Key transactions & industry news Weekly Update 03/28/2025
Recent M&A Transactions
Metals & Mining
Mar. 25, 2025 – Apollo Global Management, Inc. (NYSE:APO) is believed to be keeping an open file on Sanjeev Gupta’s Infrabuild Trading Pty. Ltd. should it become available for sale at a discount price. It comes amid a growing focus on the steel business that sits within Gupta’s troubled GFG Alliance empire and with the unravelling of the Whyalla steel works in South Australia that is within the GFG stable. (MarketScreener)
Mar. 23, 2025 – World Intec Co., Ltd. agreed to acquire 65% stake in Toho Technical Service Co.,Ltd. from Toho Titanium Co., Ltd. (TSE:5727) on March 24, 2025. (MarketScreener)
Mar. 23, 2025 – Dongbu World Co., Ltd. agreed to acquire DB Metal Co., Ltd. from DB HiTek CO., LTD. (KOSE:A000990), DB Inc. (KOSE:A012030), Dongbu Investment Co., Ltd. and Dongbu Stock Investment Co., Ltd. for KRW 64.9 billion on March 24, 2025. The consideration consists of 5.73 million common equity of Dongbu World Co., Ltd. to be issued for common equity of DB Metal Co., Ltd. (MarketScreener)
Transportation & Logistics
Mar. 26, 2025 – Kenan Advantage Group (KAG) is acquiring liquid bulk hauler MC Tank Transport (MCT), according to an internal MCT memo to drivers on Tuesday. The latest acquisition for KAG will also provide it with a platform to provide International Organization for Standardization (ISO) tank services. The deal will also include MCT subsidiaries MC Leasing, KI Leasing and Liquid Solutions Tank Leasing. West Chester, Ohio-based MCT operates out of 11 terminals throughout the Midwest, South and East as well at major ports like Houston; Charleston, South Carolina; and Savannah, Georgia. The company also has six satellite locations. (FreightWaves)
Building Products & Materials
Mar. 23, 2025 – James Hardie Industries plc (ASX / NYSE: JHX), a leader in providing high-performance, low-maintenance building products and solutions, and The AZEK Company Inc. (NYSE: AZEK), a leading manufacturer of high-performance, low-maintenance and environmentally sustainable outdoor living products, announced entry into a definitive agreement under which James Hardie will acquire AZEK for a combination of cash and James Hardie shares with a total transaction value of $8.75 billion, including AZEK’s net debt of approximately $386 million as of December 31, 2024. (AZEK)
Mar. 23, 2025 – Hella Infra Market Private Limited acquired an additional minority stake in RDC Concrete (India) Limited on March 25, 2025, following their initial acquisition of a stake in RDC in September of 2021. (The Economic Times)
Mar. 20, 2025 – Jiaxing Qihuan New Materials Co., Ltd. agreed to acquire Jiaxing Fengtai New Material Co.,Ltd. from Ningbo Xianfeng New Material Co.,Ltd (SZSE:300163) on March 20, 2025. As of February 28, 2025, Jiaxing Fengtai New Material Co.,Ltd. reported total common equity of CNY 54.75 million. (MarketScreener)
Energy
Mar. 27, 2025 – Excelerate Energy, Inc. (NYSE: EE) announced that it has entered into a definitive agreement with New Fortress Energy Inc. (NASDAQ: NFE) under which Excelerate will acquire NFE’s business in Jamaica for $1.055 billion in cash. (Business Wire)
Mar. 21, 2025 – A U.S. court officer overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum is recommending a judge choose a $3.7 billion offer by an affiliate of Contrarian Funds to set the floor for a new bidding round this year, according to a court filing on Friday. (Reuters)
Mar. 21, 2025 – NGPL PipeCo LLC announced that Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN) has agreed to sell entities that hold its entire 25.0% minority interest in NGPL Holdings LLC, PipeCo’s indirect parent company, to one or more funds controlled by ArcLight Capital Partners, LLC. Upon closing, ArcLight funds will hold a 62.5% interest in NGPL Holdings. Kinder Morgan, Inc. (NYSE: KMI) continues to operate PipeCo’s pipeline assets and holds a 37.5% interest in NGPL Holdings. (Business Wire)
Mar. 21, 2025 – BP, has agreed to sell a stake in a firm invested in the TANAP gas pipeline linking Azerbaijan and Turkey for $1 billion to Apollo Global Management, the two firms said on Friday. (Reuters)
Others
Mar. 24, 2025 – Clearlake Capital Group, L.P., announced that it has entered into a definitive agreement to acquire Dun & Bradstreet Holdings, Inc. (NYSE: DNB), a leading global provider of business decisioning data and analytics, in a transaction valued at $7.7 billion, including outstanding debt / with an equity value of $4.1 billion.(Dun & Bradstreet)
Top News Stories
Metals & Mining
Thousands of jobs at risk as British Steel threatens closure. British Steel is launching a consultation that could see the closure of its two blast furnaces at Scunthorpe, putting up to 2,700 jobs at risk out of a workforce of 3,500. The company said the blast furnaces were “no longer financially sustainable” due to tough market conditions, the imposition of tariffs and higher environmental costs. The BBC understands British Steel was expecting a £1bn injection of government money to keep the business going, but was offered £500m.
