1 big thing: Activist investor takes on car auction company

2. The BFD: Kohl's attracts another suitor 

3. Another department store, another campaign 

Illustration of a hand holding a hammer breaking away pieces of a briefcase. 

4. Retail transactions

Good morning, Retail Readers, and happy hump day! 🐫

Retail Deals

1 big thing: A tale of 3 activists campaigns

2. The BFD: Dunkin' inks sports deals

Illustration of the Wall St. bull statue eating a donut.

3. Retail therapy: Macy's upgrade and PPI surge

Illustration of Sigmund Freud holding a collection of shopping bags.

5. It's Personnel 

🐫 We're nearly over this week's hump Retail Readers! 

In the immortal words of Austin Powers, "allow myself to...introduce...myself." Michael Flaherty here, normally the editor/co-conspirator with Richard. Richard's out today, so I'm coming in from the bullpen like Ricky Vaughan. 

📈 Situational awareness: This morning’s retail sales (+3.5%) tell us consumers and inflation are both moving up and to the right. 

Remember to tell your friends to sign up for this newsletter if you haven't already.

1. a16z, Coatue place carbon-software bet

2. Goldman power

3. Monta nets €30M for EV charging SaaS

4. Construction startup raises $11.5M

$100 bill with construction helmet on Franklin's head

5. Chart of the week: Nickel and dimed

Enjoy this week's digest and then subscribe and listen to the latest season of "Elon Musk vs. Twitter" — a docuseries about Musk's astonishing career, the rise of Twitter, and what the collision between the two could mean for us all. 

That was a whirlwind of a week. Rest up. Megan and Alan will be back Monday to catch you up on the latest. 

And thank you for reading Climate Deals! Please share with your friends, family and nickel enthusiasts.

Climate Deals

1 big thing: Reading the TreeHouse Foods tea leaves

Illustration of a coffee cup with steam in the shape of a dollar sign.

2. The BFD:  Kering sets sights on Maui 

3. Retail therapy

🦅 Today, March 15, is Buzzards Day. OK, I know that's not a buzzard emoji but it's the closest I could find, other than a turkey 🦃. 

1 big thing: Yum China's full plate 

Illustration of magnifying glass over china's national star

2. The BFD: Softbank cashes in on discount Coupang stake

3. TreeHouse Foods tells Jana thanks, but no

Illustration of a tree with money as the leaves. 

4. Retail therapy

5. Retail transactions

🥧  Pi Day, Retail Readers! See below for more on this particular day.

🌡  Richard is not feeling well today, so Mike's hopping in.

➗  According to the official Pi Day website, "Pi Day is an annual opportunity for math enthusiasts to recite the infinite digits of Pi, talk to their friends about math, and eat pie."

Nothing against math, but I'm going to opt for the latter option there. 

Fintech Deals

Binance.US has agreed to acquire the assets of bankrupt crypto lender Voyager Digital, in a deal valued at around $1 billion.

Why it matters: Voyager Digital was left at the altar when its earlier agreement with FTX US blew up, following the crypto exchange's implosion. FTX US's bid in September for Voyager was valued at about $1.4 billion.

Details: The announcement today said the $1 billion bid is comprised of the fair market value of Voyager's cryptocurrency portfolio at a TBD date. Binance is also paying an additional $20 million in incremental value, more than 5 times less than what FTX US had agreed to pay.

Remember that at one point, Voyager had rebuffed FTX US's offer, calling it a "low-ball bid." That was before FTX collapsed and filed for bankruptcy. 

Of note: Binance was not the only bidder in this round, with names including CrossTower, INX, and Wave Financial also in the mix.

The Binance.US bid for Voyager aims to return crypto to customers in kind, the release says. It will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million.  

Editor's note: This story has been updated with additional information and details. 

