September 2025 top M&A deals in emerging markets by region

Eastern Europe

Czech firearms manufacturer Colt CZ has agreed to acquire a 51% stake in Synthesia Nitrocellulose, a nitrocellulose producer recently spun off from Synthesia a.s., at an enterprise value of CZK 22bn (USD 1.05bn). The purchase will be settled through a combination of cash and newly issued Colt CZ shares. The remaining 49% of Synthesia Nitrocellulose will be acquired under pre-agreed terms in the medium term. Colt CZ will also acquire Synthesia’s energy division for CZK 1.4bn (USD 66.5mn).

Latin America and the Caribbean

U.S.-based McCormick & Company has acquired an additional 25% stake in its Mexican subsidiary, McCormick de Mexico, from local partner Grupo Herdez for USD 750mn. This strategic move increases McCormick’s ownership to 75%, enhancing its control over operations in one of Latin America’s key markets. The transaction supports McCormick’s broader objective to strengthen its global flavour leadership and expand its footprint in the condiments and sauces segment.

Emerging Asia

PetroChina, China’s largest oil and gas producer, announced the acquisition of three domestic gas storage companies — Xinjiang Oilfield Gas Storage, Chongqing Xiangguosi Gas Storage, and Liaohe Oilfield (Panjin) Gas Storage — for CNY 40bn (USD 5.6bn). The purchase from fellow CNPC group subsidiaries aims to boost PetroChina’s gas storage capacity, improve peak-shaving capabilities, streamline operations, and eliminate related-party transactions. The acquired companies operate key storage assets across Xinjiang, Chongqing, and Liaoning.

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