Deal Desk
M&A deals, 10 November 2026
· 6 deals
Our view: buyers are paying for capability and local platforms rather than scale alone, with cross-border strategics active in Southeast Asia and contingent pricing bridging value in specialist sectors.
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Singapore · Semiconductor testing · S$2.3 per share, 新加坡幣7671萬元 in total
Tong Hsing to acquire SGX-listed Global Testing Corporation by scheme of arrangement at S$2.3 per share
同欣電 (Tong Hsing) announced on 9 November 2026 that it will acquire Global Testing Corporation Limited by scheme of arrangement at S$2.3 per share, about S$76.71 million in total and a premium of about 129.31% to the volume-weighted average price for the month before the trading suspension. Completion requires a resolution at a GTC extraordinary general meeting and approvals in Taiwan and Singapore, including from the Singapore court.
The Growth Alliance Capital view
A premium of this size on a small listed testing business shows how far public market prices can sit below what a strategic buyer will pay for capability. For founders of private companies in Singapore and Southeast Asia, it is a reminder that a trade buyer filling a gap in its service line may price a business on what it adds, not only on its trading history.
Source: Liberty Times Net
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Southeast Asia · Logistics and industrial real estate · approximately US$500 million
CTP agrees to acquire SLP's Vietnam logistics portfolio and operating platform from Ares
CTP N.V. has agreed terms to acquire 100% of the South-East Asia Logistics Partners portfolio and operating platform in Vietnam, owned by Ares Management Corporation, for approximately US$500 million. The purchase covers seven standing assets totalling 504,000 sqm of NLA and six development sites with the potential to deliver around 585,000 sqm of NLA, with completion expected in the coming months.
The Growth Alliance Capital view
A foreign logistics owner paying for a platform, people included, suggests buyers entering Vietnam would rather purchase local capability than build it. Founders of logistics and industrial businesses in Southeast Asia should note that a team and a development pipeline can carry value alongside hard assets.
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Southeast Asia · Fuel retail · US$ 14.221.500
BP sells its 49.9% stake in Indonesian fuel retail joint venture to AKR group
BP Global Investments Limited sold 11,444,565 shares in PT Aneka Petroindo Raya, a 49.9% stake, to PT Anugerah Krida Retailindo and PT Andahanesa Abadi, both subsidiaries of PT AKR Corporindo Tbk, on 6 November 2026. The price was US$14,221,500, or about Rp257.06 billion, and the AKR group's holding rises from 50.1% to 100%.
The Growth Alliance Capital view
A global group reshaping its portfolio has handed its local partner full ownership for a modest sum, a reminder that a joint venture stake can be worth most to the party already inside it. Founders in joint ventures with multinationals should settle exit mechanics and pricing at the outset, since a partner's priorities can change well before the business does.
Source: Liputan6
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Global · Asset management
Royal Bank of Canada to acquire Australian asset manager Yarra Capital Management
Royal Bank of Canada announced on 9 November 2026 that it will acquire full ownership of Yarra Capital Management Limited, which had approximately A$18 billion in assets under management as at 30 September 2026 and approximately 75 employees. Completion is anticipated in the first quarter of 2027, subject to certain closing conditions.
The Growth Alliance Capital view
A global bank buying a specialist manager outright shows that scale players still want focused teams and local expertise in the Asia Pacific. Founders of Southeast Asian wealth and asset management firms should expect acquirers to look closely at team retention and performance record, since in people businesses those are the assets.
Source: PR Newswire
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Global · Life sciences services · approximately $470 million in cash, plus additional payments of up to $75 million
Charles River Laboratories to acquire Frontage's bioanalysis and DMPK operations in Exton, Pennsylvania
Charles River Laboratories International, Inc. announced on 9 November 2026 that it has entered into definitive agreements to acquire the bioanalysis and DMPK operations of Frontage Holdings Corporation in Exton, Pennsylvania, for approximately $470 million in cash, subject to customary closing adjustments, plus additional payments of up to $75 million contingent on future performance. The sites employ approximately 340 people and the deal is expected to close during the first half of 2027, subject to closing conditions.
The Growth Alliance Capital view
A strategic buyer carving out two specialist lines, with part of the price tied to later performance, shows how contingent payments continue to bridge value gaps. Founders of Southeast Asian healthcare and laboratory services businesses should consider that a focused, separable unit can attract a buyer that would not want the whole group, and should negotiate performance measures with care.
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Global · Biotechnology · up to approximately $1.15 billion across upfront and milestone payments
argenx to acquire Unnatural Products in deal worth up to approximately $1.15 billion
argenx announced on 9 November 2026 a definitive agreement to acquire Unnatural Products, Inc., in which it already holds a minority stake, for up to approximately $1.15 billion across upfront and milestone payments. The terms comprise $550 million upfront in cash on hand and up to $595 million in contingent milestone payments, with closing expected by the end of the year.
The Growth Alliance Capital view
Less than half of this headline value is certain on day one, so founders of technology-led private companies should read any price by what is paid at completion. An existing minority investor moving to full ownership also shows why the choice of early strategic shareholders can shape the eventual exit.
Source: argenx, Form 6-K press release
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.
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