Calling an audible this morning, scrapping my planned column because the new U.S. inflation data came in scorching.

Why it matters: This gives the Fed every reason to keep raising rates, which also can translate into increased recession risk.

• For dealmakers, that means it will be even harder to secure debt financing for new buyouts.
• Existing portfolio companies would need to service more expensive liabilities with lower revenue.
• It's also the final consumer price index (CPI) report before the midterm elections, which means its legislative aftershocks may be felt for years to come.

By the numbers: Overall consumer prices rose 0.4% in September, which was double what economists expected and well above August's 0.1% increase. The top drivers were shelter, food and medical care.

• This comes one day after the producer price index (PPI) also came in at 0.4%, versus 0.2% economist estimates.
• The year-over-year CPI increase is 8.2%, which is slightly cooler than August's 8.3%.
• Core inflation, which subtracts more volatile food and energy costs, climbed 0.6%, matching the August rate. It's up 6.6% year-over-year, the highest since 1982.
• Real hourly earnings fell by 0.1%.

Market reax: The Dow shed around 1.5% at the open, the Nasdaq lost nearly 3% and 10-year Treasury yields topped 4%.

The bottom line: As inflation gets hotter, dealmaker feet get colder.

Dish Network (Nasdaq: DISH) said it's in early talks to sell prepaid wireless unit Boost Mobile to a SPAC led by Dish chairman Charlie Ergen.

Why it's the BFD: Boost needs ... well, a boost. It's shed more than a million customers since being acquired by Dish in 2020 for $1.4 billion from T-Mobile. Accessing SPAC capital could be easier than getting it from Dish, whose shareholders might not look kindly on that spend in light of current market conditions.

• Prior to being sold to Dish, via a Justice Department condition of T-Mobile's merger with Sprint, Boost had been circled by both Amazon and Boost founder Peter Adderton.

Details: The SPAC is called CONX Corp. (Nasdaq: CONX), and is chaired by Ergen with Dish treasurer Jason Kiser as CEO. It raised $750 million in a late 2020 IPO, below its original $1 billion goal, and now is asking shareholders to extend its deadline for completing a merger from next month to June 2023.

The bottom line: "If the transaction is completed, it would give Boost capital to accelerate growth, in a structure where the investment doesn't deprive Dish of capital for funding the network deployment. Boost will become the anchor tenant on Dish's network as it gets built out. With little more than growth in MVNO payments from Boost, Dish's fully deployed network will nearly break even; any additional wholesale or enterprise revenues would be gravy." — Jonathan Chaplin, New Street Research

🚑 Odyssey Therapeutics, a Boston-based biotech focused on immunomodulators and oncology medicines, raised $168m in Series B funding. General Catalyst led, and was joined by Fidelity, T. Rowe Price, GreatPoint Ventures, Catalio Capital, Walleye Capital, Alexandria Venture Investments, The Healthcare Innovation Investment Fund and insiders OrbiMed, SR One, Foresite Capital, Logos Capital, Woodline Partners LP, HBM Healthcare Investments, Colt Ventures and Creacion Ventures. www.odysseytx.com

• Uniswap Labs, a decentralized token exchange, raised $165m in Series B funding at a $1.66b valuation. Polychain Capital led, and was joined by Andreesseen Horowitz, Paradigm, SV Angel, and Variant. https://axios.link/3TlEXqW

• TripActions, a Palo Alto, Calif.-based corporate travel platform, raised $154m in new equity funding at a $9.2b valuation from firms like Andreessen Horowitz and Premji Invest, and another $150m in debt funding from Coatue. https://axios.link/3CT9XZC

• Soli Organic, a Harrisonburg, Va.-based indoor farming company, raised $125m in Series D funding, as first reported by Axios Pro. CDPQ led, and was joined by Movendo Capital and insiders S2G Ventures, Cascade Asset Management Co. and XPV Water Partners. https://axios.link/3RWngwL

• Crisp, a Dutch online grocer, raised €75m from backers like Mollie founder Adriaan Mol and former Albert Heijn CEO Sander van der Laan. https://axios.link/3Ctq7rf

• GoHenry, a prepaid debit card and financial education app for kids and teens, raised $55m from insiders Edison Partners and Revaia. https://axios.link/3SWD0RD

🚑 Ascidian Therapeutics, a Boston-based biotech seeking to "rewrite" RNA, raised $50m in Series A funding from founding investor Apple Tree Partners. https://axios.link/3Mw8wUw

• DataGrail, an SF-based data privacy platform, raised $45m in Series C funding. Third Point Ventures led, and was joined by Thomson Reuters Ventures, Sixty Degree Capital and insiders Felicis Ventures, Operator Collective, Next47 and Cloud Apps Capital. www.datagrail.io

