Welcome to the final Friday before Labor Day, which for many dealmakers will mark the end of summer vacations.

• Because, for the first time in years, it seems that dealmakers actually took summer vacations.

The big picture: Summer slowdowns are normal. Both the old normal and the new normal.

• The summers of 2019 and 2021 were aberrations, driven by bull market FOMO. Particularly in the venture capital and growth equity sectors. 2020 was unique due to the pandemic, with investors either working to save portfolio companies or catch the sudden comeback.

By the numbers: U.S.-based companies raised around $61 billion in VC and growth equity funding between June and August of 2022, compared to over $117 billion during the year-prior period, per PitchBook.

• The number of such deals was down 28.5%, meaning over 1,000 fewer companies got funded.
• Global M&A volume hit around $174 billion in June, down from around $380 billion in both April and May, per S&P Global Market Intelligence.
• For U.S. merger targets over the summer, July was the low water mark with just $45.62 billion of deal value. August bounced back at around $81 billion, but that's still well below last year's pace.
• The less said about the summer IPO market the better.

Anecdotal: Dealmaker social media accounts have been consumed with beaches and European sunsets, while my inbox is drowning in Out of Office replies.

The bottom line: Enjoy the weekend. Then get back to work.

Illumina (Nasdaq: ILMN) prevailed over the Federal Trade Commission in an administrative court trial over its $7.1 billion acquisition of Grail, a Menlo Park, Calif.-based developer of liquid biopsies for early cancer detection. Illumina had founded Grail, but spun it off in 2017.

Why it's the BFD: This is a stinging loss for the FTC, particularly given that the case was heard by its in-house court, and a huge win for Illumina's decision to complete the merger in spite of ongoing litigation.

Look ahead: An European Commission decision on the merger is expected next week, with Illumina disclosing last week that it's reserved $453 million in "legal contingencies" for a negative ruling. Moreover, Brussels could force Illumina to forfeit up to 10% of revenue (including Grail revenue) if found to have violated rules against completing mergers prior to final EC approval. Also, expect the FTC to appeal.

• Solid, a San Mateo-based embedded finance startup, raised $63m in Series B funding. FTV Capital led, and was joined by insider Headline. https://axios.link/3RhgPVq

• Ascend Elements, a Westborough, Mass.-based lithium-ion battery recycling and materials company, raised $50m from an affiliate of South Korean conglomerate SK Group. https://axios.link/3RuWtrw

• Fairmarkit, a Boston-based automated sourcing platform, raised $35.6m in Series C funding. OMERS Growth Equity led, and was joined by GGV Capital, Insight Partners, HighlandX and ServiceNow. www.fairmarkit.com

• Landa, a New York-based real estate investment platform, raised $33m in seed and Series A funding from NFX, 83North and Viola. https://axios.link/3egPZhy

• Caju Benefícios, a Brazilian benefits management startup, raised $25m in Series B funding. K1 Investment Management led, and was joined by Valor Capital Group, Caravela Capital, Clocktower Ventures and FJ Labs. https://axios.link/3CM0Dr0

• Draftea, a daily fantasy sports startup focused on Spanish-speaking Latin America, raised $20m. Stepstone Group led, and was joined by Sequoia Capital, Kaszek, Bullpen Capital, Courtside Ventures, Cristiano Ronaldo, Travis Kelce, Kevin Durant and Jorge Mendes. https://axios.link/3wQKhcU

• Falkon, a Seattle-based go-to-market intelligence platform, raised $16m. OMERS Ventures led, and was joined by Greylock, Trilogy Financial, Flying Fish Partners and Madera Partners. www.falkon.ai

• Populus, a Boulder, Colo.-based urban transportation analytics startup, raised $11m in Series A funding co-led by Zero Infinity Partners and Climactic. https://axios.link/3KEylk5

• Warren James, an LA-based brand development firm, raised $6m. Crossbeam Venture Partners led, and was joined by FJ Labs. www.warrenjames.org

• GoGoPool, a decentralized staking protocol on Avalanche, raised $5m in seed funding. Framework Ventures and Coinfund co-led, and were joined by Avalaunch, Republic Capital and Flow Traders. https://axios.link/3R56tYV

• Wreno, a Scottsdale, Ariz.-based labor platform for the real estate market, raised $5m in seed funding. Lerer Hippeau led, and was joined by Fifth Wall, Owl Ventures and NFX. www.wreno.io

• Adwoa Beauty, a Dallas-based multicultural hair care brand, raised $4m from Pendulum. www.adwoabeauty.com

• Puna Bio, an Argentinian startup focused on crop resilience and drought tolerance, raised $3.7m in seed funding co-led by At One Ventures and Builders VC. https://axios.link/3B6gH5B

• EarlyDay, an SF-based hiring platform for early childhood education programs, raised $3.25m in seed funding. Alpaca VC and Struck Capital co-led, and were joined by Precursor Ventures, Bright Horizons, Revolution Rise of the Rest and FJ Labs. www.earlyday.com

🚑 eQuoo, a London-based gamified mental health startup focused on teens and young adults, raised $1.7m from Morningside Ventures. https://axios.link/3TCAZef

• All States Ag Parts, a De Soto, Iowa-based portfolio company of Kinderhook Industries, acquired Romac, a Woodstock, Ga.-based maker of replacement ground engaging tools. www.tractorpartsasap.com

• Asda, a British supermarket chain backed by TDR Capital, agreed to acquire the gas station business of The Co-operative Group for about $701m. https://axios.link/3cDbEjL

