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The private company data space is vast, fragmented, and often overwhelming. Deal sourcing teams are faced with endless streams of announcements, filings, and rumors, making it difficult to pinpoint the transactions that actually matter.
That’s why inside Joe, Powered by Dakota, 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.
- Transaction Date: 8/26/2026
- Type: Buyout/Private Equity
- Sector: N/A
- Transaction Value: $7B
- Participants: Victory Capital Management
Victory Capital Holdings (NASDAQ: VCTR) has entered a definitive agreement to acquire 100% of First Eagle Investments from Genstar Capital and First Eagle employees for approximately $7.0 billion, consisting of $4.4 billion in cash, $2.0 billion in newly issued Victory Capital equity, and assumption of $575 million in First Eagle's senior secured notes. The deal combines Victory Capital with First Eagle's ~$222 billion in AUM to create a ~$571 billion diversified asset manager, with Genstar retaining a 14.6% economic stake (4.9% voting, subject to a three-year lock-up) and two board seats. The transaction is subject to regulatory approvals, client consents, and Victory Capital shareholder approval, with close expected by the end of Q1 2027.
- Transaction Date: 8/18/2026
- Type: Acquisition/Merger
- Sector: Information Technology
- Transaction Value: $7B
- Participants: Stripe Inc
Stripe has agreed to acquire OpenRouter, an AI model marketplace giving developers a single API to access 400+ models across 80+ providers, for a reported $7 billion-plus, representing roughly a 5.4x markup over the $1.3 billion valuation OpenRouter set in its $113 million Series B just three months earlier. The deal extends Stripe's move beyond payments into AI infrastructure, building on its recent AI fraud-detection and payments-model work, and OpenRouter is expected to continue operating independently post-close. Terms have not been officially disclosed by either company, and the transaction follows Stripe's other recent large-scale move — partnering with Advent International on a $53 billion bid for PayPal.
- Transaction Date: 8/21/2026
- Type: Buyout/Private Equity
- Sector: Financials
- Transaction Value: $5.51B
- Participants: Dragoneer Investment Group, KKR
An investor consortium comprising Dragoneer Investment Group, KKR, and Amwins Group has entered a definitive Scheme Implementation Deed to acquire Steadfast Group Limited (ASX: SDF), Australasia's largest general insurance broker network, for A$6.00 per share in cash, valuing the company at approximately A$7.7 billion ($5.51B) and taking it private. The deal uses an asset-split structure whereby Dragoneer and KKR jointly acquire Steadfast's retail brokerage network while Amwins separately acquires its underwriting agency business, aligning each piece with the respective consortium partner's operations. The transaction will proceed via a court-approved scheme of arrangement, subject to shareholder vote, ACCC and FIRB clearance, with completion targeted for mid-to-late December 2026.
- Transaction Date: 8/24/2026
- Type: Acquisition/Merger
- Sector: Industrials
- Transaction Value: $2.3B
- Participants: nVent Electric PLC
nVent Electric (NYSE: NVT) has entered a definitive agreement to acquire Maverick Power, a McKinney, Texas-based manufacturer of engineered power distribution solutions for data centers, for $1.75 billion plus up to $550 million in additional performance-based consideration tied to 2027–2028 metrics. The deal, valued at roughly 11.5x anticipated 2026 adjusted EBITDA (10.5x adjusted for tax benefits), broadens nVent's data center power distribution offerings and is expected to be accretive to adjusted EPS in year one; it will be funded with cash on hand and new debt. Closing is expected in Q4 2026, subject to customary regulatory approvals.
- Transaction Date: 8/25/2026
- Type: Acquisition/Merger
- Sector: Health Care
- Transaction Value: $2.25B
- Participants: McKesson Corporation
McKesson Corporation (NYSE: MCK) has signed a definitive agreement to acquire Precision Medicine Group, LLC, a global provider of clinical research and biopharma commercialization services, for approximately $2.25 billion. Following close, Precision Medicine Group will report within McKesson's Oncology & Multispecialty segment, adding capabilities in biomarker intelligence, lab services, clinical research (CRO), market access consulting, and commercialization support to strengthen McKesson's clinical trial execution and oncology strategy. The transaction is subject to customary closing conditions, including regulatory clearances, with no specific close date disclosed.
