November 2025 Top M&A Deals in Emerging Markets by Region

Eastern Europe

United Medical Group, operator of Russia’s premium healthcare network European Medical Center (EMC), has acquired a 75% stake in mass-market clinic chain Family Doctor from Diantus for an estimated USD 108–163mn. According to Kommersant newspaper, EMC secured a RUB 13.5bn (USD 167.7mn) loan likely used to finance the deal.

 

Latin America and the Caribbean

China’s State Grid Corporation, through its Brazilian subsidiary State Grid Brasil, has acquired the Mantiqueira Transmission Line concession from Brookfield, via Quantum Participações, for a reported deal value of USD 1.3bn. Roughly one-third of the value was paid in equity, with the rest covering assumed debt. The acquisition strengthens State Grid’s footprint in Brazil’s electricity transmission sector and provides access to 11 transmission lines spanning 1,200 km across Minas Gerais.

 

Emerging Asia

US coffee house operator Starbucks announced the sale of a controlling 60% stake in its China retail operations to Chinese private equity firm Boyu Capital for USD bn. Starbucks will retain a 40% stake and continue to own and license its brand and IP in the country. The transaction forms a joint venture aimed at accelerating Starbucks' expansion in China, with plans to grow from the current 8,000 coffeehouses to 20,000 locations.