Hellman & Friedman and Singapore sovereign wealth fund GIC have agreed to acquire Spanish mutual funds platform Allfunds Bank from Santander (Spain), Warburg Pincus, General Atlantic and Sanpaolo (Italy) for around $1.45 billion.

Why it matters: Leaving aside that it's literally the day's largest deal, some of the reporting also suggests that China's Legend Holdings submitted a competitive bid, but was at a disadvantage because of... well, the fact that it's from China.

Bottom line: "[Sources say that] Spanish banking group Santander, which partly controls Allfunds, was nervous about handing the asset to a Chinese buyer. Chinese buyers have been facing hurdles including increased scrutiny from domestic authorities when attempting to strike outbound deals. The effect has hurt the chances of Chinese buyers in competitive auctions." ― Javier Espinoza, FT

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 12,128,406 — Total deaths: 551,552 — Total recoveries — 6,650,675Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 3,088,913 — Total deaths: 132,934 — Total recoveries: 953,420 — Total tested: 36,979,745Map.
  3. Public health: More young people are spreading the virus Cases rise in 33 statesFlorida reports highest single-day death toll since pandemic began.
  4. Science: World Health Organization acknowledges airborne transmission of coronavirus.
  5. 1 🐂 thing: How the world could monitor for potential pandemic animal viruses.
2 hours ago - Science

More young people are getting — and spreading — the coronavirus

Illustration: Annelise Capossela/Axios

More young people are being infected with the coronavirus, and even though they're less likely to die from it, experts warn the virus' spread among young adults may further fuel outbreaks across the United States.

Why it matters: Some people in their 20s and 30s face serious health complications from COVID-19, and a surge in cases among young people gives the virus a bigger foothold, increasing the risk of infection for more vulnerable people.

Joint Chiefs chairman condemns Confederate symbols

Chairman of the Joint Chiefs of Staff Gen. Mark Milley criticized Confederate symbols before the House Armed Services Committee on Thursday, and called the Civil War an "act of treason."

Why it matters: Milley said that minority service members — which he noted make up 43% of the U.S. military — may feel uncomfortable that Army bases are named for Confederate generals who "fought for an institution of slavery that may have enslaved one of their ancestors."