Deal Desk
M&A deals, 12 October 2026
· 5 deals
Our view: Strategic buyers, from Japanese energy groups to Asian industrial firms and global software platforms, are paying for focused regional businesses with recurring revenue or defensible data, so founders should plan for regulatory timelines and for keeping management and brand independent after sale.
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Singapore · Energy: refining, fuels and lubricants
Singapore competition regulator seeks public feedback on ENEOS APAC's proposed acquisition of Chevron Singapore
Singapore's competition regulator accepted an application on 2 October to assess whether ENEOS APAC's proposed acquisition of Chevron Singapore would breach competition law, and is accepting submissions until 16 October at 5 p.m. ENEOS APAC says the parties overlap only in lubricant blending and wholesale supply, and that existing competitors and low entry barriers limit any concerns.
The Growth Alliance Capital view
Japanese strategic buyers are still paying for Southeast Asian platforms as a way into regional growth, even in mature sectors like downstream energy. For founders, a large cross-border buyer has to clear merger review and other regulators before it can close, so a sale timetable should allow for that from the start rather than treat it as an afterthought.
Source: MLex
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Southeast Asia · Mining: coal
Low Tuck Kwong and Elaine Low agree conditional sale of 30% of Bayan Resources
Low Tuck Kwong and his daughter Elaine Low have signed a conditional agreement to sell a 30% stake in coal miner Bayan Resources to a buyer reported to be Andi Syamsuddin Arsyad, known as Haji Isam, of PT Jhonlin Group. Bayan did not disclose financial details or a target completion date for the transaction.
The Growth Alliance Capital view
when a founding family sells half of a controlling stake, the founder keeps a say in the business while still realising value, and the structure can work for Southeast Asian founders who are not ready to hand over everything at once. The gap reported between the earlier offer and the market value is a reminder that a large controlling block is not automatically priced off the share price; buyers price control, conditions and sector risk.
Source: VnExpress International
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Asia · Marine and power engine maintenance services · approximately $247 million (per Korean media reports cited by the article)
HD Hyundai Marine Solution to acquire engine repair specialist Goltens Worldwide
HD Hyundai Marine Solution (HMS) will acquire all the shares of Goltens, an independent repair specialist serving 2-stroke and 4-stroke engines in ships and land-based power plants, with completion anticipated in late Q4 2026 or early Q1 2027. Following completion, Goltens will continue to operate as an independent service provider.
The Growth Alliance Capital view
Asian industrial groups are buying service and maintenance businesses for their recurring aftermarket revenue, and they pay more for it than for one-off equipment sales. Founders of technical service firms in Singapore, which is a maritime hub, should note that independence across brands and a wide customer base are exactly what this buyer chose to keep running as it is.
Source: The Maritime Executive
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Global · Industrial software · About $22.6 billion equity value; implied enterprise value $23.7 billion (EUR 21.1 billion)
Schneider Electric agrees all-cash acquisition of PTC
Schneider Electric SE agreed an all-cash acquisition of 100% of PTC at $205 per share, a 42.3% premium to the last closing price, implying an enterprise value of $23.7 billion. The transaction has been unanimously approved by both boards and closing is anticipated by Q3 2027.
The Growth Alliance Capital view
a premium of more than 40% for industrial software shows that strategic buyers will pay heavily for software and data that sit beside their hardware. Smaller software and automation businesses serving manufacturers in Southeast Asia sell into the same strategic logic, at a smaller size.
Source: Capital.com (Reuters)
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Global · Enterprise software: HR and AI
SAP to acquire Belgian AI work intelligence company TechWolf
SAP SE will acquire Ghent-based TechWolf, whose AI work intelligence platform gives enterprises an up-to-date view of the work employees perform and the skills they hold. Closing is expected in the fourth quarter of 2026, subject to usual closing conditions including regulatory approval, and TechWolf is planned to remain an independent entity under CEO Andreas De Neve.
The Growth Alliance Capital view
global software platforms are buying focused AI companies with their own data models instead of building them in-house, and they are letting those companies keep their own management and brand. For Southeast Asian software founders, a defensible data asset combined with a plan to keep the business running independently after the sale makes a strong pitch to strategic buyers.
Source: SAP News Center
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.