2024 in Emerging Markets Transactions: The Year in Focus

By Velizar Velikov, Head of M&A Database at EMIS

As we step into a new year, it’s time to look back on the most significant deals of 2024 — a year that delivered transformative mergers and acquisitions across the Emerging Markets. These transactions reshaped industries and redefined regional and global dynamics, leaving a lasting mark on the M&A landscape.

January began with a bang, marked by American Tower Corporation concluding its strategic review and divesting its operations in India to Data Infrastructure Trust (DIT), an affiliate of Brookfield Asset Management. The USD 2.5bn deal was a major step in streamlining American Tower’s global portfolio while boosting Brookfield’s growing telecom infrastructure footprint in one of the world’s largest wireless markets.

In February, India witnessed another groundbreaking deal. A joint venture between Walt Disney’s Indian unit and Reliance Industries was announced, creating a media powerhouse valued at an astonishing USD 8.5bn. This merger brought together over 100 TV channels and a staggering 30,000 hours of annual content production, solidifying the JV’s position as a leader in India’s booming media and entertainment industry.

March made headlines in both Asia and Europe. In Asia, a consortium led by PAG Private Equity acquired a 60% stake in Newland Commercial Management, which operates 496 shopping malls of Chinese property giant Dalian Wanda. The USD 8.3bn deal reflected growing investor confidence in China’s retail sector. Meanwhile, in the Czech Republic, state-controlled utility company CEZ sealed a EUR 3.6bn deal to acquire a 55.2% stake in GasNet, the country’s largest gas distributor, from Macquarie Asset Management. With its vast 65,000 km pipeline network, GasNet represents a critical asset for Central Europe’s energy landscape.

In April, the United Arab Emirates took a leap forward in artificial intelligence. Microsoft announced a USD 1.5bn investment in Abu Dhabi-based AI technology company G42. The partnership will allow G42 to leverage Microsoft Azure’s infrastructure for its AI applications, enabling advanced solutions for global public sector clients and enterprises. This deal underscored the UAE’s ambitions to become a global hub for AI innovation.

May ushered in a notable energy transaction. Shell agreed to sell its Energy and Chemicals Park in Singapore to a joint venture between Indonesian petrochemical firm Chandra Asri Petrochemical and Swiss commodity trader Glencore. Although financial details were not disclosed, the transaction was estimated to be worth up to USD 1bn, marking a strategic shift in Shell’s operations in Asia.

June kept Shell in the spotlight with another strategic move: the acquisition of Singaporean liquefied natural gas (LNG) company Pavilion Energy from Temasek. Valued at over USD 2bn, the deal expands Shell’s LNG footprint across Asia and Europe, reinforcing its commitment to cleaner energy solutions.

July witnessed Latin America’s largest mining deal of the year. Mining giants BHP Group and Lundin Mining teamed up to acquire Toronto-listed, Argentina-focused Filo Corp for USD 2.9bn. This acquisition will enable the development of the Filo del Sol and Josemaria copper projects in Argentina, crucial to meeting the rising demand for copper in the global energy transition.

In August, Mexico’s booming industrial real estate market saw a landmark transaction. FIBRA Prologis, a leading real estate investment trust, acquired a 77.1% stake in peer Terrafina for approximately USD 2.5bn, including debt. This deal capitalizes on the nearshoring trend, strengthening FIBRA Prologis’ leadership position in the region.

September brought another notable mining transaction. AngloGold Ashanti, one of the world’s largest gold producers, announced its USD 2.5bn all-share offer to acquire Centamin. The acquisition, centered on Centamin’s flagship Sukari gold mine in Egypt, positions AngloGold Ashanti as the world’s fourth-largest gold producer and highlights the growing appeal of Egypt’s mining sector.

In October, Argentina’s Vaca Muerta shale region was in the spotlight as Pluspetrol agreed to acquire six oil blocks from ExxonMobil for an estimated USD 1.7bn. This strategic move enhances Pluspetrol’s presence in one of the world’s largest shale oil and gas reserves, aligning with its long-term expansion strategy.

For more on November’s key deals, turn to this edition of our newsletter with more insights, which promise to set the stage for the deal trends of 2025. Thank you for staying with us through this dynamic year, and we wish you a successful and prosperous 2025!

Are you interested in M&A intelligence? Request a demo of our platform here