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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"

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

7 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios