Deal Desk
M&A deals, 13 October 2026
· 4 deals
Our view: across clinics, gas, engineering and building materials, buyers are using part-cash, share-based, minority or staged structures, so founders should judge offers by the terms, the retained stake and the floor price, not by the headline value.
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Singapore · Healthcare services · approximately S$4.0 million (approximately US$3.1 million)
Cuprina agrees to acquire two Singapore clinic operators with seven clinics
On 2 October 2026 Cuprina agreed to acquire 100% of East Coast Podiatry Centre Pte. Ltd. and Orchard Clinic Management Pte. Ltd., which together run five podiatry clinics and two women's health clinics in Singapore. About 75% of the consideration is in cash, part of it deferred over two years, and about 25% is in Cuprina Class A ordinary shares subject to a lock-up; completion is expected on or before 1 November 2026.
The Growth Alliance Capital view
a Nasdaq-listed Singapore company buying clinics that match its product lines shows that clinic groups can attract buyers who want them for strategic reasons, not just for the cash they generate. The mix of upfront cash, deferred cash and locked-up shares is typical of small healthcare deals. Founders should judge such an offer by what it is worth once fully paid out, not by the headline price.
Source: BiopharmaWatch (reproducing Cuprina's GlobeNewswire release)
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Southeast Asia · Oil and gas
Eni agrees to sell 10% interests in seven Indonesian gas contracts to Pertamina and Medco
Eni signed two binding agreements to sell its 10% interests in the East Sepinggan, North Ganal and Rapak production sharing contracts to Pertamina, and its 10% interests in the West Ganal, East Ganal, Ganal and Muara Bakau production sharing contracts to Medco. Both deals are subject to customary governmental and regulatory approvals.
The Growth Alliance Capital view
a global group selling minority stakes to domestic buyers while keeping operational control shows how large sellers are recycling capital in Southeast Asia without leaving the market. For founders of energy services and supply chain businesses, a stronger domestic presence in major gas projects may change who the most relevant strategic buyers are.
Source: Offshore Energy
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Southeast Asia · Power infrastructure and engineering · RM12 million
Masteel to acquire 51% of power engineering contractor Anpec Global for RM12 million
Malaysia Steel Works (KL) Bhd is buying 51% of substation and high-voltage engineering contractor Anpec Global Corporation Sdn Bhd for RM12 million: RM3 million in cash from internal funds and RM9 million through the issue of 45 million new Masteel shares to the vendor. Founder and chief executive Abd Rasid Mohamed Salleh will keep 49% and continue to run the company, and completion is targeted by end-2026, subject to approvals.
The Growth Alliance Capital view
a listed steelmaker buying into grid engineering shows how public spending on power infrastructure is pulling buyers in from neighbouring sectors. In this deal the founder keeps 49%, stays in charge and is paid mostly in shares, so they take part in any upside. That structure suits founder-led contractors whose value depends on the founder's relationships and order book.
Source: Dagang News
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Southeast Asia · Building materials · $527 million for the 67.623% interest; at least $807 million combined
Holcim to sell its Philippines business to Huaxin Building Materials in two stages
Holcim agreed to sell its 67.623% majority interest in its Philippines business to Huaxin Building Materials for $527 million, keep a stake of about 31%, and exit that stake within three to five years at a minimum floor price of $280 million. The majority sale is expected to close in the first half of 2027, subject to customary closing requirements and applicable regulatory approvals.
The Growth Alliance Capital view
a staged exit with a minimum price on the second stage lets a seller take most of the money now while securing a minimum return on the stake it keeps. Founders can borrow this structure when they and the buyer disagree on value, as long as the floor price and exit window are set out in the agreement.
Source: Pulse 2.0
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.