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. Warner Bros. Discovery - Strategic Acquisition
- Transaction Date: 12/5/2025
- Type: Merger and Acquisition
- Sector: Communication Services
- Transaction Value: $72B
- Participants: Netflix
Netflix has announced it will acquire Warner Bros., including its film and TV studios and HBO, for a total enterprise value of $82.7 billion, following the spin-off of WBD’s Discovery Global division. The cash-and-stock deal, valued at $27.75 per WBD share, aims to combine Netflix’s global streaming reach with Warner Bros.’ legacy content to create a powerful entertainment platform, pending regulatory and shareholder approvals and expected to close in late 2026.
2. Celestial AI - Strategic Acquisition
- Transaction Date: 12/2/2025
- Type: Merger & Acquisition
- Sector: Information Technology
- Transaction Value: $5.5B
- Participants: Marvell
Marvell Technology has agreed to acquire Celestial AI for approximately $3.25 billion upfront, plus potential earnouts, to bolster its position in next-generation optical interconnects for AI and cloud data centers. The deal brings Celestial’s breakthrough Photonic Fabric technology into Marvell’s portfolio, enabling ultra-high bandwidth, low-latency scale-up connectivity as AI systems evolve into multi-rack configurations. The acquisition is expected to close in early 2026, with Celestial projected to contribute significantly to Marvell's revenue starting in fiscal 2028.
3. SPX Flow - Carve-Out / Divestiture
- Transaction Date: 12/5/2025
- Type: Merger & Acquisition
- Sector: Industrials
- Transaction Value: $4.775B
- Participants: ITT
ITT Inc. has announced a $4.775 billion acquisition of SPX FLOW, a move that significantly expands ITT’s footprint in engineered components and flow technologies across industrial, chemical, energy, and health sectors. The deal brings in $1.3 billion in high-margin revenue and 43% aftermarket sales, with expected cost synergies of $80 million and earnings accretion starting in 2026. The acquisition, set to close in Q1 2026, aligns with ITT’s 2030 strategy and enhances its Industrial Process segment with leading brands and technologies.
4. JET Tankstellen Deutschland GmbH - Carve-Out / Divestiture
- Transaction Date: 12/1/2025
- Type: Buyout/Private Equity
- Sector: Energy
- Transaction Value: $2.8B
- Participants: Stonepeak, Energy Equation Partners
Stonepeak and Energy Equation Partners (EEP) have completed the acquisition of a 65% stake in JET Tankstellen Deutschland from Phillips 66, valuing the fuel retailer at €2.5 billion. Phillips 66 retains a 35% minority stake through a joint venture, as the new owners aim to expand JET’s position in fuel and non-fuel retail, including its growing EV charging network. JET operates 970 service stations across Germany and Austria, serving over 700,000 customers daily.
5. Smiths Detection - Carve-Out / Divestiture
- Transaction Date: 12/3/2025
- Type: Buyout/Private Equity
- Sector: Industrials
- Transaction Value: $2.67B
- Participants: CVC Capital Partners
CVC has agreed to acquire Smiths Detection from Smiths Group plc for £2 billion, positioning the global leader in threat-detection and security-screening technologies for airports and critical infrastructure as an independent company. With a strong presence in aviation security—serving 47 of the world’s top 50 airports—Smiths Detection will benefit from CVC’s expertise in corporate carve-outs and scaling industrial businesses. The deal is expected to close in the second half of 2026, pending regulatory approvals.
6. Innovator ETFs - Strategic Acquisition
- Transaction Date: 12/1/2025
- Type: Mergers/Acquisitions
- Sector: N/A
- Transaction Value: $2B
- Participants: Goldman Sachs
Goldman Sachs has announced it will acquire Innovator Capital Management for approximately $2 billion, adding $28 billion in assets under supervision and 159 defined outcome ETFs to its portfolio. The deal significantly expands Goldman Sachs Asset Management’s capabilities in the fast-growing active ETF market, particularly in structured outcome strategies for income, buffer, and growth. Expected to close in Q2 2026, the acquisition positions Goldman Sachs as a top ten active ETF provider, integrating Innovator’s leadership team and 60 employees into its ETF and wealth management operations.
7. Laurentian Bank of Canada - Acquisition / Carve-Out
- Transaction Date: 12/2/2025
- Type: Merger & Acquisition
- Sector: Financials
- Transaction Value: $1.9B
- Participants: Fairstone
Laurentian Bank has announced a major strategic shift, exiting its retail and SME banking businesses to focus on becoming a specialty commercial bank. As part of the transformation, National Bank will acquire Laurentian’s retail, SME, and syndicated loan portfolios, while Fairstone Bank will acquire all outstanding shares of Laurentian Bank in a $1.9 billion deal. The transactions, expected to close by late 2026 pending approvals, will retain Laurentian’s brand and headquarters in Montreal, combining its commercial expertise with Fairstone’s platform to expand national lending capabilities.
8. Macquarie's U.S. & European Asset Management Business - Strategic Acquisition
- Transaction Date: 12/1/2025
- Type: Merger & Acquisition
- Sector: Financials
- Transaction Value: $1.8B
- Participants: Nomura
Nomura has completed its $1.8 billion all-cash acquisition of Macquarie’s U.S. and European public asset management business, adding approximately $180 billion in client assets across equities, fixed income, and multi-asset strategies. The deal boosts Nomura’s Investment Management Division’s total assets under management to around $770 billion and significantly expands its U.S. and international presence. The business, headquartered in Philadelphia and led by its existing management team, will continue to operate under Nomura, which plans to drive further growth through expanded investment capabilities, active ETFs, and distribution partnerships with Macquarie.
9. Versace - Strategic Acquisition
- Transaction Date: 12/2/2025
- Type: Merger and Acquisition
- Sector: Consumer Discretionary
- Transaction Value: $1.5B
- Participants: Prada
Prada Group has completed its €1.25 billion (£1.10 billion) acquisition of Versace, uniting two iconic Italian fashion houses under one roof. The deal marks a strategic move to reinvigorate Versace’s brand following its challenges under Capri Holdings, with Prada’s Lorenzo Bertelli set to lead as Versace’s new executive chairman. This acquisition strengthens Prada’s position in the luxury market by blending Versace’s bold aesthetic with Prada and Miu Miu’s distinct style identities.
10. Stakeholder Midstream - Strategic Acquisition
- Transaction Date: 12/1/2025
- Type: Merger & Acquisition
- Sector: Energy
- Transaction Value: $1.25B
- Participants: Targa Resources
Targa Resources has agreed to acquire Stakeholder Midstream for $1.25 billion in cash, expanding its sour gas treating and gathering and processing footprint in the Permian Basin. The deal includes approximately 480 miles of pipelines and 180 MMcf/d of processing capacity, underpinned by 170,000 acres of long-term, fee-based contracts. Expected to close in Q1 2026, the acquisition is projected to add about $200 million in unlevered adjusted free cash flow annually with minimal capital needs and limited impact on Targa’s leverage.
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.
