January 2025 top M&A deals in emerging markets by region

By EMIS M&A Team

Emerging Europe

Canadian IT company Topicus.com  acquired a 9.9% stake in software firm Asseco Poland from telecom group Cyfrowy Polsat for EUR 168.2mn. The deal aligns with Topicus’ expansion strategy and strengthens its presence in Europe’s vertical market software sector, leveraging Asseco Poland’s strong footprint in banking, telecom, and energy software solutions. Asseco is present in more than 60 countries with over 33,000 employees. Topicus.com is a leading pan-European provider of vertical market software and platforms, serving both public and private sector clients.

Middle East & Africa

Norwegian investment fund Norfund invested USD 40mn in CrossBoundary Energy, doubling its previous commitment to the African renewable energy provider. The funding will support CrossBoundary Energy’s expansion in distributed solar energy solutions, addressing Africa’s growing demand for clean and affordable power. CrossBoundary Energy develops, owns, and operates solar projects for major clients, including Unilever, Diageo, Heineken, and AB InBev, with a portfolio exceeding USD 400mn.

Latin America and the Caribbean

Brazilian industrial conglomerate Cosan sold its 4.1% stake in mining giant Vale in a deal estimated USD 1.5bn. The move aligns with Cosan’s strategy to optimize capital structure. Vale, a global leader in iron ore, nickel, and steelmaking materials, operates in 30 countries. Cosan, a diversified industrial group, remains active in energy, transportation, and agribusiness, focusing on strategic growth in its core sectors.

Emerging Asia

China’s Zijin Mining Group acquired a 24.8% stake in Zangge Mining from investment firms Zangge Venture Capital, Sichuan Yonghong, Xinsha Hongyun, and individual shareholder Lin Jifang for USD 1.9bn. The acquisition increases Zijin’s total stake to 25%, granting it controlling power over Zangge Mining’s operations. The move strengthens Zijin’s copper, lithium, and potash reserves, aligning with its long-term growth strategy. Zangge Mining owns key potash, lithium, and copper assets, including mining rights in Qarhan Salar and potash projects in Laos.

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