The private company data space is vast, fragmented, and often overwhelming. Deal sourcing teams are faced with endless streams of announcements, filings, atSnd rumors, making it difficult to pinpoint the transactions that actually matter.
That’s why inside Dakota Marketplace, we’ve zeroed in on this space. We’ve created a centralized resource where deal sourcers can easily find and track the exact deals they’re looking for.
In this article, we’ve curated 10 top transactions from last week that stood out in the marketplace and signal key trends shaping the deal landscape. By the end of this, you’ll have a better understanding of these deals.
1. Kellanova - Strategic Acquisition
- Transaction Date: 10/9/2025
- Type: Merger & Acquisition
- Sector: Consumer Staples
- Transaction Value: $35.9B
- Participants: Mars
Mars, Inc. has announced a definitive agreement to acquire Kellanova for $83.50 per share in cash, valuing the transaction at $35.9 billion including net leverage, and representing a 44% premium to Kellanova’s 30-day average stock price. The deal, expected to close in the first half of 2025, will bring Kellanova’s global snacking, cereal, and plant-based food brands under the Mars umbrella, while maintaining a core presence in Battle Creek, MI.
2. xAI - Growth Capita
Hyperlink
- Transaction Date: 10/9/2025
- Type: Credit/Debt
- Sector: Industrials
- Transaction Value: $20B
- Participants: Nvidia, Apollo, Diameter, Valor
Elon Musk’s AI venture xAI is raising $20 billion—up from earlier plans—thanks to major backing from NVIDIA and others, with $7.5 billion in equity and $12.5 billion in debt structured through a unique chip-backed SPV. The funds will power Colossus 2, xAI’s massive Memphis data center, but with operating costs nearing $1 billion per month, Musk is seeking further support from his other companies and investors.
3. Press Ganey - Strategic Acquisition
- Transaction Date: 10/7/2025
- Type: Merger & Acquisition
- Sector: Information Technology
- Transaction Value: $6..75B
- Participants: Qualtrics
Qualtrics has announced a $6.75 billion investment to acquire Press Ganey Forsta, combining its AI-powered experience management platform with deep healthcare and analytics expertise to create the most comprehensive solution in the space. The acquisition, expected to close in the coming months, will enhance Qualtrics’ ability to deliver measurable outcomes across industries by advancing AI adoption and industry-specific insights.
4. ABB’s Robotics Business - Asset Purchase
- Transaction Date: 10/10/2025
- Type: Merger & Acquisition
- Sector: Industrials
- Transaction Value: $5.38B
- Participants: SoftBank
SoftBank Group has entered into a definitive agreement to acquire ABB Ltd’s robotics business for $5.375 billion, marking a major move into advanced automation and robotics technologies. The deal, subject to regulatory approvals across the EU, China, and the U.S., is expected to close by mid-to-late 2026.
5. Akero Therapeutics - Strategic Acquisition
- Transaction Date: 10/10/2025
- Type: Merger & Acquisition
- Sector: Health Care
- Transaction Value: $5.2B
- Participants: Novo Nordisk
Novo Nordisk has agreed to acquire Akero Therapeutics for up to $5.2 billion, aiming to bolster its metabolic disease portfolio with Akero’s promising phase 3 FGF21 analogue, efruxifermin (EFX), for MASH. The deal includes an upfront $4.7 billion payment and a potential $0.5 billion milestone, and is expected to close around the end of 2025, pending regulatory approvals.
6. Bally's Interactive - Strategic Acquisition
- Transaction Date: 10/10/2025
- Type: Merger & Acquisition
- Sector: Consumer Discretionary
- Transaction Value: $3.1B
- Participants: Intralot
Bally’s Corporation and Intralot S.A. have completed a €2.7 billion deal that merges Bally’s International Interactive with Intralot’s global lottery and gaming operations, positioning the combined entity as a leading force in the iGaming and lottery space. Bally’s now holds a 58% stake in Intralot and plans to use over $1 billion of the deal’s cash proceeds to reduce secured debt, while also funding strategic growth, including its Chicago casino development.
7. Proudreed’s Industrial Portfolio and platform - Real Estate
- Transaction Date: 10/10/2025
- Type: Real Assets
- Sector: Real Estate
- Transaction Value: $2.70B
- Participants: Blackstone
Blackstone has signed a €2.3 billion deal to acquire Proudreed’s industrial platform, which includes around 500 logistics and business park properties across France totaling 2 million square meters. The transaction, one of the largest of its kind in France in recent years, is expected to close by the end of 2025 and will see Proudreed’s existing management continue to oversee the portfolio and development projects.
8. Polymarket - Minority
- Transaction Date: 10/8/2025
- Type: Growth Equity
- Sector: Financials
- Transaction Value: $2B
- Participants: Intercontinental Exchange
Intercontinental Exchange (ICE) has announced a strategic investment of up to $2 billion in Polymarket, valuing the prediction market platform at $8 billion pre-investment. As part of the deal, ICE will distribute Polymarket’s event-driven data globally and partner on future tokenization efforts, marking a major step into sentiment-based analytics and decentralized finance.
9. SpartanNash - Merger
- Transaction Date: 10/7/2025
- Type: Merger & Acquisition
- Sector: Consumer Staples
- Transaction Value: $1.77B
- Participants: C&S Wholesale Grocers
C&S Wholesale Grocers has completed its $1.77 billion acquisition of SpartanNash, creating a $30 billion food distribution powerhouse with over 30,000 employees, nearly 60 distribution centers, and 200 supermarkets across the U.S. The merger enhances scale and supply chain efficiency, positioning the combined company to better serve 10,000 independent retailers and compete in the $1 trillion U.S. food-at-home market.
10. Big Brand Tire & Service - Recapitalization
- Transaction Date: 10/7/2025
- Type: Growth Equity
- Sector: Consumer Discretionary
- Transaction Value: $1.63B
- Participants: Percheron Capital
Percheron Capital has completed a $1.625 billion recapitalization of Big Brand Tire & Service through a single-asset continuation vehicle to fuel the company’s next phase of expansion. With backing from Blue Owl Capital, ICONIQ, and Warburg Pincus, the deal supports Big Brand’s rapid growth strategy, which has already seen revenues grow tenfold and profitability increase fifteenfold since Percheron’s 2021 investment.
Transactions with 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 is constantly monitoring the news for real-time updates on platform investments, add-ons, divestitures, and more. Each day, we deliver these highlights directly to your inbox through our transactions newsletter.
Inside Dakota Marketplace, the transactions tab gives you access to structured, filterable data complete with dates, deal structure, sectors, and financials, so you can build a feed tailored to your specific interests.
Whether you're evaluating a new investment opportunity or tracking trends in a target sector or segment, 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.
