Published November 12, 2026
In one week, November 5 to November 11, 2026, Vest tracked 30 verified US M&A deals with more than $15.1 billion in disclosed value. The largest: Shield AI's acquisition of Echodyne, in a transaction valued at $5.3 billion. Latham & Watkins and Sidley Austin led the counsel scoreboard, each appearing on 4 deals.
This edition's discussion on LinkedIn →Published, verified appearances across the 30 deals; buy-side and sell-side counted separately.
| Law firm | Deals | Clients this edition |
|---|---|---|
| Latham & Watkins | 4 | Oura, Diamondback, Unnatural Products, Centric Brands sellers |
| Sidley Austin | 4 | Five9, MaxCyte, Morgan Stanley, Axar Capital |
| Kirkland & Ellis | 3 | DTE Energy, Levine Leichtman Capital Partners, Inovalon |
| Paul Weiss | 3 | KPS Capital Partners, Blackstone Infrastructure, Automated Logic |
| Wilson Sonsini | 3 | Frontage, Tigris Data, HZO |
| 2 each | Greenberg Traurig; White & Case |
Not counted: Covington (regulatory and diligence) and Sullivan & Cromwell (financing) on Shield AI and Echodyne; McDermott Will & Schulte (regulatory) on Inovalon and DrFirst; Davis Polk and Jia Yuan on the Frontage deal, where the release names no client; Olshan for the DEAG special committee; and firms on deals left out of the count.
Of the 30 US M&A deals in this edition (November 5 to November 11, 2026), 16 have at least one side's legal counsel not yet publicly announced.
Deals with neither a stated amount nor named counsel are not included. On 1 of the 16, neither side's counsel has been announced. The 2 largest deals with a disclosed value both named counsel on both sides. Of the previous edition's 20 deals with a side missing, 6 now have a named firm. Tracked weekly on this page.
Shield AI agreed to acquire Echodyne, a U.S. innovator and manufacturer of advanced radar solutions for defense, government, and commercial sectors based in Kirkland, Washington, in a transaction valued at $5.3 billion. Source: Shield AI (PR Newswire)
LS Power agreed to acquire six natural gas-fired power generation facilities from NRG Energy, which represent 4.9 GW of generation, for a purchase price of $4 billion in cash. Source: SEC filing (NRG Energy)
DTE Energy agreed to sell its non-utility DTE Vantage business to institutional investors advised by the Global Infrastructure group at J.P. Morgan Asset Management for approximately $3 billion. Source: DTE Energy
Oura agreed to acquire Counsel Health, the AI-native primary care company serving health plans, health systems, digital health solutions, employers, and consumers, for $625 million in cash, subject to purchase price adjustments. Source: Counsel Health
ANI Pharmaceuticals announced an offer to acquire Egetis Therapeutics, a commercial-stage pharmaceutical company developing therapies for patients with rare diseases, headquartered in Stockholm, Sweden, at approximately SEK 5.6 billion, or $560 million. Source: ANI Pharmaceuticals
argenx agreed to acquire Unnatural Products, a Santa Cruz, California-based biotech company with a platform that addresses the complexities of medicinal chemistry in the macrocyclic peptide space, for $550 million upfront in cash, plus up to $595 million in milestones that are not counted here. Source: argenx
Charles River Laboratories entered definitive agreements to acquire Frontage's bioanalysis and DMPK operations in Exton, Pennsylvania for approximately $470 million in cash, plus up to $75 million in contingent payments that are not counted here. Source: SEC filing (Charles River Laboratories)
Five9 agreed to acquire Level AI, which builds AI for modern customer experience teams, for $325.0 million in cash, before adjustments. Source: Five9
MaxCyte agreed to acquire Akron BioProducts, a leading supplier of GMP-grade reagents and ancillary materials used throughout the cell therapy manufacturing workflow, from affiliates of Arcline Investment Management for $151.8 million in total: $105.0 million in cash, about 20.6 million shares and $20.0 million deferred. Source: SEC filing (MaxCyte)
Enhanced Group agreed to acquire about 77% of Berlin-headquartered DEAG in an all-stock deal that values 100% of DEAG's equity at approximately $115 million, with an implied enterprise value of approximately $139 million. Source: Enhanced Group (Business Wire)
KPS Capital Partners agreed to acquire 70% of MM Packaging, a global manufacturer of consumer packaging products, including folding cartons, labels and leaflets, at an enterprise value of EUR 2.4 billion. Source: Mayr-Melnhof (PDF)
Codan agreed to acquire Eventide Communications, based in Little Ferry, New Jersey, at an enterprise value of approximately A$244 million (Australian dollars, not summed here). Source: Codan (Business Wire)
Blackstone Infrastructure announced the acquisition of Portland Natural Gas Transmission System, which operates a 296-mile FERC-regulated pipeline system that provides critical natural gas supply to New England and Atlantic Canada; terms were not disclosed. Source: Blackstone
Morgan Stanley agreed to acquire Vinyl Equity, an SEC-registered transfer agent serving companies across the NYSE, Nasdaq, and OTC Markets; terms were not disclosed. Source: Morgan Stanley
