Major Billion-Dollar+ Acquisitions and Spin-offs in H1 2026

Databahn Research: Major Billion-Dollar+ Acquisitions & Spin-offs (Nov 2025–Jan 2026)

Databahn researched some of the major billion‑dollar+ acquisitions announced in the past 60–90 days (mid‑November 2025 through late January 2026). These are all multi‑billion‑dollar deals that were announced (not just closed) in that window.

Large-cap tech/AI-related deals

• Meta Platforms to acquire Manus (AI agents) – Announced in early January 2026; deal valued at approximately $2 billion; targets an autonomous‑AI‑agent platform to strengthen Meta’s AI and agent‑style product roadmap.
• IBM to acquire Confluent (data‑streaming) – Announced in late December 2025; all‑cash bid of about $11 billion for the data‑streaming infrastructure company.
• Alphabet / Google pursuing acquisition of Wiz – Reported as a $32 billion pending deal (cloud‑security stack), announced in late 2025 as part of Alphabet’s AI/security push; expected to close in 2026.

Enterprise SaaS & IT platforms

• ServiceNow to acquire Armis (cyber‑exposure) – Announced in late December 2025 for $7.75 billion, targeting expanded attack‑surface and IoT‑device security capabilities.
• SoftBank Group to acquire DigitalBridge Group – Mixed‑use infrastructure‑tech deal announced in early January 2026; around $8–9 billion depending on structure and closing adjustments, focused on data‑center and digital‑infrastructure assets.
• Hg Capital to acquire OneStream (FP&A software) – Private‑equity take‑private of the financial‑planning SaaS firm for approximately $6.4 billion, agreed in early 2026 and announced after late‑2025 initial reports.

Energy and utilities

• Constellation Energy to acquire Calpine Corporation – Announced in late 2025 for about $26.6–26.9 billion, creating one of the largest U.S. power‑generation platforms with major zero‑carbon and gas‑fired assets.
• Aligned Data Centers acquisition (by AI Infrastructure Partnership / GIP / MGX) – $40‑billion+ investor‑consortium deal to acquire the data‑center operator; announced and widely reported in January 2026 as a mega‑infrastructure/AI‑infrastructure transaction.

Finance, payments, and insurance

• Deutsche Börse to acquire Allfunds – Announced in January 2026 for around €5.8 billion (≈ $6.2 billion USD) to expand its fund‑distribution and data solutions in Europe.
• U.S. Bancorp to acquire BTIG (broker‑dealer) – Reported as a $1.0 billion all‑cash acquisition, announced in January 2026 to bolster capital‑markets and fixed‑income capabilities.
• WTW (Willis Towers Watson) to acquire Newfront – Announced in December 2025 for about $1.3 billion; a commercial‑insurance‑broker consolidation play.

Healthcare and biotech

• Eli Lilly to acquire Ventyx Biosciences – Announced in early January 2026; $1.2 billion all‑cash deal to add inflammation and immune‑targeted biologics to Lilly’s pipeline.
• GSK to acquire RAPT Therapeutics – Announced January 20, 2026 for about $2.2 billion to expand food‑allergy and immune‑mediated‑disease assets.

Other notable billion‑dollar+ announcements

• EQT to acquire Coller Capital – Private‑equity firm‑on‑firm deal announced January 22, 2026 for up to $3.7 billion to expand secondary‑private‑equity capabilities.
• Union Pacific / Norfolk Southern “mega‑rail” transaction – While initially announced earlier, the $71.5–85 billion rail‑merger framework continues to be reframed and re‑discussed in January 2026 reporting cycles as one of the largest U.S. acquisitions underway.

Recently completed or imminent spin-offs

• Middleby – food processing equipment spin‑off (Q1 2026): Multi‑billion enterprise value.
• FedEx – FedEx Freight spin‑off (H1 2026): Multi‑billion‑revenue segment.
• Keurig Dr Pepper – Keurig + JDE Peet’s platform spin‑off (H1 2026): Combined coffee platform with multi‑billion market cap.
• S&P Global – S&P Global Mobility spin‑off (Q2 2026): Auto data/connected‑car analytics, multi‑billion valuation.
• Teleflex – urology/acute care/OEM spin‑off (Q2 2026): Multi‑billion portfolio.

Larger breakups and portfolio separations

• Kraft Heinz – split into two CPG companies (H2 2026): Multi‑billion revenue and equity value.
• Honeywell – automation vs aerospace split (H2 2026): Multi‑billion corporate breakup.
• Resideo – spin of ADI Global distribution (H2 2026): Significant value‑creation event.

