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Illustration: Sarah Grillo/Axios

Private equity firm CVC Capital Partners has offered to buy listed Japanese conglomerate Toshiba Corp. for around $20 billion.

Why it matters: This could be the largest leveraged buyout of an Asian company, topping Bain Capital's 2018 deal for a majority stake in Toshiba's flash memory unit (now known as Kioxia).

Market reax: Toshiba shares jumped more than 18% on the news, giving it a market cap of nearly $19 billion.

Timing is everything: Toshiba shareholders last month approved an independent investigation into allegations that it improperly pressured shareholders into voting with company management, and the CVC deal arguably could help take the pressure off CEO Nobuaki Kurumatani.

Bottom line: "Any approval by Toshiba's board will face regulatory review, because Toshiba, which makes products ranging from escalators to sewerage plants, is one of only a handful of companies able to build nuclear reactors and manufactures other sensitive equipment, including lithium-ion batteries for Japan's military submarines." — Makiko Yamazaki, Reuters

Go deeper

Scoop: Trump-backed Perdue says he wouldn’t have certified Georgia 2020 results

Perdue at a December 2020 campaign event in Columbus, Ga. Photo: Elijah Nouvelage/Getty Images

Georgia gubernatorial candidate David Perdue wouldn’t have signed the certification of the state’s 2020 election results if he had been governor at the time, the former Senate Republican told Axios.

  • “Not with the information that was available at the time and not with the information that has come out now. They had plenty of time to investigate this. And I wouldn’t have signed it until those things had been investigated and that’s all we were asking for," he said.

Why it matters: There has been no evidence widespread fraud took place in Georgia's elections last year and the November results were counted three times, once by hand.

Beijing Olympics: These countries have announced diplomatic boycotts

Photo: Zhang Qiang/VCG via Getty Images

Several countries, including Canada and Australia, have announced they will join the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympics to protest human rights abuses committed by China's government.

Driving the news: Leaders have faced pressure from human rights groups and others to boycott the Games, pointing to the ongoing genocide of Uyghurs and other Muslim minorities in China's Xinjiang region and other abuses.

Biden directs federal government to become carbon neutral by 2050

President Biden speaking to reporters outside of the White House on Dec. 8.

President Biden signed an executive order Wednesday that requires the federal government achieve multiple goals related to reducing its carbon emissions, including achieving net-zero emissions by 2050.

Why it matters: Meeting the objectives of the order would require a massive investment by the federal government to buy electric vehicles, upgrade buildings and change how it procures electricity.