Illustration: Annelise Capossela/Axios
Okay. It's my fault for thinking (wishing?) that a more "presidential" debate tone would translate into more substantial, forward-looking policy discussions.
⏰ TikTok: There still isn't a deal, although ByteDance and CFIUS continue to negotiate.
💰 Apollo Global Management: All eyes are on next Thursday's earnings call, and what CEO Leon Black may or not say about his personal ties to Jeffrey Epstein.
💼 WeWork: Fitch Ratings downgraded the co-working company from CCC+ to CCC, which means Fitch believes that "default is a real possibility."
🎬 Quibi: Jeffrey Katzenberg and Meg Whitman fell on their swords yesterday, during a joint interview with CNBC.
BC Partners plans to disentangle pet supplies retailer PetSmart from online rival Chewy (NYSE: CHWY), via a recapitalization plan. BC bought Chewy in 2017, in part by piling new debt onto existing portfolio company PetSmart, and then took Chewy public in mid-2019 while retaining almost total voting control.
🐺 Arctic Wolf, a Sunnyvale, Calif.-based security operations center-as-a-service company, raised $200 million in Series E funding at a $1.3 billion valuation. Viking Global Investors led, and was joined by DTCP and existing backers. http://axios.link/sFJ3
• Rokt, a New York-based ecommerce marketing company, raised $80 million in Series D funding led by existing backer TDM Growth Partners. http://axios.link/YCKb
• Lunar, a Nordic challenger bank, raised €40 million in Series C funding. Backers include Seed Capital, Greyhound Capital, Socii Capital, and Chr. Augustinus Fabrikker. http://axios.link/5Hoe
🚑 Allonnia, a Boston-based bioremediation company focused on waste management, raised $40 million in Series A funding from Ginkgo Bioworks, Battelle, General Atlantic, Cascade Investment, and Viking Global Investors. http://axios.link/7LCA
🚑 Azura Ophthalmics, an Israeli developer of treatments for dry eye, raised $20 million from OrbiMed, TPG Biotech, Brandon Capital, and Ganot Capital. http://axios.link/cdLE
🚑 Cohere Health, a Boston-based medical collaboration platform, raised $10 million co-led by Flare Capital Partners and Define Ventures. http://axios.link/gH38
• EveryoneSocial, a Salt Lake City-based provider of employee advocacy SaaS, raised $7.6 million in Series A funding. Next Frontier Capital led, and was joined by Crane Group and Epic Ventures. http://axios.link/TLml
• Render, a San Francisco-based dev-ops platform, raised $4.5 million in new seed funding led by General Catalyst. http://axios.link/PQwt
• Ware, a San Francisco-based developer of autonomous drones for warehouse inventory counting, raised $2.5 million in seed funding. UP Partners led, and was joined by Bloomberg Beta and 2048 Ventures. www.getware.com
• Link Administration (ASX: LNK), an Australian fund administration services company, turned down a A$2.76 billion takeover offer from The Carlyle Group and Pacific Equity Partners, but said it’s open to further talks. http://axios.link/VG4r
• Revolution, a Little Rock, Ark.-based portfolio company of Arsenal Capital Partners, acquired St. Paul, Minn.-based plastic packaging company Polar Plastics from Spell Capital Partners. www.revolutioncompany.com
• Symplr, a Houston-based portfolio company of Clearlake Capital Group, agreed to buy TractManager, a Dallas-based provider of health care contract lifecycle management solutions, from Arsenal Capital Partners, per PE Hub. http://axios.link/0vi5
🚑 Foghorn Therapeutics, a Cambridge, Mass.-based startup focused on the body’s chromatin regulatory system, raised $120 million in its IPO. The company priced at $16 per share (middle of range) for a fully diluted market value of $628 million, and will list on the Nasdaq (FHTX) with Goldman Sachs as lead underwriter. Backers include Flagship Pioneering (44.4% pre-IPO stake) and Seth Klarman’s family foundation (7.6%). http://axios.link/ARS8
• Lufax, a Chinese online lender, set IPO terms to 175 million shares at $11.50–$13.50. It would have an initial market value of $30.5 billion, were it to price in the middle, and plans to list on the NYSE (LU) with Goldman Sachs (Asia) as lead underwriter. It reports over $1 billion of net income on more than $3 billion in revenue for the first half of 2020. Ping An holds a 42.3% pre-IPO stake, while other backers include Primavera Capital, Qatar Investment Authority, All-Star Investors and SBI Holdings. http://axios.link/M1bK
• Altimar Acquisition, a SPAC formed by HPS Investment Partners, raised $250 million in a downsized IPO. http://axios.link/mVVb
• Churchill Capital Corp V, a SPAC led by Michael Klein, raised $400 million in an upsized IPO. http://axios.link/DNtD
• Zanite Acquisition, an aviation-focused SPAC formed by Resilience Capital and Directional Aviation, filed for a $200 million IPO. http://axios.link/Emnj
• Ares Management is seeking a buyer for high-end British paint maker Farrow & Ball, per Bloomberg. http://axios.link/MKif
• PayPal (Nasdaq: PYPL) has held talks to acquire BitGo, a Palo Alto-based cryptocurrency custodian that’s raised over $70 million in VC funding, per Bloomberg. BitGo backers include Valor Equity Partners, Craft Ventures, Redpoint Ventures, Inventures, and Radar Partners. http://axios.link/cjAy
• Continental AG, a listed German auto parts maker, is seeking a buyer for its turbocharger unit, per Bloomberg. http://axios.link/JCW8
⛽ EQT Corp. (NYSE: EQT) offered to buy rival shale gas producer CNX Resources (NYSE: CNX), which has a $2.6 billion market cap, per Bloomberg. http://axios.link/UjgO
• Flipkart, the Indian e-commerce firm owned by Walmart, agreed to pay $204 million for a 7.8% stake in listed Indian clothing store chain Aditya Birla Fashion & Retail. http://axios.link/rq79
• Japan Post (Tokyo: 6178) plans to break up and sell parts of Australian logistics business Toll Group, per the FT. http://axios.link/1uO5
• KPMG is seeking a buyer for its U.K. restructuring business, per the FT. http://axios.link/vBnw
🚑 Pfizer (NYSE: PFE) agreed to buy Arixa Pharma, a Palo Alto-based developer of oral antibiotics for drug-resistant infections that had raised $13 million in VC funding from undisclosed backers. http://axios.link/xyHD
• Wells Fargo (NYSE: WFC) is considering a sale of its asset management unit, per Reuters. http://axios.link/LUrp
• Hutt Capital, a Portland, Ore.-based fund-of-funds and direct VC firm focused on blockchain, is raising $25 million for its debut fund, per an SEC filing. www.huttcapital.com
• Lavrock Ventures of McLean, Va. is raising $75 million for its second fund, per an SEC filing. www.lavrockvc.com
🚑 RA Capital Management raised $461 million for a new biotech-focused venture fund. http://axios.link/BmTw
• Rainfall Ventures (fka Vaizra Investments) is raising $60 million for its second fund, per an SEC filing. www.rainfall.com
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