RUSAL is switching its aluminium production to eco-friendly petroleum pitch for the first time in the industry’s history. RUSAL, one of the world’s largest aluminium producers, is, for the first time in the industry’s history, switching its aluminium production to anodes using environmentally friendly petroleum pitch on a commercial scale. Coal tar pitch is traditionally used in anodes during electrolysis all over the world; the industrial use of petroleum pitch, which significantly reduces the emission of harmful substances, was previously considered impossible. RUSAL has invested about 100 million rubles in scientific research and development of petroleum pitch.
Ryanair CEO says Boeing executive downplayed aircraft tariff threat. Ryanair’s boss is confident that commercial jets will not be sucked into trade tensions between the United States and other trade powers, including Europe, after a meeting with a top Boeing executive. Michael O’Leary, CEO of the European budget airline, said he had met Boeing Commercial Airplanes CEO Stephanie Pope earlier this week and the signs were that U.S. President Donald Trump would be supportive of Boeing, barring any repeat of high-profile safety incidents.
Boeing seeks to withdraw guilty plea deal in deadly crashes of 737 MAX jets, WSJ reports. Boeing is seeking to withdraw an agreement to plead guilty in a criminal case that blamed the company for deceiving regulators before two deadly crashes of 737 MAX jets, the Wall Street Journal reported on Monday. A U.S. judge in December rejected the deal, faulting a diversity and inclusion provision, and Boeing and the Justice Department have been negotiating toward a new agreement.
Transportation & Logistics
Union Pacific in partnership for Kansas City shortline railroad. Union Pacific Railroad has announced a new partnership with Jaguar Transport Holding LLC to enhance rail services in Kansas City, Missouri’s Central Industrial District. Under the agreement, Union Pacific (NYSE: UNP) will lease approximately 12 acres of land and 4 miles of track to multimodal logistics provider Jaguar Transport. This move allows Union Pacific to concentrate on efficient long-haul service while Jaguar will operate a new shortline railroad called the Kansas City West Bottoms Railroad.
Texas trucking company, affiliates file for bankruptcy. A Henderson, Texas, business owner has filed bankruptcy for three businesses, including a trucking company. According to court documents obtained by FreightWaves, Billy J. Townley filed Chapter 11 bankruptcy for his three companies on Wednesday: TLC Transportation, Townley Pallet Manufacturing, and W.D. Townley and Son Lumber Co.
Energy
China’s LNG import plunge comes at just the right time for Europe. China’s imports of liquefied natural gas have sputtered this year, freeing up volumes that are helping Europe restock its rapidly dwindling supplies following a harsh winter. China’s LNG imports are expected to drop by 22% in the first three months of the year compared to 2024 to 15.8 million metric tons, the lowest level since 2020 for the period, according to analytics firm Kpler.
Others
Trump imposes 25% import tariffs on cars and parts made outside US. President Donald Trump signed an executive order Wednesday imposing import tariffs of 25% on all cars, light-duty trucks and certain auto parts imported into the U.S. The tariffs will go into effect April 2 and will apply to finished vehicles and certain auto parts that are shipped into the country, including American brands whose vehicles and parts are assembled outside the U.S.
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.