Bankrupt Voyager Digital strikes deal with Binance.US

Binance.US agrees to buy assets in bid worth $1 billion

Changpeng Zhao, Co-Founder & CEO, Binance, at Media Village during day one of Web Summit 2022 at the Altice Arena in Lisbon, Portugal. (Photo By Ben McShane/Sportsfile for Web Summit via Getty Images)

Fintech

Binance.US <a class="gtmContentClick" data-vars-link-text="has agreed to acquire" data-vars-click-url="https://www.newswire.ca/news-releases/voyager-announces-agreement-for-binance-us-to-acquire-its-assets-891555229.html#:~:text=Binance.US%20will%20make%20a,to%20return%20value%20to%20customers." data-vars-content-id="125bd2d5-b772-4be1-b55c-aaac3064b97d" data-vars-headline="Bankrupt Voyager Digital strikes deal with Binance.US" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.newswire.ca/news-releases/voyager-announces-agreement-for-binance-us-to-acquire-its-assets-891555229.html#:~:text=Binance.US%20will%20make%20a,to%20return%20value%20to%20customers." target="_blank">has agreed to acquire</a> the assets of bankrupt crypto lender Voyager Digital, in a deal valued at around $1 billion.Why it matters: Voyager Digital was left at the altar when its earlier agreement with FTX US blew up, following the <a class="gtmContentClick" data-vars-link-text="crypto exchange&#x27;s implosion" data-vars-click-url="https://www.axios.com/economy-business/ftx" data-vars-content-id="125bd2d5-b772-4be1-b55c-aaac3064b97d" data-vars-headline="Bankrupt Voyager Digital strikes deal with Binance.US" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/economy-business/ftx" target="_self">crypto exchange&#x27;s implosion</a>. FTX US&#x27;s bid in September for Voyager was valued at about <a class="gtmContentClick" data-vars-link-text="$1.4 billion" data-vars-click-url="https://www.prnewswire.com/news-releases/voyager-completes-successful-auction-and-announces-agreement-for-ftx-to-acquire-its-assets-301633679.html" data-vars-content-id="125bd2d5-b772-4be1-b55c-aaac3064b97d" data-vars-headline="Bankrupt Voyager Digital strikes deal with Binance.US" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.prnewswire.com/news-releases/voyager-completes-successful-auction-and-announces-agreement-for-ftx-to-acquire-its-assets-301633679.html" target="_blank">$1.4 billion</a>.Details: The announcement today said the $1 billion bid is comprised of the fair market value of Voyager&#x27;s cryptocurrency portfolio at a TBD date. Binance is also paying an additional $20 million in incremental value, more than 5 times less than what FTX US had agreed to pay.<ul><li>Remember that at one point, Voyager had rebuffed FTX US&#x27;s offer, calling it a &quot;low-ball bid.&quot; That was before FTX collapsed and filed for bankruptcy. </li></ul>Of note: Binance was not the only bidder in this round, with names including <a class="gtmContentClick" data-vars-link-text="CrossTower, INX, and Wave Financial" data-vars-click-url="https://www.axios.com/2022/11/17/binance-wants-to-buy-the-voyager-assets-ftx-won" data-vars-content-id="125bd2d5-b772-4be1-b55c-aaac3064b97d" data-vars-headline="Bankrupt Voyager Digital strikes deal with Binance.US" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/11/17/binance-wants-to-buy-the-voyager-assets-ftx-won" target="_self">CrossTower, INX, and Wave Financial</a> also in the mix.<ul><li>The Binance.US bid for Voyager aims to return crypto to customers in kind, the release says. It will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million. </li></ul>Editor&#x27;s note: This story has been updated with additional information and details.

This morning featured two more chunky merger announcements in the climate tech space, each valued at $1.5 billion.

Why it matters: The market volatility has impacted a lot of industries, but climate tech is weathering the economic storm and is even able to pull off something unthinkable in other sectors: the announcement of two SPAC deals in as many days. 

