June 2025 top M&A deals in emerging markets by region

Eastern Europe

Austrian Erste Group will acquire a 49% stake in Santander Bank Polska, and 50% of fund manager Santander TFI for EUR 7bn in an all-cash deal. Funded through internal resources, including a cancelled share buyback and reduced 2025 dividend payout, the deal values Santander Bank Polska at 2.2x its Q1 2025 tangible book value. The acquisition of Poland's third-largest bank significantly expands Erste’s footprint in one of Europe’s fastest-growing and most profitable banking markets.

Latin America and the Caribbean

Brazilian oil and gas company Prio (formerly PetroRio) has agreed to acquire a 60% stake in the Peregrino oilfield from Norway’s Equinor for up to USD 3.5bn. The transaction adds 202 million barrels in 1P+1C reserves and resources. Peregrino is located in the Campos Basin east of Rio de Janeiro and is a heavy oilfield that includes a floating production storage and offloading (FPSO) platform, supported by three fixed platforms.

Emerging Asia

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) announced it will acquire a 20% stake in India’s Yes Bank Ltd for USD 1.57bn. The stake will be purchased from a consortium of Indian lenders, including ICICI Bank, SBI, HDFC Bank, Axis Bank, and others. The transaction, pending approvals from India’s RBI and CCI, gives SMBC strategic access to India’s high-growth financial services sector and aims to boost trade and capital flows between Japan and India. It also supports Yes Bank’s growth and profitability by leveraging SMBC’s global expertise.

 

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