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WHAT'S ON TAP
HOT OFF THE PRESS
Thomson carves out print unit for $500M
Thomson Reuters (TRI) is dropping its Global Print business into a JV with KKR, retaining a 49% interest and netting $500M for what’s been a steadily declining contributor to results…
… on both the top and bottom line, with weaker unit economics as the business loses scale.
Assuming no debt is attached, the price tag values the asset at a heavily discounted ~5x EBITDA - but this deal isn’t about unlocking value…
… it’s about focus, as the company hones in on AI solutions for professional services.
Greenfire runs on $1.3B scale-building deal
Greenfire Resources (GFR) is up ~10% since announcing its $1.3B acquisition of Connacher, which more than doubles pro-forma production and reserves…
… and comes with $30M of year one synergies, given the two companies operate side by side and leverage the same infra.
Even before cutting the fat, the sub-5x multiple paid passes the smell test…
… and with management looking to nearly double production, the transaction should look even better with time.
As we said after recent deals from Tamarack and ARC Resources, consolidation in the patch isn’t done - and with Waterous owning 72% of GFR it’s hard to imagine Strathcona won’t get involved at some point.
ON OUR RADAR
GAINERS & LOSERS
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Mattr (MATR) was up 23% after pre-releasing strong Q2 results, which imply revenue landing ~10% above the street and EBITDA tracking towards a 15% beat…
… driven by continued momentum in its Xerxes tank business and end market strength in its connection segment.
After some hiccups in 2025, management has the company firing on all cylinders in 2026 - and with 60% of the full-year target already in the bag…
… investors are likely pricing in the potential for a second guidance bump.
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