Mergers Acquisitions

Mirabel, Quebec – October 29, 2026 -- Volatus Aerospace Inc. (TSX: FLT) has completed its acquisition of Lithuania-based AISPECO UAB, paying US$3.0 million in cash and issuing 17,434,193 common shares at a deemed price of C$0.5813 per share.

Consideration includes restricted share units and up to US$2.5 million in contingent payments

Volatus will also grant 1,859,804 restricted share units. The share and cash amounts reflect customary working capital adjustments. Additional contingent consideration of up to US$2.5 million is payable in cash or common shares, at Volatus' option, if financial, commercial and product-development milestones are met over three years.

RENO – October 29, 2026 -- Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) has completed the $4.0 million acquisition of substantially all operating assets of the Dakota Lithium brand, which it expects to turn accretive to Adjusted EBITDA in the fourth quarter of 2026.

Dakota Lithium generated about $12 million in 2025 revenue despite supply constraints

Based on historical financial information provided to Dragonfly, Dakota Lithium booked approximately $12 million in net revenue in 2025. That was significantly below prior-year levels, as working-capital limitations and inventory constraints materially reduced product availability.

The acquired assets include the brand and related intellectual property, product inventory, a complementary battery portfolio, and customer and distributor relationships. The deal extends Dragonfly's reach across marine, outdoor recreation, powersports, golf cart and other specialty battery markets.

Espoo – October 29, 2026 -- Valmet has agreed to acquire Tieto's manufacturing execution system (MES) business, which generates annual revenues of about EUR 32 million and runs at roughly 300 pulp and paper production sites worldwide. Closing is expected in the second quarter of 2027, subject to customary closing conditions. The release did not disclose the purchase price.

Deal covers TIPS MES and Order to Cash for pulp, paper and fibre

The transaction includes the AI-powered TIPS MES for production planning and execution, plus the Order to Cash solution for the pulp, paper and fibre industry. TIPS MES combines Tieto Indtech's MES and Order to Cash products. It links production planning with manufacturing operations so manufacturers can manage and optimize output in real time. The web-based system is available as software as a service (SaaS). Its generative AI capabilities are meant to complement Valmet's own AI development.

Georgetown – October 28, 2026 -- Dotwork, an AI-native enterprise operating platform, has acquired Arcario Group, a consultancy specializing in enterprise operating models and transformation. The deal closed October 23, and financial terms were not disclosed.

Arcario becomes the base of Dotwork's services and engineering unit

Arcario will form the foundation of Dotwork's services and forward-deployed engineering organization. Arcario founder and CEO Konstantin Popov joins Dotwork as Head of Transformation Services. Existing Arcario client engagements continue with their current teams.

Arcario's leadership previously built an enterprise operating-model practice that was acquired by Cprime. Dotwork founder and CEO Steve Elliott previously founded AgileCraft, which was acquired by Atlassian.

CHICAGO – October 28, 2026 -- 5th Century Partners (5CP) has sold Radon Medical Imaging to Leonard Green & Partners after Radon more than tripled revenue and grew from five states to 26 during the four-year hold. The parties did not disclose financial terms.

Radon scaled from a regional servicer to a 26-state platform under 5CP

5CP invested in Radon in 2022. Radon now employs more than 220 people, including over 135 field service technicians and engineers. The Charleston, West Virginia-based company services, repairs, assembles and sells new and refurbished imaging equipment, including MRI, PET/CT, mammography, cardiac cath lab and C-arm systems.

Mirabel, Quebec – October 27, 2026 -- Volatus Aerospace Inc. (TSX: FLT) agreed to acquire 100% of Lithuanian airborne-sensor developer AISPECO Uab for a base consideration of US$10.5 million, with up to US$2.5 million more tied to performance milestones.

Share-heavy deal structure ties up to US$2.5 million to three-year milestones

The base price comprises US$3.0 million in cash and US$7.5 million in Volatus common shares, about 70% of the total, subject to adjustments under the acquisition agreement. The shares will be priced at the 20-day volume-weighted average price on the Toronto Stock Exchange as of October 13, 2026.

The additional US$2.5 million is payable in cash or equity at Volatus' option if AISPECO meets specified financial, commercial and product-development milestones over three years. Closing requires customary conditions, including conditional TSX approval.

Hunt Valley, Maryland – October 22, 2026 -- Fidelity Building Services Group has acquired MVH Industrial, a Georgetown, Kentucky-based mechanical, electrical, plumbing and general contracting firm. The deal adds industrial and manufacturing capacity in central Kentucky to a Fidelity network of more than 75 U.S. locations and 3,200 team members. The announcement did not include financial terms.

MVH Industrial brings sole-source turnkey project capability to Fidelity

MVH Industrial concentrates on manufacturing environments, complex sole-source turnkey projects and critical infrastructure upgrades. Its service lines include HVAC/mechanical system design and installation, industrial piping, plumbing, electrical systems, building automation and custom sheet metal fabrication.

Rochester, N.Y. – October 22, 2026 -- CPL, a design firm with 500-plus professionals, has acquired Illinois-based Bailey Edward, adding 50 staff and strengthening its presence in Chicago and across the Midwest. The announcement did not include financial terms.

Acquisition widens CPL's sector coverage to government and cultural work

Bailey Edward brings architecture, engineering, interior design and planning capabilities in education, government, healthcare, research, community and cultural practices. CPL already serves the Community & Culture, Healthcare, Higher Education, Infrastructure, K-12 Education, and Science & Technology sectors.

CPL says the added technical capacity will let the combined firm take on a wider range of project needs. Ellen Bailey Dickson, President and CEO of Bailey Edward, said the deal allows the firm to pursue larger, more complex work.

San Francisco – October 19, 2026 -- IXL Learning has acquired NoRedInk, an English language arts platform used by 9 in 10 U.S. school districts since its launch, adding a writing-instruction product with near-national district penetration to its education portfolio.

The source does not disclose financial terms. Tucker Capital served as exclusive financial advisor to NoRedInk.

NoRedInk will keep its brand and operate independently under IXL

NoRedInk will continue as an independent brand, and teachers and students will see no disruption to the platform, according to the announcement. IXL Learning will back the business with its resources and scale to bring writing instruction to more classrooms.

IXL CEO Paul Mishkin said NoRedInk earned its place in classrooms through word of mouth from educators. NoRedInk founder and CEO Jeff Scheur said he is excited about what the two companies will accomplish together.

Pittsburgh – October 19, 2026 -- System One has acquired GMP (Global Management Partners, LLC), a capital project planning and consulting provider, to extend its Critical Infrastructure platform into front-end project development. Terms of the deal were not disclosed.

GMP adds planning and consulting capacity across three markets

GMP supports project owners in data center and advanced manufacturing, energy and energy transition, and process and industrial markets. Its project managers, construction managers and project engineers deliver project concept and feasibility, project definition and planning, and execution support. The firm has operated for more than a decade.

The deal strengthens System One's Critical Infrastructure offering across project development, project delivery, site services and alliances, and project-based talent resourcing.