Presidents often start legal battles they won't be around to finish, betting on the inertia of federal bureaucracies.

• That may be what faces the incoming Trump administration, based on a Bloomberg report that the Justice Department will ask a judge to require that Google divest its Chrome browser.
• This comes three months after the judge ruled that Google violated antitrust law to maintain its search monopoly, and would be DOJ's proposed remedy.

Why it matters: This could be the first big test of tech antitrust policy under Trump 2.0.

• Google already plans to appeal, which means the case will bleed way past Jan. 20, and even the divestiture decision isn't expected until next summer.

On the one hand: Trump has no love lost for Google, which he threatened to sue during the campaign.

• Same goes for Attorney General nominee Matt Gaetz, who's called for breaking up Big Tech companies.

On the other hand: Trump ran on a deregulatory agenda, which helped pry free a lot of donation dollars from Silicon Valley investors.

• Dealmakers have convinced themselves that the next White House will have a much lighter touch on antitrust, but forcing Google to dump Chrome could switch the signals.
• It's not exactly like blocking a new merger, but it could chill future Big Tech acquisitions.

The wildcard: The original case was actually filed during Trump's first term, although the Chrome request would come from Biden's DOJ.

• There's no particular reason to believe past is prologue here, given Trump's reversals on the TikTok ban and crypto being a "scam."

Zoom in, per Bloomberg: "Owning the world's most popular web browser is key for Google's ads business. The company is able to see activity from signed-in users, and use that data to more effectively target promotions, which generate the bulk of its revenue. Google has also been using Chrome to direct users to its flagship AI product, Gemini, which has the potential to evolve from an answer-bot to an assistant that follows users around the web."

The bottom line: Google is the world's fourth-largest company by market cap, with a market cap of nearly $2.2 trillion. It would take two presidents to break it up, but only if they both want to take the fight.

Source: Giphy

The Blackstone Group agreed to buy a majority stake in sandwich shop chain Jersey Mike's Subs for around $8 billion.

Why it's the BFD: This is nearly the same amount that Roark Capital paid earlier this year for Subway, even though Subway has over 36,000 stores and Jersey Mike's has around 3,000.

Behind the scenes: Blackstone and Jersey Mike's CEO Peter Cancro held takeover talks for three years before the final agreement.

• Jersey Mike's bid have banker representation, but didn't run an auction.
• Blackstone was helped on the deal by senior advisor Nigel Travis, the former Dunkin' Brands CEO who will join the Jersey Mike's board of directors.

The bottom line: Part of Blackstone's bet is that Jersey Mike's can continue to take domestic market share from Subway, but expect a lot of the focus to be on global growth.

• Jersey Mike's currently has just four stores outside of the U.S., compared to more than 15,000 international Subway locations.

• Kong, an SF-based developer of cloud API tech, raised $175m in Series E funding. Tiger Global and Balderton co-led, and was joined by OTPP, 137 Ventures, and insiders a16z, Index Ventures, CRV, Sapphire Ventures, and Notable Capital. konghq.com

• Skydio, the San Mateo, Calif., dronemaker, added $170m to the $230m Series E it closed last year from KDDI, Axon and insider Linse Capital. axios.link/3UZqyDM

• Roboflow, a Des Moines, Iowa,-based computer vision startup, raised $40m in Series B funding, per Fortune. GV led, and was joined by Craft Ventures and YC. axios.link/4hWN7Tr

• SuperAnnotate, an SF-based provider of software for managing large-scale AI datasets, raised $36m in Series B funding. Cox Enterprises' Socium Ventures led, and was joined by Nvidia, Databricks, and Play Time Ventures. axios.link/4i9y0GH

• Minu, a Mexican employee benefits platform, raised $30m in Series B funding. QED led, and was joined by Endeavor Catalyst and Next Billion Capital Partners. axios.link/40XeVkD

• Plantible Foods, a San Diego-based maker of plant-based protein, raised $30m in Series B funding. Siddhi Capital and Piva Capital co-led, and were joined by Betagro Ventures, Chipotle, Griffith Foods, and insider Astanor Ventures. plantiblefoods.com

• Snap Mobile, a fundraising platform for schools and organizations, raised $23m from Runway Growth Capital. snapraise.com

🚑 Seen Health, a PACE provider for senior health care, raised $22m in Series A funding led by 8VC, per Axios Pro. axios.link/4fwDbhP

• Class8, a Toronto-based trucking fleet operations startup, raised US$22m in Series A funding. Xplorer Capital led, and was joined by Commerce Ventures and insiders Inspired Capital and Resolute Ventures. class8.com

• Distyl, an SF-based startup that helps integrate AI into core biz workflows, raised $20m in Series A funding. Lightspeed Venture Partners led, and was joined by Khosla Ventures and insiders Coatue, Dell Technologies Capital, and Nat Friedman. distyl.ai