• CIVC Partners acquired OTR Transportation, a Chicago-based freight broker. www.loadotr.com

• DCG One, a Seattle-based portfolio company of Clavis Capital Partners and Dobbs Management Services, acquired Corporate Communications Group, an Annapolis, Md.-based commercial print and marketing services group. www.dcgone.com

• Fishbowl Inventory, an Orem, Utah-based SMB inventory management software provider owned by Diversis Capital, acquired Red Salt, its exclusive distribution partner in Australia. www.fishbowlinventory.com

• Outdoor Living Supply, a Rochester, Minn.-based portfolio company of Trilantic Capital Partners, acquired Stone Garden, a Wilmington, N.C.-based distributor of stone, landscape and hardscape supplies. www.outdoorlivingsupply.net

🚑 PayrHealth, an Austin, Texas-based portfolio company of Osceola Capital Management, acquired Supero Healthcare Solutions, an Austin -based enrollment and credentialing company. www.superohealth.com

• SK Capital Partners and Edgewater Capital acquired the scintillation and photonic crystals business of Saint-Gobain (Paris: SGO). www.saint-gobain.com

• Technical Safety Services, a Berkeley, Calif.-based portfolio company of LLCP, acquired CEPA Operations, an Ontario, Calif.-based provider of regulatory certification services for controlled environment equipment. www.techsafety.com

• Zendesk (NYSE: ZEN) said that it has reviewed a recapitalization proposal by activist investor Light Street, and determined it is not superior to its $10.2b acquisition agreement with Hellman & Friedman and Permira. www.zendesk.com

• YH Entertainment Group, a Chinese artist management firm, is pulling its Hong Kong IPO efforts due to insufficient investor interest, per Bloomberg. https://axios.link/3B64s96

• Advent International hired Goldman Sachs and Rothschild to find a buyer for IDEMIA, a French biometrics and fingerprint identification firm, per Reuters. https://axios.link/3QqaA0F

• Cox Enterprises completed its $525 million acquisition of Axios. I'm not great at math, but pretty sure this makes me a billionaire.

• Carta, an SF-based cap table management software company valued at $7.4b, acquired British rival Capdesk, which had raised over $11m from Fidelity, MiddleGame Ventures, Renaissance Capital Partners and Fuel Ventures. https://axios.link/3ei78rv

⚡ I Squared Capital is seeking a buyer for Peruvian power producer Inkia Energy, which could fetch more than $2b, per Bloomberg. https://axios.link/3B8fmeO

• Instacart agreed to buy Eversight, a Palo Alto-based provider of pricing and promotions solutions for CPG brands and retailers. Eversight had raised around $27m from firms like Sutter Hill Ventures, Emergence Capital Partners and Bow Capital. https://axios.link/3RdR2xv

• Reddit acquired Spiketrap, an SF-based audience contextualization startup that had been seeded by firms like Susa Ventures. https://axios.link/3B46iYh

⚡ TPG is seeking a buyer for its 52% stake in Indian renewable energy firm Fourth Partners Energy, which could value the company at around $600m, per Bloomberg. https://axios.link/3q1H8mH

• Hollysys Automation Technologies (Nasdaq: HOLI), a Chinese automation and control systems firm, plans to go private in a management-led buyout that values the firm at around $1.8b, per Reuters. https://axios.link/3RsoobN

🚑 Novo Nordisk (CSE: NOVO) agreed to buy Forma Therapeutics (Nasdaq: FMTX), a Watertown, Mass.-based biotech focused on sickle cell disease and rare blood disorders, for $1.1b in cash, or $20 per share. https://axios.link/3q5SqGK

• Measurabl, a San Diego-based property portfolio management software firm that’s raised $85m in VC funding, acquired Boston-based utility data company WegoWise from AppFolio (NAS: APPF). https://axios.link/3AGzB1J

• Rio Tinto (LSE: RIO) agreed to buy 49% stake it doesn't already hold in Canadian miner Turquoise Hill Resources (TSX: TRQ) to $3.3b. https://axios.link/3cCLVrB

• U.K. antitrust regulators approved NortonLifeLock’s (Nasdaq: NLOK) proposed takeover of rival cybersecurity firm Avast (LSE: AVST). https://axios.link/3wQ0pvf

• WPP (LSE: WPP) acquired Newcraft, a Dutch e-commerce consultancy. https://axios.link/3KDEAEH

• Boomerang Ventures of Indianapolis is raising $30m for its debut fund, per an SEC filing.

• Cantos Ventures, an SF-based firm focused on frontier tech, raised $50m for its third fund. https://axios.link/3qoKj8p

• Ironspring Ventures of Austin, Texas is raising $100m for its second fund, per an SEC filing.

• Sam Blond, former chief revenue officer at Brex and VP of sales at Nenefits, joined Founders Fund as a Miami-based partner. www.foundersfund.com

• AE Industrial Partners promoted Tyler Rowe to principal and Austen Dixon, Graham Kantor and Eugene Kim to vice presidents. www.aeroequity.com

The U.S. economy added 315,000 jobs in August, slightly topping economist estimates, while the unemployment rate rose to 3.7% from 3.5%.

• Axios chief economic correspondent Neil Irwin writes: "This is a dovish report for the Fed. Payroll growth moderating, labor force growing, unemployment edging up. If we get a second straight month of benign CPI data, the policy call this month gets a lot more interesting."
• Go deeper.