Source: Giphy

There are unexpected mergers and then there are "no f'ing way" mergers, in which sworn enemies hop into bed while no one's looking.

• Yesterday's tie-up between the PGA Tour and LIV Golf is the second kind.

Backstory: LIV is the breakaway golf tour launched last year by Saudi Arabia's Public Investment Fund. Depending on your perspective, the Kingdom's goal was either to further diversify its oil-dependent economy or to "sports-wash" its murderous reputation.

• The PGA very publicly attacked LIV and its patron for human rights abuses, and leveraged its moral high ground to retain golfers who could have made much more money by switching tours.
• But several high-profile players did join LIV, sparking back-and-forth lawsuits.

Details: PIF will become the combined entity's lead investor, although financial specifics weren't disclosed, with PIF's Yasir Al-Rumayyan to serve as chairman. PGA commissioner Jay Monahan will be CEO.

• The deal also includes Europe's DP World Tour.
• The two tours will continue operating separately through the end of this season.
• Litigation between the two sides will be ended, protecting both against the possibility of embarrassing disclosures via discovery.

The big picture: Saudi Arabia just made its first major foray into U.S. sports, after making moves on European soccer, Indian cricket and Formula 1 auto racing. Do not expect it to stop with golf.

• Most major U.S. sports leagues already allow private equity funds to purchase all or part of individual franchises, although such deals still must be approved by other league owners.
• PIF, which has over $600 billion under management, may expect that its wealth can bend both sentiment and rules. Perhaps even in the NFL, which still requires individual owners and which has never accepted non-U.S. owners.
• After all, look at what PIF just pulled off with the PGA.

What to watch: If U.S. antitrust regulators seek to block the merger.

The bottom line: PGA officials spent more than a year pretending that they were standing on principle. Instead, they were standing on a diving board, waiting for the pool to fill with Saudi money.

Apple has acquired Mira, a Los Angeles-based maker of augmented reality headsets that had raised $17 million in VC funding from such investors as Sequoia Capital, Happiness Ventures and former Apple design chief Jony Ive.

Why it's the BFD: This comes on the heels of Apple's own mixed reality headset reveal, which felt a bit like the metaverse trying to wrest back tech attention from AI.

• Apple's product is aimed at upscale consumers, whereas Mira has contracts with the military and theme park operators.

The bottom line: We don't yet know how much Apple paid for Mira, its plans for the technology or if the FTC will seek to get involved after failing to stop Meta from buying VR startup Within.

🚑 RK Pharma, a Pearl River, N.Y.-based generic pharma developer focused on complex injectables, raised $200m from PAG. www.rkpharmainc.com

• Shift5, a Rosslyn, Va.-based cybersecurity company focused on military platforms and transportation systems, raised $83m in Series B funding, per Axios. Moore Strategic Ventures led, and was joined by Booz Allen Hamilton.

• Digibee, a Weston, Fla.-based integration platform-as-a-service startup, raised $60m in Series B funding. Goldman Sachs led, and was joined by Leadwind, K Fund, Vivo Ventures, Kinea and G2D. www.digibee.com

• Thunes, a Singaporean cross-border payments startup, raised $60m. Marshall Wace led, and was joined by Bessemer Venture Partners and 01Fintech. https://axios.link/3J3o29F

🚑 Upperline Health, a Nashville-based value-based specialty care provider, raised $58.35m, as first reported by Axios Pro. Crestline Investors led, and was joined by insider Silversmith Capital Partners. https://axios.link/3oJ13Kh

🚑 GetHarley, a London-based telehealth platform for skincare professionals, raised $52m. Index Ventures led, and was joined by Headline, Visionaries Club and Village Global. https://axios.link/3WS4n24

• Instabase, an SF-based social platform for business data, raised $45m in Series C funding at a $2b valuation. Existing investor Tribe Capital led, and was joined by Andreessen Horowitz, Spark Capital and NEA. https://axios.link/43pFPjn

• EliseAI, a conversational AI platform for real estate, raised $35m in Series C funding. Point72 Private Investmentsled, and was joined by Koch Real Estate Investments and insiders Golden Seeds, Navitas Capital, JLL Spark and DivcoWest. www.eliseai.com

• Mosaic, a corporate financial decision-making platform, raised $26m in Series C funding. OMERS Ventures led, and was joined by Founders Fund, General Catalyst, and Friends and Family Capital. https://axios.link/45O45xp

🚑 Vertos Medical, a maker of medical devices for treating lumbar spinal stenosis, raised $26m in Series C funding, as first reported by Axios Pro. Norwest Venture Partners led, and was joined by insider Pitango VC. https://axios.link/3quzWmF

