Illustration: Sarah Grillo/Axios
Uncle Sam today will become Corporate America's lender of last resort, but it's still unclear if it also will become its activist shareholder.
Driving the news: We're still awaiting full text of the bipartisan deal struck last night between the White House and Senate leaders, including if there will be any straight equity or warrants tied to financial help for affected industries and companies.
Boeing CEO Dave Calhoun, a former private equity executive, yesterday told Fox Business that his company would refuse government assistance if it came with equity strings attached: "If they force it we just look at all the other options, and we’ve got plenty of them."
Ben Baldanza, former Spirit Airlines CEO and current JetBlue director, yesterday rejected proposals for Treasury taking equity in airlines during a CNBC interview, but repeatedly dodged when asked why.
The bottom line: Corporate America is right that it didn't directly cause this problem, as Wall Street caused the 2008 crisis, so there is no need to be punitive. But neither did taxpayers, and they're the ones footing the bill after years of corporate stock buybacks and mediocre wage increases. It will be interesting to see where the Senate sided.
Startup layoffs are on the rise, which means many soon will be in the unexpected position of either exercising their vested options or abandoning them. It's an always difficult (and costly) choice made even tougher by the volatile economic outlook. Kia has more.
• The Real Estate Roundtable, whose members include The Blackstone Group, last night called for both residential and commercial landlords to hold off on evictions and to work on solutions with impacted tenants (including to protect credit ratings).
🎧 Pro Rata Podcast digs into President Trump's proposal to reopen America within weeks, putting him at odds with public health officials and many economists. Listen here.
Illustration: Aïda Amer/Axios
Facebook (Nasdaq: FB) is in talks to buy a 10% stake in Indian telecom operator Reliance Jio from Reliance Industries, per the FT.
Yesterday I asked you to send in activities your kids have come up with to pass the time at home. Some highlights (and ideas):
• TierPoint, a St. Louis-based data center operator, raised $320 million in new equity funding. Argo Infrastructure Partners, Wafra, and Macquarie Capital Principal Finance co-led, and were joined by return backers Cequel, Ontario Teachers, RedBird Capital Partners, The Stephens Group, and Thompson Street Capital Partners. http://axios.link/yEW8
🚑 Kallyope, a New York-based biotech focused on the “gut-brain axis,” raised $112 million in Series C funding. Casdin Capital and Greenspring Associates were joined by return backers Alexandria Venture Investments, Illumina Ventures, Polaris Partners, and The Column Group. http://axios.link/WTqz
• Nature’s Fynd, a Chicago-based alt protein startup, raised $80 million in Series B funding. Generation Investment Management and Breakthrough Energy Ventures co-led, and were joined by 1955 Capital, Mousse Partners, ADM Ventures, and Danone Manifesto Ventures. http://axios.link/EJvs
🚑 Apexigen, a San Carlos, Calif.-based developer on cancer antibodies, raised $65 million in new Series C funding (round total now $123m). Decheng Capital led, and was joined by Oceanpine Capital. http://axios.link/3SIM
• SoftIron, a London-based developer of data center appliances, raised $34 million in Series B funding from undisclosed backers. www.softiron.com
• Espressive, a developer of company help-desk chatbots, raised $30 million in Series B funding. Insight Partners led, and was joined by Wing VC and General Catalyst. http://axios.link/xPU8
• Alma, a Paris-based provider of installment payment solutions to merchants, raised €12.5 million from Idinvest and Isai. http://axios.link/yWx5
• Arkose Labs, a San Francisco-based provider of online fraud and abuse prevention software, raised $22 million in Series B funding. M12 led, and was joined by return backers PayPal and USVP. http://axios.link/czmd
• Akur8, a Paris-based provider of automated pricing software for commercial and residential insurance, raised €8 million in Series A funding from BlackFin Capital Partners and MTech Capital. http://axios.link/BUA4
🚑 ClinOne, a Denver-based provider of remote clinical trial patient management software, raised $3.6 million in Series A funding led by the CU Healthcare Innovation Fund. http://axios.link/EDOg
🚑 Arcadia Consumer Healthcare, a Bridgewater, N.J.-based portfolio company of Avista Capital, acquired the U.S. rights to upset stomach medicine Kaopectate from Sanofi (Paris: SAN). www.arcadiach.com
• The Carlyle Group may be souring on its agreed-upon takeover of Australian debt collector Pioneer Credit (ASX: PNC), asking for new data on its business operations and performance, per The Australian.
• Guy & O'Neill, a Fredonia, Wisc.-based portfolio company of Centre Partners, acquired Boomerang Laboratories, a Spring Park, Minn.-based manufacturer of liquid-fill personal care and light-duty household cleaning products www.guyandoneill.com
• Tangent Technologies, an Aurora, Ill.-based portfolio company of The Sterling Group, acquired Bedford Technologies, a Worthington, Ill.-based plastic lumber extruder. http://axios.link/pw5g
• Deutsche Wohnen, a German property group, agreed to buy most of the operations of rival Isaria for €600 million from Lone Star Funds. http://axios.link/2MfT
• European Union antitrust regulators have extended their deadline to decide whether to approve EssilorLuxottica’s (Paris: ESLX) €7.2 billion takeover of Dutch eyewear retailer GrandVision (AS: GVNV). http://axios.link/ks3S
• Mitsubishi Corp. completed its €4.1 billion purchase of Dutch utility Eneco. http://axios.link/fBnt
• Shanghai Yuemu Cosmetics, a Chinese maker of facial beauty masks, is considering a sale process, per Bloomberg. In 2018 it had a deal to be bought for $781 million, but the buyer later terminated because it said SYC hadn’t delivered promised financial performance. http://axios.link/h2qC
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