20 Mar 2019, Stella Zlatareva, EMIS M&A Team
February’s Top Deals per region
The largest M&A deal in emerging markets during the month of February was Chinese electronics maker Midea Group’s purchase of further 47.1% in domestic peer Wuxi Little Swan for CNY 14.4bn (USD 2.1bn). Midea, which has been in control of the target since 2008, is taking the stake in a drive to expand its business through product integration. Wuxi Little Swan is China's first maker of fully automatic washing machines. As a result of the takeover, the company will be delisted from the Shenzhen Stock Exchange.
Latin America & the Caribbean
The telecommunications sector produced the most sizeable acquisition in the region last month, as Spain’s Telefonica agreed to sell its mobile operations in Costa Rica, Nicaragua, and Panama for an enterprise value of USD 1.65bn to Luxembourg’s Millicom. Thus, Telefonica will exit all its remaining mobile businesses in Central America, while Millicom will add mobile capabilities to its existing cable operations in the region.
In a series of transactions, Russian tycoon Sergey Generalov’s holding company Industrial Investors sold domestic rail assets manager First Heavy Haul Company for an estimated valuation of up to RUB 40bn (USD 610.9mn), excluding debt. On the buy side was ICT Group, the holding company of businessman Alexander Nesis. First Heavy Haul Company is the largest operator of “high-axle” wagons in Russia and the CIS region.
Original source: EMIS - DealWatch