelity to pull its IPO registration, which it had submitted last month as KCI Holdings.

"The consortium had been working with Acelity and KCI since 2011 on a strategic mergers and acquisition program that included targeted acquisitions, such as Systagenix in 2013 and Crawford Healthcare in 2018, and disposals of non-core businesses, such as the LifeCell business unit, which was sold for $2.9 billion in 2017."
Colin Kellaher, the Wall Street Journal

Go deeper: 3M found that more people are skeptical about science than in 2018

Go deeper

Updated 58 mins ago - Economy & Business

Hybrid work now dominates the knowledge economy

llustration: Eniola Odetunde/Axios

For the first time since the start of the pandemic, most knowledge workers are in hybrid work arrangements, partly remote and partly in-office, a new survey finds.

By the numbers: 58% said they now work this way, in a survey of around 10,000 knowledge workers from the U.S., Europe, Australia and Japan, conducted last November by Future Forum, a research group backed by Slack.

Rents hit all-time high

Data: Zumper; Chart: Axios Visuals

The national median price of a one-bedroom rental apartment in January was up 12% year-over-year, to $1,374 — an all-time high, per Zumper, an online apartment rental site.

Why it matters: Inflation is taking a bigger bite out of people's paychecks these days not only in food and gasoline, but also in housing costs.

A pandemic victim: Ethical supply chains

Illustration: Aïda Amer/Axios

Over the last decade, global companies have put in place elaborate policies to ensure their suppliers protect worker safety and human rights. They're struggling to comply with those policies in the pandemic.

Driving the news: COVID-era disruptions have caused a spike in noncompliance with health and safety rules, according to new data from Qima, which audits supply chains.