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Christian Democratic Union party chairman and candidate for the federal elections, Armin Laschet, in front of German Chancellor Angela Merkel in Berlin on Sept. 26. Photo: Clemens Bilan/Pool/Getty Images

Angela Merkel's departure from German government may result in a massive influx of private investment.

Driving the news: The center-left Social Democratic Party, led by chancellor candidate Olaf Scholz, clinched a narrow victory in Germany's federal elections. It now will seek to form a coalition government by year-end with the Greens and the Free Democrats.

  • Everyone in that potential coalition agrees that Germany needs to boost public spending, which has been around net-zero for more than a decade. Particularly when it comes to areas like digitizing and greening the country's economy.

But they don't agree on how to get there.

  • Greens, who want huge new public investment, proposed a wealth tax and would remove Germany's version of the debt ceiling (which is enshrined in the country's constitution).
  • Free Democrats say tax hikes are a nonstarter and that the "debt brake" must be respected.

A likely compromise would be new incentives to attract outside investment, including from private equity firms that a Merkel lieutenant once famously derided as locusts. Particularly now that there is so much dry powder devoted to infrastructure, broadly defined.

  • Private equity investment in Germany hit records in 2019, before pulling back a bit last year because of the pandemic.
  • The upshot is that investors are ready for increased opportunity and have personnel in place.

The bottom line: No coalition government ever exists until it does, so there's still time for political maneuvering. But yesterday's results set the stage for Germany to formally hang a "welcome" sign for the onetime locusts.

Go deeper ... German election: Social Democrats narrowly beat Angela Merkel's bloc

Go deeper

Dan Primack, author of Pro Rata
Oct 13, 2021 - Economy & Business

Scoop: Arctos raises over $3 billion to buy stakes in pro sports teams

Illustration: Aïda Amer/Axios

Arctos, an upstart private equity firm founded to buy into pro sports teams, has secured over $3 billion in investor commitments, Axios has learned. The firm originally planned to raise between $1 billion and $1.5 billion.

Why it matters: Private equity has become obsessed with pro sports, from American basketball to European soccer to New Zealand rugby. And Arctos leveraged this fervor on the fundraising circuit.

The E-commerce shopping spree

Illustration: Aïda Amer/Axios

Retailers have gotten really good at selling stuff online. So much so, investors want them to separate from the business units that do just that.

Why it matters: Spinning off these crown jewels may jeopardize both the physical and e-commerce sides of the companies in the long run by breaking the benefits of hybrid operations, analysts say.

2 hours ago - World

U.S. envoy to visit Sudan as "most dangerous" crisis intensifies

The sit-in in Khartoum. Photo: Mahmoud Hjaj/Anadolu Agency via Getty

U.S. envoy for the Horn of Africa Jeffrey Feltman will visit Khartoum this week amid what Prime Minister Abdalla Hamdok has called the “worst and most dangerous" crisis of Sudan’s transition to democracy, two sources with direct knowledge tell Axios.

Driving the news: Roughly 2,000-3,000 people had joined a sit-in in Khartoum as of this afternoon, per Reuters, after protesters massed over the weekend to call on the military to bring down the government. The protests came just four weeks after a failed military coup.