Deal Desk
M&A deals, 3 October 2026
· 4 deals
Our view: Regional and global buyers, from Japanese strategics to Malaysian manufacturers and Asian conglomerates, are paying for scaled category leaders and specialist platforms, so founders should prepare for deal structures that may involve long approvals, partial stake sales or detailed operating data requests.
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Southeast Asia · Consumer products (stationery) · US$174.5 million (27.6 billion yen) estimated total transaction cost
Kokuyo moves towards controlling stake in Vietnam's Thien Long Group
Kokuyo plans a US$177 million capital injection into its Singapore subsidiary Synergy Investing Asia Pte. Ltd. to acquire 65.01% of Thien Long Group Corporation, first by buying Thien Long An Thinh Investment JSC (which holds 46.82%) and then by a public tender offer for approximately 18.19%. Vietnam's National Competition Commission conditionally approved the transaction on September 9, 2026, and the tender offer is scheduled for October to November 2026.
The Growth Alliance Capital view
Japanese strategics remain the most patient buyers of Southeast Asian category leaders, and they are routing deals through Singapore holding companies. Founders should also note the time involved, with competition approval and a two-step structure stretching this deal across most of a year.
Source: Tuoi Tre News
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Southeast Asia · Aviation maintenance, repair and overhaul
Malaysia Aviation Group to acquire Sepang Aircraft Engineering from Airbus
Malaysia Aviation Group is acquiring Sepang Aircraft Engineering from Airbus Group for an undisclosed sum, adding Airbus A320 servicing, paint hangar operations and component repair to its engineering portfolio. The deal is subject to customary conditions precedent, including approval from the Civil Aviation Authority of Malaysia, and is targeted to close in 2027.
The Growth Alliance Capital view
global groups are selling regional service units to local champions that can grow third-party revenue from them. Founders of specialist engineering and MRO businesses in the region have a clear buyer base among operators that want capability faster than they can build it.
Source: The Star
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Southeast Asia · Packaging manufacturing · RM101.5 million
Scientex to buy 70% of Chinese flexible packaging maker Mintpack
Scientex Bhd proposes to acquire a 70% stake in Hunan Changcheng Mint New Material Technology Co Ltd (Mintpack), a maker of flexible plastic bags and roll films, from Tan Cui Fang and Hunan Changcheng Tianyi Information Technology Co Ltd for RM101.5 million. Scientex said the deal will expand its consumer packaging footprint into China with an established local manufacturing platform and customer base.
The Growth Alliance Capital view
Malaysian listed manufacturers are buying abroad, and a 70% purchase that keeps the founder as a meaningful minority is a structure owner-operators across the region should study. Selling control while keeping a stake can let a founder share in the buyer's growth rather than exit entirely.
Source: The Star
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Asia · Healthcare (diagnostic imaging)
Jardine Matheson completes acquisition of I-MED Radiology Network
Jardine Matheson completed its acquisition of Australia-based I-MED Radiology Network on October 1, 2026; I-MED operates 215 diagnostic imaging clinics across Australia and New Zealand and performs approximately 7 million patient procedures annually. The deal is Jardine Matheson's first major transaction since it shifted to an investment company in 2025.
The Growth Alliance Capital view
Asian conglomerates are treating healthcare platforms as a new earnings pillar, which supports demand for scaled clinic and diagnostics networks. Founders of healthcare groups in Singapore and Southeast Asia are likely to keep meeting well-capitalised regional buyers, and the clinic count and procedure volume figures in this announcement show the operating data those buyers will ask for.
Source: VZ VermögensZentrum
Deal Desk summarises publicly announced transactions from the sources linked. "The Growth Alliance Capital view" is our opinion, not investment advice, and implies no involvement in any transaction mentioned.