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 industrial transactions.
1. xAI - Hybrid Debt Financing
- Transaction Date: 10/8/2025
- Industry: Commercial & Professional Services
- Type: Credit
- Transaction Value: $12.5B
- Participants: Valor Equity Partners, NVIDIA
Elon Musk’s AI startup xAI is raising $20 billion through a mix of equity and a novel SPV-backed debt structure, with $2 billion from NVIDIA and plans to lease cutting-edge chips for use in its Colossus 2 data center. Despite the massive funding, xAI faces ongoing financial pressure due to its $1 billion monthly burn rate and is seeking further investment from Musk’s other ventures and Tesla shareholders.
2. Techem GmbH - Platform
- Transaction Date: 10/8/2025
- Industry: Commercial & Professional Services
- Type: Buyout/Private Equity
- Transaction Value: $7.785B
- Participants: Partners Group, GIC, TPG, Mubadala Investment Company, Techem GmbH
A consortium led by Partners Group, along with GIC, TPG Rise Climate, and Mubadala, has completed its acquisition of Techem, a European leader in digital submetering and energy efficiency solutions, following regulatory approval. The deal, including Techem’s recent purchase of smart metering firm inexogy, aims to accelerate the digitalization and decarbonization of Europe’s building sector through expanded smart infrastructure and integrated energy services.
3. xAI - Hybrid Equity Financing
- Transaction Date: 10/8/2025
- Industry: Commercial & Professional Services
- Type: Venture
- Transaction Value: $7.5B
- Participants: NVIDIA Corporation, Valor Equity Partners
Elon Musk’s xAI is raising $20 billion—split between $7.5 billion in equity and $12.5 billion in SPV-backed debt—to fund its Memphis-based Colossus 2 data center, with $2 billion coming from NVIDIA. The innovative financing model, which leases GPUs instead of securing debt against the company itself, highlights the massive capital demands in AI, as xAI continues to burn $1 billion monthly and OpenAI plans to spend up to $1 trillion on infrastructure.
4. ABB’s Robotics Business - Asset Purchase
- Transaction Date: 10/8/2025
- Industry: Capital Goods
- Type: Merger & Acquisition
- Transaction Value: $5.375B
- Participants: SoftBank Group Corp, ABB, Morrison & Foerster LLP
SoftBank Group has agreed to acquire ABB Ltd’s robotics business for $5.375 billion, aiming to strengthen its position in automation and advanced robotics. The deal, approved by SoftBank’s board, is expected to close in mid-to-late 2026 pending regulatory approvals in key markets including the EU, China, and the U.S.
5. Prolec GE - Strategic Acquisition
- Transaction Date: 10/21/2025
- Industry: Capital Goods
- Type: Merger & Acquisition
- Transaction Value: $5.275B
- Participants: Morgan Stanley Investment Banking, GE Vernova Inc, Xignux, Skadden, Arps, Slate, Meagher & Flom LLP, J.P. Morgan Securities LLC, Sidley Austin LLP
GE Vernova will acquire the remaining 50% stake in Prolec GE from Xignux for $5.275 billion, fully consolidating the joint venture and strengthening its position in the fast-growing North American grid equipment market. The deal, expected to close by mid-2026, enhances GE Vernova’s Electrification segment and supports surging electricity demand driven by data centers and energy transition policies.
6. Hillenbrand - Take-Private / Public-to-Private
- Transaction Date: 10/15/2025
- Industry: Capital Goods
- Type: Buyout/Private Equity
- Transaction Value: $3.8B
- Participants: Hillenbrand Inc, Lone Star Funds, Evercore Investment Bank, Skadden, Arps, Slate, Meagher & Flom LLP, Jefferies Investment Banking, UBS Investment Bank, Kirkland & Ellis LLP
Hillenbrand has agreed to be acquired by an affiliate of Lone Star Funds in an all-cash deal valued at $32.00 per share, representing a total enterprise value of approximately $3.8 billion. The transaction, expected to close by Q1 2026 pending regulatory and shareholder approvals, will take Hillenbrand private and marks a significant premium over its recent trading value.
7. FCC Servicios Medio Ambiente - Add-On / Bolt-On Acquisition
- Transaction Date: 10/9/2025
- Industry: Commercial & Professional Services
- Type: Buyout/Private Equity
- Transaction Value: $1.6B
- Participants: FCC Servicios Medio Ambiente, Canada Pension Plan Investment Board
CPP Investments will acquire an additional 25% stake in FCC Servicios Medio Ambiente (FCC Enviro) for €1 billion, increasing its ownership to 49.99% alongside FCC’s 50.01%. The deal strengthens CPP’s position in the global circular economy through one of the world’s largest environmental services firms, pending regulatory approval.
8. Verisure - Opportunistic/Special Situations/Event Driven
- Transaction Date: 10/13/2025
- Industry: Commercial & Professional Services
- Type: Credit
- Transaction Value: $1.41B
- Participants: Goldman Sachs International, Bank of America Corporation
Verisure’s €3.1 billion IPO on Nasdaq Stockholm, backed by Hellman & Friedman and Bain Capital, marked a transformative move that slashed its net leverage and revitalized European IPO markets. Following the listing, the company secured a €1.215 billion refinancing loan from Goldman Sachs and Bank of America to reduce interest costs and extend debt maturities, positioning itself for sustained growth and balance sheet resilience in its core markets.
9. Milione Spa - Secondary Buyout
- Transaction Date: 10/15/2025
- Industry: Transportation
- Type: Buyout/Private Equity
- Transaction Value: $1.4B
- Participants: Rothschild & Co., DWS, InfraVia Capital Partners, Ardian, Finint Investments SGR, Mediobanca Group, Intesa Sanpaolo SpA, Goldman Sachs Investment Banking, Morgan Stanley, Banca Finint
Ardian and Finint Infrastrutture have agreed to acquire Milione Spa, the holding company behind Venice’s Marco Polo Airport and several others, in a deal valuing the company at €1.2 billion (€2.1 billion including debt). The transaction, set to close between late 2025 and early 2026, aims to support regional airport growth and position the new owners for future acquisitions across the European airport sector.
10. SciTec - Strategic Acquisition
- Transaction Date: 10/5/2025
- Industry: Capital Goods
- Type: Merger & Acquisition
- Transaction Value: $855M
- Participants: Firefly Aerospace Inc, SciTec, Inc., Goldman Sachs & Co. LLC, Kirkland & Ellis LLP, Cooley LLP, Robert W. Baird
Firefly Aerospace has agreed to acquire national security tech firm SciTec for $855 million, combining $300 million in cash and $555 million in stock at $50 per share. The deal, expected to close by year-end 2025, will strengthen Firefly’s defense capabilities by integrating SciTec’s advanced software, remote sensing, and AI-driven analytics into its broader space services portfolio.
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.
