Key transactions & industry newsWeekly Update 02/27/2026

What We Found Interesting This Week

Dubai Aerospace to Buy Macquarie AirFinance in $7B Deal


Dubai Aerospace Enterprise (“DAE”) is acquiring 100% of Macquarie AirFinance (“MAF”) for ~$7B, a deal that more than doubles its fleet to 1,029 aircraft and firmly positions it alongside AerCap and SMBC Aviation Capital in the top tier of global lessors. MAF was previously owned by Macquarie Asset Management, PGGM Infrastructure Fund, and Australia Retirement Trust. This sale marks a clean exit by the pension and infrastructure investors, recycling capital out of aviation leasing which is consistent with the broader M&A wave reshaping the sector. The strategic rationale is underpinned by aircraft supply constraints highlighted by a ~17,000 global aircraft backlog, which drives airline carriers towards leasing rather than waiting for manufacturers to resolve the backlog. The combined fleet is ~70% narrowbody, a deliberate orientation toward low-cost-carrier and regional demand that remains structurally robust. The financing structure is the key risk to monitor, as DAE intends to use a combination of debt and equity while targeting a credit rating upgrade, arguing that the increased scale provides a stronger, more diversified customer base. Overall, this acquisition is a play for the UAE to diversify itself on a global scale, and a timely penetration into the aircraft leasing space.

Recent M&A Transactions

Metals & Mining

Feb 24, 2026 – Blackboxstocks Inc. (Nasdaq:BLBX) announced the successful closing of its previously announced merger with REalloys Inc. The transaction marks the public market debut of a vertically integrated North American heavy rare earth platform focused on establishing a secure, zero-China nexus supply chain aligned with U.S. defense procurement priorities. (YahooFinance)

Feb 22, 2026 – Lundin Gold Inc. (TSX:LUG), a Canadian mining company operating the high-grade Fruta del Norte gold mine in Ecuador, has signed a binding term sheet with LunR Royalties Corp. for a $670M silver stream-for-equity transaction. Under the terms of the agreement, Lundin Gold will receive approximately $670M in LunR shares, to be distributed to its shareholders as a dividend-in-kind, in exchange for a silver stream on its Fruta del Norte mine. (LundinGold)

Feb 19, 2026 – Vale Base Metals announced it is partnering with three companies to create a new consortium of owners that will invest up to $200M to secure the future of nickel mining and jobs in Thompson, Manitoba. Exiro Minerals Corp, Orion Resource Partners LP, and Canada Growth Fund Inc. will form a new company alongside Vale Base Metals to invest in the Thompson Mine Complex. (PRNewswire)

Transportation & Logistics

Feb 26, 2026 – Dubai Aerospace Enterprise is set to complete a $7B takeover of rival lessor Macquarie AirFinance after signing a definitive agreement to acquire 100% of the company. (AeroTime)

Feb 25, 2026 – Fastfrate Group, one of Canada’s largest privately held transportation and supply chain providers, has entered into a definitive agreement to acquire Omnitrans Inc., a leading Canadian international freight forwarding and customs brokerage firm headquartered in Montreal. (YahooFinance)

Feb 25, 2026 – Dallas-headquartered Arcosa Inc. (NYSE:ACA) reports that it has entered into a definitive agreement to sell its barge business, Arcosa Marine Products Inc., to private equity firm Wynnchurch Capital L.P. for $450M. (MarineLog)

Feb 24, 2026 – Cando Rail & Terminals and Savage Enterprises LLC announced they’ve executed an agreement to acquire Savage Rail. The deal will make Cando Rail & Terminals, based in Winnipeg, Manitoba, the North American leader in first- and last-mile rail operating service and terminal infrastructure. (ProgressiveRailroading)

Feb 22, 2026 – Tidewater Inc. (NYSE:TDW) entered into a definitive agreement to acquire Wilson, Sons Ultratug Participações S.A. from Wilson Sons S.A., Ultranav International II, S.A., and Remolcadores Ultratug Ltda for $500M. (Tidewater)

