Illustration: Eniola Odetunde/Axios

PayPal (Nasdaq: PYPL) agreed to buy Honey, an app and browser plug-in for e-commerce coupons, for around $4 billion in cash and stock.

Why it matters: It's PayPal's largest-ever acquisition, and the largest-ever purchase of a Los Angeles-based tech startup.

  • ROI: Honey had raised around $55 million from Anthos Capital, Citi Ventures, Mucker Capital, and Wonder Ventures. One source tells me that the company's most recent valuation was around $700 million.
  • The bottom line: "Once installed, Honey tracks price changes on retailer websites but can also automatically input coupon codes when a user enters an online checkout. If no coupons are available, Honey may also offer loyalty points that can be redeemed as gift cards. Given that PayPal already has 24 million online merchants, its latest acquisition will allow it to better target and personalize experiences for consumers the minute they arrive on a website." — Matt Brian, Engadget

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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  2. U.S.: Total confirmed cases as of 11 a.m. ET: 5,002,523 — Total deaths: 162,455 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
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  5. Schools: Nine test positive at Georgia school where photo showing packed hallway went viral — How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.