April 2024 top M&A deals in emerging markets by region

By EMIS DealWatch

Emerging Europe

Turkish real estate developer Torunlar GYO sold the Class A office building Torun Tower in Istanbul to local lender Denizbank for TYR 13.7bn (EUR 395.4mn). This transaction is the largest commercial real estate sale in Turkey to date. Completed in 2014 and located on Istanbul’s prestigious Buyukdere Caddesi, Torun Tower features 66,000 m² of office space across 39 floors. The building has served as Denizbank’s Head Office since its construction.

Middle East & Africa

Microsoft will invest USD 1.5bn in UAE-based AI company G42 for a minority stake. This investment aims to enhance their collaboration on advancing Microsoft AI technologies and cloud offerings in the UAE. G42, a global AI technology company with 20,000 employees, has published over 300 research papers in the past three years and operates a data center network through its joint venture with telecom e& (Khazna Data Centers).

Latin America and the Caribbean

Venezuelan state-owned oil company PDVSA added the La Ceiba and Tomoporro oil fields to a joint venture with Spanish oil giant Repsol, in a transaction valued at around USD 1.7bn. The agreement was finalized just before the USA reimposed sanctions on Venezuela’s oil sector. Repsol holds a 40% stake in the joint venture, with the fields expected to produce 20,000 barrels per day in the coming months, doubling Repsol’s output in Venezuela. La Ceiba and Tomoporro together contain over 5 billion barrels of oil.

Emerging Asia

Danish biotechnology company Genmab will acquire Chinese peer ProfoundBio for USD 1.8bn in cash, with the transaction expected to complete by mid-2024, pending customary conditions. The acquisition grants Genmab global rights to ProfoundBio’s advanced Antibody–drug conjugates (ADCs), including three clinical and several preclinical programs. This will enable Genmab to enhance its development and innovation of differentiated antibody therapies for cancer patients.

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