Antitrust enforcement has become bipartisan, with Democrats and Republicans locking hands to oppose mergers in such areas as tech, airlines, and grocery.

• But there is one giant exception: energy.

Driving the news: Thirty-eight GOP senators last week sent a letter to FTC chair Lina Khan, arguing against Democrats' request for antitrust action on oil and gas mergers, Axios Pro's Jael Holzman scoops.

• Sen. Ted Cruz (R-Texas) and Minority Leader Mitch McConnell (R-Ky.) are the letter's first two signers.
• It appears to be specifically aimed at heading off FTC action on a pair of proposed $60 billion mergers: ExxonMobil/Pioneer and Chevron/Hess.

Zoom in: The letter argues that producers should be viewed in a global context, whereby U.S. giants like ExxonMobil and Chevron hold relatively small market share.

• The letter adds that the FTC has no business considering how mergers could impact climate change, as Democrats assert, but should view increased production as a net positive for consumers.
• Finally, the Republicans indirectly raise the specter of the "major questions" doctrine, which could thwart antitrust action in an area that Congress hasn't explicitly authorized the FTC to regulate.

Reality check: The FTC under former President Trump successfully blocked a mega-merger between U.S. coal producers Peabody Energy and Arch Resources.

The big picture: Energy has been one of the M&A market's bright spots, including a recent boom in shale deals.

• LSEG reports that "energy and power" was the second-busiest sector for deals in Q1 2024, with aggregate value rising 48% year-over-year.
• Just this morning, oilfield services firm SLB agreed to buy smaller rival ChampionX for $7.75 billion in stock.

The bottom line: This political fissure could spark even more energy mergers, with companies believing there is an open lane for approval, even if it's relatively narrow.

Advent International agreed to pay $6.3 billion for Nuvei (Nasdaq: NVEI), a Canadian payment processor that operates in such areas as e-commerce, gaming, and crypto.

Why it's the BFD: This highlights how there isn't a more effective celebrity investor than Ryan Reynolds, who bought into Nuvei last April and then became its public pitchman.

• Other wins have included Mint Mobile and Aviator Gin.

Details: The $34 per share buyout price represents a 56% premium to where Nuvei was trading before a WSJ report about deal talks.

• Existing investors Novacap and CDPQ will roll over most of their shares.

The bottom line: "American tech companies have been getting all the attention. It's Canada's time." —Ryan Reynolds, in a Nuvei promotion

🚑 Selux Diagnostics, a Charlestown, Mass.-based biotech focused on superbug infections and antimicrobial resistance, raised $48m. RA Capital Management led, and was joined by Northpond Ventures, Sands Capital, and Schooner Capital. https://axios.link/3U0FkdC

• Onego Bio, a Finnish developer of animal-free egg protein, raised $40m in Series A funding. NordicNinja led, and was joined by Tesi, EIT Food, Agronomics, Maki.vc, Holdix, Turret and Business Finland. https://axios.link/3vCXubU

• Velox, an Israeli maker of industrial direct-to-shape digital decorations for rigid packaging containers, raised $38m. Fortissimo Capital led, and was joined by insiders JAL Ventures, O.R.T. Technologies, Ilan Holdings, Evonik, Waypoint Investors, and Migdal Insurance & Finance. www.velox-digital.com

🚑 ViaLase, an Aliso Veijo, Calif.-based glaucoma treatment developer, raised $40m from firms like Venture Investors Health Fund, Arboretum Ventures, and KKR-backed Falcon Vision. www.vialase.com

• Seso, an SF-based hiring and workforce management startup focused on the agriculture industry, raised $26m in Series B funding. Bond Capital led, and was joined by Index Ventures, NFX, and SV Angels. https://axios.link/43JQmH7

• Xion, a blockchain for consumer-focused developers, raised $25m from Animoca Brands, Nomura, Multicoin, Arrington Capital, Draper Dragon, Sfermion, and GoldenTree. https://axios.link/49zBvkd

