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Chris Rank/Bloomberg via Getty Images

ADT, a Florida-based home security company owned by Apollo Global Management, has filed for a $100 million IPO (placeholder figure, with Renaissance Capital estimating it could raise $1.5 billion).

Why it matters: This could be private equity's first test case under the new tax regime. For starters: How will Apollo and the IRS determine when the clock begins on carried interest, given that Apollo acquired ADT just last year, but merged it with a pair of smaller companies it acquired in July 2015? Either way, expect Apollo to hold onto more shares than it would have under current tax law, given that even the original purchases came within the new three-year window for carry consideration.

Also: ADT/Apollo may feel new pressure to use proceeds to pay down debt, due to new interest deductibility limits. The company's $296 million net loss for the first nine months of 2017 was driven by $554 million in interest payments (which, in turn, was partially driven by a large dividend Apollo already took).

  • Deal details: ADT plans to trade on the NYSE under ticker ADT, with Morgan Stanley and Goldman Sachs serving as lead managers.
  • Bottom line: "ADT, which traces its roots to the American District Telegraph Co., makes security products ranging from burglar-alarm systems to wireless cameras for homes and businesses. It has worked to position itself as a player in the so-called smart-home market, which aims to connect consumers wirelessly to various household devices." — Maria Armental, WSJ

Go deeper

Updated 4 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

4 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.