Deal Desk

M&A deals, 29 October 2026

29 October 2026 · 4 deals

Our view: buyers are paying for control, specialist capability and strategic fit, so founders who tidy their shareholder base, protect what makes their business distinctive and prepare for structured terms such as earnouts and management reinvestment will find sales easier to close.

1. Southeast Asia · Financial market infrastructure

   Philippine Stock Exchange agrees to buy DBP's 3.08% stake in Philippine Dealing System Holdings

   The Philippine Stock Exchange Inc. signed a share purchase agreement on 27 October with the Development Bank of the Philippines for 192,776 common shares, or 3.08%, of Philippine Dealing System Holdings Corp., in which it currently holds 94.55%. The PSE aims to acquire 100% and consolidate the country's equities and fixed-income market infrastructure into a single venue.

   The Growth Alliance Capital view

   a buyer that already has control still pays to mop up minority stakes, because full ownership is what unlocks integration. For founders, how minority shareholders are handled at the outset shapes how cleanly a later sale or merger can close. Tidy capital tables tend to command a smoother process.

   Source: The Manila Times

2. Global · Data centre infrastructure services · £460 million initial cash purchase price plus an earnout of up to £300 million

   CBRE agrees to acquire data centre infrastructure firm Onnec

   CBRE announced a definitive agreement to acquire Onnec Group Limited, which specialises in the design, deployment and maintenance of network, fibre and data centre infrastructure, and has about 800 employees serving hyperscalers in the UK, Continental Europe and Asia Pacific. The initial purchase price is £460 million in cash, with a multi-year earnout of up to £300 million payable if Onnec meets certain growth thresholds.

   The Growth Alliance Capital view

   global buyers are paying for specialist contractors exposed to data centre build-outs, and Asia Pacific presence is part of the attraction. The large earnout relative to the upfront price shows how buyers bridge valuation gaps when growth is the selling point. Founders of engineering and fit-out businesses serving data centres should expect structured offers and decide early how much of the price they are willing to earn after completion.

   Source: Intelligent CIO

3. Global · Quantum computing software

   Intel to acquire quantum software company Classiq

   Intel announced on 26 October 2026 that it will acquire Classiq, a provider of quantum computing software whose core offering is an automated quantum algorithm synthesis platform, with the deal expected to close in the first half of 2027. Intel said the combination would transform its quantum group into a full-stack quantum computing business while keeping Classiq's software hardware-agnostic.

   The Growth Alliance Capital view

   large technology buyers are acquiring software layers to complete a stack rather than building them in-house. A target's independence from any single hardware platform can be part of what the buyer is paying for. Founders of deep-tech software businesses in the region should treat platform neutrality and customer breadth as strategic assets in any sale.

   Source: The Quantum Insider

4. Global · Aerospace manufacturing

   I Squared Capital to acquire Orizon Aerostructures

   I Squared Capital announced on 28 October 2026 that it will acquire Orizon Aerostructures, a Kansas City-headquartered aerostructures manufacturer founded in 2016 that operates five facilities in Kansas and Oklahoma with more than 900 employees, with financial terms not disclosed. Co-founders Charlie and Henry Newell will continue to lead the company and senior management will reinvest a meaningful portion of their equity, with closing expected in the fourth quarter of 2026.

   The Growth Alliance Capital view

   infrastructure investors are now buying manufacturers with long-term contracted revenue and treating them as infrastructure-like assets. Founder continuity plus a meaningful management reinvestment is becoming a standard structure, keeping sellers aligned through the next phase of growth. Founders of precision manufacturing businesses with long-term customer contracts in Southeast Asia should note that this buyer pool is wider than trade buyers alone.

   Source: I Squared Capital

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.