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Blackstone Group, GIP make offer on railroad operator Kansas City Southern

Dan Primack, author of Pro Rata

Illustration: Aïda Amer/Axios

The Blackstone Group and Global Infrastructure Partners have made a second offer to buy Kansas City Southern (NYSE: KSU), as first reported by the Wall Street Journal. No word yet on price, but any accepted deal expected to be worth north of $20 billion.

Why it matters: Kansas City Southern is one of North America's largest freight railroads, with a major share of traffic between the U.S. and Mexico.

  • Market reax: Kansas City Southern stock rose more than 4% on the news, giving it a current market cap of around $18.3 billion.
  • The bottom line: "Kansas City Southern is in the midst of implementing a new operating plan that calls for running fewer, longer trains on a tighter schedule. The overhaul will require fewer locomotives and railcars and has boosted the company’s profits and shares." — Cara Lombardo & Miriam Gottfried, WSJ

Go deeper

Dan Primack, author of Pro Rata
Dec 1, 2020 - Economy & Business

Airbnb seeking $2.6 billion in IPO

Illustration: Sarah Grillo/Axios

Hospitality giant Airbnb on Tuesday set terms for its upcoming IPO, saying it plans to raise up to $2.6 billion.

Big number: The company would have an initial market cap of $28 billion, or an enterprise value of around $32 billion, were it to price shares in the middle of its proposed price range of $44-$50 per share.

Go deeper: Airbnb files for long-awaited IPO

Dan Primack, author of Pro Rata
2 mins ago - Economy & Business

Why fears of a SPAC bubble may be overblown

Illustration: Annelise Capossela/Axios

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.

Go deeper (1 min. read)Arrow
Axios
39 mins ago - Politics & Policy

Schumer says Senate will stay through weekend to vote on COVID relief

Senate Majority Leader Chuck Schumer (D-N.Y.) accused Sen. Ron Johnson (R-Wis.) of going to "ridiculous lengths" to show his opposition to a COVID relief package widely supported by the American public, after Johnson demanded that the entire 600-page bill be read on the Senate floor.

The state of play: Johnson's procedural move will likely add 10 hours to the 20 hours already allotted for debate, during which Republicans will propose amendments to force uncomfortable votes for Democrats. Schumer promised that the Senate will stay in session "no matter how long it takes" to finish voting on the $1.9 trillion rescue package.

Go deeper (1 min. read)Arrow