⚡ Oxccu, a British startup that converts CO2 into sustainable aviation fuel, raised $22.7m in Series A funding. Clean Energy Ventures led, and was joined by Aramco Ventures, Eni Next, United Airlines Ventures, Sustainable Flight Fund, Braavos Capital and insiders like Kiko Ventures. https://axios.link/3qzwHu0

• Keeta, a Santa Monica, Calif.-based cross-border payments startup, raised $17m led by Eric Schmidt. https://axios.link/3P5LuH0

• Mend, a New York-based provider of physical recovery products and digital solutions, raised $15m in Series A funding led by S2G Ventures. www.mend.me

• Icelandic Provisions, a New York-based yogurt brand, raised $18m in Series C funding from Kvika Corporate Finance and Hamrar Capital. www.icelandicprovisions.com

•Blumira, an Ann Arbor, Mich.-based developer of detection and response tech, raised $15m in Series B funding. Ten Eleven Ventures led, and was joined by RPS Ventures, Mercury Fund and HPA. www.blumira.com

🚑 Mend, a New York-based provider of physical recovery products and digital solutions, raised $15m in Series A funding led by S2G Ventures. www.mend.me

• MyForest Foods, a Green Island, N.Y.-based developer of plant-based meats, raised $15m in Series A-2 funding led by parent company Ecovative Design. www.myforestfoods.com

• Payrails, a German OS for payment flows, raised $14.4m, EQT Ventures led, and was joined by General Catalyst, Andreessen Horowitz and HV Capital. https://axios.link/3NcOfoJ

• Nuview, an Orlando, Fla.-based developer of lidar satellites for mapping the Earth, raised $12m in Series A funding. MaC VC led, and was joined by Leonardo DiCaprio, Broom Ventures, Cortado, Florida Funders, Industrious, Liquid2 Ventures and Veto Capital. https://axios.link/43LcsIh

• Ahara, an LA-based nutrition startup, raised $10.25m led by Greycroft. www.ahara.com

• Lfe5 (fka Getlife), a Spanish life insurance startup, raised €10m in Series A funding from Mundi Ventures, Global Brain and insider Singular. https://axios.link/3oNovG3

• MatrixSpace, a Burlington, Mass.-based developer of “AI collaborative sensing solutions,” raised $10m in Series A funding. Raptor Group led, and was joined by Intel Capital. www.matrixspace.com

🌎 Nori, a Seattle-based carbon removal marketplace, raised $6.25m from insiders M13, Toyota Ventures, Placeholder and Cargill. www.nori.com

• Bonside, a revenue financing platform for brick-and-mortar businesses, raised $4.35m from the 81 Collection and Philz Coffee co-founder Jacob Jaber. https://axios.link/42AH52g

• 2045, a network for professionals of color, raised $4.2m in pre-seed funding. Benchstrength led, and was joined by CJ McCollum, Miguel McKelvey, AAF and CT Innovations. www.2045studio.com

• Cuzen Matcha, a San Mateo, Calif.-based matcha maker, raised $3.6m in Series A funding co-led by Digital Garage Group and Joyance Partners. www.cuzenmatcha.com

🚑 Karoo Health, an Albuquerque, N.M.-based value-based heart care company, raised $3.4m in seed funding, as first reported by Axios Pro. First Trust Capital Partners led, and was joined by GoGlobal, Inflect Health and insiders Panoramic Ventures and FirstMile Ventures. https://axios.link/3CiuENA

• Minoa, an SF-based developer of pricing management software for enterprise SaaS sales, raised $2.7m in pre-seed funding led by 468 Capital. www.minoa.io

• Plot, a Wichita, Kan.-based construction tech platform, raised $2m in seed funding. Groundbreak Ventures led, and was joined by KCRise Fund, Koch Disruptive Technologies, High Alpha and Suffolk. www.getplot.com

🚑 Grapefruit Health, a Chicago-based remote patient monitoring startup, raised $1.3m from backers like Google for Startups. https://axios.link/3oSpmFq

• Amplix, a Norwood, Mass.-based portfolio company of Gemspring Capital, acquired Corporate Accessories Group, a Belmont, Calif.-based corporate mobile device management company. www.amplix.com

• Altas Partners is investing in Denver-based wealth management firm Mercer Advisors, while existing Mercer backers Genstar Capital and Oak Hill Capital Partners will retain positions. www.merceradvisors.com

🚑 Avista Capital Partners-backed Solmetex, a Northborough, Mass.-based portfolio company of Avista Capital Partners, acquired Impladent, a Jamaica, N.Y.-based provider of regenerative materials used in tooth extraction procedures. www.solmetex.com

🚑 Bain Capital sweetened its takeover offer for Australian agreed-care home provider Estia Health (ASX: EHE) to A$826.8m, or A$3.20 per share (up from A$3 per share). https://axios.link/45OiGJb

🎵 Beyond Music, a South Korean music investment firm, raised $170m led by Praxis Capital. https://axios.link/3CcS4E3

