Just 24 hours ago, in this very space, I wrote about how it only feels like busted M&A deals are on the rise. It's still true, per the data, but less so.
The Fiat folly can be talked up to a single dirty word: Politics.
• Breaking: Google this morning said it will buy data analytics platform Looker for $2.6 billion.
• ICYMI: Uber shares briefly topped their $45 IPO price during trading yesterday, for the first time since the company went public. They opened right at $45 this morning, and are down slightly as of this writing.
🎧 Pro Rata Podcast digs into the SEC vs. Kik case about crypto "currencies." My guest is Katie Haun, a crypto-focused partner with Andreesen Horowitz who previously was a DOJ prosecutor who led investigations into the Mt. Gox hack and corrupt agents on the Silk Road task force. Listen here.
Illustration: Sarah Grillo/Axios
Peloton, the connected fitness company, said that it filed confidential IPO paperwork. No specifics were disclosed, but word is that Goldman Sachs and J.P. Morgan are lead bankers, with plans to price the offering in September.
• Yellowbrick Data, a Palo Alto-based data warehousing company, raised $81 million in Series C funding. DFJ Growth led, and was joined by IVP, BMW iVentures and return backers Next47, Third Point Ventures, Menlo Ventures, Threshold Ventures and GV. http://axios.link/BDq3
• Litify, a New York-based provider of law firm software, raised $50 million in Series A funding from Tiger Global Management. www.litify.com
🚑 Lung Therapeutics, an Austin, Texas-based developer of treatments for serious pneumonia complications, raised $36 million in Series C funding from undisclosed backers. http://axios.link/W3bz
🚑 Carbon Health, a San Francisco-based mobile connected healthcare network, raised $30 million in Series B funding. Brookfield Growth Partners led, and was joined by DCVC and return backers Builders VC, Bullpen Capital, Javelin Venture Partners and Two Sigma Ventures. http://axios.link/Gq5w
• Pratilipi, an Indian storytelling app, raised $15 million in Series B funding. Qiming Venture Partners led, and was joined by Nexus Venture Partners, Omidyar Network India, Shunwei Capital, Contrarian Vriddhi Fund, and WEH Ventures. http://axios.link/72A4
• CellPoint Mobile, a London-based provider of digital payment solutions for airlines, raised £11 million from Toscafund Asset Management. http://axios.link/98Re
• Possible Finance, a Seattle-based subprime consumer lending startup, raised $10.5 million led by Canvas Ventures. http://axios.link/0MdK
• Artisan Design Group, a San Diego-based portfolio company of The Sterling Group, acquired Heritage Carpet & Tile, a provider of design center and installation services for flooring and related products in Southern Florida. www.interiorsbyadg.net
• BDT Capital Partners agreed to buy Lew’s Holdings, a Springfield, Mo.-based maker of hunting and fishing gear and accessories, from Peak Rock Capital. www.lews.com
• The Carlyle Group and Germany’s DWS are prepping a €3.5 billion takeover bid for British rail and bus firm Arriva, currently owned by Deutsche Bahn, per Reuters. http://axios.link/yFTB
🥃 Hillhouse Capital Management acquired Loch Lomond, a Scottish whiskey producer, from Exponent Private Equity. No financial terms were disclosed, but Bloomberg pegged the price at between $300-$400 million. http://axios.link/9k9A
🚑 LLR Partners acquired CareATC, a Tulsa, Okla.-based operator of on-site employee health clinics. http://axios.link/cvKm
• Marlin Equity Partners acquired Webtrekk, a German provider of marketing analytics and customer intelligence software. www.webtrekk.com
⛽ Northleaf Capital Partners acquired a 49% stake in Odfjell Holdings, a U.S. portfolio of bulk liquid storage terminals, from Odfjell (Oslo: ODF).
• Omnisys, a Dallas-based portfolio company of Moelis Capital Partners, acquired Rx-Net, a Shawnee, Kan.-based provider of automated pricing solutions for pharmacies. www.omnisys.com
• Riverbed Technology, acquired in 2015 for $3.5 billion by Thoma Bravo and Ontario Teachers, is in preliminary talks about reducing its $2 billion debt-load, per Bloomberg. Discussions, including with Vector Capital and Riverbed lender Apollo Global Management, reportedly could include debt refinancing or asset sales. http://axios.link/Me7q
• Thoma Bravo acquired Autodata Solutions Group, a Canadian provider of auto research and software to the auto industry. http://axios.link/Pl92
• Warburg Pincus agreed to buy Pregis, a Deerfield, Ill.-based maker of protective packaging materials, from Olympus Partners. http://axios.link/tquU
• CrowdStrike, a Sunnyvale, Calif.-based cybersecurity company, increased its IPO price range from $19-$23 to $23-$30. It still plans to offer 18 million shares, but now would have an initial market cap of $5.7 billion, were it to price in the middle (up from $4.1b). The company plans to trade on the Nasdaq (CRWD) with Goldman Sachs as lead underwriter, and has raised over $480 million in VC funding from firms like Warburg Pincus (30.2% pre-IPO stake), Accel (20.2%) and CapitalG (11.1%). http://axios.link/p21Q
🚑 Hansoh Pharmaceutical, a Chinese drugmaker, raised around $1 billion in a Hong Kong IPO, pricing at the top end of its indicative range, per Reuters. http://axios.link/SKI1
• Mid Europa Partners agreed to sell Serbian mineral water and non-alcoholic beverages company Knjaz Miloš to a joint venture between PepsiCo (Nasdaq: PEP) and Karlovarské Minerální Vody. http://axios.link/TREM
• Alibaba (NYSE: BABA) and Russian sovereign wealth fund RDIF each will invest $100 million in a Russian joint venture that includes Internet and e-commerce assets. http://axios.link/wVQP
• Advent International raised $17.5 billion for its ninth flagship private equity fund. www.adventinternational.com
• L Catterton has raised at least $1.3 billion for its third Asia-focused fund, per PE International. http://axios.link/aQgi
• Pacific Equity Partners, an Australian buyout firm, is nearing a A$2.5 billion final close on its sixth fund, per Australian Financial Review. http://axios.link/whKD
🚑 Third Rock Ventures, a Boston-based life sciences VC firm, raised $770 million for its fifth fund. www.thirdrockventures.com
• Rahm Emanuel is joining investment bank Centerview Partners as a Chicago-based senior counsel. He previously was mayor of Chicago, and also served as a congressman from Illinois and as President Obama's first White House chief of staff.
Context: Walmart CEO Doug McMillon yesterday urged Congress to increase the federal minimum wage, saying that the nationwide standard of $7.25 per hour is "lagging behind."
Go deeper: Labor's shrinking share of profits
🙏 Thanks for reading Axios Pro Rata. Please ask your friends, colleagues and baristas to subscribe by going here.