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

By EMIS DealWatch

Emerging Europe

Russian financial group VTB announced the acquisition of Freight One (PGK), Russia’s leading private freight carrier, through the newly registered Aurora Invest JSC. The acquisition, finalized in late 2023, was valued at over RUB 200bn (EUR 2.1bn), including debt. Aurora Invest is reportedly linked to the family of Salman Babayev, former vice president of Russian Railways. PGK, founded in 2007 and spun off from Russian Railways, operates around 90,000 railcars. VTB is Russia’s second-largest lender.

Middle East & Africa

South African metals mining company AngloGold Ashanti has agreed to acquire LSE-listed gold miner Centamin for USD 2.5bn. Centamin’s flagship asset, the Sukari gold mine in Egypt, has produced 5.9 million ounces and is projected to yield over 400,000 ounces annually for the next 12 years. AngloGold Ashanti is a global mining company with a diverse portfolio of gold, silver, and copper operations and projects. The acquisition will make AngloGold Ashanti the fourth-largest gold producer in the world.

Latin America and the Caribbean

Brazilian oil and gas company Prio (formerly PetroRio) announced the acquisition of a 40% stake in the Peregrino oilfield in the Campos Basin from China’s Sinochem for USD 1.9bn. The purchase, expected to increase Prio’s oil output by around 35,000 barrels per day, will enhance its production capabilities. Operated by Norway’s Equinor, the Peregrino oilfield has economically recoverable reserves of approximately 338 million barrels at a long-term oil price of USD 62 per barrel. Prio specializes in exploring and developing oil and natural gas in Brazil, focusing on the Campos Basin, and is active in refining, marketing, and energy distribution.

Emerging Asia

Malaysia-based IHH Healthcare announced it will acquire Island Hospital for MYR 3.92bn (USD 897.4mn) through its subsidiary, Pantai Holdings. The acquisition will expand IHH Healthcare’s medical operations and increase its presence in Penang, Malaysia, by adding more hospitals and operational beds. Founded in 1994, Island Hospital provides medical and surgical services with 600 beds and over 80 specialists. IHH Healthcare operates over 80 hospitals across 10 countries.

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