• Tatum, a Czech blockchain developer platform, raised $41.5m. Evolution Equity Partners led, and was joined by Circle, Octopus Ventures and Leadblock Partners. https://axios.link/3RULUOk

• Katana, an Estonian provider of ERP software for SMBs, raised €35m in Series B funding. Northzone led, and was joined by Lightrock and insiders 42Cap and Atomico. https://axios.link/3Tl9lBJ

• Metalenz, a Boston-based optical modules developer, raised $30m in Series B funding. Neotribe Ventures led, and was joined by Foothill Ventures, M Ventures, Intel Capital, Osage University Partners, TDK Ventures, 3M Ventures, Global Brains, SG Innovate, Baidu Ventures, Hegemon Capital and Braemar Ventures. https://axios.link/3EA6sZo

🚑 NeuroFlow, a Philadelphia-based provider of behavioral health integration tech, raised $25m led by SEMCAP Health, per Axios Pro. https://axios.link/3g3O9BP

• Chronograph, a New York-based provider of private market portfolio monitoring software, raised $20m. Summit Partners led and was joined by Carlyle and Nasdaq Ventures. www.chronograph.pe

• Elenas, a Bogota-based social commerce startup, raised $20m in Series B funding. DILA Capital led, and was joined by FJ Labs, Endeavor Catalyst, IDB Lab, Broadhaven Ventures, Mercado Libre, Grupo Bolivar and Leo Capital. https://axios.link/3CSqlcQ

• Pillow, a crypto investment platform, raised $18m in Series A funding from Accel, Quona Capital, Elevation Capital and Jump Capital and Elevation. www.pillow.fund

• Zen Educate, a British online marketplace that matches schools with teachers, raised £19.3m in Series A extension funding from Brighteye Ventures, Adjuvo and Ascension Ventures. https://axios.link/3VmvFwy

• SettleMint, a Belgian low-code blockchain platform, raised €16m in Series A funding. Molten Ventures and OTB Ventures co-led, and were joined by Allusion, Bloccelerate and Fujitsu. https://axios.link/3s7BVuR

• Kyra, a London-based startup that helps brands interact with TikTok creators, raised $15m in Series A funding. Bonnier Ventures led, and was joined by LionTree, Torch Capital, GMG Ventures and Firstminute Capital. www.kyra.com

• Zerion, an SF-based crypto wallet startup, raised $12.3m in Series B funding. Wintermute Ventures led, and was joined by Placeholder, Mosaic, Polymorphic Capital, Coinbase Ventures and Alchemy. www.zerion.io

• Tugende, an MSME credit and asset-financing startup in East Africa, raised $10m. Partech led, and was joined by Women’s World Banking. https://axios.link/3Sa5XIZ

• MoKo, a Kenyan home furniture maker and retailer, raised $6.5m in Series B equity and debt funding co-led by Talanton and AlphaMundi Group. https://axios.link/3VnEVAv

• Muddy Bites, a bite-size waffle cone snack startup, raised $5m from investors like Reformation Partners. https://axios.link/3yWyR8H

• Dandi, a New York-based DEI analytics platform, raised $3.7m in seed funding co-led by Springbank and Alleycorp Impact. www.itsdandi.com

• Otterspace, a non-transferable badge protocol for DAOs, raised $3.7m. Cherry Crypto and Inflection.xyz co-led, and were joined by Bessemer Venture Partners, Coinbase Ventures, btov Partners and Paua Ventures. www.otterspace.xyz

• Munch, a London-based website development platform, raised $1.5m co-led by Credo Ventures and Notion Capital. www.munch.so

• All States Ag Parts, a portfolio company of Kinderhook Industries, acquired Arrow Acquisition, a Lenexa, Kan.-based provider of material handling forklifts and attachments. www.tractorpartsasap.com

• BDT Capital Partners led a $300m investment to form Ferian Re, a Bermuda-based reinsurer formed in partnership with cyber insurance firm Coalition. www.coalitioninc.com

⚡ Centerbridge Partners acquired a majority stake in MacLean Power Systems, a Fort Mill, S.C.-based maker of electric power utility products. www.macleanpower.com

🚑 DirectMed, a Poway, Calif.-based portfolio company of NMS Capital, acquired ScanMed, an Omaha, Neb.-based manufacturer and repairer of MRI coils. www.directmedparts.com

• Elliott Management and Brookfield Asset Management completed their $16b acquisition of media measurement firm Nielsen.

