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

Eastern Europe

Austrian bank Erste Group, through its Czech real estate arm Reico, agreed to acquire Palladium, a premier shopping mall in central Prague, from Germany’s Union Investment, a subsidiary of DZ Bank. While the purchase price was not officially disclosed, reports suggest Union Investment sought around EUR 700mn, having originally acquired the asset in 2015 for EUR 570mn. The 115,000 m², five-floor complex includes 157 shops, 27 dining venues, offices, and a large underground parking area. The deal aligns with Reico’s regional expansion strategy, following recent logistics acquisitions in Slovakia and the Czech Republic.

Latin America and the Caribbean

Mexican investor Eduardo Tricio Haro acquired a 7.2% stake in BMV and NYSE-listed media and telecommunications conglomerate Grupo Televisa for an estimated MXN 214.3 bn (USD 11.5 bn). Tricio, Chairman of dairy products firm Grupo Lala and a Televisa board member since 2012, stated he does not seek significant influence, signalling confidence in Televisa’s future amid a market downturn. Grupo Televisa is a leading Mexican media conglomerate with operations across TV, satellite, publishing, cable, and streaming.

Emerging Asia

UK-based HSBC Holdings proposed to acquire the remaining 36.5% stake in Hang Seng Bank, valuing Hong Kong-listed lender at HKD 290bn (USD 37bn). The transaction, to be executed via a court-sanctioned scheme of arrangement, will transform Hang Seng into a wholly owned subsidiary of HSBC. The acquisition aligns HSBC’s branding and simplifies its structure in a key market while pausing share buybacks to maintain capital flexibility. It preserves Hang Seng’s strong customer proposition while enhancing group-wide strategic coherence and control in the Hong Kong financial market.