Hellman & Friedman agreed to lead an $11 billion acquisition of Ultimate Software, a Weston, Fla.-based provider of human capital management cloud software.

Why it matters: No one on the outside seemed to see this mega-deal coming. There were zero media reports about a pending takeover, and neither Goldman Sachs nor Deutsche Bank were even covering the company until last week (when DB's "buy" rating clearly beat out Goldman's "neutral").

  • Other investors in the buy-side consortium include The Blackstone Group, GIC, CPPIB and JMI Equity. The deal includes a 50-day "go shop" provision, during which time Ultimate Software can solicit superior offers.

The bottom line: The $331.50 per share price represents over a 19% premium to Friday's close price, but just about matches its $330.73 all-time high set last September.

Go deeper: In hot cybersecurity market, acquisitions crowd out IPOs

Go deeper

AOC to speak at Dem convention

Rep. Alexandria Ocasio-Cortez during an April a press conference in Queens, New York City. Photo: Scott Heins/Getty Images)

Rep. Alexandria Ocasio-Cortez will speak at the Democratic convention next week, to give the nominating speech for Sen. Bernie Sanders on the Tuesday night, CNN first reported and Axios has confirmed.

Why it matters: Her involvement is a strategic decision to energize young progressives without tying former Vice President Joe Biden too closely or directly with her agenda.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 20,001,019 — Total deaths: 733,897 — Total recoveries — 12,209,074Map.
  2. U.S.: Total confirmed cases as of 8:30 p.m. ET: 5,085,821 — Total deaths: 163,370 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. Politics: Trump claims he would have not called for Obama to resign over 160,000 virus deathsHouse will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: A dual coronavirus and flu threat is set to deliver a winter from hellAt least 48 local public health leaders have quit or been fired during pandemic.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."
1 hour ago - World

Protests in Belarus turn deadly following sham election

An arrest today in Minsk. Photo: Natalia Fedosenko/TASS via Getty

Protesters and security forces are clashing across Belarus tonight, with at least one person dead, hundreds injured and thousands arrested.

Why it matters: Sunday’s rigged presidential elections have yielded political uncertainty unlike any seen in Aleksander Lukashenko’s 26-year tenure. After claiming an implausible 80% of the vote, Lukashenko is using every tool in the authoritarian arsenal to maintain his grip on power.