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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 July alone, we added more than 1,700 new private company transactions, bringing the total to over 27,900 searchable deals across sectors, industries, and transaction types in Joe powered by Dakota Marketplace.
Inside Joe, 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’s team 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 utility transactions.
Tourmaline Oil has agreed to acquire Crew Energy in an all-share transaction valued at approximately C$1.2 billion — at C$6.75 per Crew share representing a 30% premium — adding approximately 730 net sections of Montney natural gas acreage in northeast British Columbia with production of approximately 29,000 Boe/d and a deep inventory of over 500 net drilling locations. The deal expands Tourmaline's northeast BC Montney position by approximately 70%, with the acquired assets expected to grow to 100,000 Boe/d over the next decade underpinned by access to Tourmaline's premium LNG Canada and Pacific Trail Pipeline infrastructure, with the transaction immediately accretive to free cash flow per share and expected to close in Q3 2026.
Aon has agreed to acquire NFP, a leading middle market property and casualty broker, benefits consultant, and wealth manager, from Madison Dearborn Partners and HPS Investment Partners for approximately $13.4 billion — comprising $7.0 billion in cash and approximately $6.4 billion in Aon shares — creating a combined middle market insurance and benefits platform with approximately $800 million in targeted annual run-rate synergies within three years. The deal adds NFP's approximately $2.2 billion in annual revenue and 7,700 colleagues serving middle market clients across the U.S., Canada, UK, and Ireland to Aon's existing capabilities, with the transaction expected to be accretive to adjusted EPS in the first full year following close and strengthening Aon's position as a leading global professional services firm.
Iberdrola has agreed to acquire an 80% stake in Caruna, Finland's largest electricity distribution company serving 1.5 million people across approximately 89,000 kilometres of network, for €2 billion in equity consideration in a transaction valuing 100% of the company at approximately €5 billion including debt. The deal marks Iberdrola's entry into Finland — rated AA+ with a regulatory framework in place until 2031 offering approximately 8% return on equity — and reinforces its strategy of concentrating investments in regulated electricity networks in stable markets, with Caruna expected to grow earnings and assets approximately 7% annually driven by renewable energy buildout, data center expansion, and broader electrification demand.
Shell has agreed to sell Sprng Energy, its Indian renewable energy business comprising 5.0 GWp of solar and wind assets (3.3 GWp operating and 1.7 GWp contracted), to Aditya Birla Renewables Limited for $1.8 billion as part of Shell's strategy to high-grade its power portfolio and recycle capital toward its asset-backed trading strategy. The deal adds Sprng Energy's pan-India solar and wind portfolio supplying electricity distribution companies to ABRen's diversified renewable energy platform — backed by Global Infrastructure Partners, part of BlackRock — strengthening Aditya Birla Group's position as a leading Indian renewable energy developer while Shell exits a non-core asset ahead of its 2030 performance targets.
National Grid agreed to a $1.75 billion strategic minority investment in Joulent through its National Grid Ventures arm, gaining exposure to the AI-driven large load power economy while expanding relationships with strategic partners GE Vernova and Chevron. The investment also formalizes National Grid's 50% ownership interest in Joulent's first project, Kilby — a roughly 2.67-gigawatt generation facility built with GE Vernova and Chevron's Energy Forge subsidiary to support a Microsoft-operated data center campus under a 20-year power purchase agreement.
Want to track utility deal activity like this as it happens? Explore the full transactions tab in Joe for real-time, filterable data on every deal in this sector.
Commonwealth Fusion Systems raised $1 billion in additional equity financing — the largest single fusion-industry funding round since its $1.8 billion Series B in 2021 — bringing its total capital raised to $4 billion, roughly 30% of all capital raised industry-wide to date. The round drew a widening base of institutional investors, including pension funds, sovereign wealth funds, and infrastructure and industrial corporate partners, and will fund completion of CFS's SPARC demonstration machine alongside continued development of its ARC grid-scale power plant at the Fall Line Fusion Power Station in Virginia, where partners Google and Eni have already signed PPAs for more than half the plant's output.
Brookfield launched Lumara, a new renewable energy development platform in India backed by approximately $600 million through its Catalytic Transition Fund, with an initial development portfolio exceeding 6 GW across solar, wind, and battery energy storage projects. The platform builds on Brookfield's existing footprint of nearly 45 GW of wind and solar assets in India and more than $32 billion invested across the country, and aims to address persistent bottlenecks in PPA finalization, grid connectivity queues, and land acquisition that have historically slowed renewable project execution there.
Antora Energy closed $550 million in Series C funding co-led by G2 Venture Partners and Eclipse, with participation from new investors including Ribbit Capital, Salesforce Ventures, John Doerr, and StepStone Group, alongside existing backers such as Breakthrough Energy Ventures and Lowercarbon Capital. The oversubscribed round will fund expansion of Antora's thermal battery manufacturing with a second U.S. hub, building on the recent deployment of a 5 gigawatt-hour battery storage system in South Dakota, as the company scales its carbon-block thermal storage technology to serve data centers, industrial customers, and the grid.
ACCIONA Energía completed the sale of a 361MW portfolio of 15 operational wind farms across six Spanish provinces to Galp New Energies for an equity value of €432 million, debt-free, generating an estimated capital gain of €255 million. The deal, on which BNP Paribas advised financially and Baker McKenzie advised legally, extends ACCIONA's selective asset rotation strategy, which has seen the company agree to sell more than 3GW of renewable capacity across Spain, Peru, Costa Rica, South Africa, the U.S., and Mexico for €3.7 billion since 2024.
Proxima Fusion raised €411 million ($468 million) in a financing round led by XTX Ventures and East X Ventures with RWE and Google as strategic investors, bringing the company's valuation to €2.4 billion ($2.7 billion) and total capital raised to more than €650 million in under three years. The round — the largest ever in European fusion — will fund completion of Proxima's Stellarator Model Coil and expansion of its high-temperature superconducting cable and magnet production, advancing Alpha, the company's net-energy stellarator demonstrator being built near Munich in partnership with the state of Bavaria, the Max Planck Institute for Plasma Physics, and RWE.
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.
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Whether you're evaluating a new investment opportunity or tracking trends within a target sector, Joe helps you cut through the noise and focus on what matters most.
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