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. Civitas Resources - Merger
- Transaction Date: 11/3/2025
- Type: Merger and Acquisition
- Sector: Industrials
- Transaction Value: $12.8B
- Participants: SM Energy
SM Energy and Civitas Resources have agreed to merge in an all-stock transaction valued at $12.8 billion, creating a top-10 independent U.S. oil producer with approximately 823,000 net acres across premier shale basins. The combined company is expected to generate over $1.4 billion in 2025 free cash flow and deliver $200 million in annual synergies, enhancing shareholder returns through debt reduction, sustained dividends, and long-term operational efficiency.
2. Boyd Corporations’ Thermal business - Strategic Acquisition
- Transaction Date: 11/3/2025
- Type: Merger & Acquisition
- Sector: Industrials
- Transaction Value: $9.5B
- Participants: Eaton
Eaton (NYSE: ETN) announced it will acquire Boyd Thermal from Goldman Sachs Asset Management for $9.5 billion, valuing the business at 22.5x its estimated 2026 adjusted EBITDA. The deal strengthens Eaton’s position in data center and aerospace power management, combining its intelligent power systems with Boyd’s liquid cooling technologies—a key capability for meeting the rising energy demands of AI-driven infrastructure—and is expected to be accretive to earnings by year two post-close.
3. Hornsea 3 Offshore Wind Farm - Asset Purchase
- Transaction Date: 11/3/2025
- Type: Merger & Acquisition
- Sector: Utilities
- Transaction Value: $6.5B
- Participants: Apollo
Apollo (NYSE: APO) announced that its managed funds will invest $6.5 billion for a 50% stake in Ørsted’s Hornsea 3, the world’s largest offshore wind project with 2.9 GW of capacity—enough to power over 3 million UK homes. The investment, which includes both equity and construction funding, establishes a 50-50 joint venture between Apollo and Ørsted, advancing the UK’s renewable energy goals while reinforcing Apollo’s growing portfolio in large-scale energy transition and infrastructure assets across Europe.
4. Husky Technologies - Merger
- Transaction Date: 11/3/2025
- Type: Merger & Acquisition
- Sector: Industrials
- Transaction Value: $5B
- Participants: CompoSecure
CompoSecure (NYSE: CMPO) announced a business combination with Husky Technologies that values the merged entity at approximately $7.4 billion, creating a diversified leader across engineered manufacturing, security, and materials technology. Under the agreement, Husky will continue operating independently under its current management, while CompoSecure and majority shareholder Platinum Equity—which will roll over more than $1 billion of equity—aim to drive innovation, growth, and long-term value across both businesses.
5. Brighthouse Financial Inc - Take-Private
- Transaction Date: 11/6/2025
- Type: Buyout/Private Equity
- Sector: Financials
- Transaction Value: $4.1B
- Participants: Aquarian Capital
Aquarian Capital announced it will acquire Brighthouse Financial (Nasdaq: BHF) in an all-cash transaction valued at $4.1 billion, with shareholders receiving $70 per share, representing a 37% premium to the company’s prior closing price. The deal positions Brighthouse—one of the largest U.S. annuity and life insurance providers—for long-term growth within Aquarian’s insurance and asset management platform, with plans to retain its leadership, Charlotte headquarters, and brand while expanding product innovation and investment capabilities.
6. Bain Capital - Direct Lending
- Transaction Date: 11/4/2025
- Type: Credit
- Sector: Financials
- Transaction Value: $3.1B
- Participants: Blackstone, Apollo, Antares, HPS, KKR, Oak Hill
Bain Capital has secured a $3.1 billion private credit package—led by Blackstone, with participation from Apollo Global Management and KKR—to finance its acquisition of Service Logic from Leonard Green & Partners. The unitranche loan, priced at 4.5 percentage points over the U.S. benchmark with a potential step-down tied to leverage reduction, underscores growing private credit dominance in large buyouts as Bain takes over North America’s largest independent HVAC and mechanical services provider.
7. NuVista Energy - Strategic Acquisition
- Transaction Date: 11/4/2025
- Type: Merger & Acquisition
- Sector: Energy
- Transaction Value: $2.7B
- Participants: Ovintiv
Ovintiv Inc. (NYSE/TSX: OVV) announced a $2.7 billion acquisition of NuVista Energy Ltd., adding 140,000 net acres and 100 MBOE/d of production in Alberta’s Montney region—assets that are highly complementary to Ovintiv’s existing portfolio. The deal, expected to close in Q1 2026, delivers ~930 new well locations, $100 million in annual synergies, and 10% free cash flow accretion, while Ovintiv simultaneously plans to divest its Anadarko assets to fund debt reduction and enhance shareholder returns.
8. AWS-3 Spectrum License - Asset Purchase
- Transaction Date: 11/6/2025
- Type: Merger & Acquisition
- Sector: Communication Services
- Transaction Value: $2.6B
- Participants: SpaceX
EchoStar announced an amended agreement to sell its nationwide unpaired AWS-3 spectrum licenses to SpaceX for approximately $2.6 billion in SpaceX stock, valued as of September 2025. The deal strengthens EchoStar’s strategic partnership with SpaceX by combining EchoStar’s AWS-3, AWS-4, and H-block spectrum with SpaceX’s launch and satellite manufacturing capabilities to accelerate the rollout of global direct-to-cell services, while existing operations—including DISH TV, Sling TV, Boost Mobile, and Hughes—will remain unaffected.
9. Millennium Management - Minority
- Transaction Date: 11/3/2025
- Type: Growth Equity
- Sector: Financials
- Transaction Value: $2B
- Participants: Unnamed Investor Group
Millennium Management has sold a 15% passive equity stake in its management company to a select group of major institutional investors—raising about $2 billion and valuing the hedge fund at $14 billion, according to an internal email seen by Reuters. The investors participated through Goldman Sachs’ Petershill unit, marking the first ownership sale in Millennium’s 36-year history and a rare move in the hedge fund industry toward broader institutional ownership.
10. CNL Healthcare Properties - Merger
- Transaction Date: 11/5/2025
- Type: Merger & Acquisition
- Sector: Real Estate
- Transaction Value: $1.8B
- Participants: Sonida
Sonida Senior Living (NYSE: SNDA) announced a $1.8 billion merger with CNL Healthcare Properties, creating a $3 billion pure-play senior housing owner-operator with 153 communities and approximately 14,700 owned units, making it the eighth-largest owner of U.S. senior living assets. The transaction—66% stock and 34% cash, with financing backed by RBC, BMO, Conversant Capital, and Silk Partners—is expected to deliver 28% to 62% FFO accretion, immediate deleveraging, and approximately $16–20 million in annual synergies, positioning the combined company for long-term growth and stronger access to capital.
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.
