Illustration: Aïda Amer/Axios
For Corporate America, this is the least and most consequential of times.
The original CARES Act was a bold and bipartisan effort to get us through to August, when the virus was expected to be under control. But then we blew it, frittering away the time for which we paid trillions.
It's unclear if there will be a new Paycheck Protection Program for small businesses that already received loans but need new ones to survive.
The bottom line: Congress' first efforts at stimulus proved to be bridges to nowhere. The hope for its new efforts is that they're long enough to bring us to the other side, whether that means a vaccine or newfound governmental competence.
Illustration: Sarah Grillo/Axios
Chevron (NYSE: CVX) agreed to buy Houston-based Noble Energy (Nasdaq: NBL) for $5 billion in stock.
• Xpeng Motors, a Chinese electric vehicle maker, raised around $500 million in Series C+ funding from Aspex, Coatue, Hillhouse Capital and Sequoia Capital China. http://axios.link/Vtmr
• Coursera, a Mountain View, Calif.-based online learning company, raised $130 million in Series E funding at around a $2.5 billion valuation led by return backer NEA. http://axios.link/x5sO
• Ready, Set, Food, a Los Angeles-based childhood food allergy prevention startup, raised $3 million in second round funding from Danone Manifesto Ventures, Mark Cuban. and AF Ventures. www.readysetfood.com
• PolicyBazaar, an Indian lending marketplace and digital insurer backed by SoftBank Vision Fund, is seeking to raise $250 million in pre-IPO funding at a $2 billion-plus valuation, per Bloomberg. http://axios.link/8xWl
• Aquiline Capital Partners invested in Dutch insurance broker Quintes Holding.
⚽ Bridgepoint approached the English Football Association about buying a large minority stake in the Women’s Super League, per Sky News. http://axios.link/H9FG
⛽ Bruin E&P Partners, a North Dakota-based energy company owned by ArcLight Capital Partners, filed for prepackaged Chapter 11 bankruptcy protection. The company previously formed a special committee to investigate a 2018 dividend recap. http://axios.link/HN1J
• Datto, a Norwalk, Conn.-based data protection software company owned by Vista Equity Partners, acquired Gluh, an Australian provider of software procurement services. http://axios.link/gCpW
• Eze Castle Integration, a Boston-based portfolio company of H.I.G. Capital, acquired Alphaserve Technologies, a New York-based provider of infrastructure technology and digital IT services. www.eci.com
• KPS Capital Partners agreed to buy the assets of Briggs & Stratton (NYSE: BGG), a century-old Wisconsin maker of small gasoline engines, out of bankruptcy protection for $550 million.
• Perforce Software, a Minneapolis-based portfolio company of Clearlake Capital Group and Francisco Partners, acquired Methodics, a San Francisco-based provider of enterprise IP lifecycle management and traceability solutions. www.perforce.com
• Thoma Bravo agreed to acquire Majesco (Nasdaq: MJCO), a Morristown, N.J.-based provider of cloud software for insurance businesses, for $594 million. www.majesco.com
• Four companies and one SPAC plan to price IPOs this week: Jamf, Montrose Environmental, ACell, Skillfull Craftman, and Property Solutions Acquisition. http://axios.link/wl5e
🚑 Annexon Biosciences, a South San Francisco-based antibodies maker, set IPO terms to 10 million shares at $14-$16. The pre-revenue company would have a market cap of $313 million, were it to price in the middle, and plans to list on the Nasdaq (ANNX) with JPMorgan as lead underwriter. It recently raised $100 million in Series D funding led by Redmile Group. http://axios.link/lLHo
• Ant Financial, the fin-tech unit of Alibaba Group (NYSE: BABA), said it’s begun the process of a dual listing in Hong Kong and Shanghai. Reuters recently reported on the plans, which the company at the time denied. http://axios.link/HLsu
• BowX Acquisition, a SPAC formed by Sacramento Kings owner and Bow Capital founder Vivek Ranadivé, filed for a $350 million IPO. http://axios.link/pit3
🚑 Checkmate Pharma, a Cambridge, Mass.-based biotech focused on solid tumors, filed for a $75 million IPO. The pre-revenue company plans to list on the Nasdaq (CMPI) with BofA as lead underwriter, and raised $170 million in VC funding from Sofinnova Ventures (21.1% pre-IPO stake), VenBio (21.1%), Novo Holdings (10.2%), Longitude Venture Partners (8.9%), Decheng Capital (7.5%), F-Prime (5.6%), Medixi (5.1%), and Omega Fund (5.1%). http://axios.link/osK1
