KKR strikes deal for German publisher Axel Springer

Last week Axios Pro Rata discussed how KKR was in talks to buy out the minority shareholders in German publisher Axel Springer, via a public tender.

By the numbers: The deal was publicly announced Wednesday morning, valuing Axel Springer at around $7.7 billion, or €63 per share. That's a 12.5% premium to yesterday's close, and a 40% premium to where shares traded before the first reports of a deal.

The SEC's new financial adviser rule gets mixed reviews

In this image, Jay sits and makes a frowning face.
SEC Chairman Jay Clayton testifies during a Senate Banking Committee hearing in 2018. Photo: Tom Williams/CQ Roll Call via Getty Images

The SEC has passed Regulation Best Interest, a new rule requiring stockbrokers and financial advisers to act in the best interest of their clients.

Yes, but: There are some caveats. The rule does not require brokers to recommend the lowest-cost mutual funds or other types of products, something the financial industry opposed. Critics also are wary of the lack of enforcement mechanisms.