Deal Desk

M&A deals, 3 November 2026

3 November 2026 · 5 deals

Our view: across food manufacturing, energy, AI technology, infrastructure and accounting, buyers are paying for established, cash generating businesses and often leaving sellers with a minority stake or continuing role, so founders with audited track records hold the strongest negotiating position.

1. Singapore · Food manufacturing · US$30.47 million in cash

   Anjoy Foods agrees to buy 60% of Singapore frozen bakery maker IFC

   Anjoy Foods Group agreed to acquire 60.0005% of Singapore-based International Foodgnostics Corporation Pte. Ltd., which develops, manufactures and sells frozen cakes, breads and related products, in a deal signed and approved by Anjoy's board on 12 October. IFC reported audited 2025 revenue of SGD 98.63 million and net profit of SGD 5.50 million, and the deal sets a cumulative attributable profit target of SGD 18.01 million for 2026 to 2028, with completion subject to Chinese outbound investment procedures and other closing conditions.

   The Growth Alliance Capital view

   a listed Chinese strategic buying control of a profitable Singapore food manufacturer, with continuing minority shareholders backing a three-year profit target, is a structure SME owners should expect to see more often. Buyers are paying for a working regional platform but sharing the risk on future earnings with the sellers who stay on. Founders who can show a clean audited track record and a credible profit forecast are best placed to negotiate that structure on their own terms.

   Source: EqualOcean

2. Southeast Asia · Energy

   TotalEnergies signs agreements to take 30% operated interest in two Malaysian gas fields

   TotalEnergies signed agreements with PETRONAS Carigali Sdn Bhd (PCSB), PTTEP and KUFPEC to acquire a 30% operated interest in the Lang Lebah and B14 gas fields offshore Sarawak, to be held alongside PTTEP (25%), KUFPEC (25%) and PCSB (20%) on completion. The fields are expected to unlock more than 6.5 trillion cubic feet of gas resources to supply the existing Malaysia LNG plant, and the transactions are subject to regulatory approvals.

   The Growth Alliance Capital view

   a global major committing to long-life Malaysian gas supports a multi-year pipeline of offshore and LNG-linked work in the region. Founder-led engineering, fabrication, marine and industrial services companies in Malaysia and Singapore that serve this chain should expect continued interest from strategic and financial buyers seeking exposure to that spending.

   Source: TotalEnergies

3. Asia · Semiconductors · HK$563 million

   Hong Kong's IBS proposes HK$563 million acquisition of QuantumCompute Solutions, parent of an AI chip designer

   International Business Settlement Holdings Limited (0147.HK) entered into a share purchase agreement to acquire the entire equity interests of QuantumCompute Solutions Limited for HK$563 million. The target indirectly owns approximately 85.94% of Shanghai Tianjing Fulian, which is principally engaged in the design and development of AI SoC products and integrated solutions, and will become a wholly-owned subsidiary of the buyer upon completion.

   The Growth Alliance Capital view

   listed companies in the region are using acquisitions to move towards AI, and they are willing to buy an operating business outright to do it. For founders of private technology companies with real products in AI-adjacent niches, listed acquirers looking for a new growth story belong on the buyer list alongside the usual strategics.

   Source: Macau Business (Media OutReach Newswire)

4. Global · Energy infrastructure · US$3.1 billion total commitment (US$1.6 billion for the stake, US$1.5 billion towards phase 2)

   Blackstone-led group commits US$3.1 billion for minority stake in Mitsubishi's LNG Canada holding

   An investor group led by Blackstone Inc. with four Canadian pension funds will acquire a 49.9% interest in the Mitsubishi Corp. subsidiary that owns a share of LNG Canada, paying US$1.6 billion for the stake and committing US$1.5 billion to help fund the phase 2 expansion. Mitsubishi will remain the controlling partner of that entity.

   The Growth Alliance Capital view

   large pools of capital are increasingly willing to take a non-controlling position and fund growth while the operator keeps control. Founders who want to raise capital without giving up control should note that a minority sale with growth funding attached can be a credible alternative to a full exit, provided the business has assets and cash flows to support it.

   Source: The Globe and Mail

5. Global · Professional services · $5 billion (enterprise value)

   Grant Thornton Advisors completes acquisition of CBIZ

   Grant Thornton Advisors completed its acquisition of CBIZ with an enterprise value of $5 billion, announced on 2 November 2026. The combined platform generates more than $7 billion in annual revenue with more than 34,500 professionals, creating the fifth-largest U.S. provider of professional services, tax and advisory offerings.

   The Growth Alliance Capital view

   consolidation of accounting and advisory firms has reached the top of the US market, and the same playbook tends to travel to Asia. Owners of established accounting, tax and corporate services practices in Singapore and Southeast Asia should expect more approaches from platform buyers, and firms with recurring clients and a bench beyond the founding partners will get the strongest terms.

   Source: CBIZ, Inc. (SEC Form 8-K exhibit)

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.