February 2026 Top M&A Deals in Emerging Markets by Region

Eastern Europe

Hungarian energy group MOL has signed a binding heads of agreement to acquire a 56.15% stake in Serbian oil company Naftna Industrija Srbije (NIS) from Russia’s Gazprom for between EUR 900mn and EUR 1bn, according to Serbia’s president. The deal remains subject to approval by the U.S. Office of Foreign Assets Control (OFAC) due to sanctions on NIS. MOL is also in talks with ADNOC to join as a minority investor. The acquisition would strengthen MOL’s regional footprint, adding significant reserves and nearly 400 retail stations across Southeast Europe.

Latin America and the Caribbean

China’s Chalco and global miner Rio Tinto have agreed to acquire Votorantim’s 68.596% stake in Brazilian aluminium producer CBA for BRL 4.6bn (USD 902.7mn), valuing the deal at USD 1.57bn including net debt. The buyers will pay in cash via a newly formed JV (Chalco 67%, Rio 33%). The JV must launch a mandatory tender offer for the remaining shares and may pursue a delisting. The acquisition supports Chalco’s global expansion, leveraging CBA’s low-cost renewable energy base and Rio Tinto’s operational expertise to strengthen supply chains and ESG positioning.

Emerging Asia

Norway’s Telenor has agreed to sell its 24.95% stake in Thai telecom operator True Corp to Arise Digital Technology Co Ltd, owned by Thai businessman Suphachai Chearavanont, for USD 3.2bn. The divestment allows Telenor to sharpen its focus on core markets, improve capital efficiency, and enhance shareholder returns. True Corp is a leading Thai telecom provider, generating USD 5.8bn in net sales revenue in 2024.