Feb 19, 2026 – Depot Connect International announced that it has entered into a definitive agreement to sell its Industrial Services and Rail Services business to Clean Harbors (NYSE: CLH) for approximately $130M. The transaction, which includes five strategic locations across Ohio, Louisiana, and Texas, is expected to close in the first half of 2026. (PRNewswire)

Building Products & Materials

Feb 23, 2026 – Martin Marietta Materials, Inc. (NYSE:MLM) announced the completion of its previously announced asset exchange with Quikrete Holdings, Inc. Martin Marietta acquired aggregates operations producing approximately 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, along with $450M in cash. (YahooFinance)

Feb 23, 2026 – Stanley Martin Homes, LLC and United Homes Group, Inc. (NASDAQ:UHG) announced that they have entered into a definitive agreement under which Stanley Martin will acquire United Homes for $221M. (BusinessWire)

Feb 20, 2026 – Rogers Group Inc., one of the nation’s largest privately owned construction aggregates and road-building companies, announced that Rockydale Quarries Corp. and its subsidiaries, including B&S Contracting Inc., has agreed to be acquired by Rogers Group.(RockProducts)

Energy

Feb 27, 2026 – Canada Pension Plan Investment Board and Equinix, Inc. (Nasdaq:EQIX), announced they have entered into a joint agreement to purchase atNorth, a leading Nordic high-density colocation and built-to-suit data center provider, from Partners Group, one of the largest firms in the global private markets industry. (PRNewswire)

Feb 26, 2026 – ENGIE has signed an agreement to acquire UK Power Networks, an electricity distribution network company, for an equity value of $14.2B. ENGIE will fully own UK Power Networks, which serves 8.5 million customers across London, the South East and East of England through three regulated licenses. (YahooFinance)

Feb 19, 2026 – Inox Green Energy Services is set to acquire Wind World India’s 600MW independent power producer (IPP) capacity and its 4.5GW operations and maintenance (O&M) business. (YahooFinance)

Others

Feb 26, 2026 – Brink’s plans to acquire NCR Atleos for about $4B in cash and stock, a deal that combines two major players in the ATM business. (WSJ)

Feb 17, 2026 – Hims & Hers Health has agreed to acquire digital health company Eucalyptus in a deal valued at $1.15B as it seeks to expand its geographic reach. Hims & Hers will pay $240M. (WSJ)

Top News Stories

Metals & Mining

EGA announces $5B debt financing. Emirates Global Aluminium, the largest ‘premium aluminum’ producer in the world, and the largest industrial company in the United Arab Emirates outside the oil and gas sector, announced the closing of a $5B multi-tranche debt financing.

ArcelorMittal to close its second unit in Ukraine amid Russian attacks on power sector. Ukraine’s major steelmaker ArcelorMittal Kryvyi Rih is closing another of its divisions in Ukraine due to a deepening energy crisis caused by Russia’s ongoing attacks on the Ukrainian energy system, the company.

Alcoa follows Century in turning smelters into data centers. Aluminum smelters are increasingly being repurposed as data centers. Following an update from Century Aluminum about transforming its Hawesville smelter into a digital infrastructure campus, news has surfaced from Alcoa Corp that it is turning its ten aluminum facilities into data centers.

Zimbabwe bans exports of all raw minerals and lithium concentrates. Zimbabwe has suspended exports of all raw minerals and lithium concentrates with immediate effect, its mines ministry said in a statement, after the government alleged malpractices and leakages.

BlueScope says $11B Steel Dynamics, SGH takeover offer insufficient. BlueScope Steel said a revised takeover offer from U.S. steelmaker Steel Dynamics and Australian conglomerate SGH isn’t sufficient for directors to recommend a deal to shareholders, but that it is open to talks if the companies are able to address some of its concerns.

