Carlyle Group co-founder David Rubeinstein. Photo by Bryan Bedder/Getty Images.

The Carlyle Group and Singapore sovereign wealth fund GIC have agreed to acquire the specialty chemicals unit of Akzo Nobel for approximately $12.5 billion (including debt).

Why it's a big deal: Mega-buyouts are back, regardless of sector, geography or record-high public equity prices.

Plus, this one has some interesting history in that Carlyle quick-flipped Axalta Coatings, which last fall discussed a mergerwith Akzo Nobel.

Bottom line, per WSJ's Ben Dummett: "Akzo’s chemicals are used in a wide range of products from plastic bags to solar panels. The sale is a key part of the Amsterdam-based manufacturer’s plan to boost its share price to appease Elliott Management, the U.S. activist hedge fund, and other shareholders after successfully fending off a $27.6 billion takeover bid last year from U.S. rival PPG Industries"

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Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

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Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
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  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
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