Recent spin-offs that started trading near the 90‑day window

• DuPont – Qnity Electronics (spun November 1, 2025): Multi‑billion‑revenue platform.
• Honeywell – Solstice Advanced Materials (spun October 30, 2025): Billion‑plus portfolio.
• thyssenkrupp – ThyssenKrupp Marine Systems (spun October 20, 2025): Multi‑billion scale.

Opportunity-focused analysis

Here’s an opportunity‑focused analysis you can use as a starting account map. I’ll group by company and call out the why now, likely buyers, and angles that work for a generic enterprise SaaS / cloud platform (ops, data, AI, security, finance, HR, supply chain).

Meta (Manus AI agents deal)

• Why now: Integrating a newly acquired AI‑agent platform into Meta’s product and infra stack will trigger roadmap work, security reviews, and internal tooling upgrades.
• Entry points: Product & Engineering for AI/agent platforms; Security & Compliance (governance around autonomous agents); Data Infrastructure / MLOps teams.
• Angles: Governance, monitoring, and observability of AI agents; Unified data layer and lineage across acquired IP and internal systems; Developer productivity / API management as they productize Manus.

IBM (Confluent acquisition)

• Why now: IBM will have to integrate a real‑time data‑streaming platform into its hybrid‑cloud stack and go‑to‑market; there will be duplicate tools, migration projects, and GTM alignment.
• Entry points: CIO / Chief Data Officer and Data Platform leaders; Cloud Platform, Integration, and Observability teams; Global Services / Consulting for client rollouts.
• Angles: Consolidation of data integration, monitoring, and governance around Kafka/Confluent; GTM enablement tooling (partner/solution catalogs, quoting, deal desks) for the combined IBM‑Confluent offers; Customer success / adoption analytics for new Confluent‑powered services.

Google / Alphabet (Wiz security deal)

• Why now: A $30B+ cloud‑security acquisition means big integration work across GCP, security consoles, billing, sales motions, and partner ecosystem.
• Entry points: Google Cloud Security and Platform PMs; GCP Partner / Alliances organization; Revenue Ops / Sales Ops for cloud‑security SKUs.
• Angles: Unifying customer identity, entitlement, and metering across Wiz and native GCP services; Security posture management, risk analytics, and reporting dashboards for GTM and leadership; Partner‑facing portals or marketplaces to package Wiz‑based offers.

ServiceNow (Armis acquisition)

• Why now: Extending ServiceNow’s workflows into Armis’s device/IoT security graph requires integrating data models, incident flows, and sales plays.
• Entry points: Product management for Security Operations and ITOM; Platform Engineering (CMDB, asset models); Sales enablement and Solutions org (security + OT/IoT plays).
• Angles: Common configuration/asset model between Armis and Now platform; Cross‑product workflow orchestration (incident, change, risk); Field playbooks and content automation for joint security deals.

SoftBank (DigitalBridge acquisition)

• Why now: DigitalBridge is a digital‑infrastructure and data‑center platform; being acquired by SoftBank will drive portfolio consolidation, asset management upgrades, and AI infra plays.
• Entry points: Portfolio / Asset Management and Operations; Data Center Operations & Capacity Planning; SoftBank investment and value‑creation teams.
• Angles: Asset‑level analytics (capacity, energy, SLAs) across global data centers; Tenant / customer lifecycle platforms for colo and AI‑infra offerings; ESG and energy‑reporting systems across the combined infra portfolio.

OneStream (Hg Capital acquisition)

• Why now: PE‑backed, high‑growth FP&A vendor; post‑deal there’s pressure for operational efficiency, platform standardization, and scalable GTM tooling.
• Entry points: CIO / Head of IT for internal tooling; Revenue Operations, Sales Operations, Partner Ops; Product & Engineering for platform extensibility.
• Angles: Single GTM and customer‑data platform across sales, partners, and services; Cloud‑operations optimization and cost management (as PE pushes margins); Internal analytics on product usage, adoption, and churn to drive value‑creation plans.

Constellation Energy (Calpine acquisition)

• Why now: Integrating a massive generation portfolio (gas + renewables) creates data, asset, trading, and compliance sprawl; utilities often have legacy systems.
• Entry points: Generation & Asset Management; Energy Trading & Risk Management; Regulatory / Reporting teams.
• Angles: Unified data platform for plant operations, markets, and compliance reporting; Maintenance, work‑management, and reliability analytics SaaS; Risk and hedging analytics dashboards for trading desks.

