For deal sourcers, staying current on private company activity is critical to spotting active buyers, tracking market trends, and uncovering emerging investment opportunities ahead of competitors.
In September alone, Dakota Marketplace added more than 2,000 new private company transactions, bringing the total to over 5,000 searchable deals across sectors, industries, and transaction types.
Inside Dakota Marketplace, you’ll find the transactions tab that provides structured, filterable data on deal types, values, and dates, while our editorial team curates daily updates through the Dakota transactions newsletter, helping you cut through the noise and focus on what matters most.
To ensure the most comprehensive coverage of private market activity, dakota monitors over 10,000 websites including company websites, newswires, and numerous third-party news providers to capture and verify transaction data as it happens.
Below are the top 10 energy transactions.
1. Sempra Infrastructure - Platform
- Transaction Date: 9/23/2025
- Industry: Oil & Gas & Consumable Fuels
- Type: Buyout / Private Equity
- Transaction Value: $10B
- Participants: Sempra, Canada Pension Plan Investment Board, KKR, BofA Securities, Inc., Sullivan & Cromwell, Citi, Simpson Thacher & Bartlett LLP, Kirkland & Ellis LLP
Sempra announced it will sell a 45% stake in Sempra Infrastructure Partners to KKR and CPP Investments for $10 billion, valuing the business at $31.7 billion. The transaction enhances Sempra’s balance sheet, eliminates the need for new equity issuance, and supports its shift toward a U.S.-focused utility growth strategy, while the company also reached a final investment decision on the $12 billion Port Arthur LNG Phase 2 project.
2. Rio Grande LNG - Energy
- Transaction Date: 9/9/2025
- Industry: Oil & Gas & Consumable Fuels
- Type: Real Assets
- Transaction Value: $1.7B
- Participants: Global Infrastructure Partners, TotalEnergies SE, GIC, Kirkland & Ellis LLP
NextDecade made a positive final investment decision and secured $6.7 billion in financing for Train 4 at its Rio Grande LNG project, fully funding construction and issuing a full notice to proceed to Bechtel Energy. Supported by long-term offtake agreements with ADNOC, TotalEnergies, and Aramco, the expansion increases total LNG capacity under construction to 24 MTPA, with Train 5 expected to reach FID in Q4 2025.
3. Meade Pipeline Co LLC - Strategic Acquisition
- Transaction Date: 9/29/2025
- Industry: Oil & Gas & Consumable Fuels
- Type: Acquisition / Merger
- Transaction Value: $1.1B
- Participants: Ares Management Corporation, XPLR Infrastructure LP, NextEra Energy Inc, Morgan Stanley Investment Banking, Wells Fargo & Company, Sidley Austin LLP, J.P. Morgan Investment Bank, Hogan Lovells US LLP
Ares Management acquired 100% of Meade Pipeline from XPLR Infrastructure for approximately $1.1 billion, expanding its portfolio of critical U.S. energy infrastructure assets. Meade owns a 40% stake in the 180-mile Central Penn Line, a key natural gas pipeline connecting the Marcellus and Utica Shale regions to major demand centers across the East Coast.
4. Carcetti Capital Corporation - Direct Lending
- Transaction Date: 9/10/2025
- Industry: Oil & Gas & Consumable Fuels
- Type: Credit
- Transaction Value: Up to $1.09B
- Participants: Wheaton Precious Metals Corp
Wheaton Precious Metals committed up to $400 million in financing to support Carcetti Capital’s acquisition of the Hemlo Mine from Barrick Mining, including a gold stream and participation in Carcetti’s $415 million equity raise. The partnership will provide Carcetti, soon to be renamed Hemlo Mining Corp., with the capital to complete the acquisition and enhance operations at the historic Canadian gold mine.
5. Hill Top Energy Center - Energy
- Transaction Date: 9/15/2025
- Industry: Energy Equipment & Services
- Type: Real Assets
- Transaction Value: $1B
- Participants: Blackstone Inc, Ardian, Kirkland & Ellis LLP, Santander Bank, Houlihan Lokey Inc
Blackstone Inc. agreed to acquire the 620-megawatt Hill Top Energy Center, a natural gas-fired power plant located in Western Pennsylvania, from Ardian for nearly $1 billion. Santander Bank and Houlihan Lokey Inc. served as financial advisors, while Kirkland & Ellis LLP provided legal counsel. The acquisition expands Blackstone’s U.S. energy transition portfolio through its Blackstone Energy Transition Partners platform, reinforcing its long-term strategy to invest in critical, low-carbon power infrastructure.
