🚨 Situational awareness: Jay Powell just threw the kitchen sink at the coronavirus crisis, unveiling a slate of new policies that will, for the first time, see the Fed dip its toes into the corporate bond market. Go deeper.
🎧 Pro Rata Podcast on Saturday posted a 15-minute episode focused on the coronavirus. We began with how to social distance while still grocery shopping and helping neighbors, and then we talked with Axios' health care and markets editors. Listen here.
Illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Staff
Sen. Ron Johnson (R-Wis.) was one of several senators who came under fire last week after disclosing that they had sold large amounts of stock just before large swaths of the American economy shut down.
Background: Johnson's job before becoming a U.S. senator was CEO of Pacur, an Oshkosh, Wis.-based plastic sheeting manufacturer that had been founded by his brother-in-law under a different name (and with a different primary product).
The bottom line: This was a vanilla private equity deal that was negotiated before almost anyone had heard of COVID-19. Johnson, who has said several wrong-headed things about the pandemic, didn't trade on insider information.
Photo Illustration: Eniola Odetunde/Axios. Photo: Yoshikazu Tsuno/Getty Images
SoftBank Group announced plans to sell up to $41 billion of assets, in order to buy back shares and reduce debt.
You sent in more kid jokes after we published the original batch last Tuesday, so here's another 15 to share with your new office mates.
Today's project: Ask your kid to make a game. It could be a board game or something like this makeshift foosball field created by Annabel, the 11-year-old daughter of a Pro Rata reader in France.
For the grown-ups: Tonight at 8pm ET/ 5pm PT, a group of Pro Rata readers with Peloton bikes plan to participate in the same ride — something we can do together while socially distancing. Yeah, I'll be on it too.
• Lilium, a German air taxi developer, raised $240 million in Series C funding. Tencent led, and was joined by Atomico, Freigeist, and LGT. http://axios.link/Jz1V
• Cazoo, a British online used car marketplace, raised £100 million in new funding. DMG Ventures led, and was joined by General Catalyst, CNP, Mubadala Capital, Octopus Ventures, Eight Roads Ventures, and Stride.VC. http://axios.link/IxUJ
• Enable, a British provider of rebate management software, raised $13 million in Series A funding. Menlo Ventures led, and was joined by Sierra Ventures. http://axios.link/D8kX
• SecuLetter, a Seoul-based information security startup, raised $6 million in new Series B funding led by Riyadh Valley Co. http://axios.link/EAMQ
• This, a British maker of plant-based chicken and bacon, raised £4.7 million in seed funding from Backed, Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures. http://axios.link/DT1n
• The Blackstone Group agreed will pay £120 million to buy 22 U.K. logistics warehouses from real estate fund manager Clearbell Capital. http://axios.link/hdOS
• The Jordan Co. acquired Transportation Impact, an Emerald Isle, N.C.-based provider of software for high-volume shippers. www.transimpact.com
• No companies are expected to price U.S. IPOs this week.
• FuboTV, a New York-based seller of a “skinny bundle” streaming service, is going public via a reverse merger with FaceBank (OTCQB: FNBK). FuboTV had raised around $300 million from firms like Luminari Capital, DCM Ventures, Northzone Ventures, AMC Networks, 21st Century Fox, and Discovery. http://axios.link/LakZ
• Lindsay Goldberg completed its €532 million sale of VDM Metals, a German maker of nickel alloys, to Spain’s Acerinox. www.acerinox.com
• Thoma Bravo has postponed its sale process for Imprivata, a Lexington, Mass.-based patient data management company that was expected to fetch more than $2 billion, per PE Hub. http://axios.link/ZAx7
• BT Group (LSE: BT) sold its operations and infrastructure within 16 Latin American countries to an affiliate of private equity firm CIH Technology Holdings. The involved assets generated £110 million in the most recent fiscal year. http://axios.link/M8Bk
• Starboard Value struck an agreement with Box (NYSE: BOX), in which it acquired a 7.5% stake last fall, whereby it will get three directors on Box’s board. http://axios.link/k56N
• XPO Logistics (NYSE: XPO), a Connecticut-based warehouse and last-mile delivery company, canceled plans to sell of spin-off multiple business units, due to market conditions.” http://axios.link/r1jI
🚑 Accelmed Partners, a New York-based lower middle-market private equity firm focused on healthcare, is raising up to $400 million for its second fund, per an SEC filing. www.accelmed.com
• Lightspeed Venture Partners is said to have effectively finished raising $2.5 billion for a pair of new funds, including its fourteenth flagship fund and fourth opportunities fund. The firm declined comment, suggesting there hasn't yet been a final close.
• James Lee and Jae Woo Park joined Proskauer as partners in the law firm’s M&A practice. Both were previously with K&L Gates. www.proskauer.com
🙏 Thanks for reading Axios Pro Rata! Please ask your friends, colleagues, and un-floored traders to sign up.