It was already a big deal when Visa agreed to acquire fintech startup Plaid for $5.3 billion in January—two times the company’s previous private market valuation. But the deal heralded something even larger, helping ignite a flurry of mega fintech deals: Intuit announced plans to acquire Credit Karma for $7.1 billion just a month later, while competitor Mastercard said it planned to acquire Finicity for nearly $1 billion in June. Now the Department of Justice is scrutinizing all three deals,...

Private equity firm The Gores Group was among the first to jump on this wave of special purpose acquisition companies, taking Twinkies maker Hostess public through a blank-check company in 2016 and valuing the confections maker at $2.3 billion—including debt—at the time. Amid a surge of SPAC deals in 2020, Gores Group now plans to use its fourth blank-check company to take public a company estimated to be worth $16.1 billion in enterprise value. The group says it will be the largest SPAC...

Earlier this year, SoftBank scrapped a $3 billion deal to buy up shares from existing stakeholders. That deal would have given WeWork co-founder Adam Neumann nearly $1 billion for his shares alone in a company that had sunk from $47 billion in valuation to a single billion-dollar digit. Attorneys representing Neumann have sent a letter to SoftBank saying he is reserving his rights, a source with knowledge of the matters told Term Sheet. Meanwhile, what wasn’t previously revealed in the deal:...

Late Friday, the Small Business Administration issued updates on who would and would not qualify for the government's $350 billion loan program. While the updates specifically stated that faith-based organizations would not be tied together via “affiliation rules,” no carve-out was given for venture capital-backed companies. Many in venture capital are concerned that those rules would tie a venture-backed company to other companies in its venture backer’s portfolio—and deem many businesses...

This is the web version of Term Sheet, Fortune’s newsletter about deals and dealmakers. Sign up here. Dear unicorn: Is Silver Lake your coronavirus-era Warren Buffett? On Monday, the company announced that it had raised $1 billion in debt and equity from private equity shop Silver Lake and investment firm Sixth Street Partners. Airbnb reportedly cut its valuation internally from $31 billion to $26 billion as consumers cancelled reservations. One name that jumps out: Silver Lake co-CEO Egon...