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Advent International has agreed to buy Cobham (LSE: COB), a British defense and aerospace group known for developing air-to-air refueling technology. The deal is valued at £4 billion, or 165 pence per share ⁠— 35% premium to yesterday's closing price.

Why it matters: The deal could come under severe political and regulatory scrutiny in the U.K., just as Boris Johnson takes over as prime minister. Expect particular focus on possible layoffs and broader defense manufacturing sector impact, similar to debate last year when Melrose Industries bought GKN.

On the other hand: This is yet another example of how the pending Brexit hasn't scared off many U.S. investors.

The bottom line: "Cobham, which employs 10,000 people and also makes electronic warfare systems and communications for military vehicles, was shaken by a string of profit warnings in 2016 and 2017, forcing it to raise cash from shareholders. CEO David Lockwood embarked on a turnaround strategy two and half years ago, focused on improving the company’s financial and operating performance." — Paul Sandle, Reuters.

Go deeper: Everything you need to know about Brexit

Go deeper

Schumer vows to confirm Breyer replacement "with all deliberate speed"

Chuck Schumer. Photo: Alex Wong/Getty Images

Senate Majority Leader Chuck Schumer responded Wednesday to reports that Supreme Court Justice Stephen Breyer will retire, commending his time on the bench and promising to confirm President Biden's nominated replacement "with all deliberate speed."

Why it matters: The opportunity to appoint a new Supreme Court justice will be one of the longest-lasting pieces of Biden's legacy and could energize Democrats ahead of the midterms.

34 mins ago - World

Scoop: Israel's "top priority" mission to discredit UN probe

Israeli Prime Minister Naftali Bennett addresses the UN. Photo: John Minchillo/Pool via Getty

Israel is planning a campaign to discredit a UN commission formed to investigate the violence in Gaza last May and the root causes of the protracted conflict in the occupied West Bank and Gaza, according to an Israeli Foreign Ministry cable seen by Axios.

Why it matters: Israeli officials say they are highly concerned that the commission’s report will refer to Israel as an "Apartheid state" and that its findings could damage Israel's reputation, particularly among progressives in the West. The report is expected in June.

Updated 35 mins ago - Politics & Policy

Liberal Supreme Court Justice Stephen Breyer to retire: reports

Justice Stephen Breyer. Photo: MANDEL NGAN / AFP via Getty Images

Supreme Court Justice Stephen Breyer will retire, NBC news first reported and multiple outlets confirmed on Wednesday, giving President Biden his first — and maybe only — chance to put a stamp on the high court.

What’s next: Appointing a new Supreme Court justice will be one of the longest-lasting pieces of Biden’s legacy — and could give Democrats a jolt of energy ahead of next year's midterms.

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