Nigeria eyes $2B Chinese investment for aluminum sector. The Chinese firm GCL signaled its intention to submit plans for a primary aluminum smelter designed to produce 3 million tonnes annually. With projected costs exceeding $2B, the scheme could become one of the most significant industrial undertakings in Nigeria’s metals space for several decades.

Oklahoma’s burgeoning aluminum hub gets boost with agreement between U.S. Aluminum Company and EGA, Century Aluminum. Local firm U.S. Aluminum Company has signed an agreement with EGA and Century Aluminum, the companies behind the planned primary aluminum production plant in Inola, Oklahoma, to explore the development of an aluminum fabrication plant near the new smelter.

Transportation & Logistics

Maersk pulls U.S., other sailings from Red Sea. Just weeks after making a high-profile return to the Red Sea-Suez Canal trades, Maersk said it will again divert some voyages, including a U.S. service, away from the volatile Middle East route.

WiseTech Global cutting 30% of workforce in AI restructure. WiseTech Global, a maker of supply chain management software, plans to eliminate 2,000 jobs, or a third of its global workforce, in a ‌two‑year restructuring built around artificial intelligence. The Australian company announced the layoffs during its earnings call.

FRA directs Amtrak to take up restructuring proposal. The Federal Railroad Administration has revealed that it has instructed Amtrak to undertake an organizational restructuring that would split the railroad into three separate operating entities, the Rail Passengers Association reported.

Blizzard shuts down container terminals at northeast ports. Seven states declared a state of emergency prior to the blizzard, which moved into the New York metropolitan area. There was a travel ban ahead of a forecast calling for as much as 24 inches of snow for some locations along the coast. At Port Newark, 13 inches of snow had fallen, shutting down container and ro-ro operations at the busiest East Coast maritime gateway.

Energy

Atlas Renewable Energy closes Latin America’s largest clean energy storage refinancing at $3B. Atlas Renewable Energy has secured Latin America’s largest-ever corporate refinancing, amounting to $3B, for high-performing solar and battery energy storage systems in Chile. This landmark deal signals rising institutional confidence in utility-scale solar and energy storage assets across emerging markets.

Southern Co gets largest-ever U.S. energy department loan. The U.S. Energy Department has offered a $26.5B loan to subsidiaries of Southern Co to increase power grid reliability, the largest ever such financing by its loan office.

U.S. to allow resale of Venezuelan oil to Cuba, Treasury says. The U.S. Treasury Department would authorize companies seeking licenses to resell Venezuelan oil to Cuba, according to guidance posted on the department’s website, a move that could help ease the island’s acute fuel scarcity.

MET Group and Shell sign MOU for US LNG supply to Europe. Switzerland-based energy trader MET Group has signed a memorandum of understanding with Shell for the potential purchase of around 0.5 million tonnes per annum of liquefied natural gas between 2027 and 2033, sourced primarily from Shell’s U.S. LNG portfolio.

Trump says he has told big tech companies to build their own power plants. President Donald Trump said during his State of the Union address that his administration has told major technology companies they must build their own power plants for their data centers, a measure meant to protect consumers from rising bills.

Google signs AES, Xcel supply deals to meet data-center energy needs. Alphabet’s Google doubled down on efforts to secure power supply for its data centers across the country by entering into separate agreements with U.S. utilities, AES Corp and Xcel Energy.

Others

OpenAI’s $110B funding round draws investment from Amazon, Nvidia, SoftBank. OpenAI said it is raising $110B in a blockbuster funding round that would value the ChatGPT maker at $840B, in a deal that signals the feverish pace of investment in artificial intelligence.

U.S. tariff rate to hit 15% or more for some nations, Greer says. The U.S. tariff rate for some countries will rise to 15% or higher from the newly imposed 10%, U.S. Trade Representative Jamieson Greer said without naming any specific trading partners or giving further details.

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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