Key transactions & industry newsWeekly Update 09/11/2026

What We Found Interesting This Week

Sep 8, 2026 – Heidelberg Materials (XTRA:HEI) entered into a binding agreement to acquire a 70% majority stake in Cementos Inka, the family-owned Peruvian cement producer operating two grinding units with combined annual capacity of 1.3 million tonnes plus two ready-mixed concrete plants near Lima and Pisco, at approximately 6x anticipated 2026 EBITDA, with closing expected by October. (Heidelberg Materials)


Heidelberg Materials’ acquisition of a 70% stake in Cementos Inka at roughly 6x anticipated 2026 EBITDA is a deliberately asset-light entry into the Peruvian cement market, and the structure of the target explains the multiple, as Cementos Inka operates grinding units rather than integrated plants, importing clinker and milling it into finished cement, which means Heidelberg is buying market access and port-connected infrastructure without the capital intensity of kilns and quarries. The two grinding units near Lima and Pisco carry a combined 1.3 million tonnes of annual capacity alongside two ready-mixed concrete plants, positioned in Peru’s primary demand centers with the port connectivity that makes an import-based model work, and the fit with Heidelberg’s global trading network is the core of the logic, as the company can now feed its own clinker and intermediate products from its international production system into a captive downstream outlet. The deal is expected to be accretive to all of Heidelberg’s financial metrics from year one, requires no regulatory approval, and closes by October, a clean and fast structure that reflects how straightforward grinding acquisitions are relative to integrated cement transactions. The competitive context adds relevance, as Holcim recently completed its acquisition of a majority stake in Cementos Pacasmayo at 7.1x EBITDA including synergies, meaning the two largest European building materials groups have both entered Peru within months of each other, drawn by economic expansion and rising demand for housing, infrastructure, and industrial development. Heidelberg’s entry at a lower multiple through a lighter structure is consistent with the disciplined capital allocation framing the company has emphasized, taking a selective position in a growth market where its trading network does the heavy lifting rather than committing to the full cost of integrated capacity, with the option to deepen the position if the market develops as expected.

Recent M&A Transactions

Metals & Mining

Sep 10, 2026 – Emirates Global Aluminium completed its acquisition of an 80% stake in Eco Green, the Italian aluminum recycler operating two plants in northeast Italy that collect and sort approximately 23,000 tonnes of aluminum scrap and cast more than 20,000 tonnes of secondary aluminum annually, bringing EGA’s global recycling capacity to more than 400,000 tonnes per year across the UAE, U.S., Germany, and Italy. (ALCircle)

Sep 8, 2026 – GE Aerospace (NYSE:GE) signed an agreement to acquire Consolidated Precision Products, the leading manufacturer of highly engineered castings for commercial engines, aftermarket, and defense applications, from Warburg Pincus and Berkshire Partners in an $11.75B transaction. (GlobeNewswire)

Transportation & Logistics

Sep 9, 2026 – Trimble (NASDAQ:TRMB), the positioning, connectivity, and data analytics technology company, acquired Terasat Japan, one of Japan’s largest providers of virtual reference station services for surveying, construction, automotive, and agricultural equipment, giving Trimble access to positioning data from more than 1,300 reference stations across the Japanese archipelago and expanding its high-precision VRS network beyond North America, Europe, Australia, and New Zealand. (SupplyChain247)

Building Products & Materials

Sep 9, 2026 – Point 41 Capital Partners, a middle-market private equity firm, acquired Safe-Way Garage Doors, the Warsaw, Indiana-based manufacturer and distributor of highly customizable residential and commercial overhead garage doors founded in 1959, serving customers nationwide through a footprint of manufacturing facilities and distribution centers, from CW Industrial Partners. (PRNewswire)

Sep 8, 2026 – Heidelberg Materials (XTRA:HEI) entered into a binding agreement to acquire a 70% majority stake in Cementos Inka, the family-owned Peruvian cement producer operating two grinding units with combined annual capacity of 1.3 million tonnes plus two ready-mixed concrete plants near Lima and Pisco, at approximately 6x anticipated 2026 EBITDA, with closing expected by October. (Heidelberg Materials)

Sep 7, 2026 – SigmaRoc plc (AIM:SRC), the European lime and minerals group, agreed to acquire Dolomitas, Lithuania’s largest dolomitic limestone producer founded in 1964 with approximately 3.5 million tonnes of annual production and around 45 years of reserves, for approximately $137M in cash and shares, roughly 6x EBITDA, strengthening SigmaRoc’s Baltics platform and its exposure to green steel demand, with completion expected in Q4 2026. (Aggregates Business)

Energy

Sep 11, 2026 – SED Energy Holdings (OB:ENH), the Oslo-listed energy services platform behind Energy Drilling and SeaBird Exploration, agreed to acquire Ventura Offshore (OB:VTURA), the deepwater drilling contractor operating rigs offshore Brazil, in an all-share transaction valuing Ventura at approximately $570M and forming a combined group with an implied equity value of approximately $1.0B and $1.3B of contracted revenue backlog. (Reuters)

Sep 10, 2026 – Shell Energy North America, a subsidiary of Shell plc (NYSE:SHEL), agreed to sell its interests in RISEC Holdings, owner of the 609 MW Rhode Island State Energy Center combined-cycle gas plant serving the ISO New England market, to Constellation Energy Generation (NASDAQ:CEG) for $715M, while separately acquiring 100% of Hunlock Creek Generating, which owns 169 MW of gas-fired capacity in Pennsylvania, from Castleton Commodities International. (Reuters)

