Deal Desk

M&A deals, 4 November 2026

4 November 2026 · 5 deals

Our view: today's deals show Asian and European strategics buying ready-made capability and regional footprint, from Malaysian precision machining to Vietnamese water heaters to a Singapore bakery platform.

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 has agreed to acquire 60.0005% of Singapore-based International Foodgnostics Corporation Pte. Ltd., a maker of frozen cakes and breads that reported audited 2025 revenue of SGD 98.63 million and net profit of SGD 5.50 million. The continuing minority shareholders carry a cumulative attributable profit commitment of SGD 18.01 million for 2026 to 2028, and a further 10% purchase is possible after that period.

   The Growth Alliance Capital view

   a listed Chinese strategic buying a controlling stake, with the existing shareholders keeping a minority and guaranteeing future profit, is the structure Singapore owners should expect from regional acquirers. It shows a Singapore headquarters with Malaysian operations being bought as a ready platform for Southeast Asian expansion, which gives owners with a regional footprint real negotiating weight.

   Source: EqualOcean

2. Southeast Asia · Home appliances and HVAC

   Haier Smart Home takes full ownership of Ferroli's Southeast Asia unit

   Haier Smart Home completed the acquisition of 100% of Ferroli's Southeast Asia company on 3 November 2026, after the parties had signed the documents online. The target researches, manufactures and sells electric water heaters and heat pumps in Vietnam, where the article says its electric water heaters rank among the top three by market share.

   The Growth Alliance Capital view

   global strategics are buying established Southeast Asian manufacturing and brand positions rather than building them, and a carve-out from a European parent is a common route. For owners of category leaders in Vietnam and the wider region, a defensible local market share is what draws a full buyout from a global player.

   Source: 21st Century Business Herald (21jingji)

3. Southeast Asia · Precision engineering

   AAE acquires Malaysian precision machining firm Setsu Precision Technology

   AAE, an international, family-owned high-tech company based in Helmond, has acquired Setsu Precision Technology in Klang Valley (Kuala Lumpur), Malaysia, a high-precision machining business with nearly 30 years of experience whose customers include the semiconductor, industrial automation and advanced machinery industries. Setsu immediately becomes part of AAE Group and will eventually operate as AAE Southeast Asia, and AAE is preparing to relocate to a manufacturing facility of approximately 10,000 square metres in the Klang region.

   The Growth Alliance Capital view

   European family-owned manufacturers are entering Southeast Asia by acquisition, and an established precision engineering shop with decades of track record is the entry ticket. Malaysian and Singapore owners in the semiconductor and equipment supply chain should expect continued interest from overseas buyers that want local capacity close to their customers.

   Source: AAE

4. Asia · Seafood and food processing · $804 million

   Umios to acquire High Liner Foods in a cash deal valued at $804 million

   Umios Corp. has agreed to buy High Liner Foods Inc. for $27 per share in cash, and Thornridge Holdings Ltd., which holds a 41.4% stake, has agreed to support the deal. Umios is keeping High Liner's headquarters in Nova Scotia, and the deal is expected to close in early 2027.

   The Growth Alliance Capital view

   Japanese food groups remain willing to pay cash for processing capacity and brands outside Japan. A large holder securing a head office commitment as a condition of sale is a reminder that owners can negotiate on legacy and location as well as price.

   Source: BNN Bloomberg

5. Global · Semiconductors and optical components · Implied enterprise value of $115 billion for Lumentum

   Marvell and Lumentum agree all-stock combination in AI connectivity

   Marvell Technology, Inc. will acquire Lumentum Holdings Inc. in an all-stock deal at a fixed exchange ratio of 4.500 Marvell shares for each Lumentum share, with Marvell's current stockholders expected to own about 67% of the combined company on a fully diluted basis. The companies expect the transaction to close in the first half of calendar year 2028.

   The Growth Alliance Capital view

   AI infrastructure is pulling suppliers together across the stack, and paying in shares lets buyers make very large acquisitions without cash. For owners of private component, test and precision suppliers in Singapore and Southeast Asia, consolidation at the top usually brings more bolt-on demand further down the supply chain, though share-based offers need careful valuation scrutiny.

   Source: Marvell Technology, Inc. and Lumentum Holdings Inc. press release (SEC Form 8-K, Exhibit 99.1)

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.