Key transactions & industry newsWeekly Update 01/09/2026
Recent M&A Transactions
Metals & Mining
Jan 8, 2025 – Bailey Private Equity Co., Ltd. and Woori Private Equity Asset Management Company, Ltd agreed to acquire Hyundai Integrated Forging Co. Ltd from Hyundai Steel Company (KOSE:A004020) for approximately $250M. (BusinessKorea)
Jan 2, 2025 – Mutares SE & Co. KGaA has completed the acquisition of Greer Steel Company, a leading provider of cold rolled strip steel based in Dover, Ohio, from Greer Industries, Inc. (Mutares)
Jan 2, 2025 – Russel Metals Inc. (TSX:RUS) has closed its acquisition of seven service centers in the U.S. from Kloeckner Metals Corporation for $102M. (PRNewsWire)
Dec 31, 2025 – AeroFlow Technologies, a global manufacturer of welded and seamless tubing and tube assemblies for the aerospace and defense market, announced the acquisition of G&L Tube and Evans Alloys from O'Neal Industries. G&L Tube is a manufacturer of small-diameter, thin-wall stainless steel, nickel alloy, and titanium tubing. (AccessNewsWire)
Dec 24, 2025 – First Quantum Minerals (TSX:FM) agreed to sell the past-producing Cobre Las Cruces copper mine in Spain to an investment fund for up to $190M. Global Panduro, an entity controlled by U.S. private equity firm Resource Capital Funds, will acquire Las Cruces to develop a polymetallic primary sulphide project on the site. (Mining)
Dec 22, 2025 – Champion Iron Limited (ASX:CIA) has acquired Rana Gruber ASA (OB:RANA) for $289M. The transaction positions Champion Iron Limited to gain access to renewable power; and a proven iron ore producer, recently producing at over 1.8 Mt/y of high-grade iron ore, including a project to upgrade production to 65% Fe iron ore concentrate. (InternationalMining)
Dec 22, 2025 – Altius Minerals Corporation (TSX:ALS) entered into a definitive agreement to acquire Lithium Royalty Corp (TSX:LIRC) for ~$387M. Altius Minerals is a diversified royalty company that acquired Lithium Royalty Corp. in a counter-cyclical move to capitalize on low market prices and expand their exposure to global energy transition. (BusinessWire)
Transportation & Logistics
Jan 8, 2025 – MEI Industrial Solutions announced the acquisition of CCI Industrial Services, an industrial services provider headquartered in Somerset, Kentucky. (PRNewswire)
Jan 6, 2025 – Greenbriar Equity Group, L.P. announced that funds managed by Greenbriar completed the acquisition of eShipping, a provider of managed transportation, logistics, and supply chain technology solutions. (BusinessWire)
Jan 6, 2025 – Ryder System, Inc. (NYSE:R) has completed the acquisition of Truck Service Depot, an Atlanta-based mobile maintenance business servicing commercial trucks and trailers in Georgia. Truck Service Depot operates with more than 20 technicians and runs two physical locations: a 10 full drive-through maintenance bay facility in Atlanta, GA, and a service center in Savannah, GA. (Ryder)
Jan 5, 2025 – Third-party logistics provider Trinity Logistics has acquired Granite Logistics, a freight agent partner of nearly 14 years with offices in Sartell and Minneapolis, Minnesota. This acquisition brings approximately 135 team members with over 600 years combined experience into the Seaford, Delaware-based 3PL company. (FreightWaves)
Dec 30, 2025 – Love’s Financial acquired TBS Factoring Service, Saint John Capital and Financial Carrier Services. The latest factoring acquisitions serve small to midsize carriers. (TransportTopics)
Dec 29, 2025 – GATX Corp. announced that it and Brookfield Infrastructure Partners L.P. have received all required regulatory clearances to complete the transaction to acquire Wells Fargo’s rail operating lease portfolio. The joint venture will purchase approximately 105,000 railcars for $4.4B; Brookfield, which owns short line operator Genesee & Wyoming, separately will acquire the Wells Fargo (NYSE:WFC) rail portfolio. (FreightWaves)
Dec 29, 2025 – KKR, and its affiliated Korean asset manager, Kreate Asset Management ("Kreate"), announced the completion of the acquisition of Cheongna Logistics Center, a high-quality logistics facility located in Incheon, invested by funds managed by KKR, through a fund managed by Kreate in Korea. (YahooFinance)
Dec 22, 2025 – FreightCar America (NASDAQ:RAIL), has recently enhanced its operations by completing the acquisition of Carly Railcar Components, a prominent distributor of railcar components. (GuruFocus)
Building Products & Materials
Jan 6, 2025 – Amrize (NYSE:AMRZ) has entered into an agreement to acquire PB Materials Holdings, Inc., the leading aggregates business with a complementary ready-mix concrete network in the high growth West Texas region. (BusinessWire)
Jan 6, 2025 – Pacific Avenue Capital Partners, a private equity firm, announced that an affiliate of Pacific Avenue Capital Partners, alongside Cameron Ashley Building Products, has acquired Therm-All from Incline Equity Partners. Therm-All is a fabricator and distributor of metal building insulation and related products serving commercial and industrial end markets. (YahooFinance)
Jan 5, 2025 – White Cap, the leading distributor of specialty construction supplies and safety products for professional contractors, has acquired VoidForm Products, the leading manufacturer of products designed to protect concrete structures from damage caused by expansive, corrosive, and seismic soil conditions. (PRNewswire)
Dec 30, 2025 – Baldwin Supply, a Midwest distributor of power transmission, conveyor belt and other industrial supplies, is acquiring Construction & Aggregate Products, Inc. (CAP). CAP, with locations in Des Moines, Iowa, and Lenexa, Kansas, is a distributor of critical parts to several industries, including aggregate, mining and construction. (RockProducts)
Dec 22, 2025 – Ambuja Cements Limited (BSE:500425) agreed to acquire remaining 27.34% stake in Orient Cement Limited (NSEI:ORIENTCEM) for ~$111M. (MarketScreener)
Energy
Jan 8, 2025 – Vickery Energy Partners, LLC, a portfolio company of Quantum Capital Group, announced that it has closed on the acquisition of Tribune Resources, LLC for approximately $400M. (GlobeNewswire)
Jan 6, 2025 – Encore Oilfield Services, LLC has acquired Custom Compression Systems, LLC.