🚑 EarliTec Diagnostics, a Decatur, Ga.-based developer of medical devices for children with autism, raised $21.5m in Series B funding co-led by Nexus NeuroTech Ventures and Venture Investors Health Fund. www.earlitecdx.com

• Proxima, a New York-based marketing tech platform, raised $12m in Series A funding, per Axios Pro. Mucker Capital led, and was joined by Aglae Ventures, Great Oaks Venture Partners, Data Point Capital, Broadway Venture Partners, FirstLook Partners, and Connexa Capital. https://axios.link/43JGHRd

• Scrut Automation, a Milpitas, Calif.-based governance, risk, and compliance startup, raised $10m from insiders Lightspeed, MassMutual Ventures, and Endiya Partners. https://axios.link/3U1jRRO

• Benjamin, a New York-based rewards startup, raised $5.5m in seed funding from Play Ventures and F4 Fund. www.benjaminone.com

• Station 70, a crypto recovery and backup startup, raised $5m in seed funding led by Castle Island, per Axios Pro. https://axios.link/3IY3zCV

• Lockchain.ai, an Athens, Ga.-based blockchain risk management startup, raised $4.6m in seed funding led by Lerer Hippeau Ventures. www.lockchain.ai

• Delivery Collective, a last-mile delivery software startup, raised $3.8m in seed funding co-led by Defy.vc and Bling Capital, per Axios Pro. https://axios.link/3TZWyYj

🚑 Aterian Investment Partners recapitalized CPL, a Canadian-based CDMO for non-sterile liquid and semi-solid dosage forms. www.cplltd.com

• Blue Sage Capital invested in American Alloy, a Spokane, Wash.-based metal component and sub-assembly manufacturing platform, from Silver Peak Partners and Peninsula Capital Partners. www.american-alloy.com

• Clayton, Dubilier & Rice agreed to buy Presidio, a New York-based IT and managed services firm, from BC Partners. https://axios.link/3VD5VP5

• Colohouse, a Miami-based colocation and hosting firm owned by Valterra Partners, acquired Hivelocity, a Tampa, Fla.-based provider of bare metal hosting. www.colohouse.com

• EQT agreed to buy Avetta, a Lehi, Utah-based supply chain risk management platform, from Welsh Carson Anderson & Stowe for a reported $3b (including debt). https://axios.link/3TJJm8E

• Fortis Solutions Group, a Virginia Beach, Va.-based portfolio company of Harvest Partners, acquired the print division of MASA Corp. www.fortissolutionsgroup.com

• KKR acquired SunFireMatrix, a Carlisle, Mass.-based provider of health plan and insurance distribution software, from Stone Point Capital. www.sunfireinc.com

⚡ Mitsubishi (Tokyo: 8058) agreed to invest in MidOcean Energy, a Washington, D.C.-based LNG company owned by EIG. https://axios.link/3TBAwKa

• Quantix, a chemicals-focused supply chain company owned by Wind Point Partners, acquired Blue Bell, Pa.-based CLX Logistics. www.quantixcs.com

🚑 Rawlings, a La Grange, Ky.-based provider of coverage analytics for health plans, secured a growth investment from New Mountain Capital. www.rawlingsgroup.com

⚡ Shermco Industries, an Irving, Texas-based portfolio company of Gryphon Investors, acquired Power Test, a Harrisburg, N.C.-based electrical testing firm. www.shermco.com

• Steve Singh, founder of Concur, led an acquisition of Direct Travel, a Centennial, Colo.-based corporate travel management firm. His co-investors were Durable Capital Partners, Madrona Ventures, Top Tier Capital Partners, and Blackstone Credit & Insurance. Sellers include Antares, Bain Capital, Barings, and Carlyle. www.dt.com