Of note: This morning's dual announcements come one day after nickel producer Lifezone unveiled its own $1 billion SPAC merger, suggesting the trend is playing out in climate tech — or at least commodities. 

Details: Deal No. 1 — Net Power, backed by Oxy and other major players in oil and gas, announced a SPAC merger that will list the company on the New York Stock Exchange. 

Net Power, based in Durham, N.C., is merging with Rice Acquisition Corp. II at an implied enterprise value of about $1.5 billion.

Oil and gas billionaires the Rice family invested $100 million. Occidental, which has invested aggressively in carbon-capture technologies, also committed $100 million via PIPE.

Meanwhile: Deal No. 2 — First Mode, which built a hydrogen fuel cell system for enormous mining haul trucks, is being acquired by mining giant Anglo American. 

Anglo American, a mining company based in London, is combining First Mode with Anglo's clean energy division, nuGen. 

The deal includes a $200 million equity investment from Anglo. It values the combined business at $1.5 billion.

Occidental, Anglo American anchor dual $1.5B deals

Net Power and First Mode announce merger agreements.

Anglo American nuGen facility in South Africa. Photo:  Felix Dlangamandla/Daily Maverick/Gallo Images via Getty Images

Mergers and acquisitions

This morning featured two more chunky merger announcements in the climate tech space, each valued at $1.5 billion.Why it matters: The market volatility has impacted a lot of industries, but climate tech is weathering the economic storm and is even able to pull off something unthinkable in other sectors: the announcement of two SPAC deals in as many days.

Media Deals

Investment firm Thrive Capital is selling a 3.3% stake to a group of investors including Disney CEO Bob Iger, the Wall Street Journal reports. 

Why it matters: The media-focused venture capital shop now has an additional $175 million of money to play with, and the deal makes the firm worth around $5.3 billion. 

Details: Thrive, founded by Josh Kushner, has invested across the TMT space, including stakes in Spotify and Instagram. The firm is also in talks to invest in OpenAI, the creator of ChatGPT.

Of note: Among those joining Iger in the purchase of the Thrive stake are KKR co-founder Henry Kravis, Brazilian banker Jorge Paulo Lemann and Indian billionaire Mukesh Ambani. 

Thrive Capital sells minority stake to Bob Iger and other moguls

The deal makes the VC firm worth around $5.3 billion.

Bob Iger in Los Angeles earlier this month. Photo: Hollywood To You/Star Max/GC Images

Investments

Investment firm Thrive Capital is selling a 3.3% stake to a group of investors including Disney CEO Bob Iger, <a class="gtmContentClick" data-vars-link-text="the Wall Street Journal reports" data-vars-click-url="https://www.wsj.com/articles/robert-iger-henry-kravis-to-buy-minority-stake-in-thrive-capital-11674560322?mod=hp_lead_pos10" data-vars-content-id="a10464d6-d331-4b88-b058-f166880823da" data-vars-headline="Thrive Capital sells minority stake to Bob Iger and other moguls" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wsj.com/articles/robert-iger-henry-kravis-to-buy-minority-stake-in-thrive-capital-11674560322?mod=hp_lead_pos10" target="_blank">the Wall Street Journal reports</a>. Why it matters: The media-focused venture capital shop now has an additional $175 million of money to play with, and the deal makes the firm worth around $5.3 billion. Details: Thrive, founded by Josh Kushner, has invested across the TMT space, including stakes in Spotify and Instagram. The firm is also <a class="gtmContentClick" data-vars-link-text="in talks to invest in OpenAI" data-vars-click-url="https://www.wsj.com/articles/chatgpt-creator-openai-is-in-talks-for-tender-offer-that-would-value-it-at-29-billion-11672949279?mod=article_inline" data-vars-content-id="a10464d6-d331-4b88-b058-f166880823da" data-vars-headline="Thrive Capital sells minority stake to Bob Iger and other moguls" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wsj.com/articles/chatgpt-creator-openai-is-in-talks-for-tender-offer-that-would-value-it-at-29-billion-11672949279?mod=article_inline" target="_blank">in talks to invest in OpenAI</a>, the creator of ChatGPT.Of note: Among those joining Iger in the purchase of the Thrive stake are KKR co-founder Henry Kravis, Brazilian banker Jorge Paulo Lemann and Indian billionaire Mukesh Ambani.