• Cetera, an LA-based portfolio company of Genstar Capital, acquired The Retirement Planning Group, a Leawood, Kan.-based registered investment advisory with around $1.4b in AUM. www.cetera.com

🚑 Hillhouse Capital of China offered concessions to secure Australian regulatory approval for its takeover of George Clinical, an Australian medical contract research organization, including keeping patient data onshore. https://axios.link/3Nj9rcV

• The Independents, a Paris-based luxury marketing group, raised $400m co-led by TowerBrook and FL Entertainment. https://axios.link/3NgUJ5W

• Insight Partners invested in Bestpass, an Albany, N.Y.-based provider of toll management and automation software for fleets whose existing backers include Susquehanna Growth Equity. www.bestpass.com

• Marlin Equity Partners, acquired ETHIX360, a Charlotte, N.C.-based provider of risk and compliance management solutions. www.ethix360.com

• MidOcean Partners acquired QualiTech, a Chaska, Minn.-based maker of plant nutrition, animal nutrition and food ingredient products. https://axios.link/3X1fNRh

• Monomoy Capital Partners acquired Japs-Olson, a St. Louis Park, Minn.-based direct mail marketing firm. https://axios.link/3CmOgQB

• Quality Collision Group, a Bala Cynwyd, Pa.-based portfolio company of Susquehanna Private Capital, acquired Stuart's Paint & Body, a Plano, Texas-based collision repair provider. www.spcllc.com

🚑 Med-Metrix, a Parsippany, N.J.-based portfolio company of A&M Capital Partners, acquired Tritech Healthcare Management, a Melville, N.Y.-based billing and claims company. www.med-metrix.com

• TNL Mediagene, an Asian digital media firm, agreed to go public at an implied $275m pre-money valuation, via Blue Ocean Acquisition (Nasdaq: BOCN) a SPAC led by former Gannett CEO Paul Bascobert. https://axios.link/42p6Gef

• Brookfield Asset Management agreed to sell its 49.95% stake in telco One New Zealand to investment firm Infratil (which will hold a 99.99% position) for around US$1.1b. https://axios.link/3qwJei3

• Green Check Verified, a VC-backed startup that helps cannabis businesses connect with financial institutions, acquired Komplyd, a San Jose, Calif.-based cannabis compliance startup seeded by Achari Ventures and Poseidon Asset Management. https://axios.link/45MgH8f

• Barclays (LSE: BARC) is exploring options for its global payments business, per Reuters. https://axios.link/45TAcMm

🚑 General Electric (NYSE: GE) is planning to sell around a $2b stake in its health care tech unit, via a debt-for-equity swap. https://axios.link/45PsjXV

⚡ Harbour Energy (LSE: HBR), a British North Sea oil and gas producer, is in talks to merge with Gulf of Mexico-focused Talos Energy (NYSE: TALO), per Reuters. https://axios.link/45PIMvd

• Lloyds Banking Group is seeking a buyer for the Telegraph newspapers and Spectator magazine, which could fetch around £600m, per Sky News. https://axios.link/43J7iwm

• Prada (HK: 1913) and Ermenegildo Zegna (NYSE: ZGN) acquired a combined 15% stake in Italian luxury knitwear designer Luigi Fedeli e Figlio. https://axios.link/45MYRSt

• eBay and Techstars launched a joint accelerator program for ecommerce tech startups. https://axios.link/42qTpSn

• Positive Ventures, a Brazilian impact VC firm, raised $25m for its third fund. https://axios.link/3NeZLyX

• BTIG named Andrew Maller and Paul Wood co-heads of SPAC investment banking. www.btig.com

• John Coughlin, a former Fleetcor executive, joined Summit Partnersas an executive-in-residence. www.summitpartners.com

• Fairview Capital promoted Kwesi Quaye to partner. www.fairviewcapital.com

• Doug Keller joined T. Rowe Price as head of alternatives for its U.S. intermediaries group. He previously was a managing director with Blue Owl Capital and, before that, spent seven years at Pantheon Ventures. https://axios.link/3qwJ2iP

• Robert Kindler, former vice chair and head of global M&A at Morgan Stanley, joined law firm Paul Weiss as a partner and global chair of M&A. www.paulweiss.com

• Gary Mercer and Shane Wright joined AE Industrial Partners as special advisers. Both are former GE Aviation executives. www.aeroequity.com

🚑 Ryan Stewart joined MTS Health Partners to focus on health care tech. He previously was with Solomon Partners. www.mtspartners.com

CEOs of top American companies expect a soft landing for the economy, according to a new survey shared first with Axios.

• Axios' Neil Irwin writes: "The executives' expectations for sales were unchanged from Q1, and their capital spending plans actually ticked up. That's not what you expect to see in a recession."

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