Deal Desk
M&A deals, 22 October 2026
· 4 deals
Our view: across these deals, buyers pay for what they cannot easily build or buy elsewhere, such as a local operation, a minority stake or a standout product, so founders should shape the sale around that asset and check early whether approvals could derail it.
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Asia · Consumer internet / food delivery · US$600 million
Taiwan blocks Grab's purchase of foodpanda's Taiwan business
On 21 October 2026, Taiwan's Fair Trade Commission blocked Grab Holdings Ltd.'s US$600 million purchase of foodpanda's Taiwan operations from its German parent, Delivery Hero. The commission cited Grab's equity ties, overlapping board membership and history of business cooperation with Uber; three commissioners backed rejection, one supported conditional approval and a fifth stepped aside, and Grab said it was disappointed.
The Growth Alliance Capital view
if a buyer's shareholders or partners already compete in the target's market, the competition review can decide the deal more than the price does. Founders in concentrated sectors should check a bidder's wider ties early, and ask for protection such as a break fee if completion needs outside approval.
Source: Focus Taiwan (CNA)
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Southeast Asia · Financial services / digital assets
Bitget agrees to acquire Thai digital asset exchange from GMO Internet Group
Bitget is to acquire GMO-Z.com Cryptonomics (Thailand) Co., Ltd., a Bangkok-based digital asset exchange and brokerage, through its interest in BTGT Management (Thailand) Ltd. GMO Internet Group Inc, GMO-Z.com Holdings (Thailand) Co., Ltd. and other sellers will sell their entire shareholding; completion is subject to approvals and other conditions, and no price was given.
The Growth Alliance Capital view
buyers who want to enter a Southeast Asian market quickly are paying for businesses that already operate there rather than building their own. For founders, an established local operation can be worth more to a foreign buyer than current earnings alone suggest.
Source: FX News Group
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Southeast Asia · Energy / oil and gas
Pertamina Hulu Energy and Medco acquire interests in Eni's Indonesian gas blocks
Through sale and purchase agreements, PT Pertamina Hulu Energy (PHE) bought a 10 percent participating interest from Eni in the North Ganal and Rapak working areas and raised its interest in East Sepinggan from 15 percent to 25 percent. PT Medco Energi International also signed agreements with Eni; no transaction value was stated.
The Growth Alliance Capital view
a global group selling minority interests to local companies shows that partial sales, not only full exits, are a working way to raise cash in Southeast Asia. Founders do not always need to sell the whole business to bring in a strategic partner with local reach.
Source: The Jakarta Post
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Global · Healthcare / biotechnology · about $1.3 billion
Merck KGaA to acquire Silence Therapeutics
Germany's Merck KGaA agreed to buy UK-based Silence Therapeutics for about $1.3 billion in cash, or $20 per American depositary share, a premium of 130% to the stock's last close. The deal is centred on the lead drug candidate divesiran and is expected to close in the first quarter of 2027.
The Growth Alliance Capital view
a premium that large for one lead drug shows how much strategic buyers will pay for something they want in their pipeline. Founders with one clearly different product should make it the centre of the sale story rather than one item among many.
Source: Reuters via KSL.com
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.