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. Essential Utilities Inc - Merger
- Transaction Date: 10/27/2025
- Type: Merger and Acquisition
- Sector: Utilities
- Transaction Value: $12B
- Participants: American Water Works
American Water and Essential Utilities have announced an all-stock, tax-free merger to create a leading U.S. regulated water and wastewater utility, serving 4.7 million connections across 17 states with a combined rate base of approximately $29.3 billion. The merger, valued at around $63 billion in enterprise value, is expected to be immediately accretive to American Water’s earnings and maintain long-term growth targets of 7–9% for earnings and dividends.
2. Clario - Strategic Acquisition
- Transaction Date: 10/29/2025
- Type: Merger & Acquisition
- Sector: Health Care
- Transaction Value: $8.875B
- Participants: Thermo Fisher
Thermo Fisher Scientific has agreed to acquire Clario Holdings for $8.875 billion in cash, plus potential additional payments, to enhance its digital and data capabilities in clinical trials. The acquisition, expected to close by mid-2026, will expand Thermo Fisher’s ability to support faster, data-driven drug development and is projected to be immediately accretive to earnings.
3. Cadence Bank - Strategic Acquisition
- Transaction Date: 10/27/2025
- Type: Merger & Acquisition
- Sector: Financials
- Transaction Value: $7.4B
- Participants: Huntington Bancshares
Huntington Bancshares has announced a $7.4 billion all-stock acquisition of Cadence Bank, expanding its footprint across the South and establishing a major presence in high-growth markets like Texas, Georgia, and Florida. The merger will create a top 10 U.S. bank with $276 billion in assets and $220 billion in deposits, significantly enhancing Huntington’s scale and market reach.
4. Keurig Dr Pepper Inc - Minority
- Transaction Date: 10/27/2025
- Type: Growth Equity
- Sector: Consumer Staples
- Transaction Value: $7B
- Participants: KKR, Apollo
Keurig Dr Pepper has raised its 2025 sales outlook and secured $7 billion from KKR and Apollo to help fund its $18 billion acquisition of JDE Peet’s, addressing investor concerns over leverage and boosting its stock price. The deal will split the company into two listed entities — one for coffee and one for beverages — with a $4 billion joint venture for K-Cup production and $3 billion in convertible preferred equity supporting the transaction.
5. Convex - Strategic Acquisition
- Transaction Date: 10/30/2025
- Type: Merger and Acquisition
- Sector: Financials
- Transaction Value: $7B
- Participants: AIG, Onex
Onex and AIG are jointly acquiring specialty insurer Convex for $7 billion, with Onex taking a 63% stake and AIG 35%, marking a major expansion in Onex’s insurance footprint. As part of the deal, AIG will also invest $2 billion into Onex’s private equity and credit strategies and acquire a 9.9% equity stake in Onex, deepening their strategic partnership and positioning all parties for long-term growth.
6. MasOrange - Strategic Acquisition
- Transaction Date: 10/31/2025
- Type: Merger & Acquisition
- Sector: Communication Services
- Transaction Value: $4.93B
- Participants: Orange SA
Orange has reached a non-binding agreement to acquire Lorca’s 50% stake in MasOrange for €4.25 billion in cash, giving it full ownership of the Spanish telecom joint venture. The deal, expected to close in the first half of 2026 pending regulatory and employee approvals, will strengthen Orange’s position in Spain and advance its “Lead the Future” strategic plan.
7. Bending Spoons - Structured Credit
- Transaction Date: 10/30/2025
- Type: Credit
- Sector: Information Technology
- Transaction Value: $2.8B
- Participants: J.P. Morgan Chase Bank, BNP Paribas, Crédit Agricole CIB
Bending Spoons has secured $2.8 billion in debt financing to acquire AOL and support future M&A activity, with backing from major global banks including J.P. Morgan, BNP Paribas, and Goldman Sachs. The financing package includes Term Loan A and B facilities, as well as expanded revolving credit commitments, underscoring strong lender confidence in the company's growth strategy.
8. Jamf Holding Corp - Take-Private / Public-to-Private
- Transaction Date: 10/29/2025
- Type: Buyout/Private Equity
- Sector: Information Technology
- Transaction Value: $2.2B
- Participants: Francisco Partners
Jamf has agreed to be acquired by Francisco Partners in an all-cash deal valued at approximately $2.2 billion, with shareholders receiving $13.05 per share — a 50% premium over the prior 90-day average. The transaction, expected to close in early 2026, will take Jamf private, providing strategic flexibility to accelerate growth and innovation in managing Apple devices at work.
9. Onex Partners - Minority
- Transaction Date: 10/30/2025
- Type: Growth Equity
- Sector: Financials
- Transaction Value: $2B
- Participants: AIG
AIG has announced a strategic partnership with Onex Corporation, acquiring a 9.9% equity stake for approximately $646 million and committing to invest up to $2 billion in Onex-managed funds over three years. The deal enhances AIG’s access to higher-yielding assets while granting it board representation at Onex and preferred access to its investment strategies.
10. Joe Hudson’s Collision Center - Strategic Acquisition
- Transaction Date: 10/29/2025
- Type: Buyout/Private Equity
- Sector: Consumer Discretionary
- Transaction Value: $1.3B
- Participants: Boyd Group Services
TSG Consumer has agreed to sell its majority stake in Joe Hudson’s Collision Center to Boyd Group Services for $1.3 billion, marking a successful exit after significantly scaling the business since 2019. Under TSG’s ownership, JHCC more than doubled its footprint to 258 locations across 18 states, enhancing service quality and operational excellence in the collision repair industry.
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.
