Deal Desk
M&A deals, 21 October 2026
· 3 deals
Our view: today's deals show strategic buyers paying to acquire capability ready to use, whether that is specialist engineering teams, an operating licence in a local market or a team of advisers, rather than building it themselves.
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Global · Digital infrastructure services · Initial £460 million (approximately $610 million) in cash, plus a multi-year earnout of up to £300 million (approximately $400 million) subject to Onnec meeting certain growth thresholds
CBRE agrees to acquire London-based data centre infrastructure services provider Onnec
On 20 October 2026, CBRE Group, Inc. announced an agreement to acquire Onnec Group Limited. Onnec was founded in 1986 and is headquartered in London. It has about 800 employees and designs, deploys and maintains network, fibre and data centre infrastructure for hyperscalers in the UK, Continental Europe and Asia Pacific, and it is expected to generate about £370 million of revenue and more than £50 million of core EBITDA in 2027, with completion expected around the end of 2026.
The Growth Alliance Capital view
a global buyer is paying a large share of the price only if growth targets are met, which shows how founders of services businesses can bridge a gap on valuation. Specialist contractors with long-standing hyperscaler relationships are attracting strategic buyers who want to add capability, and Southeast Asian founders in fit-out, cabling and maintenance for data centres should expect to be approached on similar terms.
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Southeast Asia · Digital assets / financial services
Bitget agrees to buy GMO's Thai digital asset exchange GMO-Z.com Cryptonomics
On 20 October 2026, FX News Group reported that Bitget plans to acquire GMO-Z.com Cryptonomics (Thailand) Co., Ltd., a Bangkok-based digital asset exchange and brokerage, through BTGT Management (Thailand) Ltd. or its designated entity. The sellers include GMO Internet Group Inc and its subsidiary GMO-Z.com Holdings (Thailand) Co., Ltd., the price was not disclosed, and completion is subject to conditions.
The Growth Alliance Capital view
buying a local operator that is already running is still the quickest way for a regional platform to enter a market where permissions are hard to obtain. Founders who hold hard-to-replicate local approvals or operating infrastructure in Southeast Asia own a scarce asset, and buyers price that scarcity separately from current revenue.
Source: FX News Group
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Asia · Financial services / M&A advisory
Natixis CIB to acquire Tokyo M&A advisory firm Sangyo Sosei Advisory
On 20 October 2026, Natixis Corporate & Investment Banking (Natixis CIB) announced that it will acquire Sangyo Sosei Advisory Inc. (SSA). SSA is a Japan-based M&A adviser founded in 2009 that focuses on technology, media and telecommunications and has since expanded into infrastructure. The price was not disclosed, and SSA's team is set to join Natixis CIB's Japan operations on 1 January 2027.
The Growth Alliance Capital view
a global bank is buying a founder-built boutique to win people and client relationships rather than build its own team, which is a common way for smaller firms built around expert staff to sell. For Southeast Asian founders of professional services firms, the lesson is that buyers pay for teams that stay, so plans to keep senior people and give them clear roles after the deal matter as much as the headline price.
Source: finews.asia
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.