Key transactions & industry newsWeekly Update 08/28/2026

What We Found Interesting This Week

Aug 27, 2026 – Enbridge Inc. (TSX:ENB, NYSE:ENB) entered into a definitive agreement with KKR, in collaboration with funds managed by Apollo, to form a joint venture under which KKR and Apollo will invest approximately $1.95B to fund the Aspen Point and Sunrise expansion programs of Enbridge’s Westcoast natural gas pipeline system in British Columbia, in exchange for an indirect cumulative 29% interest in the system, with Enbridge retaining majority ownership and operational control. (Enbridge)


Enbridge’s Westcoast JV with KKR and Apollo highlights the growing value of natural gas infrastructure as North American gas production, LNG exports, and power demand expand simultaneously. The Aspen Point and Sunrise projects will materially increase transportation capacity across British Columbia, supporting regional demand, U.S. Pacific Northwest markets, and growing West Coast LNG exports. The backdrop is increasingly constructive for gas infrastructure, with U.S. natural gas production reaching record levels while LNG exports and gas-fired power demand continue to grow alongside data centers and broader electricity consumption. Western Canada is seeing a similar shift as LNG Canada ramps and additional export capacity creates new outlets for abundant Montney and Western Canadian gas, increasing the need for pipelines connecting production to demand centers and export terminals. For KKR and Apollo, the expansions are particularly attractive because they are already approved and supported by long-term take-or-pay contracts, providing infrastructure-like cash flows with limited volume exposure. For Enbridge, bringing in outside capital funds the expansion while allowing it to retain majority ownership and operating control, recycle capital, and preserve balance-sheet capacity for additional growth projects. The transaction reinforces that as natural gas becomes increasingly important across LNG exports, data center power, industrial demand, and grid reliability, constrained pipeline and midstream infrastructure connecting low-cost supply to end markets should become increasingly strategic.

Recent M&A Transactions

Metals & Mining

Aug 27, 2026 – Boliden AB (OM:BOL), the Swedish base and precious metals miner and smelter, agreed to acquire Votorantim’s 64.7% controlling stake in Nexa Resources (NYSE:NEXA), a zinc and silver producer operating five mines and three smelters across Brazil and Peru, in an all-share transaction valued at approximately $1.3B, implying an enterprise value of approximately $3.7B. (Boliden)

Transportation & Logistics

Aug 24, 2026 – The Descartes Systems Group (Nasdaq:DSGX, TSX:DSG), the global logistics technology leader, acquired Tai Software, the California-based provider of AI-powered transportation management solutions for freight brokers spanning truckload, LTL, drayage, and cross-border operations, for approximately $100M in cash, marking Descartes’ 34th acquisition since 2017 and its fourth this year. (Descartes)

Building Products & Materials

Aug 26, 2026 – Kuiken Brothers Company, the Fair Lawn, New Jersey-based family-owned lumber and building materials distributor founded in 1912 operating nine locations across northern New Jersey and southern New York, announced a deal to acquire Paramus Building Supply, the Bergen County distributor, serving the region for more than 70 years, adding two locations in Paramus and Bergenfield and expanding capacity into coastal New Jersey and the Hudson Valley. (LBM Journal)

Energy

Aug 27, 2026 – Enbridge Inc. (TSX:ENB, NYSE:ENB) entered into a definitive agreement with KKR, in collaboration with funds managed by Apollo, to form a joint venture under which KKR and Apollo will invest approximately $1.95B to fund the Aspen Point and Sunrise expansion programs of Enbridge’s Westcoast natural gas pipeline system in British Columbia, in exchange for an indirect cumulative 29% interest in the system, with Enbridge retaining majority ownership and operational control. (Enbridge)

Aug 26, 2026 – Enbridge Inc. (TSX:ENB, NYSE:ENB) entered into a definitive agreement to acquire Salt Creek Midstream’s crude oil gathering business, comprising approximately 500 miles of gathering infrastructure in the core of the Delaware Basin with 420,000 barrels per day of throughput capacity serving more than 20 producers, for $600M in cash, extending Enbridge’s Permian-to-export value chain into its Ingleside Energy Center. (Enbridge)

Aug 24, 2026 – nVent Electric plc (NYSE:NVT), the global leader in electrical connection and protection solutions, entered into a definitive agreement to acquire Maverick Power, the McKinney, Texas-based manufacturer of engineered power distribution and infrastructure solutions for data centers including low- and medium-voltage switchgear with approximately $700M in estimated 2026 revenue, for $1.75B. (GlobeNewswire)