Sep 9, 2026 – Enbridge Inc. (TSX:ENB, NYSE:ENB) entered into a definitive agreement to acquire Tallgrass Energy’s crude oil business from Blackstone (NYSE:BX) for $2.55B in cash, including a 75% interest in the 1,050-mile Pony Express Pipeline moving approximately 460,000 barrels per day from the Rockies to Cushing, a 51% interest in the Powder River Gateway system, 8.4 million barrels of storage capacity, and the Stanchion crude marketing business. (Reuters)

Sep 8, 2026 – Tamarack Valley Energy (TSX:TVE) and Headwater Exploration (TSX:HWX) entered into a definitive arrangement agreement to merge in an all-stock transaction valuing Headwater at approximately $2.3B, creating the largest and only publicly traded pure-play producer in Alberta’s Clearwater oil play with run-rate production above 80,000 boe/d, a combined value the companies frame at approximately $7.2B, and Headwater’s non-core exploration assets spinning into a new listed company, Tributary Exploration. (WSJ)

Others

Sep 9, 2026 – Independence Realty Trust (NYSE:IRT) and Centerspace (NYSE:CSR) entered into a definitive merger agreement to combine in an all-stock transaction with a total enterprise value of approximately $8.1B, pairing IRT’s Sunbelt apartment portfolio with Centerspace’s Midwest and Mountain West communities to create a leading middle-market multifamily REIT with more than 44,000 units across 17 states, with closing expected as early as year-end 2026. (WSJ)

Top News Stories

Metals & Mining

GM invests $40M in U.S. aluminum casting operations for truck, SUV transmissions. General Motors is investing more than $40M in its Bedford Casting Operations in Indiana, expanding aluminum casting capacity to support production of 10-speed transmissions for full-size trucks and SUVs. The investment will also increase capacity for existing 8-speed transmissions and support engine block production, with work beginning immediately and regular production expected to start in 2027.

U.S.-Canada trade conflict widens as Canada hits US aluminum imports with 50% tariffs. Canada’s retaliatory tariffs on U.S. goods, including aluminum and steel products, take effect as Washington intensifies pressure on Canadian industry.

Rio Tinto adds Aurukun’s 8 tpa bauxite opportunity to growing Cape York pipeline. Rio Tinto is expanding its Cape York bauxite portfolio by acquiring the Aurukun bauxite project from Glencore and Mitsubishi, adding a potential source of up to 8 million dry tonnes of export bauxite per year to its regional pipeline.

EU plans aluminum scrap export ban on non-OECD countries; China, India in focus. The European Union (EU) is preparing a broader restriction on aluminum scrap exports to non-Organisation for Economic Co-operation ‌and ⁠Development (OECD) countries, replacing an earlier trade proposal that would have covered only part of the bloc’s scrap flows. The move could largely impact international aluminum recycling trade, especially major Asian destinations such as China and India.

Transportation & Logistics

Groundbreaking for $669M East Coast container terminal. Construction is underway on Delaware’s largest-ever maritime infrastructure project, a $669M container terminal that state officials say will quadruple the state’s cargo-handling capacity and create thousands of high-paying jobs, even as rival port operators mount new legal challenges to stop it.

Port of Los Angeles posts record 2.9M TEUs, eyes strong finish to 2026. The Port of Los Angeles processed 955,907 container units in August, capping the busiest three-month stretch in its history as resilient consumer demand and early holiday shipments drove volumes.

Fuel, congestion push trans-Pacific ocean rates near $9,500. The Iran war is pushing bunker fuel prices back toward mid-year levels, setting a higher cost floor for container shipping even as trans-Pacific spot rates show early signs of cooling from peak-season highs.

‘Utter devastation’ from Amazon cargo jet crash, NTSB chief says. The Amazon freighter aircraft that overshot the runway at Miami International Airport left a path of “utter devastation” as it plowed through vehicles and infrastructure, leaving the airport operating at reduced capacity until recovery operations are completed and investigators can safely access the aircraft, said National Transportation Safety Board Chairwoman Jennifer Homandy.

Energy

IEA warns 2026 oil supply gap will widen on delayed return of normal Gulf flows. Global oil supply and demand look set to fall further ‌than previously expected this year, the International Energy Agency said, as a lack of progress in ending the conflict in the Middle East delays the return of normal Gulf oil flows into 2027 and sends fuel prices soaring.

U.S. House to take up bill aimed at curbing data center-driven electricity costs. Republican lawmakers plan to bring legislation to ​the House floor next ‌week that seeks to rein in electricity bill increases tied ​to data center ​expansion.

Brent settles at over $100 a barrel as Middle East conflict intensifies. Brent crude futures breached $100 a barrel to settle at their highest close since late May after Iran and the U.S. struck tankers in the ​biggest wave of attacks on shipping since the war began, threatening to worsen the disruption of energy supplies from the Middle East.

TotalEnergies plans $10B Angola investment with partners over five years, CEO says. French oil major TotalEnergies will invest $10B with partners in Angola over ​the next five years to bolster production across various ‌projects.

Others

Firm inflation reading pushes Fed closer to a rate increase. The annual inflation rate remained elevated last month, with Americans still paying high prices for gasoline. The report could put more pressure on a Federal Reserve that has been sharply divided over whether it should raise rates at its meeting next week.

The unrelenting bond selloff puts the 10-year yield on the cusp of 5%. A monthslong selloff in government bonds is skidding into dangerous ground, pushing borrowing costs toward levels that some fear will finally damage the stock market and the economy.

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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