It's time for our annual March Madness Extravaganza. The winner will get the chance to write part of a Pro Rata column, plus some Axios swag and big-time bragging rights. To play:
• Lyft this morning set its IPO terms, ahead of an investor road-show that kicks off later today:
• One to watch: Confirming one of Europe's worst-kept secret, German lenders Deutsche Bank and Commerzbank this morning said that they are seeking to merge.
• Tax talk: Congress is again looking to close the carried interest tax loophole, which is kind of like saying that NY Mets fans are again looking forward to a championship season.
• Calendar: CalPERS, the nation's largest public pension system, today will ask directors to vote on a plan to launch a quasi-independent direct investing unit for venture capital and private equity. We first discussed the issue last May, and at least three of the board's 13 members have expressed reservations.
Fidelity National Information Services (NYSE: FIS) has agreed to buy payments processor Worldpay (NYSE: WP) for approximately $35 billion (not including debt) in cash and stock, or $112.12 per share (14% premium over Friday's closing price).
• OneWeb, an Arlington, Va.-based developer of a low-orbit satellite constellation for global broadband access, raised $1.25 billion in new funding from SoftBank, Grupo Salinas, Qualcomm and the Government of Rwanda. http://axios.link/35OS
🚑 Imara, a Cambridge, Mass.-based developer of therapeutics for chronic treatment of Sickle Cell Disease, raised $63 million in Series B funding. Arix Bioscience and Orbimed Advisors co-led, and were joined by RA Capital, Rock Springs Capital and return backers NEA, Pfizer, Bay City Capital, Lundbeckfonden Ventures and Alexandria Venture Investments. www.imaratx.com
• Tookitaki, a Singapore-based developer of sustainable compliance software for financial institutions, raised $7.5 million in Series A funding. Illuminate Financial led, and was joined by Jungle Ventures, Enterprise Singapore, Supply Chain Angels and VWX Capital. www.tookitaki.com
• Gryphon Technologies, a Washington, D.C.-based engineering and technical services company for U.S. national security, acquired Schafer Intermediate Holding, an Arlington, Va.-based provider of scientific and technical advisory services focused on protecting against national security threats, from Belcan. Both Gryphon and Belcan are portfolio companies of AE Industrial Partners. www.gryphonlc.com
• The Jordan Co. agreed to buy Sabre Industries, an Alvarado, Texas-based maker of products for the utility and telecom markets, from Kohlberg & Co.
🚑 Signify Health, a Dallas-based portfolio company of New Mountain Capital, acquired TAVHealth, a San Antonio, Texas-based collaborative software platform focused on social determinants of health. www.signiftyhealth.com
• The Sterling Group acquired Polychem, a Mentor, Ohio-based securement packaging company. www.polychem.com
• 36Kr, a Chinese website that tracks local startups (said to be reminiscent of TechCrunch), is prepping a U.S. IPO that could raise more than $100 million, per Bloomberg. http://axios.link/8xiW
🚑 Change Healthcare, a Nashville-based healthcare revenue and payment cycle management software company being spun out of McKesson Corp. (NYSE: MCK), filed for a $100 million IPO. It plans to trade on the Nasdaq (CHNG) with Barclays as lead underwriter. http://axios.link/XXGf
• Nexi, the Italian payments firm owned by Bain Capital, Advent and Clessidra, “began proceedings” for its Milan IPO earlier today, per Reuters. http://axios.link/jQcQ
• PagerDuty, a San Francisco-based incident resolution platform, filed for a $100 million IPO. It plans to trade on the NYSE (PD) with Morgan Stanley as lead underwriter, and reports a $34.5 million net loss on $84 million in revenue for the first nine months of 2018. The company has raised over $170 million and was most recently valued at $1.3 billion, by investors like Andreessen Horowitz (18.4% pre-IPO stake), Accel (12.3%), Bessemer Venture Partners (12.2%), Baseline Ventures (6.7%), Harrison Metal (5.3%) and T. Rowe Price.
• Palomar Holdings, a La Jolla, Calif.-based specialty property insurance company backed by Genstar Capital, filed for a $50 million IPO. It plans to trade on the Nasdaq (PLMR) with Barclays as lead underwriter. http://axios.link/LvAP
🎲 Eldorado Resorts (Nasdaq: ERI) and Caesars Entertainment (Nasdaq: CZR) are considering a merger, per Reuters. It comes as Caesars is under pressure from activist investor Carl Icahn. http://axios.link/X7vR
⛽ Equinor of Norway is considering the sale of some or all of its Eagle Ford shale operations, per Bloomberg. http://axios.link/e4Dx
• JD Sports (LSE: JD) agreed to buy smaller UK youth footwear and clothing retailer Footasylum (AIM: FOOT) for upwards of £90.1 million. http://axios.link/Fy55
• Larsen & Toubro, an Indian conglomerate, has launched a $1.02 billion hostile takeover bid for IT services company Mindtree Ltd., per the Times of India. http://axios.link/pQIU
• Morgan Stanley (NYSE: MS) agreed to sell a portfolio of 115 feeder funds, which invest in private equity, hedge funds and real estate, to iCapital Network. http://axios.link/IpLD
🚑 Stryker (NYSE: SYK) acquired OrthoSpace, an Israel-based developer of a device for treating torn rotator cuffs, for upwards of $220 million (around half upfront). http://axios.link/LAN3
• Vestar Capital Partners promoted Winston Song and Nikhil Bhat to managing directors and Jonathan Williams to vice president. www.vestarcapital.com