- Transaction Date: 8/27/2026
- Type: Growth Equity
- Sector: Information Technology
- Transaction Value: $2.2B
- Participants: N/A
SK Telecom has entered definitive agreements with KKR and a domestic consortium of IMM Investment and Stonebridge Capital for a combined KRW 3.08 trillion equity investment into SK Horizon, a newly spun-off AI data center infrastructure company carved out of subsidiary SK Broadband's data center and submarine cable operations. Post-investment, SKT will retain 51% majority control, with KKR holding 29% and the IMM-Stonebridge consortium holding 20%; proceeds will fund expansion of SK Horizon's capacity to 318 megawatts across eight data centers plus international submarine cable connectivity. The transaction is expected to close in Q1 2027, subject to shareholder approval and regulatory clearances.
- Transaction Date: 8/28/2026
- Type: Acquisition/Merger
- Sector: Financials
- Transaction Value: $2B
- Participants: Pasqal
Pasqal Holding SA completed its business combination with Bleichroeder Acquisition Corp. II (SPAC) on August 28, 2026, beginning trading on Nasdaq under "PSQL," and secured approximately $360 million in cash at closing—drawn from Bleichroeder's trust account, $200 million in convertible financing, and Pasqal's existing balance sheet cash—to fund QPU manufacturing expansion and commercialization. The deal, originally announced in March 2026, valued Pasqal at a $2.0 billion pre-money rollover equity value; the neutral-atom quantum computing company currently has seven QPUs deployed, three more in production, and over 25 commercial/research applications across sectors including energy, financial services, and materials science. Bleichroeder shareholders approved the combination on August 25, 2026.
- Transaction Date: 8/17/2026
- Type: Buyout/Private Equity
- Sector: Communication Services
- Transaction Value: $2B
- Participants: Trustar Capital
Alibaba Group (9988.HK) is expected to reap over $2 billion from selling its entire stake in game developer Lingxi Games to Asia-focused private equity firm Trustar Capital (formerly CITIC Capital), per Reuters — a figure consistent with Bloomberg's separate reporting that pegs the underlying deal value at a minimum of $1.5 billion. The companies have not officially disclosed terms. Lingxi CEO Zhou Bingshu will continue leading the studio's management team post-transaction, signaling operational continuity, and the divestiture follows Alibaba's broader push to shed non-core assets—including recent sales of Sun Art and Intime—as it refocuses capital toward AI and cloud priorities. No closing timeline or regulatory conditions have been disclosed.
- Transaction Date: 8/27/2026
- Type: Real Assets
- Sector: Energy
- Transaction Value: $2B
- Participants: KKR, Apollo Global Management
Enbridge Inc. (TSX/NYSE: ENB) has entered a definitive agreement with KKR, in collaboration with funds managed by Apollo, to form a joint venture funding the previously sanctioned Aspen Point and Sunrise Expansion Programs on its Westcoast natural gas pipeline system in BC. KKR and Apollo will invest approximately C$2.7 billion (~$2.0 billion) — including C$0.7 billion in cash to Enbridge at closing — in exchange for an indirect cumulative 29% interest in the Westcoast system once Sunrise enters service; Enbridge retains majority ownership and operational control, plus an option to repurchase the investors' stake between years seven and fourteen post-close. Aspen Point is expected in service in 2026 and Sunrise in late 2028, and the transaction is not material to Enbridge's 2026 financial guidance.
- Transaction Date: 8/21/2026
- Type: Acquisition/Merger
- Sector: Health Care
- Transaction Value: $1.75B
- Participants: Ipsen S.A.
Ipsen (Euronext: IPN; ADR: IPSEY) has completed its acquisition of Kartos Therapeutics, a clinical-stage biopharmaceutical company whose lead asset navtemadlin, an MDM2 inhibitor, is in Phase III development (POIESIS trial) as an add-on to ruxolitinib for TP53 wild-type myelofibrosis patients with suboptimal response to standard of care. Under the deal, Ipsen paid $450 million upfront at closing, with Kartos shareholders eligible for up to $1.3 billion in additional milestone payments tied to regulatory approval and sales targets. The transaction, originally announced June 29, 2026, closed by the end of Q3 2026 following expiration of the HSR waiting period, and is expected to be accretive to Ipsen's core operating income starting in 2029.
Transactions in Joe, Powered by Dakota
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