🚑 Freeline Therapeutics, a London-based gene therapy startup focused on liver expression, filed for a $100 million IPO. It plans to list on the Nasdaq (FRLN) with JPMorgan as lead underwriter, and raised $290 million from backers like Syncona and Novo Holdings. http://axios.link/W4Xu
• Holicity, a TMT-focused SPAC led by telecom exec Craig McCaw, filed for a $250 million IPO. http://axios.link/ampu
🚑 Inozyme, a Boston-based developer of treatments for mineralization disorders, set IPO terms to 5 million shares at $14-$16. The pre-revenue company would have a market cap of $305 million, were it to price in the middle, plans to list on the Nasdaq (INZY), and raised $115 million from Longitude Venture Partners (15.6% pre-IPO stake), NEA (15.6%), Novo Holdings (15.6%), Sofinnova Ventures (11.3%), Pivotal bioVentures (10%), RA Capital Management (10%), and Cowen Healthcare (6%). http://axios.link/KE4Y
🚑 Nurix Therapeutics, a San Francisco-based oncology biotech, set IPO terms to 8.8 million shares at $16-$18. It would have a market cap of $592 million, were it to price in the middle million IPO, plans to list on the Nasdaq (NRIX) with J.P. Morgan as lead underwriter, and raised $224 million in VC funding from such firms as The Column Group (26% pre-IPO stake), Third Rock Ventures (20.9%), and Foresite Capital (7.5%). http://axios.link/10fq
• Vertex, a King of Prussia, Penn.-based provider of business tax software, set IPO terms to 21.15 million shares at $14-$16. It would have a market cap of $2.15 billion, were it to price in the middle, and plans to list on the Nasdaq (VERX) with Goldman Sachs and Morgan Stanley as lead underwriters. The company reports $7.3 million of net income on $75 million in revenue for Q1 2020. http://axios.link/PeQk
• Yucaipa Acquisition, a SPAC led by private equity exec Ron Burkle, filed for a $300 million IPO. http://axios.link/0jtD
• Penske Media, which owns both Deadline and Variety, is in talks to buy The Hollywood Reporter from a portfolio company of Eldridge Industries, per LA Magazine. http://axios.link/1UnW
• Topgolf International, a Dallas-based operator of driving range centers, is in talks to go public via a reverse merger with a Michael Klein-led SPAC, per Bloomberg. Current shareholders include Providence Equity Partners, Dundon Capital, WestRiver Group, Callaway Golf, and Fidelity. http://axios.link/TpGg
• Adevinta, a Norwegian classifieds firm, won the auction for eBay's (Nasdaq: EBAY) classifieds unit with a bid of nearly $9 billion, per Reuters. EBay is expected to maintain a minority stake. http://axios.link/lHoW
🚑 GlaxoSmithKline (LSE: GSK) agreed to buy a 10% stake in CureVac, a German biotech working on a COVID-19 vaccine, for around $164 million. http://axios.link/7cQa
🚑 Grifols, a Spanish pharma group, agreed to buy the North American plasma assets of South Korea’s Green Cross for $460 million. http://axios.link/5qXN
• I&M Holdings, a listed Kenyan lender, agreed to buy a 90% stake in Orient Bank Uganda. http://axios.link/4CdY
• Rosetta Stone (NYSE: RST) is considering strategic alternatives, including a possible sale, per Bloomberg. The language learning software provider has a market cap of nearly $500 million. http://axios.link/Uwfv
• Yamana Gold (TSX: TRI), a Canadian precious metals company, said it’s prepping a London Stock Exchange listing. http://axios.link/92Rx
• The Blackstone Group raised $3.75 billion for its third infrastructure secondaries fund. www.blackstone.com
⛽ Mountain Capital, a turnaround firm focused on the oil and gas industry, secured around $500 million for its $650 million-targeted second fund, per Buyouts. http://axios.link/XsD2
• Neotribe Ventures raised $216 million for its second fund. http://axios.link/iBS5
• TPG Growth is targeting $4 billion for its fifth fund, per public pension documents. http://axios.link/RQhB
• Laura Krivec joined Z Capital Group as director of corporate development. She previously was with Cambridge Associates. www.zcg.net
• Matthew Skurbe joined CC Capital Partners as CFO, COO, and senior managing director. He previously was The Blackstone Group’s treasurer and managing director of finance. www.cc.capital
• VMG Partners, a consumer-focused private equity firm, named four new partners Angad Hira (who also remains CFO), Jon Marshall, McConnell Smith, and Alisa Williams. www.vmgpartners.com
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