Custom Compression Systems was founded in 1996 and operates as a wholly owned subsidiary of Louisiana Machinery Company, L.L.C. (BusinessWire)
Jan 6, 2025 – Pattern Energy, which is backed by Canada Pension Plan Investment Board, has agreed to acquire Cordelio Power, a Toronto-based power producer. Pattern Energy is a San Francisco-based developer and operator of clean energy and transmission infrastructure. (PEHub)
Jan 5, 2025 – Vistra Corp. (NYSE:VST) unit Vistra Operations Company LLC has agreed to acquire Cogentrix Energy Power Management, LLC from Quantum Energy Partners, LLC for $4.0B. (PRNewswire)
Dec 24, 2025 – Britain’s BP has agreed to sell a 65% shareholding in lubricants business Castrol to Stonepeak for $6B. The deal comes as the company looks to launch a strategic reset, including a green strategy U-turn and the divestment of $20B of assets by the end of 2027. (CNBC)
Dec 22, 2025 – Alphabet Inc. (NASDAQ:GOOG) has agreed to acquire clean energy developer Intersect Power LLC for $4.75B. Alphabet said Intersect’s operations will remain independent, but that the acquisition will help bring more data center and generation capacity online faster. (CNBC)
Dec 22, 2025 – London-listed Harbour Energy has struck a $3.2B deal to buy LLOG Exploration Company LLC from LLOG Holdings, marking Harbour Energy’s entry into the U.S. deepwater Gulf. (YahooFinance)
Others
Jan 5, 2025 – Cable One, Inc. (NYSE:CABO) announced it has entered into a definitive agreement to acquire all of the equity interests in Mega Broadband Investments Holdings LLC that it does not already own. The transaction is valued at approximately $1.3B. (YahooFinance)
Dec 30, 2025 – Meta Platforms Inc. has agreed to buy Manus, a popular Singapore-based artificial intelligence agent with Chinese roots, in its effort to build a business around its massive AI investment. The deal values Manus at more than $2B. (YahooFinance)
Dec 29, 2025 – SoftBank Group Corp. announced that it has entered into a definitive agreement to acquire DigitalBridge Group, Inc. (NYSE:DBRG), a leading global alternative asset manager dedicated to investing in digital infrastructure, including data centers, cell towers, fiber networks, and edge infrastructure, for a total enterprise value of approximately $4.0B. (YahooFinance)
Dec 23, 2025 – ServiceNow (NYSE:NOW), the AI control tower for business reinvention, entered into an agreement to acquire Armis for $7.75B. Armis, a leader in cyber exposure management and cyber-physical security, manages cyber risk across the full attack surface in IT, operational technology, medical devices, and other environments for companies, governments, and critical infrastructure worldwide. (ServiceNow)
Top News Stories
Metals & Mining
Rio Tinto in talks to buy Glencore to form world's biggest miner. Rio Tinto is in early talks to buy Glencore, the companies said, in what could create the world's largest mining company with a combined market value of nearly $207B.
U.S. awards $2.7B worth of orders to boost uranium enrichment. The U.S. Energy Department announced it was awarding orders totaling $2.7B to three companies to boost domestic uranium enrichment over the next ten years in a broader effort to reduce U.S. dependence on Russian supply.
Australia's BlueScope Steel gets $8.8B buyout offer from SGH, Steel Dynamics. Australia's BlueScope Steel said it received an $8.78B takeover proposal from an investor group comprising billionaire Kerry Stokes-owned SGH and U.S.-based Steel Dynamics
India accelerates rare earth magnet manufacturing under new incentive scheme. The Indian government shared its intention to initiate a scheme for boosting the production of sintered Rare Earth Permanent Magnets. This scheme by the Indian government mainly focuses on enhancing the country’s participation in the global advanced materials market while reducing its dependence on imports.