Dropbox announced plans to acquire Tigris Data, a globally distributed, S3-compatible object storage platform purpose-built for AI; terms were not disclosed. Source: Dropbox (Business Wire)
Forge Nano completed its acquisition of HZO, a leading provider of protective nanocoatings for electronics headquartered in Morrisville, North Carolina, in an all-stock deal. Source: Forge Nano
Levine Leichtman Capital Partners and management acquired Five Star Franchising, a leading platform of franchisor brands in the home services segment with over 870 locations across the US and Canada; terms were not disclosed. Source: Levine Leichtman Capital Partners
Navori Labs acquired US-based Carousel Digital Signage, headquartered in Minneapolis, Minnesota, from Tightrope Media Systems; terms were not disclosed. Source: Navori Labs
Cognizant completed its acquisition of Wizeline, an AI-centric product engineering company; terms were not disclosed. Source: Cognizant
Automated Logic signed an agreement to acquire Logical Solutions, an Automated Logic dealer headquartered in Richardson, Texas; terms were not disclosed. Source: Automated Logic
Centric Brands, a leading global lifestyle brand portfolio, has completed the sale of the company to chief executive officer Jason Rabin and a new investor group; terms were not disclosed. Source: Centric Brands
Diamondback Energy and KKR agreed to acquire Deep Blue, the leading full-cycle water infrastructure platform in the Midland Basin, from Five Point Infrastructure; Diamondback and KKR will jointly own 100%, and terms were not disclosed. Source: Deep Blue
Inovalon agreed to acquire DrFirst, a leader in prescription and clinical workflow technology; terms were not disclosed. Source: DrFirst
Cribl acquired Tero, which builds an intelligence layer for observability data; terms were not disclosed. Source: Cribl
PharmaLogic agreed to acquire the Lantheus CDMO business and Springfield, New Jersey manufacturing facility; terms were not disclosed. Source: PharmaLogic (PR Newswire)
Craveworthy Brands signed a definitive agreement to acquire New England Authentic Eats LLC (Papa Gino's), headquartered in Dedham, Massachusetts; terms were not disclosed. Source: Craveworthy Brands (PR Newswire)
Palmdale Oil acquired Tri-County Oil Distributors, based in Williston, Florida; terms were not disclosed. Source: Palmdale Oil (PR Newswire)
Quad-C announced that it has closed the sale of Boulder Scientific Company, of Longmont, Colorado, to Iron Path Capital; terms were not disclosed. Source: Quad-C (PR Newswire)
Onterris announced the acquisition of EcOz Environmental Consultants, an Australian firm with offices in Darwin and Alice Springs; terms were not disclosed. Source: Onterris
Onterris announced the acquisition of Permian Basin Environmental Lab (PBELab) in Midland, Texas; terms were not disclosed. Source: Onterris
Enghouse Systems Limited (TSX: ENGH) agreed to acquire MIND C.T.I., whose release is datelined Yoqneam, Israel, at $1.30 per share in cash, a total equity value of approximately US$25.4 million. It is outside the 30-deal count: the target is Israeli and the buyer is listed in Toronto. Source: MIND C.T.I. (GlobeNewswire)
Vanta signed a definitive agreement to acquire Pillar Security; Calcalist reports Pillar will become Vanta's research and development center in Israel. It is outside the 30-deal count because the companies state no amount and name no counsel. Source: Vanta (Business Wire)
Metalenz announced the acquisition of PxE Imaging, an Israeli startup; terms of the transaction were not disclosed. It is outside the 30-deal count because the release states no amount and names no counsel. Source: Metalenz
The deals above are not in the 30-deal count. Enghouse Systems / MIND C.T.I. has no American party. Vanta / Pillar Security and Metalenz / PxE Imaging have US buyers, but the companies state no amount and name no counsel.
Diligencing one of these targets? Vest verifies the target's equity from the data room, with every finding cited to source. See how it works.
This edition covers November 5 to November 11, 2026. A deal counts if it has a US target or a US buyer, the buyer takes control, and the deal states an amount or names counsel with a stated role for at least one side; 24 smaller deals with neither were recorded and are not in the count. Also left out: deals that only say two companies will merge or combine, with no buyer named, investments and stakes with no stated control, deals with no US party, proposals and options, funding rounds, and deals first announced before the week. Dates and values come from each company's own release or SEC filing; a law firm's announcement or a closing does not move a deal into the week, and a firm page with no company release does not count as an announcement. A firm is credited only where a release, the deal agreement or the firm's own page names it as counsel for one side. The $15.1 billion total adds the price each company states, using enterprise value where one is given, and leaves out contingent payments, stock with no stated dollar value, and values given only in euros or Australian dollars (the KPS and Codan deals, which are counted but not added). Deals with no stated price are counted but not added to the total.
Verified US M&A deals and the counsel scoreboard.
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