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25 Oct 2019, Stella Zlatareva, EMIS M&A Team

September's Top M&A Deals per region

Emerging Europe

Gazstroyprom, 49% owned by Russian gas major Gazprom, has agreed to acquire a 100% stake in Russian heavy construction holding Stroygazmontazh from sanctioned tycoon Arkady Rotenberg for an estimated EUR 1.18bn. Stroygazmontazh is one of the largest construction sub-contractors of Gazprom. The company will reportedly be off Gazprom's balance sheet and will instead be consolidated by one of its affiliates.

Africa and the Middle East

Africa lacked big-ticket transactions in September and as a result a deal worth a mere USD 116mn came on top of the region in terms of value. As part of it, Africa-focused cement producer ARM Cement agreed to sell its Tanzanian arm Maweni Limestone to Chinese counterpart Huaxin Cement. The deal is integral to Huaxin's broader strategy to expand its footprint across emerging markets.

Latin America and the Caribbean

September was yet another strong month for the region with a few deals above the billion-dollar price tag. The largest transaction targeted the Peruvian business of U.S. Sempra Energy in its sale to Chinese utility China Yangtze Power. The deal is valued at USD 3.6bn and involves 100% of Luz del Sur, which is the largest electric power distribution company in Peru. The other assets included in the deal are electric construction and infrastructure services provider Tecsur SA, and power generation firm Inland Energy SAC. The latter is a subsidiary of Luz del Sur. The disposal came in light of activist pressure from Elliott Management Corp and Bluescape Resources.

Emerging Asia

U.S.-based semiconductor company Qualcomm acquired the 49% stake it did not own in its Singaporean RF front-end (RFFE) filters joint venture RF360 Holdings Singapore. Qualcomm paid a consideration of USD 3.1bn to its partner in the venture TDK Corp. The deal will allow the U.S. company to fully integrate the RFEE technologies into its next-generation 5G solutions.

Original source: EMIS - DealWatch