Greetings from the home office for the first and last time this week, as soon I'm heading down to D.C. for meetings and merriment around Axios' one-year anniversary. Please be sure to send feedback and tips via email (just hit reply), anonymous tip (http://axios.com/tips) or Confide/Signal/Telegram (DanPrimack/8574723072). Okay, here we go...
General Electric said that it will book a $6.2 billion after-tax charge in its Q4 results, based on worse-than-expected problems related to GE Capital's insurance portfolio. GE Capital also will pay $15 billion over seven years to fill an insurance reserves shortfall. Its dividends to the parent company will remain suspended indefinitely.
• Unicorn stampede: Chinese smartphone maker Xiaomi has picked banks for an upcoming IPO that could value the company at $100 billion, per Reuters. This comes on top of the confidential filing for Dropbox, Spotify's direct listing plan and continuing talk of a first-half Lyft float.
• Breaking: Dow 26k is now a thing.
• Gatefold: Time Inc. disclosed in a regulatory filing that it will pay out $2.4 million in cash bonuses to top executives, ahead of its acquisition by Meredith Corp. This appears to conflict with previously-approved compensation plans. Read more.
• Deleveraging: Chinese regulators appear to have banned private debt funds, and also will prevent private equity funds from investing in "loans or loan-like assets," according to AsianInvestor.
• Ultimatum: Larry Fink might have just become the world's most powerful activist investor: If companies don't make positive contributions to society, they'll no longer receive investment from the $6 trillion behemoth.
All about Steve: There was a lot of Twitter conversation over the weekend about the June party held at Steve Jurvetson's home, and what did/didn't happen. In short: Several attendees vehemently argue that referring to it as "sex party" is wildly inaccurate, while a few also claim to have not seen illegal drug use.
Energizer Holdings (NYSE: ENR) has agreed to acquire the global battery and portable lighting business of Spectrum Brands (NYSE: SPB) for $2 billion in cash. Acquired brands would include Rayovac and Varta.
• AUTO1 Group, an online platform for used car sales in Europe, has raised €460 million from SoftBank Vision Fund at a €2.9 billion valuation. http://tcrn.ch/2EHPgPE
• Pony.ai, a self-driving technology startup led by ex-Baidu chief architect James Peng, has raised $112 million in Series A funding. Morningside Venture Capital and Legend Capital co-led, and were joined by Hongtai Capital, Legend Star, Puhua Capital, Polaris Capital, DCM Ventures, Comcast Ventures, Silicon Valley Future Capital and return backers Sequoia Capital China and IDG Capital. http://axios.link/810w
• Smava, a German online loan portal, has raised $65 million from Vitruvian Partners. http://axios.link/h3Oa
• Liking Fit, a Chinese “smarty gym” franchising company, has raised $54 million in Series B and Series C rounds. Guangkong Zhongying Capital led, and was joined by Sigma Square Capital and Lightspeed China Partners. http://axios.link/Fhvy
• Bidgely, a Mountain View, Calif.-based developer of energy disaggregation technology, has raised $27 million in Series C funding. Georgian Partners led, and was joined by return backers Khosla Ventures, E.On and Innogy. www.bidgely.com
• Razorpay, an Indian payments gateway provider, has raised $20 million in Series B funding. Tiger Global Management led, and was joined by fellow return backers YC Continuity and Matrix Partners. http://axios.link/6RHg
🚑 Vaccitech, a UK-based developer of a universal flu vaccine, has raised £20 million in Series A funding. GV and Sequoia Capital China co-led, and were joined by Oxford Sciences Innovation. http://axios.link/k7EU
• Ratehub, a Toronto-based financial product comparison site, has raised C$12 million in Series A funding led by Elephant. http://axios.link/7k08
🚑 Aprinoia Therapeutics, a Taiwan-based neuroscience biotech startup, has raised $11.1 million in Series B funding. KTB Network and DCI Partners co-led, and were joined by ShangPharma Investment Group and TaiAn Technologies. www.aprinoia.com
🚑 OWKIN, a New York-based predictive analytics platform for drug discovery and development, has raised $11 million in Series A funding. Otium Venture led, and was joined by Cathay Innovation, Plug and Play and NJF Capital. www.owkin.com
• Closetbox, a Denver-based full-service physical storage startup, has raised $7.3 million from backers like Boulder Ventures. http://axios.link/KsJ5
• The Plum Guide, a London-based holiday home testing and curation site, has raised £5.7 million in series A funding. Octopus Ventures led, and was joined by BGF Ventures and individual angels. http://axios.link/y3j0
• Kuaishou, a Tencent-backed video streaming company, is seeking to raise $1 billion in new funding at a $17 billion valuation, per Bloomberg. https://axios.link/Yo86
• Propagate, a TV studio responsible for Apple’s Planet of the Apps, has raised an undisclosed amount of funding from The Raine Group. http://axios.link/DjWL
• Alpine Investors has invested in EcoInteractive, a Davis, Calif.-based provider of funding, budget and project management SaaS for government transportation and environmental management organizations. www.ecointeractive.com
• Endeavor, the parent company of Silver Lake-backed talent agency WME Group, reportedly is in talks to sell a minority stake to Saudi Arabia’s Public Investment Fund for around $500 million. https://axios.link/Ck6N
• GIC, KKR and OMERS are among the expected buyers in a $1.75 billion share sale from listed Indian mortgage lender Housing Development Finance Corp. http://axios.link/Zt03
⛽ Intervale Capital has acquired a majority stake in PDC Logic, a Norman, Okla.-based manufacturer of drilling and completion bits. www.pdclogic.com