The topic of ESG is polarizing. The business of ESG is attractive. Two deals announced today show that demand for consulting around this space remains strong, no matter your political leanings.

Why it matters: ESG consolidation shows that companies are seeking support in this area and that they’re willing to pay for it.

Details: TradeSun has acquired data company Coriolis Technologies to speed up its ESG compliance business.

Of note: Also this morning, Montrose Environmental Group said it acquired Huco Consulting, which specializes in ESG and health and safety implementation.

What we’re watching: Which ESG shop is next to get gobbled up.

ESG double deals

TradeSun acquires Coriolis, and Montrolse gets Huco.

Illustration of a sheaf of papers with a recycle-sign shaped paper clip

ESG - Environmental Social Governance

The topic of <a class="gtmContentClick" data-vars-link-text="ESG" data-vars-click-url="https://link.axios.com/click/29957643.1949/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9jbGltYXRlLWRlYWxzL25ld3NsZXR0ZXJzLzIwMjIvMDgvMTAvY2xpbWF0ZS1vcGVuLXNvdXJjZS1lc2c_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19jbGltYXRldGVjaF9zdWJzJnN0cmVhbT10b3A/61f8314e54c3983d002477d1B9d8c1d90" data-vars-content-id="a8fde789-bbfa-4b1b-a994-daa7fd1c8d36" data-vars-headline="ESG double deals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/29957643.1949/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9jbGltYXRlLWRlYWxzL25ld3NsZXR0ZXJzLzIwMjIvMDgvMTAvY2xpbWF0ZS1vcGVuLXNvdXJjZS1lc2c_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19jbGltYXRldGVjaF9zdWJzJnN0cmVhbT10b3A/61f8314e54c3983d002477d1B9d8c1d90" target="_blank">ESG</a> <a class="gtmContentClick" data-vars-link-text="is" data-vars-click-url="https://link.axios.com/click/29957643.1949/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9jbGltYXRlLWRlYWxzLzIwMjIvMTEvMDcvbWlkdGVybS1lbGVjdGlvbnMtZXNnLWJhY2tsYWNrLWludmVzdG9yLWV4cGVjdGF0aW9ucz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2NsaW1hdGV0ZWNoX3N1YnMmc3RyZWFtPXRvcA/61f8314e54c3983d002477d1Bb3e7aa41" data-vars-content-id="a8fde789-bbfa-4b1b-a994-daa7fd1c8d36" data-vars-headline="ESG double deals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/29957643.1949/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9jbGltYXRlLWRlYWxzLzIwMjIvMTEvMDcvbWlkdGVybS1lbGVjdGlvbnMtZXNnLWJhY2tsYWNrLWludmVzdG9yLWV4cGVjdGF0aW9ucz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2NsaW1hdGV0ZWNoX3N1YnMmc3RyZWFtPXRvcA/61f8314e54c3983d002477d1Bb3e7aa41" target="_blank">is</a> <a class="gtmContentClick" data-vars-link-text="polarizing" data-vars-click-url="https://link.axios.com/click/29957643.1949/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjIvMDgvMjUvdGV4YXMtYmFucy1ibGFja3JvY2stdWJzLWVzZy1iYWNrbGFzaD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2NsaW1hdGV0ZWNoX3N1YnMmc3RyZWFtPXRvcA/61f8314e54c3983d002477d1B9a4bf3a5" data-vars-content-id="a8fde789-bbfa-4b1b-a994-daa7fd1c8d36" data-vars-headline="ESG double deals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/29957643.1949/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjIvMDgvMjUvdGV4YXMtYmFucy1ibGFja3JvY2stdWJzLWVzZy1iYWNrbGFzaD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2NsaW1hdGV0ZWNoX3N1YnMmc3RyZWFtPXRvcA/61f8314e54c3983d002477d1B9a4bf3a5" target="_blank">polarizing</a>. The business of ESG is <a class="gtmContentClick" data-vars-link-text="attractive" data-vars-click-url="https://link.axios.com/click/29957643.1949/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9jbGltYXRlLWRlYWxzLzIwMjIvMTIvMDYvYmxhY2tzdG9uZS1sZWdlbmNlLWxvcmQtZ3JlZW4tZXNnLWNvbnN1bHRpbmc_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19jbGltYXRldGVjaF9zdWJzJnN0cmVhbT10b3A/61f8314e54c3983d002477d1B8c50bb07" data-vars-content-id="a8fde789-bbfa-4b1b-a994-daa7fd1c8d36" data-vars-headline="ESG double deals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/29957643.1949/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9jbGltYXRlLWRlYWxzLzIwMjIvMTIvMDYvYmxhY2tzdG9uZS1sZWdlbmNlLWxvcmQtZ3JlZW4tZXNnLWNvbnN1bHRpbmc_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19jbGltYXRldGVjaF9zdWJzJnN0cmVhbT10b3A/61f8314e54c3983d002477d1B8c50bb07" target="_blank">attractive</a>. Two deals announced today show that demand for consulting around this space remains strong, no matter your political leanings.Why it matters: ESG consolidation shows that companies are seeking support in this area and that they’re willing to pay for it.

