Deal Desk
M&A deals, 24 October 2026
· 5 deals
Our view: Across these deals, buyers are paying for what transfers with the business, whether customers, licences, specialised teams or a clear niche, and sellers are shedding non-core lines to focus, so founders should prepare transferable assets and expect strategic and regional acquirers.
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Southeast Asia · Telecommunications · up to RM83 million
Astro to sell broadband business to Maxis Broadband for up to RM83 million
Astro Malaysia Holdings Bhd will sell its broadband business, which had 178,631 subscribers as at Feb 28, to Maxis Broadband Sdn Bhd. The seller is its wholly owned subsidiary Measat Broadcast Network Systems Sdn Bhd and the price is up to RM83 million in cash, adjusted by the number of subscribers transferred. Completion is expected by the second quarter of 2027, subject to Astro shareholder approval and written notification from the Malaysian Communications and Multimedia Commission, and Astro expects a net gain of RM31.4 million.
The Growth Alliance Capital view
the price is set by how many customers actually move, a sliding scale that founders of subscription and recurring-revenue businesses should expect to see. Strategic buyers pay for revenue that arrives, not revenue on the books. Listed groups shedding non-core lines to refocus are also creating ready bolt-ons for regional consolidators.
Source: The Edge Malaysia
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Southeast Asia · Digital infrastructure (data centres)
SM+ to acquire Princeton Digital Group's Indonesian enterprise data centre business
PT SMPlus Digital Investama (SM+) has signed a definitive agreement to acquire Princeton Digital Group's Indonesian enterprise data centre business, comprising five operational facilities across Greater Jakarta, Bandung, Surabaya and Pekanbaru. The transaction remains subject to customary closing conditions, after which SM+ will operate 31 sites in 25 cities or markets in Indonesia.
The Growth Alliance Capital view
a regional platform is selling a non-core segment to concentrate on its main strategy, and a domestic platform is buying it to gain scale. Both sides of that trade are active in Southeast Asian infrastructure. Founders of specialist infrastructure and IT services businesses should treat local conglomerate-backed platforms as serious buyers alongside regional funds.
Source: W.Media
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Asia · Financial services (consumer and auto finance)
JB Woori Capital to acquire parent of Kyrgyz lenders Korky Credit and Korky Leasing
JB Woori Capital, a subsidiary of JB Financial Group, will acquire a 100 percent stake in Epoke, the parent company of Kyrgyz financial firms Korky Credit and Korky Leasing. The deal is expected to close by year-end, subject to regulatory approval and registration, and would make Kyrgyzstan the group's fifth overseas market after Cambodia, Myanmar, Vietnam and Indonesia.
The Growth Alliance Capital view
a Korean financial group that grew through Southeast Asia is again choosing to buy an operating platform outright rather than build one from scratch. For founders of licensed lending and finance businesses in the region, foreign strategic buyers still value an existing licence, book and team.
Source: The Korea Herald
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Global · Industrial technology (fire protection)
Indutrade acquires German fire protection systems specialist Schraner
Indutrade has signed an agreement to acquire all shares in Schraner GmbH, an Erlangen-based specialised manufacturer of fire peripheral solutions and sensors with 35 employees and annual sales of approximately EUR 8 million. Closing took place on 22 October and the business joins Indutrade's Infrastructure & Construction business area, with a marginally positive impact on earnings per share expected.
The Growth Alliance Capital view
serial acquirers keep buying small, specialised manufacturers with niche market positions, a target size many Southeast Asian industrial firms already fit. Founders of such businesses should know that programmatic buyers exist for companies at this scale and that a clear niche counts for more than size.
Source: Indutrade AB press release (MFN)
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Southeast Asia · Professional services (consulting and advisory)
Hall Chadwick enters Vietnam through acquisition of Truevera
Hall Chadwick, an accounting and consulting firm, has acquired Truevera, a Hanoi-based boutique consulting firm established in 2019 that specialises in restructuring, forensic accounting and cross-border distressed advisory. Hall Chadwick cited Vietnam's economic growth and its upgrade to secondary emerging market status under FTSE Russell, and said it can now advise Southeast Asian companies preparing to exit through a domestic listing, cross-border capital raising or a sale.
The Growth Alliance Capital view
cross-border professional services groups are entering new Southeast Asian markets by buying local boutiques for their teams and relationships. Founders of specialist advisory and services firms should see regional consolidators as a credible exit route, provided the expertise does not depend on one person.
Source: Consultancy.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.