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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

20 mins ago - Politics & Policy

Republicans’ secret lobbying

Illustration: Shoshana Gordon/Axios

The five Senate Republicans who helped negotiate and draft the $1.2 trillion bipartisan infrastructure bill have been privately courting their Republican colleagues to pass the measure in the House.

Why it matters: House GOP leaders are actively urging their members to oppose the bill. The senators are working to undercut that effort as Monday shapes up as a do-or-die moment for the bipartisan bill.

CBC members nix border visit

A Haitian migrant carries a toddler on his shoulders today as he crosses the Rio Grande River. Photo: Pedro Pardo/AFP via Getty Images

Several members of the Congressional Black Caucus weighed visiting the U.S.-Mexico border this week to investigate the conditions faced by Haitian migrants and protest allegations of inhumane treatment by U.S. agents.

Why it matters: It's a thorny proposition both in terms of timing and messaging. Going assures a new wave of negative headlines for President Biden amid sinking popularity. And with congressional deadlines in the coming days over infrastructure, a possible government shutdown and debt-limit crisis, Democrats can't afford to lose any votes in the House.

Jan. 6 select committee subpoenas four Trump aides

Photo: Alex Wong/Getty Images

The Jan 6. select committee investigating the deadly Capitol riot has subpoenaed four aides to former President Trump for testimony and documents.

Why it matters: Former White House chief of staff Mark Meadows, former communications official Dan Scavino, former Defense Department official Kash Patel, and former Trump advisor Steve Bannon were all in touch "with the White House on or in the days leading up to the January 6th insurrection," the committee said in a release.