Deal Desk

M&A deals, 6 November 2026

6 November 2026 · 6 deals

Our view: today's deals show listed acquirers and private equity using shares, majority stakes and holdbacks to buy specialist businesses, which makes deal structure as important to founders as price.

1. Singapore · Quantum computing software · $27 million USD

   Horizon Quantum signs letter of intent to acquire Singapore's Entropica Labs

   Horizon Quantum has signed a non-binding letter of intent to acquire Entropica Labs, a Singapore-based quantum software company specialising in error correction and fault tolerance, for an anticipated consideration of $27 million USD paid in Horizon Quantum Class A ordinary shares. The proposed transaction is subject to due diligence, related audits, the signing of definitive agreements and other customary conditions.

   The Growth Alliance Capital view

   A listed acquirer paying in its own shares shows how public stock is being used to consolidate deep-tech capability in Singapore. Founders weighing a share-for-share offer should price the buyer's stock risk and lock-up terms as carefully as the headline number. A non-binding letter of intent is the start of the process, not the finish.

   Source: Horizon Quantum newsroom

2. Asia · Asset management

   Capital Alliance to acquire 51 per cent of Asia Frontier Capital through Singapore subsidiary

   Capital Alliance Holdings PLC will acquire a 51 per cent stake in Hong Kong-based fund manager Asia Frontier Capital Ltd through its wholly owned Singapore-based subsidiary, CAL Global Pte Ltd. Asia Frontier Capital manages around US$125 million in assets, and the transaction has not yet completed.

   The Growth Alliance Capital view

   A regional financial group is using a Singapore holding company to take control of a founder-built fund manager. A majority stake rather than a full buyout is a structure worth knowing: it can release value for owners of specialist service firms while leaving the door open to a second transaction later.

   Source: The Financial Express

3. Southeast Asia · Technology distribution · NZ$138 million

   Dicker Data completes acquisition of Sektor Group

   Dicker Data has completed the acquisition of 100% of Sektor Group Ltd for NZ$138 million, effective 2 November 2026, funded through an extension of its existing debt facilities. The deal gives Dicker Data Sektor's established operational footprint in Thailand and Malaysia, and the company is targeting approximately NZD$28-32 million of pre-AASB16 EBITDA.

   The Growth Alliance Capital view

   Buyers from outside the region are paying to acquire an established operating footprint in Southeast Asia rather than build one. Founders of distribution and services businesses in Thailand and Malaysia should expect acquirers to price on normalised earnings with a clear integration target, so clean, well-documented accounts matter before any approach.

   Source: StockWireX

4. Asia · Property services · HK$4 billion

   PAG agrees to buy 51 per cent of Evergrande Property Services

   Alternative investment firm PAG will buy a 51 per cent stake in Hong Kong-listed Evergrande Property Services for HK$4 billion, acquiring 5.52 billion shares at between HK$0.8359 and HK$0.7271 per share following an agreement with the liquidators of parent China Evergrande. PAG offered to buy the remaining shares at HK$0.8359 each, a 29.2% discount to the last closing price before the announcement, and the company will stay listed.

   The Growth Alliance Capital view

   Private equity will buy an operating business out of a distressed parent's liquidation, but at a price that reflects the seller's position as well as the asset. The circumstances of a sale shape the multiple as much as the earnings do, which is why founders who sell from strength tend to keep more of the value.

   Source: The Standard

5. Global · Advanced materials and electronics coatings · Approximately 7.3 million shares of Forge Nano common stock

   Forge Nano completes acquisition of HZO

   Forge Nano Holdings, Inc. has completed the acquisition of HZO, Inc., a provider of protective nanocoatings for electronics headquartered in Morrisville, North Carolina, with facilities in the U.S., Mexico and Vietnam, in an all-stock transaction for approximately 7.3 million shares of Forge Nano common stock. HZO will operate as a wholly owned subsidiary of Forge Nano under the HZO brand.

   The Growth Alliance Capital view

   This share-funded deal holds back about 1.5 million shares for twelve months, showing how buyers use holdbacks to guard against post-closing surprises. Founders in Southeast Asian electronics supply chains should expect similar holdback and indemnity terms from listed acquirers and negotiate their size and duration early.

   Source: Forge Nano Holdings, Inc. press release (SEC Form 8-K exhibit)

6. Global · Speciality chemicals

   ALTA Performance Materials agrees to acquire BASF's Palatal business in Chile

   London-headquartered ALTA Performance Materials has signed an agreement to acquire BASF's Palatal business, which supplies vinyl ester and unsaturated polyester resins from a manufacturing site in Concón, Chile, and would give ALTA its second production operation in Latin America. Until completion Palatal remains part of BASF, and the final closing is subject to customary closing conditions for this type of transaction.

   The Growth Alliance Capital view

   Large groups are still selling non-core units, and focused specialists are the natural buyers. Founders of niche manufacturing businesses in Southeast Asia should note that specialists building regional production footprints are active acquirers, and a well-run plant with loyal customers can be exactly what they are looking for.

   Source: PR Newswire

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.