A&D Weekly News & Transactions - Week 48

Industry Headline News

F-35 Declared Clear Winner in Canada's Fighter Evaluation
Nov. 27, 2025 - The F-35 has been selected as the top contender in Canada's fighter jet evaluation, edging out competitors like the Saab Gripen and Boeing Super Hornet. This decision aligns with Canada's defense modernization plans to replace its aging fleet of CF-18 fighters. The Canadian government is expected to move forward with procuring the F-35, a significant step in enhancing its military capabilities. (AeroTime)

China Airlines Approves Airbus and Boeing Widebody Acquisitions, Plans to Sell 747-400Fs
Nov. 26, 2025 - China Airlines has confirmed its acquisition of new widebody aircraft from both Airbus and Boeing, including A350s and 787 Dreamliners, as part of its fleet modernization. The airline also plans to sell its remaining Boeing 747-400 freighters, aligning with its strategy to streamline operations and meet growing demand for air cargo. The decision reflects China Airlines' commitment to enhancing operational efficiency and sustainability. (FlightGlobal)

Safran Opens LEAP MRO Facility in Hyderabad
Nov. 26, 2025 - Safran has launched a new Maintenance, Repair, and Overhaul (MRO) facility in Hyderabad focused on servicing LEAP engines, which power the latest Airbus A320neo and Boeing 737 MAX aircraft. The facility will support both Indian and global airline fleets, providing essential maintenance services to ensure engine performance and reliability. This expansion is part of Safran's strategy to enhance its presence in the fast-growing Indian aviation market. (Aviation Week)

Pentagon Awards Boeing Over $7 Billion in Military Contracts
Nov. 25, 2025 - The Pentagon has awarded Boeing contracts worth more than $7 billion for a range of military equipment, including missile systems and fighter jets. The deal covers the production and sustainment of multiple defense programs, with key orders for the KC-46 tanker aircraft and the ground-based strategic deterrent missile. The contracts aim to bolster U.S. defense capabilities amid global security concerns. (Reuters)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Truflo Marine [IMI] Fairbanks Morse Defense [Arcline]	$297.0	-	-	Birmingham, United Kingdom	Navy/Maritime
2	Marshall Land Systems [Marshall of Cambridge] Flowing River Capital	-	-	-	Cambridge, United Kingdom	Land Systems
3	Miklos Systems VTG [A&M Capital]	-	-	-	Fairfax, VA	Cybersecurity, Intelligence Services and Homeland Defense
4	OSL Technology Terma	-	-	-	Reading, United Kingdom	Unmanned Vehicles
5	Topcast Aviation Supplies Warburg Pincus	-	-	-	Hong Kong, China	Distribution

No.	Target Descriptions
1	Truflo Marine is a provider of specialized valves and control systems for naval applications. The company's products include ball, gate, globe, butterfly, and check valves. Truflo also provides actuators and pressure regulators engineered for ballast management, cryogenic isolation, exhaust control, and weapons handling.
2	Marshall Land Systems is a defense and security engineering firm specializing in vehicle-mounted weapon systems, armored shelters, and tactical mobility solutions for ground forces. The company develops, integrates, and supports protective systems, armored vehicle modifications, and mission-tailored support equipment.
3	Miklos Systems supports the Intelligence Community (IC), providing cloud services, cybersecurity, data science, database management, full software lifecycle development, project management, and systems engineering for mission-critical programs.
4	OSL Technology is a security technology company specializing in counter-drone detection, tracking, and mitigation systems for critical infrastructure and high-security environments. The company integrates multi-sensor detection, AI-driven analytics, and command-and-control capabilities to identify and respond to unauthorized unmanned aircraft threats.
5	Topcast Aviation Supplies is a global aircraft-parts distributor and MRO services provider specializing in supplying OEM and aftermarket parts, consumables, and expendables for commercial, regional, and business aircraft. The company maintains a broad inventory spanning airframe, engines, avionics, wheels & brakes, GSE & tools, and cabin/ interior systems.