Others

Aug 26, 2026 – Vanguard Group, the world’s largest index-fund manager with approximately $12T in assets, agreed to acquire Altruist, the AI-forward wealth technology and custody platform serving independent financial advisers and competitor to the custody businesses of Charles Schwab and Fidelity, in a roughly $4.0B all-cash deal, marking Vanguard’s largest acquisition in its 51-year history. (WSJ)

Aug 26, 2026 – Victory Capital Holdings (NASDAQ:VCTR) entered into a definitive agreement to acquire First Eagle Investments, the $229B asset manager, from Genstar Capital in a transaction valued at approximately $7.0B in cash and newly issued shares, creating a combined asset manager with approximately $571B in AUM and adding First Eagle’s $41B CLO and alternative credit platform. (WSJ)

Top News Stories

Metals & Mining

U.S. backs Serra Verde rare earth with $750M, aims to reduce China dependence. The U.S. Department of War has committed $750M to back rare earth supplies from Brazil’s Serra Verde, as Washington moves to build a more secure, China-independent supply chain for critical minerals used in defense, energy, aerospace and advanced manufacturing.

EGA’s Al Taweelah smelter restoration reaches 25% milestone, full output targeted in Q1 2027. Emirates Global Aluminium’s restoration of its Al Taweelah smelter has reached a 25 per cent milestone, with 315 of the facility’s 1,262 reduction cells now restored and back in operation.

Canada retaliates against U.S. by raising steel duties, adding new tariffs on $20B of goods. The Canadian government retaliated against President Donald Trump’s latest wave of tariffs by raising rates on steel products and adding a swath of new duties on $20B worth of U.S. products exported to Canada. The new duties of between 15% and 50% will take effect on Sept. 8.

Trump announces new 50% tariff on Canadian cars, trucks and steel. Donald Trump announced a new 50% tariff on automobiles and crucial raw materials from Canada, the latest deterioration in trade relations between the two neighbors with historically strong economic ties.

Alcoa breaks ground on gallium plant targeting 10% of global demand. Alcoa and the governments of Australia, Japan and the United States have begun construction of a gallium production plant at Alcoa’s Wagerup alumina refinery in Western Australia, targeting output equivalent to about 10 per cent of global gallium demand.

Transportation & Logistics

Norfolk Southern, Wabtec expand locomotive modernization program. Norfolk Southern Corp. and Wabtec Corp. announced plans to modernize 33 of NS’ DC-traction Evolution Series locomotives as part of an ongoing fleet modernization strategy.

Gatik raises $200M to scale driverless freight to thousands. Gatik raised $200M in a Series D round led by Qatar Investment Authority and Koch Disruptive Technologies. Millennium Management, ARK Invest and Intact Private Capital also joined the round. The money will support expansion of Gatik’s driverless freight operations from the dozens of trucks today to thousands in the years ahead.

Panama Canal new capacity cuts put U.S. ports on notice. The Panama Canal Authority in an advisory to shipping reduced daily vessel transits beginning in September and postponed previously announced draft increases for Neopanamax vessels. The measures reflect a deteriorating outlook linked to below-average rainfall and the prospect of a severe 2026–2027 El Niño weather event.

Energy

U.S. nears deal to secure long-term access to Venezuela's oil reserves, sources say. Trump administration officials are working on a deal to secure long-term access to a portion of Venezuela's ‌crude reserves, sources with knowledge of the negotiations said, a move that could ultimately lower the cost of oil imports.

Chinese state oil giant CNOOC sees potential for U.S.-China energy cooperation. Chinese state-owned oil and gas major CNOOC sees potential for energy ​cooperation between China and the United States, adding that the company would consider investments alongside U.S. partners in the future.

Trump administration discusses taking stake in Venezuela oil, Axios reports. The Trump administration is ​in talks with Venezuela's interim ‌government about taking an ownership stake in the South American country's oil ​resources.

U.S. Army awards up to $2.2B to five companies to build microreactors on bases. The U.S. Army said it is awarding up to $2.2B to five companies to build and operate tiny nuclear reactors on military bases, which ​it hopes will one day power remote installations.

Others

Warsh says the Fed may not be done fighting inflation. Federal Reserve Chairman Kevin Warsh signaled the central bank may not be done fighting inflation, saying financing conditions didn’t look restrictive to him and that better price readings recently hadn’t convinced him the trend was improving.

Nvidia adds more than $400B in value after blowout earnings boost AI confidence. Nvidia shares rose nearly 9% after the chip giant’s revenue guidance reassured investors that artificial intelligence demand will remain strong. The surge added about $440B to the chip giant’s market cap.

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.

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