National

Data: Yahoo! Finance; Chart: Axios Visuals

Shares of companies that earn revenue via payment-for-order-flow fell on Wednesday after the SEC got one step closer to enacting rules to that the agency believes levels the playing field for retail investors.

Why it matters: The PFOF proposal, among the more significant shakeups for Wall Street in decades, would cut into the revenues of market makers like Citadel Securities and Virtu Financial, as well as brokers like Charles Schwab and Robinhood.

Details: Under the rules, some orders that may have gone to wholesalers would be sent instead to auction, a move that SEC Commissioner Gary Gensler argues could save retail traders as much as $1.5 billion a year.

Meanwhile: Another rule proposed by the SEC would allow exchanges to display sub-penny price moves. Currently, exchanges are only allowed to show that figure in one-cent increments  — a policy believed to benefit larger investors over small.

Of note: The public comment period for the proposed rules was extended into March 2023, and complete approval will take even longer.

SEC's proposed rules hit Robinhood and Virtu stocks

The rules would overhaul payment-for-order-flow practices.

Shares of companies that earn revenue via payment-for-order-flow fell on Wednesday after the <a class="gtmContentClick" data-vars-link-text="SEC got one step closer " data-vars-click-url="https://www.sec.gov/news/press-release/2022-226" data-vars-item="in_content_link" href="https://www.sec.gov/news/press-release/2022-226" target="_blank">SEC got one step closer </a>to enacting rules to that the agency believes levels the playing field for retail investors.Why it matters: The PFOF proposal, among the more significant shakeups for Wall Street in decades, would cut into the revenues of market makers like Citadel Securities and Virtu Financial, as well as brokers like Charles Schwab and Robinhood.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Michael Flaherty

Stories

Thrive Capital sells minority stake to Bob Iger and other moguls

Bankrupt Voyager Digital strikes deal with Binance.US

SEC's proposed rules hit Robinhood and Virtu stocks

Occidental, Anglo American anchor dual $1.5B deals

ESG double deals

Newsletter editions

Climate: 🗞 Catch up quick

Retail: Hudson's Bay eyes Kohl's

🫖 Retail: TreeHouse spills tea

Retail: Yum's double whammy

Retail: Another full slate attack