- AAR CORP agreed to acquire a 65% controlling interest in MRO Holdings at an implied enterprise value of $4.0 billion, or 10.7x MRO Holdings' forecasted full calendar year 2026 adjusted EBITDA including $75 million of anticipated run-rate cost synergies. The transaction adds more than $1 billion in revenue from blue-chip U.S. airline customers and expands AAR's consolidated adjusted EBITDA margin from approximately 12% to 16% before synergies.
- MRO Holdings is expected to generate approximately $1.0 billion of sales and $285 million of adjusted EBITDA in calendar 2026, a roughly 27% adjusted EBITDA margin, while converting about 70% of adjusted EBITDA into adjusted cash flow from operating activities in calendar 2025. AAR is targeting an adjusted EBITDA margin of approximately 19% to 20% within three to four years and expects the deal to be accretive to adjusted EPS in the first full fiscal year post closing.
- Creatd, Inc. acquired a 10% equity stake in C2 Capital Group, operator of livestreaming platform C2 Live, and signed a non-binding letter of intent to acquire the remaining equity. Creatd expects the initial 10% investment to add approximately $3.6 million to shareholders' net equity of nearly $5 million, for about $8 million in total stockholders' net equity in its Q3 financials, with diligence on the remaining 90% targeted for Q4 2026.
- TJP, a life sciences value and patient access agency, acquired Evolution Consulting & Research, a life sciences market research firm, as part of an expansion of its end-to-end life sciences capabilities alongside Renovus Capital Partners.
Quotes
“Through the acquisition of MRO Holdings, we will create the largest heavy maintenance MRO in the world, servicing a combined total of nearly 3,000 aircraft per year in our hangars.”
“The C2 transaction would add a synergistic livestreaming business to our growing AI and creator platform capabilities.”
“Creatd brings complementary technology, creator-platform and public-company experience to C2 Live”