Mar 19, 2020 - Economy & Business

KKR to buy waste management company Viridor for $4.9 billion

Viridor's energy recovery facilities in Runcorn, United Kingdom, in 2019. Photo: Christopher Furlong/Getty Images

KKR agreed to buy Viridor, the waste management unit of British utility Pennon Group for £4.2 billion ($4.9 billion), including assumed debt.

Why it matters: It's the largest post-coronavirus buyout so far. For KKR, comfort came from the fact that Viridor has long-term contracts with government agencies. For Viridor, which reportedly had higher offers from strategics, comfort came from the fact that the deal value isn't subject to the buyer's share price.

The bottom line: "Viridor, which has 1,200 employees, operates recycling, energy-from-waste and landfill facilities, and runs a waste collection service. It has been for sale since September when the company announced a strategic review." — The Financial Times

Go deeper: Trash is a good sign for the economy

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The growing coronavirus stimulus packages

President Trump and Treasury Secretary Steven Mnuchin, joined by members of the Coronavirus Task Force. Photo: Drew Angerer/Getty Images

As the Senate was passing a "Phase 2" stimulus package Wednesday to address the coronavirus, the White House and leaders on Capitol Hill were pushing ahead on a "Phase 3" deal that would pump an additional $1 trillion into the economy.

Why it matters: In just a few weeks, the White House has gone from proposing a few billion dollars in quick aid to one of the largest and most expensive stimulus packages in modern history.

Cuomo says Navy hospital ship will be deployed to New York City

New York Gov. Andrew Cuomo announced Wednesday that President Trump has agreed to deploy a floating hospital called the USNS Comfort to New York Harbor to assist the state with the novel coronavirus outbreak.

Why it matters: The ship's nearly 1,000 hospital beds aim to help reduce the risk of a severe bed shortage if the virus rapidly worsens and strains the state's health care system. New York has so far reported more than 2,300 cases of the virus, according to the New York Times.

Go deeperArrowUpdated Mar 18, 2020 - Health

Gray Television withdraws Tegna takeover bid

Illustration: Aïda Amer/Axios

Gray Television pulled its takeover offer for local broadcaster Tegna due to market volatility, per Reuters. Rival bids from Apollo Global Management and Byron Allen appear to still be on the table, as is a new joint approach from private equity firm Najafi Cos. and privately held religious broadcaster Trinity Broadcasting Network.

Why it matters: It reflects how the M&A hierarchy has momentarily flipped, with listed strategics no longer having the built-in advantage of cheaper currency (i.e., their own stock).