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Illustration: Eniola Odetunde/Axios

KKR agreed to invest $500 million in Box (NYSE: BOX), a Silicon Valley cloud content management company that plans to use most of the proceeds for a stock buyback.

Why it matters: This feels like protection money, as Box has been under reported pressure from activist investor Starboard Value, which is Box's largest outside shareholder. Not only does Box now have a new deep-pocketed investor in its corner, but Starboard has a path to exit at a profit.

Details: KKR will receive convertible preferred stock and a new seat on Box's board of directors. The buyback will be done via a Dutch auction-style self-tender worth up to $500 million, with specific details and launch to come after Box's fiscal Q1 earnings report next month.

  • Investor reactions: Box stock fell on the news, because this almost certainly means a sale process isn't in the cards.

The bottom line: "Demand for secure file-sharing services online has skyrocketed since the onset of COVID-19, driven by the information technology needs of companies whose employees are working from home," Reuters' Greg Roumeliotis writes.

  • "While Box has benefited from this trend, it has struggled to fully capitalize on it, as some of its services and products are offered by competitors either for free or at a lower cost."

Go deeper

1 min ago - World

Gaza ceasefire under strain as Israel and Hamas feud over rebuilding

Egyptian excavators clear rubble on Wednesday in Gaza City. Photo: Emmanuel Dunand/AFP via Getty Images

The indirect talks between Israel and Hamas to stabilize the ceasefire in Gaza and begin the reconstruction process have made little progress, raising concerns of renewed violence.

State of play: Five weeks on from the ceasefire, Israel is threatening to hold up the reconstruction process, and Hamas this week rejected a UN plan to fund it, Israeli officials and Western diplomats tell me.

Pacific Northwest's hottest weather on record takes aim this weekend

Computer model projection showing the jet stream winds and "misery index" of surface temperatures on June 27, 2021. (Earth.nullschool.net). The circulation of jet stream winds shows the location of the "heat dome" over the Pacific Northwest.

A "historic" and potentially deadly heat wave is on tap for the Pacific Northwest into southwestern Canada this weekend into early next week, with never-before-seen temperatures possible in cities like Portland, Ore., and Spokane, Wash.

Why it matters: The heat wave will affect a region where many people lack central air conditioning, raising the likelihood for public health impacts. In addition, power demand is likely to spike at a time when hydropower resources are running relatively low due to drier than average conditions.

Supreme Court rules for cheerleader punished by school for Snapchat expletives

The U.S. Supreme Court in Washington, D.C., on Tuesday, June 22, 2021. Photo: Stefani Reynolds/Bloomberg via Getty Images

The Supreme Court ruled 8-1 Wednesday that a school district in Pennsylvania violated the First Amendment by punishing a cheerleader who used expletives in a Snapchat post sent while off campus.

Why it matters: The case pushed the boundaries of students' First Amendment rights and what schools can enforce outside school grounds, especially in the digital age.