Deal Desk
M&A deals, 23 October 2026
· 5 deals
Our view: across these deals, buyers pay for scarce assets such as licences, local platforms and future upside, but price in regulatory, approval and closing risk, so founders should negotiate certainty, structure and what they actually receive as hard as the headline price.
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Singapore · Mining · Up to $140 million (about US$100 million)
Singapore-based Boroo signs deal to buy Yukon's Eagle gold mine
Boroo, a Singapore-based private entity, has signed a deal through its wholly owned subsidiary Gatsuurt Mining to acquire Victoria Gold, owner of the Eagle gold mine in Yukon, with PricewaterhouseCoopers acting as receiver, for $40 million upfront and $100 million more tied to permitting and commercial-production milestones. Boroo has announced a commitment of more than $1.5 billion into Canada, and PwC plans to seek court approval in early December, with closing targeted around 31 December.
The Growth Alliance Capital view
a Singapore-based private buyer paying mostly through milestones shows how earn-out structures bridge a valuation gap when the asset's future depends on events nobody can yet promise. Founders whose upside rests on future approvals or a turnaround should expect offers like this, with a modest cheque at closing and the rest paid on proof, and should negotiate the milestone definitions as hard as the headline price.
Source: The Northern Miner
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Southeast Asia · Food delivery / Consumer internet
Taiwan regulator blocks Grab's acquisition of Foodpanda's Taiwan operations
Taiwan's Fair Trade Commission blocked Grab Holdings Ltd's acquisition of Delivery Hero SE's Foodpanda operations in Taiwan, citing concerns that the deal would hurt competition in the food delivery market, with three of the five commissioners voting to block it. The regulator said Uber's 13.1 percent stake in Grab, shared board members and past partnerships could make the two less likely to compete aggressively, and that Grab's proposed remedies were difficult to enforce and insufficient.
The Growth Alliance Capital view
in concentrated markets, a buyer's shareholder register can now sink a deal as surely as its market share. Founders who sell to a strategic buyer with large investors who also own competitors should assess antitrust risk early and seek deal protections such as a break fee or a clear long-stop date, so an approval that never comes does not leave them stuck.
Source: Taipei Times
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Southeast Asia · Digital assets / Financial services
Bitget agrees to buy GMO's licensed Thai crypto exchange
Bitget plans to acquire GMO-Z.com Cryptonomics (Thailand), a licensed Bangkok-based digital asset exchange and brokerage, through BTGT Management (Thailand), an entity in which it holds an interest, from GMO Internet, its subsidiary GMO-Z.com Holdings (Thailand) and other holders. Financial terms were not disclosed, and completion is subject to regulatory approval, including for the change of control.
The Growth Alliance Capital view
in regulated sectors across Southeast Asia, buying a licensed local operator is often faster than applying for a licence, so the licence itself carries a premium. Founders who hold scarce licences or approvals should treat them as a core part of the valuation and prepare clean compliance records, because buyers will pay for the shortcut but price in any regulatory doubt.
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Asia · Financial services / Consumer and auto finance
JB Financial Group agrees to buy two Kyrgyz lenders
JB Financial Group, through its affiliate JB Woori Capital, has signed an agreement to acquire 100% of Epoque Co., the parent of Kyrgyz financial firms Korkikredit and Korkileasing, with the deal expected to close this year. It would be the group's fifth overseas base after Cambodia, Myanmar, Vietnam and Indonesia, and the company plans to lead with auto financing before shifting to a broader retail lending business.
The Growth Alliance Capital view
Korean financial groups that already operate in Cambodia, Vietnam and Indonesia are still adding markets, and they prefer to buy small licensed local platforms they can grow with their own know-how. Founders of specialist lenders and finance companies in the region should note that a buyer like this pays for the licence, the local team and room to grow, more than for current earnings.
Source: Seoul Economic Daily
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Asia · Digital media / AI entertainment · $3.5 billion (pre-money equity value)
Korai Flix agrees to merge with APEX Tech Acquisition at a $3.5 billion valuation
Korai Flix Inc., a South Korea-based interactive online entertainment platform offering AI-powered content including AI short dramas and AI companion avatars, entered into a definitive merger agreement with blank check company APEX Tech Acquisition Inc. (NYSE: TRAD) on 20 October 2026, with the combined company to be renamed Krflix Group Inc. The transaction values Korai at $3.5 billion on a pre-money equity basis, contains no minimum cash condition and is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.
The Growth Alliance Capital view
SPAC mergers are again offering Asian AI-content businesses a route to a US listing at headline valuations that trade sale buyers would rarely match. Founders weighing such an offer should note that a headline value with no minimum cash condition is not the same as cash at closing, and should compare it with a trade sale on what they actually receive, how long their shares are locked up and how certain the deal is to close.
Source: Korai Flix Inc. and APEX Tech Acquisition Inc. joint announcement (SEC EDGAR, Form 425)
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.