6. Environmental Disposal Systems, LLC - Add-On / Bolt-On Acquisition
- Transaction Date: 9/2/2025
- Industry: Energy Equipment & Services
- Type: Acquisition / Real Assets
- Transaction Value: $750M (plus up to $200M in potential earn-outs)
- Participants: Deep Blue Midland Basin LLC, Diamondback Energy Inc., Jefferies LLC, Vinson & Elkins LLP
Deep Blue Midland Basin LLC acquired Environmental Disposal Systems LLC (EDS) from Diamondback Energy Inc. for $750 million, with the potential for up to an additional $200 million in performance-based earn-outs. The transaction strengthens Deep Blue’s position as a leading independent water infrastructure platform in the Permian Basin, expanding its produced-water recycling, disposal, and logistics capacity to serve both Diamondback and third-party operators. Jefferies LLC acted as financial advisor to Diamondback, and Vinson & Elkins LLP provided legal counsel.
7. Waga Energy Inc - Take-Private / Public-to-Private
- Transaction Date: 9/24/2025
- Industry: Oil & Gas & Consumable Fuels
- Type: Buyout / Private Equity
- Transaction Value: $600M (€534M)
- Participants: Rothschild & Co., EQT Group, Waga Energy Inc, Starquest SA, Clifford Chance LLP
EQT completed its acquisition of a 54.1% majority stake in French renewable gas producer Waga Energy SA from its founders and historical shareholders for €21.55 per share (approximately $600 million USD). The investment, made through EQT’s Transition Infrastructure fund, will accelerate Waga Energy’s international growth, particularly in the United States, as the company scales its renewable natural gas (RNG) production and bolsters its role in the global energy transition.
8. Diversified Energy Company PLC - Structured Credit
- Transaction Date: 9/18/2025
- Industry: Oil & Gas & Consumable Fuels
- Type: Credit
- Transaction Value: $400M
- Participants: The Carlyle Group
Diversified Energy is acquiring Oklahoma-based Canvas Energy in a merger, using a financing package that includes a privately rated $400 million asset-backed securitization (ABS) originated by Carlyle, legal counsel from Kirkland & Ellis LLP, and additional consideration via share issuance and cash. This structured-credit component supports the larger acquisition and strengthens Diversified’s capital structure and financing flexibility.
9. Nova Compression, LLC - Asset-Based Lending (ABL)
- Transaction Date: 9/23/2025
- Industry: Energy Equipment & Services
- Type: Credit / Structured Equity + ABL
- Transaction Value: $325M (includes $105M structured equity)
- Participants: J.P. Morgan & Co., Bank OZK, First Citizens Bank, Sunflower Bank
Nova Compression announced a $325 million capital raise to accelerate its growth, comprising a $105 million structured equity investment from OIC LP and a new asset-based loan facility led by J.P. Morgan, with participation from Bank OZK, First Citizens Bank, and Sunflower Bank. Moelis & Company acted as placement advisor, while Foley & Lardner LLP advised Nova and Vinson & Elkins LLP advised OIC. The funding supports the expansion of Nova’s mixed natural gas and electric compression fleet, geographic growth, and strategic acquisitions as the company strengthens its position within the U.S. energy infrastructure market.
10. Sapphire Technologies - Series C
- Transaction Date: 9/9/2025
- Industry: Energy Equipment & Services
- Type: Venture
- Transaction Value: $18M
- Participants: Mitsubishi Heavy Industries Ltd, Equinor Ventures, Energy Capital Ventures, Cooper & Company
Sapphire Technologies closed an $18 million Series C funding round with participation from Mitsubishi Heavy Industries Ltd. as a new investor, alongside existing backers Equinor Ventures, Cooper & Company, and Energy Capital Ventures. The proceeds will expand manufacturing capacity at Sapphire’s Cypress, California facility and accelerate global deployment of its FreeSpin® In-line Turboexpanders, which generate clean electricity from wasted pressure energy. The round supports Sapphire’s efforts to advance carbon-free power generation and expand into markets including Japan and Europe.
Transactions in Dakota Marketplace
At Dakota, we understand how important it is to stay current on deal activity as it happens. That’s why our editorial team continuously monitors the news for real-time updates on platform investments, add-ons, divestitures, and more to deliver daily highlights straight to your inbox through our transactions newsletter.
Inside Dakota Marketplace, the transactions tab provides structured, filterable data with deal dates, types, sectors, and financials, allowing you to build a customized feed that aligns with your focus areas.
Whether you're evaluating a new investment opportunity or tracking trends within a target sector, Dakota Marketplace helps you cut through the noise and focus on what matters most.
For more information on these transactions and a deeper dive into their industries and sub-industries, book a demo of Dakota Marketplace.
