Deal Desk

M&A deals, 4 October 2026

· 3 deals

Our view: Whether a multinational is pruning a regional business, a listed acquirer is buying a specialist stake with an earn-out, or Gulf state-linked capital is buying infrastructure, strategic buyers pay full prices, so founders should widen buyer lists and negotiate deferred payment terms carefully.

  1. Asia · Paints and coatings · approximately €50 million (Rs 16.2 billion)

    AkzoNobel completes sale of its Pakistan business to Packages Group

    AkzoNobel completed the sale of its decorative paints and liquid coatings businesses in Pakistan to IGI Investments (Pvt.) Limited, part of Packages Group. The transaction was based on a value of approximately €50 million (Rs 16.2 billion), an EV/EBITDA multiple of 14x, and follows AkzoNobel's sale of its Indian operations in December 2025.

    The Growth Alliance Capital view

    multinationals pruning their Asian portfolios are handing local conglomerates sizeable platforms, and a 14x multiple shows that established consumer brands still command full prices from domestic strategic buyers. Founders in consumer and industrial categories should expect well-funded local groups, not only foreign buyers, to compete for quality assets.

    Source: The Nation

  2. Asia · Healthcare (diagnostics) · up to ₹168 crore

    Dr Lal PathLabs to buy 70% stake in genomics firm SN Genelab

    Dr Lal PathLabs is acquiring a 70% stake in SN Genelab, a Gujarat-based diagnostics company in the genomics segment, for total consideration of up to ₹168 crore, including a performance-linked earn-out of up to ₹31.5 crore. SN Genelab reported FY26 turnover of ₹57.96 crore, up from ₹53.36 crore in FY25.

    The Growth Alliance Capital view

    buying a 70% stake with an earn-out is a common way for listed acquirers to buy specialist capability while keeping founders invested in growth. Founders of niche healthcare businesses should be ready for structures that pay part of the price later against performance, and should negotiate the earn-out metrics as carefully as the headline value.

    Source: Kotak Neo

  3. Global · Ports and logistics · approximately US$835 million

    AD Ports Group completes acquisition of Brazilian terminal operator CLI

    AD Ports Group completed its acquisition of Corredor Logística e Infraestrutura (CLI) from funds managed by Macquarie Asset Management and IG4 Capital, after clearance from Brazil's National Waterway Transportation Agency and Administrative Council for Economic Defense. CLI runs agri-bulk terminals at Santos and Itaqui and moved 17 million tonnes of cargo in 2025, with revenue of AED654 million (US$178 million).

    The Growth Alliance Capital view

    Gulf strategic buyers are spending heavily on cross-border infrastructure and buying from private equity sellers at scale. For Southeast Asian founders in logistics and supply chain, this is another sign that state-linked strategic capital from the Middle East is an active buyer group and should be on any buyer list.

    Source: Baird Maritime

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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.