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

Emerging Europe

Maaden International Investment, an Omani investment firm, acquired a 23.9% stake in major Russian precious metals miner Polymetal International from the Russian ICT Group, owned by Alexander Nesis. Financial specifics of the transaction were not disclosed, but market estimates suggest a deal value ranging between USD 520-570mn, as per Vedomosti daily. This transaction signifies ICT Group’s complete exit from the asset.

Middle East & Africa

UAE-based Gulf Islamic Investments acquired a stake in Saudi healthcare provider Abeer Medical Company for SAR 600mn (USD 160mn) in a move that aims to support the latter’s expansion of medical center and hospital network. This marks Gulf Islamic Investments’ second foray into the Saudi healthcare sector, following an investment in the dental clinic chain Al Meswak.

Latin America and the Caribbean

El Salvador’s food retailer Grupo Calleja secured an 86.8% stake in Colombian retail company Almacenes Exito (Grupo Exito) for over USD 2.0bn through a tender offer on both the Colombia and New York stock exchanges. Operating across multiple brands in Colombia and Argentina, Grupo Exito is a prominent player in the retail sector. Grupo Calleja is the leading supermarket chain in El Salvador, boasting over 110 stores under its Super Selectos brand with a market share nearing 60%.

Emerging Asia

American Tower Corporation (ATC) revealed its plans to divest its Indian affiliate, ATC India, in a deal worth INR 210bn (USD 2.5 billion). The buyer is Canadian investment firm Brookfield Asset Management, acting through Data Infrastructure Trust. The transaction, valued at USD 2bn, incorporates the target’s valuation, along with a ticking fee accruing from October 1, 2023, until the completion date, scheduled for second half of 2024.

EMIS alongside leading global law firm CMS, are pleased to have launched the Emerging Europe M&A 2023/24 Report, exploring the trends and data within the region, on both a country and sector basis. Download your complimentary copy.

Original source: EMIS M&A Dealwatch