• JD.com (Nasdaq: JD) is raising around $2 billion for its logistics unit at a $10 billion valuation, with plans to eventually float the business, per Reuters. http://axios.link/HNZ0
• Lightyear Capital has acquired a majority stake in HPM Partners, a New York-based investment and wealth management firm with over $9 billion in AUM, from Emigrant Bank. www.hpmpartners.com
• Mi9 Retail, a Miami-based omni-channel retail software company backed by General Atlantic, has acquired JustEnough Software, an Irvine, Calif.-based provider of demand management solutions for retail, wholesale and direct-to-consumer businesses. www.mi9retail.com
🚑 Renovus Capital Partners has acquired a control stake in Continuing Education Alliance and Practicing Clinicians Exchange, a pair of Stamford, Conn.-based providers of education for nurse practitioners and physician assistants. www.practicingclinicians.com
• Silver Lake and P2 Capital Partners have agreed to acquire Blackhawk Network Holdings (Nasdaq: HAWK), a Pleasanton, Calif.-based provider of prepaid gift and reward solutions. The deal is valued at around $3.5 billion (including assumed debt), or $45.25 per share (24% premium over Friday’s closing price). www.blackhawknetwork.com
• Spectrum Equity has invested in The Expert Institute, a New York-based online platform for law firms to find and connect with expert witness candidates. www.theexpertinstitute.com
• Veeam Software, a Swiss portfolio company of Insight Venture Partners, has acquired N2WS, a West Palm Beach, Fla.-based provider of enterprise backup and disaster recover for AWS, for $42.5 million in cash. N2WS also is backed by Insight. www.n2ws.com
⛽ Cactus, a Houston-based wellhead and pressure control equipment maker backed by Cadent Energy Partners, has filed for a $100 million IPO. It plans to trade on the NYSE under ticker WHD, with Citi serving as lead underwriter. The company reports $44 million of net income on $236 million in revenue for the first nine months of 2017. www.cactuswh.com
• Cardlytics, an Atlanta-based marketing analytics company, has filed for a $75 million IPO. It plans to trade on the Nasdaq under ticker CDLX, with BofA Merrill Lynch serving as lead underwriter. The company reports a $16 million net loss on $91 million in revenue for the first nine months of 2017, compared to a $69 million net loss on $76 million in revenue for the year-earlier period. Cardlytics has raised over $180 million in VC funding from firms like Canaan Partners, Polaris Partners, Discovery Capital, TTV Capital, ITC Holdings, Total Technology Ventures and Kinetic Ventures. http://axios.link/dA5P
• SoftBank said that it is considering an IPO for its wireless unit, which could be worth around $18 billion.
🚑 Abraaj Group has picked Citi to manage a sale of IPO for Hermes Holdings, an owner and operator of hospitals in North Africa, according to Bloomberg. https://axios.link/izhA
🚑 Charles River Labs (NYSE: CRL) has acquired KWS BioTest, a British contract research group focused on inflammatory and autoimmune disease, for £15 million. Sellers include Quester and Wynvern Asset Management. https://axios.link/kwGc
🚑 Oaktree Capital Management is seeking a buyer for Hesira Group, a UK-based dentistry chain that generates around 25 million in EBITDA, according to Private Equity News. http://axios.link/kzzT
⛽ Partners Group has agreed to sell a 43.8% stake in Silicon Ranch, a Nashville-based solar energy company, to Royal Dutch Shell for upwards of $217 million. http://axios.link/cZhr
• Warburg Pincus has agreed to sell Capital First, a listed Indian financial services company, to IDFC Bank for around $1.5 billion in stock. http://axios.link/HMfT
• Air India will be split into four separate companies with 51% of each entity being publicly offered, according to a divestment plan proposed by the Indian government, per Bloomberg. http://axios.link/oDE7
• B. Riley Financial (Nasdaq: RILY) has acquired a 29% equity stake in retailer Bebe Stores, via both a new investment and a conversion of existing loans. www.brileyfin.com
• Cision (NYSE: CISN) has agreed to acquire Prime Research, a provider of media measurement and analysis services. http://axios.link/LncJ
• Houlihan Lokey (NYSE: HLI) has agreed to acquire Quayle Munro, a UK-based provider of financial advisory services for data and software companies. http://axios.link/RSaa
• Mercer has agreed to acquire Japanese asset management company BFC. https://axios.link/cuNE
⛽ Noble Group has completed the previously-announced sale of its U.S.-focused oil business to Vitol, although the ultimate net proceeds of $400 million were short of original $580 million estimates. http://axios.link/IlBD
• Rolls-Royce (LSE: RR) reportedly is considering a sale of L’Orange, a German power systems maker that could be valued at around £700 million. http://axios.link/LxXD
• AngelList today announced that it is launching its deal syndicates platform in India. https://axios.link/QLKx
• Capvis Equity Partners of Switzerland is targeting €1 billion for its fifth flagship buyout fund, per Private Equity News. http://axios.link/Qy2t
• Canada Pension Plan Investment Board and Goldman Sachs Asset Management led a nearly $1 billion stapled secondary of private equity funds managed by Peru’s Enfoca, per the WSJ. http://axios.link/FeXe
• Maneesh Chawla has joined Comvest Partners as a partner, with a focus on microcap buyouts and growth equity opportunities. He previously was a principal with Prospect Partners. www.comvest.com
• Insight Venture Partners has promoted Anika Agarwal, Rachel Geller and Ross Devor to managing directors. It also promoted Matt Gatto, Kevin Hurth and Philip Vorobeychik to principals. www.insightpartners.com
• Transom Capital Group has promoted James Oh to partner and a member of the firm’s investment committee. www.transomcap.com