The Blackstone Group has agreed to acquire a 55% stake in Thomson Reuters' Financial and Risk business, which provides data, analytics and trading solutions to financial professionals. The deal values F&R at $20 billion, with Thomson Reuters to receive around $17 billion in gross proceeds (including $3 billion in cash from Blackstone and the rest funded by debt).

Why it's a big deal: This is Blackstone's largest buyout since the financial crisis, and already has some private equity tongues wagging about a new spate of mega-deals (albeit with more modern twists like LP co-investments and sell-side equity retention).

Plus, there is the tabloid deliciousness of a New York billionaire battle between Steve Schwarzman and Michael Bloomberg.

Bottom line from Lex in The Financial Times:

"A total valuation of $20bn, including an equity contribution from Thomson Reuters, looks about what the market already ascribes to the F&R in enterprise value. This is a small premium to the $17 billion Thomson paid for Reuters more than a decade ago. Even then, the investment may be no bargain. It could start to look costly if persistent rumors that Bloomberg has been cutting prices for its own terminals turn out to be true."

Go deeper

Trump pushes to expand ban against anti-racism training to federal contractors

Trump speaking at Moon Township, Penns., on Sept. 22. Photo: Mandel Ngan/AFP via Getty Images

President Trump announced late Tuesday that the White House attempt to halt federal agencies' anti-racism training would be expanded to block federal contractors from "promoting radical ideologies that divide Americans by race or sex."

Why it matters: The executive order appears to give the government the ability to cancel contracts if anti-racist or diversity trainings focused on sexual identity or gender are organized. The memo applies to executive departments and agencies, the U.S. military, federal contractors and federal grant recipients.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 31,467,508 — Total deaths: 967,881— Total recoveries: 21,583,915Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 6,890,662 — Total deaths: 200,710 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: The U.S. reaches 200,000 coronavirus deaths — The CDC's crumbling reputation — America turns against coronavirus vaccine.
  4. Politics: Elected officials are failing us on much-needed stimulus.
  5. Business: Two-thirds of business leaders think pandemic will lead to permanent changes — Fed chair warns economy will feel the weight of expired stimulus.
  6. Sports: NFL fines maskless coaches.
Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

GoodRx prices IPO at $33 per share, valued at $12.7 billion

Illustration: Sarah Grillo/Axios

GoodRx, a price comparison app for prescription drugs at local pharmacies, on Tuesday night raised $1.14 billion in its IPO, Axios has learned.

By the numbers: GoodRx priced its shares at $33 a piece, above its $24-$28 per share offering range, which will give it an initial market cap of around $12.7 billion.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!