Global aluminum scrap imports fall to 11.9 Mt, even as recycled output climbs to 41.9 Mt. The global aluminum recycling market entered 2025 with record material recovery but shrinking mobility of scrap. While worldwide secondary aluminum consumption touched 28.4 million tonnes as compared to primary consumption of 72.4 million tonnes in 2024, global recycled aluminum production reached 41.7 million tonnes during the same timeframe.
Israel imposes five-year anti-dumping duties on Chinese aluminum profiles and tubes. Israel has taken a major step to protect its aluminum industry by imposing anti-dumping duties on imports of aluminum profiles and tubes from China for the next five years. The decision, announced by Minister of Economy and Industry Nir Barkat, follows an investigation that concluded Chinese exporters were selling products in Israel at unfairly low prices and harming domestic producers.
Transportation & Logistics
Alaska Airlines to buy more than 100 Boeing jets in carrier’s biggest order ever. Alaska Airlines is ordering more than 100 Boeing jets, a purchase that the carrier’s fleet chief said will ensure it has locked in sought-after order slots through the middle of the next decade to expand.
Maduro left Venezuela’s biggest container port “in shambles”. Container facilities at Venezuela’s busiest port were left in a state of serious disrepair by the Maduro regime, a U.S. maritime executive says, as a management group looks to reclaim its investment in terminal operations there.
Competing railroads claim UP-NS merger application omits key information. Other Class I railroads have found no shortage of deficiencies in the Union Pacific-Norfolk Southern merger application and are urging the Surface Transportation Board to reject the document for its failure to address key aspects of the transcontinental combination.
Queen Transportation shuts down over Christmas holiday, leaving workers jobless. A North Carolina trucking company with 89 trucks and 90 drivers abruptly ceased operations over the Christmas holiday, leaving drivers, owner-operators, mechanics and office staff suddenly unemployed, according to multiple social media posts from employees and industry sources.
Midwest LTL carrier shutting down after 91 years. Standard Forwarding Freight, the less-than-truckload carrier previously known as Standard Forwarding, said it is suspending operations while it evaluates next steps. Other sources say the company is permanently closing. The news comes less than a year after DHL Freight sold it.
ANA, Nippon Cargo Airlines begin to merge cargo businesses. Cargo functions at All Nippon Airways and Nippon Cargo Airlines will be merged into a single company as part of a reorganization now underway following ANA’s recent acquisition of the all-cargo carrier, with NCA continuing to operate as an independent airline, according to an industry source with knowledge of the situation.
Energy
U.S. seizes Russian-flagged tanker tied to Venezuela as Trump widens oil push. The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean, one sailing under Russia's flag, as part of President Donald Trump's aggressive push to dictate oil flows in the Americas and force Venezuela's socialist government to become an ally.
Oil flat as Russia-Ukraine peace hopes fade, Yemen tensions rise. Oil was steady after a choppy session as investors weighed dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.
South Korea greenlights operation of nuclear power reactor. South Korea gave the green light for the operation of a nuclear reactor with electricity output of 1,400 megawatts, the nuclear watchdog said, starting with a pilot run of six months.
Russia's pipeline gas exports to Europe fall by 44% to the lowest in decades. Russia's pipeline gas exports to Europe sank by 44% in 2025 to their lowest since the mid-1970s, following the closure of the Ukrainian route and as the European Union phases out fossil fuel imports from Russia, Reuters calculations showed.
Trump says U.S. will keep the crude oil and tankers seized near Venezuela. President Donald Trump said the U.S. will keep crude oil and tankers seized near Venezuela. “We’re going to keep it,” Trump told reporters in Palm Beach, Florida after unveiling a new class of battleships named after himself.
Trump halts wind projects, including Coastal Virginia Offshore Wind. The Trump administration halted Coastal Virginia Offshore Wind, the largest project of its kind in the U.S., as well as four other projects under construction off the East Coast in a devastating blow to the wind industry.
Others
Warner Bros expected to reject Paramount’s latest hostile bid. Warner Bros Discovery is expected to reject Paramount Skydance’s amended $108.4B hostile bid.
Fed chair candidate Hassett says U.S. is way behind the curve on lowering interest rates. National Economic Council Director Kevin Hassett said that the Federal Reserve is not cutting interest rates quickly enough, even though the U.S. economy grew at a much faster-than-expected pace in the third quarter.
About RJM
RJM & Company is a specialized M&A and capital markets advisory investment bank. We provide boards and management teams of public and private companies with independent advice and expertise in a variety of sectors including road, rail and marine transportation, infrastructure, chemicals, energy, metals and mining, manufacturing, building materials, and other coverage areas of the industrial complex. RJM advises clients on all aspects of transactions including timing, structure, and pricing. RJM originates opportunities and helps negotiate and execute transactions already under evaluation.