• Lightsynq, a Boston-based quantum interconnect startup, raised $18m in Series A funding. Cerberus led, and was joined by Murata Electronics North America Inc., IAG Capital Partners, Safar Partners, QVT, Element Six, and In-Q-Tel. lightsynq.com

🚑 Alloy, a New York-based menopause care startup, raised $16m in Series A funding. Kairos HQ led, and was joined by PACE Healthcare Capital, Emmeline Ventures, and Amboy Street Ventures. axios.link/3CB8v0z

• Spines, a Miami publishing platform, raised $16m in Series A funding. Zeev Ventures led, and was joined by insiders Aleph, M-Fund, and LionTree. spines.com

🚑 Citizen Health, an SF-based consumer health platform for patients with rare conditions, raised $14.5m in seed funding. Transformation Capital led, and was joined by Wavemaker 360. citizen.health

⚡ Flipturn, a New York-based EV charger and fleet management platform, raised $11m in Series A funding. CRV led, and was joined by Accel. getflipturn.com

• REBA, a Denver-based provider of analytics and intelligence software suite for property management, raised $10m in Series B funding led by Blueprint Equity. getreba.com

• Gemesys, a German chipmaker, raised €8.6m in pre-seed funding. Amadeus APEX Technology Fund and Atlantic Labs co-led, and were joined by NRW.BANK, Sony Innovation Fund, and Plug and Play Tech Center. axios.link/4fL15pW

• Kalder, a white-label partner rewards platform, raised $7m in new seed funding. Javelin Venture Partners led, and was joined by  8VC, Human Capital, Gingerbread Capital, Emergence Capital and Formus Capital. kalder.xyz

OneSkin, a longevity skin care brand, raised $7m in Series A funding led by Selva Ventures, with participation from Unilever Ventures, Plus Capital, Able Partners, and Camila Alves McConaughey. axios.link/4hUwDeE

• Portcast, a Singaporean developer of shipping transportation software, raised $6.5m in Series A funding. Susquehanna Asia VC led, and was joined by Hearst Ventures, Signal Ventures, and insiders Wavemaker Partners, TMV, and Innoport. portcast.io

• Firsty, a Dutch data connectivity startup, raised €5.1m in seed funding. Speedinvest led, and was joined by Dutch Founders Fund. axios.link/4eIjlPr

🚑 Cytomos, a British developer of cell analysis tech, raised £5m. Archangels led, and was joined by Old College Capital, Scottish Enterprise and British Business Bank. axios.link/3AQV8c3

• Socium, a Senegal-based HR tech platform, raised $5m in seed funding led by Breega. axios.link/3ANhlHX

• Twenty, a French open-source CRM startup, raised $5m in seed funding led by Runa Capital. twenty.com

• Calvin Risk, a Swiss AI safety startup, raised $4m in seed funding co-led by Join Capital and seed + speed Ventures. calvin-risk.com

• Revisto, a San Antonio, Texas-based pharma marketing startup, raised $4m in seed funding. LiveOak Ventures led, and was joined by Eli Lilly and Co., Tau Ventures, and Arkin Digital Health. revisto.com

🌏 IonKraft, a German developer of sustainable coatings for packaging, raised €3.5m. M Ventures and TechVision Fund co-led, and were joined by High-Tech-Gründerfonds. axios.link/48YNF7a

• Serviceform, a Finnish provider of SME marketing tools, raised €2.45m from Virta Equity, BackingMinds, Gorilla Capital, and Lasse Järvinen. axios.link/3YPW7RI

🚑 Heim, a U.K. provider of home health care software, raised £2.2m in seed funding led by Heal Capital, with participation from Form Ventures, Portfolio Ventures and Houghton Street Ventures. axios.link/3CzXIUm

• SuperScale, a Slovakian game business analytics startup, raised $1.2m from Across Private Investments, LevelUp Ventures, Zero One Hundred, and Venture to Future Fund, and Strecko Investments. superscale.com

🚑 Brookfield Asset Management disclosed that it's preparing a €6.45b takeover bid for listed Spanish blood plasma company Grifols, but Grifols believes the price is too low. axios.link/4fywCeW

• Charlesbank Capital Partners acquired Implan, a Huntersville, N.C.-based provider of economic impact data and analytical software. axios.link/40T35YD

🚑 H.I.G. Growth Partners invested in Carebox, a Sanford, N.C., provider of clinical trials software. careboxhealth.com

• Investcorp and PSP Investments agreed to buy PKF O'Connor Davies, a Harrison, N.Y.-based accountancy. axios.link/3ZnxEox

• Lakeview Farms, a portfolio company of CapVest Partners, agreed to buy the Noosa yogurt business of Campbell Soup Co. (Nasdaq: CPB). axios.link/4fAwY4E