• Granicus, a St. Paul, Minn.-based portfolio company of Vista Equity Partners and Harvest Partners, acquired Rock Solid Technologies, a Puerto Rico-based provider of citizen engagement solutions. www.granicus.com

🚑 H.I.G. Capital agreed to acquire Celerion, a Lincoln, Neb.-based clinical research organization, from Court Square Capital, per Axios Pro. https://axios.link/3SYfvHY

⛳ Puttshack, a Chicago-based mini golf operator, raised $150m. BlackRock led, and was joined by Promethean Investments. www.puttshack.com

• Talespin, a Culver City, Calif.-based spatial computing company focused on workforce knowledge, raised funding from WestRiver Group. www.talespin.company

• Vista Equity Partners agreed to buy Clearwater, Fla.-based cybersecurity awareness firm KnowBe4 (NYSE: KNBE) for $4.6b, or $24.90 per share. https://axios.link/3SYCpyW

🚑 VSS Capital Partners invested in CFR, an Albany, N.Y.-based provider of rheumatology services. www.joint-docs.com

🚑 Water Street Healthcare Partners bought and merged combined CVX Global (Ireland) and Panacea Technologies (Philadelphia), both provides of automation and digitization solutions for the life sciences industry. www.panaceatech.com

⚡ Alternus, an Irish renewable energy producer, agreed to go public at an implied $863m equity value via Clean Earth Acquisitions Corp. (Nasdaq: CLIN), a SPAC led by Aaron Ratner (Cross River Infrastructure Partners). https://axios.link/3Mqwa4B

• Zoomcar, a car-share platform focused on emerging markets, agreed to go public at an implied $456m enterprise value via Innovative International Acquisition Corp. (Nasdaq: IOAC), a SPAC led by Mohan Ananda (founding CEO of Stamps.com). Zoomcar has raised over $300m in VC funding from firms like Sequoia Capital India. https://axios.link/3D3J4md

⚡ APG Asset Management, a Dutch pension fund manager, invested $1.2b for a 49% stake in the Gemini solar power project in Nevada, from Quinbrook Infrastructure Partners. https://axios.link/3g03Ytc

• BNP Paribas (Paris: BNP) acquired Kantox, a London-based currency management automation firm, for €120 million. Kantox had raised nearly $40m from firms like BNP Paribas and Idinvest Partners. https://axios.link/3yzLd6t

⚡ Carlyle is seeking a buyer for Assala Energy, a Gabon-focused oil and gas producer that could fetch over $1b, per Reuters. https://axios.link/3VoGFt7

🚑 Longreach Group is seeking a buyer for Quasar, a Hong Kong-based medical device firm that could fetch between $300m and $400m, per Bloomberg. https://axios.link/3VoH2nv

⚡ MyPower, an affiliate of Japan’s Mitsui & Co., acquired Solstice Power Technologies, a Cambridge, Mass.-based provider of CRM software for community solar development. Solstice had raised VC funding from firms like TotalEnergies Ventures and Schneider Electric. https://axios.link/3MofEC0

• United Group, a Dutch telco backed by BC Partners, hired Goldman Sachs to sell some mobile tower assets, per Bloomberg. https://axios.link/3MppIL2

• Plan B Entertainment, the Brad Pitt-founded production firm whose tiles include "12 Years a Slave" and "Moonlight," reportedly hired Moelis & Co. to explore a sale. https://axios.link/3CQrVMy

⚡ PosiGen Solar of New Orleans acquired New England Conservation Services, a Woodbridge, Conn.-based provider of residential energy efficiency services. PosiGen has raised over $400m from firms like MTP Energy Management, The Builders Fund, Magnetar Capital, Emerson Collective, SFJ Ventures and Activate Capital Partners. www.posigen.com

🪲 Rentokil (LSE: RTO) completed its all-stock takeover of U.S. pest control firm Terminix. http://axios.link/m4zp

• 33N Ventures, a European VC firm co-founded by ex-Sonae IM investors, is raising €150m for a debut fund that will focused on cybersecurity and infrastructure software startups. www.33n.vc

🌎 Capital Dynamics raised €521m for its ninth clean energy infrastructure fund. www.capdyn.com

🌎 Lightrock raised €860m for its debut climate tech growth equity fund. https://axios.link/3EDesJa

🚑 Palo Santo raised $50m for a VC fund focused on psychedelic therapeutics companies. www.palosanto.vc

• Sunstone Partners, a San Mateo, Calif.-based PE firm focused on tech-enabled services and software businesses, raised $925m for its third fund. www.sunstonepartners.com

⚡ Sesh Raghavan joined Wells Fargo as head of power, utilities and renewables M&A. He previously was with Evercore. https://axios.link/3EAW4Rl

🌎 Ashton Rosin joined Lowercarbon Capital as a partner and head of capital formation. She previously was with Obvious Ventures. www.lowercarboncapital.com

🚑 Enhanced Healthcare Partners promoted David Prendergast to principal and head of biz dev. www.enhancedhealthcare.com