• Aditya Birla Fashion & Retail of India says it plans to spin off its Madura Fashion & Lifestyle unit, which includes the Van Heusen brand, via a separate listing. https://axios.link/3PL3So6

🚑 Contineum Therapeutics, a San Diego-based developer of neuroscience and inflammation drugs, set IPO terms to 8.8m shares at $16-$18. It would have a $490m fully diluted value, were it to price in the middle, and will list on the Nasdaq (CTNM). It raised around $135m from firms like Versant Ventures, Baker Brothers, and Sectoral Asset Management, and J&J. https://axios.link/3PLXgpP

🚑 PACS Group, a Farmington, Utah-based post-acute care provider, set IPO terms to 19.1m shares at $20-$22. It would have a $3.2b fully diluted value were it to price in the middle, and plans to list on the NYSE (PACS). The company reports $113m in 2023 profit on $3.1b in revenue. https://axios.link/4aCG26d

• Rubrik, a Palo Alto, Calif.-based data management company, filed for an IPO that Renaissance Capital estimates could raise $500m. It plans to list on the NYSE (RBRK) and reports a $354m net loss on $628m in revenue for the year ending Jan. 31, 2024. It has raised around $1b in VC funding, including at a $4b valuation in 2021, from firms like Greylock, Lightspeed Venture Partners, Microsoft, Bain Capital Ventures, IVP, and Khosla Ventures. https://axios.link/43OxEhS

• UL Solutions, a Northbrook, Ill.-based provider of product testing and certification solutions, set IPO terms to 28m shares at $26-$29. It would have a $5.6b fully diluted value, were it to price in the middle, and plans to trade on the NYSE (ULS). https://axios.link/4aAlr2m

• Zapata AI, a Boston-based provider of "industrial generative AI" solutions, saw shares fall by as much as 54% in their market debut, after going public via a SPAC co-led by race car driver Michael Andretti. Zapata AI had raised over $60m in VC funding from firms like Comcast Ventures, Pitango, Prelude Ventures, The Engine, Pillar, BASF VC, Itochu, and Honeywell. https://axios.link/3U02b8U

🎥 Alamo Drafthouse Cinema, an Austin-based movie theater chain backed by Altamont Capital Partners and Fortress Investment Group, is up for sale, per Deadline. https://axios.link/3IYJaxl

• Nucor (NYSE: NUE) acquired Southwest Data Products, a San Bernadino, Calif.-based maker of data center infrastructure, for $115m from Montage Partners and Medallion Capital. https://axios.link/3PMuS6K

• Arctos raised $4.1b for its second pro sports fund. www.arctospartners.com

• Commonfund raised $1.1b for its fourth PE secondaries fund. https://axios.link/3TKLzAT

• Hildred Capital raised $750m for a continuation fund to extend ownership of portfolio companies Hyland's Naturals and Crown Laboratories. https://axios.link/3vysYQm

🐯 Tiger Global raised $2.2b for its 16th private markets fund, falling well short of its $6b target, per Bloomberg. https://axios.link/43Gn6kG

• Laurence Lederer (ex- Branford Castle Partners) and Devraj Roy (Radial Equity Partners) joined midmarket PE firm HKW as partners. www.hkwinc.com

• Caroline Schellhas (ex-Pfizer) and R.L. Condra (National Cooperative Bank) joined the National Venture Capital Association as government affairs VPs. www.nvca.org

• Coefficient Capital, a New York-based VC firm promoted Anna Whiteman to partner. www.cofficientcap.com

Trump Media & Technology Group shares plunged 21.5% yesterday, following the release of its meager 2023 financials, causing former President Trump's net worth to fall by more than $1 billion.

• It also doesn't help that the company says it "does not currently, and may never, collect, monitor or report certain key operating metrics used by companies in similar industries."
• So don't expect anything from TMTG on DAUs, MAUs, signups, ad impressions, or revenue per user.

The bottom line: Companies now have four market days to release updated financials after going public via SPAC. It's still too long.