• MidOcean Partners acquired Arnott Industries, a Merritt Island, Fla., maker of air suspension systems and suspension components for the automotive aftermarket, from Calera Capital. arnottindustries.com

• Monotype Imaging, a Woburn, Mass., portfolio company of HGGC, acquired Extensis, a Portland, Ore., provider of font management solutions. monotype.com

• Norwest Venture Partners invested in Divi, a Dallas-based hair care startup founded by influencer Dani Austin. axios.link/3CwD0o9  

• Periscope Equity sponsored a majority recap of RepTrak, a Boston-based provider of reputation intelligence solutions. reptrak.com

• Sentinel Capital Partners bought NSI Industries, a Huntersville, N.C.-based provider of branded electrical and HVAC products, from Odyssey Investment Partners. axios.link/3CAxaCj

🌏 BeyondNetZero, the climate growth fund of General Atlantic, invested in Ecore International, a Lancaster, Pa., company that converts used tires into flooring. axios.link/3YZksVl

• ServiceTitan, a tradesperson software firm valued by VCs at around $9.5b, filed for an IPO that Renaissance Capital estimates could raise $750m. It reports a $195m net loss on $582m in revenue for fiscal 2024, and plans to list on the Nasdaq (TTAN). It raised over $1.4b in VC funding from backers like Battery Ventures, Bessemer Venture Partners, Iconiq, TPG, Thoma Bravo, and Index Ventures. axios.link/40V2cPC

• AeroVironment (Nasdaq: AVAV) agreed to buy space and defense engineering firm BlueHalo for around $4.1b in cash and stock from Arlington Capital Partners. axios.link/4fB2ZJS

• Amcor (NYSE: AMCR) of Switzerland agreed to buy Indiana plastics maker Berry Global (NYSE: BERY) for $8.43b in stock. axios.link/3AJEKtT

• Crypto.com acquired Australian brokerage and trading firm Fintek Securities. axios.link/40OaZTi

• Nestle plans to form a standalone business for its bottled water brands, which could be setting the unit up for a spinoff or sale. axios.link/3OhQWoE

• Orla Mining (TSX: OLA) will pay $850m to buy the Musselwhite gold mine in Ontario from Newmont (NYSE: NEM). axios.link/4fQHR20

• Robinhood (Nasdaq: HOOD) agreed to buy TradePMR, a custodial and portfolio management platform for RIAs, for around $300m in cash and stock. axios.link/48VubjY

🚑 SBC Medical Group (Nasdaq: SBC) agreed to acquire Aesthetic Healthcare, a Singapore-based aesthetic medical treatment company. sbc-holdings.com

• Sony (Tokyo: 6758) is in talks to buy Kadokawa (Tokyo: 9468), the Japanese media company responsible for the "Elden Ring" game, per Reuters. axios.link/4hUiQoi

• Bain Capital raised $5.7b for its second global special situations fund. baincapital.com

• Gramercy Funds Management raised $685m for its second emerging markets private credit fund. axios.link/3ZehFZN

🚑 Initiate Ventures, a new VC firm led by Jessica Owens (co-founder of Grail, ex-Kleiner Perkins) and Iana Dimkova (GE Ventures), raised $45m for its debut fund. initiate.com

• Rubicon Technology Partners raised $500m for a single-asset continuation fund, focused on inventory management software firm Cin7. axios.link/4eSpx7X

• Timur Akazhanov joined B Capital as a general partner. He previously was with H.I.G. Capital. axios.link/48Zygnu

• Wireframe Ventures promoted Lily Bernicker to partner. axios.link/3OgY9FO

Trump Media & Technology Group (Nasdaq: DJT), the parent company of Truth Social, is in talks to buy digital asset marketplace Bakkt Holdings (NYSE: BKKT), per the FT.

Why it matters: It's the latest indication that Donald Trump's crypto conversion is legitimate, even if he isn't officially involved with TMTG beyond being its majority shareholder.

Catch up quick: Bakkt was formed by NYSE parent company Intercontinental Exchange (NYSE: ICE), and later went public via SPAC. Reports emerged this summer that it was weighing a sale or breakup.

• Its original CEO was Kelly Loeffler, a former ICE exec who's co-chair of Trump's inaugural committee. Loeffler also is married to ICE chairman and CEO Jeff Sprecher, which is relevant because ICE still holds more than a 50% stake in Bakkt.

By the numbers: Bakkt's shares jumped over 160% on the report, giving it a market cap of around $400 million. TMTG could afford even that premium, given its high stock price and its $372 million of cash on hand through the end of Q3.

Our thought bubble, from Axios Crypto's Brady Dale: "Bakkt is an example of just how bad established players are at capitalizing on a very new technology. The public always gave it the benefit of the doubt because of its parent company, but it never made a dent in the crypto market ... It initially played around with payments, so maybe the idea would be for TMTG to mimic Elon Musk's super-app plans for X."