December 2023 top M&A deals in emerging markets by region

Emerging Europe

Nippon Steel Corporation (NSC), Japan's leading steelmaker, announced its acquisition of U.S. Steel, which includes operations in Slovakia, for an enterprise value of USD 14.9bn. U.S. Steel Košice, a major employer in Slovakia with over 8,250 workers, stands as Central Europe's largest integrated flat-rolled steel producer. In 2022, it accounted for more than 20% of U.S. Steel's net sales.

Latin America and the Caribbean

Brazilian investor Junior Seripieri has signed a deal to purchase health insurer and hospital operator Amil from the U.S.-based UnitedHealth Group Inc. The transaction, valued at BRL 11bn (USD 2.25 billion), includes the assumption of BRL 9bn (USD 1.84bn) in liabilities, marking the largest M&A transaction ever made by a single private investor.

Emerging Asia

NIO Inc, a Hong Kong-listed smart electric vehicle company, announced a strategic equity investment of USD 2.2 billion from CYVN Holdings. This investment will give CYVN Holdings approximately a 20.1% ownership stake in NIO's total issued and outstanding shares, aligning with CYVN's strategy to expand its global portfolio in the mobility sector.

EMIS alongside leading global law firm CMS, are pleased to have launched the Emerging Europe M&A 2023/24 Report, exploring the trends and data within the region, on both a country and sector basis, coming in January 2024. Download your complimentary copy.