Aligned Data Centers (consortium acquisition)

• Why now: A $40B+ data‑center platform under new ownership will be under pressure to grow AI workloads and optimize operations.
• Entry points: Operations & Facilities (monitoring, capacity, energy); Product & Commercial (AI/ML hosting offers); Finance / FP&A for CapEx forecasting.
• Angles: Capacity planning, DCIM‑adjacent SaaS, and predictive maintenance; Customer/tenant experience portals and self‑service provisioning; Profitability and pricing analytics by region, customer, and workload.

Deutsche Börse (Allfunds acquisition)

• Why now: Fund‑distribution and data/analytics are being consolidated; integration will touch data pipes, client portals, and partner connectivity.
• Entry points: Data & Analytics, Index, and Market‑Data groups; Asset‑servicing and distribution technology teams; Client / Partner portals and digital channels.
• Angles: Unified fund‑data hub and client reporting platform; Workflow automation for distributor onboarding and compliance; Revenue and AUM analytics across the combined network.

U.S. Bancorp (BTIG acquisition)

• Why now: Integrating a capital‑markets broker‑dealer into a large bank will drive front‑office, risk, and compliance‑platform modernization.
• Entry points: Capital Markets IT and Front‑Office Technology; Risk, Compliance, and Surveillance tech teams; Operations & Trade Support.
• Angles: Trade lifecycle and surveillance platforms (cloud‑based, analytics‑heavy); Client‑onboarding and KYC workflow SaaS; Revenue‑intelligence and relationship‑intelligence for combined coverage teams.

WTW (Willis Towers Watson – Newfront acquisition)

• Why now: Broker consolidation means integrating producers, pipelines, policy/admin systems, and client portals.
• Entry points: Broking Operations and Placement; Producer / Sales Enablement; Client‑facing digital platforms.
• Angles: Unified CRM and pipeline analytics across legacy WTW and Newfront; Self‑service portals for commercial clients and benefits participants; Data and analytics on book‑of‑business, loss ratios, and cross‑sell.

Eli Lilly (Ventyx) and GSK (RAPT) – biotech acquisitions

• Why now: Integrating early‑stage pipelines creates R&D data and collaboration challenges; big pharma continues to modernize trial, research, and portfolio platforms.
• Entry points: R&D IT, Clinical Development, and Data Science; Portfolio Management / R&D Operations.
• Angles: Unified research data platforms and model‑management tools; Trial‑operations and site‑enablement SaaS; Portfolio analytics for pipeline prioritization post‑acquisition.

Honeywell, Kraft Heinz, S&P Global, Teleflex, Resideo (spin‑offs)

Spin‑offs create two prospects per deal: the parent and the NewCo, each with its own stack and transformation agenda.

• Honeywell (automation vs aerospace split + recent Solstice spin‑off): Opportunities: ERP/CPQ/PLM consolidation, IoT/OT platforms, aerospace MRO and supply‑chain SaaS for each entity.
• Kraft Heinz (two CPG companies): Opportunities: Separate demand‑planning, trade‑promotion, and supply‑chain platforms; separate data/AI teams to modernize marketing and revenue‑management.
• S&P Global (Mobility spin‑off): Opportunities: NewCo needs a complete SaaS stack (CRM, billing, product analytics, data delivery); parent often rationalizes platforms at the same time.
• Teleflex (urology/acute care/OEM spin‑off): Opportunities: Quality, regulatory, and supply‑chain SaaS; commercial‑excellence tools for med‑tech sales across parent and spin.
• Resideo (ADI Global distribution spin‑off): Opportunities: Commerce, inventory, and channel‑management SaaS for a newly independent distributor; separate customer and supplier data platforms.

DuPont, thyssenkrupp, Honeywell (recent stand‑alone spin‑offs: Qnity, TKMS, Solstice)

• Why now: These NewCos are just standing up and will be rationalizing inherited tooling, often moving quickly toward cloud SaaS.
• Entry points: CIO/CTO and “Day‑1 / Day‑2” separation program leads; Finance, Supply‑Chain, and Engineering functions.
• Angles: “Clean sheet” cloud platform for ERP‑adjacent workflows, data, and analytics; Security and identity unbundled from the former parent; Performance‑management and planning tools for the first independent budget cycles.

Contact us for a deeper dive into each company.