Deal Desk
M&A deals, 26 October 2026
· 5 deals
Our view: today's deals show buyers using structure, from earnouts and consortium bids to cash-or-shares elections, to win the assets they want, and founders who understand those tools keep more of the value.
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Singapore · Ports and logistics infrastructure
A.P. Moller Capital agrees to acquire Singapore terminal operator Portek International from Mitsui
AP Moller Capital, through its Emerging Markets Infrastructure Fund II (EMIF II), has agreed to acquire 100 per cent of Singapore-based terminal operator and port engineering company Portek International from Japan's Mitsui and Co. Portek operates seven multipurpose terminals in Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam and employs approximately 1,400 people; financial terms were not disclosed and completion depends on approvals from regulators and other third parties.
The Growth Alliance Capital view
infrastructure funds are paying for Singapore-headquartered operators whose assets and contracts sit across emerging markets, so a regional footprint run from Singapore is itself a selling point. Founders of asset-heavy service businesses should expect such buyers to examine operational performance and governance as closely as earnings, and businesses that already report on those terms tend to move through a process faster.
Source: Baird Maritime
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Global · Energy services and equipment rental · £505m
Ember Infrastructure Management agrees £505m takeover of Ashtead Technology
New York-based private equity firm Ember Infrastructure Management has agreed to buy Ashtead Technology, a subsea equipment rental, advanced technologies and solutions provider for the global offshore energy sector, for 615p per share in cash. The deal values the company at £505m, a premium of around 80.9% to the closing share price on 22 September, and the Ashtead Technology board intends to recommend that shareholders vote in favour.
The Growth Alliance Capital view
a private equity buyer paying a premium of around 80.9% to the undisturbed price shows that patient capital will pay up for specialist equipment and services platforms with global customers. Founders of niche industrial service businesses in Singapore and Southeast Asia should note that infrastructure-minded investors now look well beyond classic utilities for assets built on rental income.
Source: Hargreaves Lansdown
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Global · Telecommunications · US$2 billion
Grupo Televisa and Fintech Holdings agree to buy AT&T's Mexican wireless business for US$2 billion
A consortium owned 50% by Grupo Televisa, S.A.B. and 50% by Fintech Holdings Inc. has agreed to acquire AT&T Mexico, AT&T's wireless telecommunications business in Mexico, for US$2 billion, subject to certain adjustments. AT&T Mexico had approximately 24.7 million wireless subscribers as of December 31, 2025, and the transaction is expected to close in the first quarter of 2027, subject to customary conditions including regulatory approvals.
The Growth Alliance Capital view
a corporate buyer teaming up with a financial investor on a 50/50 basis lets a strategic acquirer take on a larger target while sharing the capital burden. Founders selling sizeable businesses in Southeast Asia should be ready for consortium bids and should test early how governance and exit rights between joint buyers could affect certainty of closing.
Source: Grupo Televisa (Form 6-K, SEC)
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Global · Asset management · USD 375 million base consideration plus up to USD 175m earnout
EQT agrees to acquire US real estate investment manager Stockbridge
EQT AB has agreed to acquire 100% of the Stockbridge management company and the general partner entities that control interests in the Stockbridge funds, for a base consideration of USD 375 million in cash at closing plus an earnout of up to USD 175m payable over 2027 to 2030, subject to performance targets. Founded in 2003 and headquartered in San Francisco, Stockbridge has approximately USD 16.5 billion in fee-generating assets under management, and the deal is expected to close in Q1 2027.
The Growth Alliance Capital view
almost a third of the potential consideration here is deferred and tied to future performance, which shows how buyers close valuation gaps in businesses that depend on their people. Founders of service and advisory firms in Singapore and Southeast Asia should expect earnouts to feature in offers, and should negotiate the targets and how they are measured as hard as the headline price.
Source: EQT Group
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Global · Oil and gas · $5.7 billion implied enterprise value
Cenovus Energy agrees to acquire Athabasca Oil Corporation
Cenovus Energy Inc. has agreed to acquire Athabasca Oil Corporation at a price of $12.00 per share, with shareholders able to elect cash, 0.264 of a Cenovus share or a mix, for an implied enterprise value of $5.7 billion. The deal adds approximately 45 thousand barrels of oil equivalent per day and $85 million per year of corporate and commercial synergies, and Cenovus expects it to close in December 2026, subject to regulatory and Athabasca shareholder approvals.
The Growth Alliance Capital view
letting sellers choose cash, shares or a mix gives each of them the option of certainty now or a share in the upside of the combined company, and private company founders can ask for the same structure. Where a target's assets sit next to a buyer's own operations, the buyer can price synergies with confidence, so founders should work out which acquirers are their natural neighbours before going to market.
Source: Cenovus Energy (Form 6-K, SEC)
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.