Category: 3. Business

Asia-Pacific private equity managers are more upbeat on the deal outlook, expecting stronger returns and fewer geopolitical risks than their global counterparts, even as deal activity in the region continues to soften, a new survey shows.

Respondents in the region expected an average net return of 17.4 per cent from the private equity industry this year, slightly higher than the 17.1 per cent expected by North American, European, Middle Eastern and African (EMEA) executives, according to Dechert’s annual global private equity outlook report.

The law firm worked with Mergermarket to survey 100 senior-level executives at different private equity firms across regions in July.

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Regarding the threat of geopolitical conflicts to deal making over the next 12 to 18 months, only 30 per cent of Asia-Pacific managers cited it as a top risk, compared with 49 per cent globally and 65 per cent in EMEA.

The findings pointed to cautious optimism in Asia-Pacific, underpinned by interest in healthcare and technology deals and the wider use of flexible structures such as earnouts.

“We expect this optimism to translate into improved deal flow in Asia-Pacific in 2026,” Maria Tan Pedersen, co-head of emerging markets at Dechert, said in a written response to the Post.

The life sciences and healthcare, and technology sectors were expected to lead activity in the region, Pedersen said. The focus on these two sectors reflected regional governments’ priorities, the global push into artificial intelligence and demographic shifts as populations in markets such as India and the Philippines expanded while those in Japan and China aged, she added.

About three-quarters of respondents planned to invest in both sectors over the next two years.

Investments in expanding or fast-growing businesses would benefit from additional use of private credit support and earnout structures, according to Pedersen.

Such structures allow part of the purchase price to be paid only if the acquired company hits the agreed performance targets after the deal. Sixty per cent of Asia-Pacific private equity managers favoured earnout structures to bridge valuation gaps, higher than the global average of 48 per cent.

Populations in both China and Japan are expected to age, driving activity in the life science sector. Photo: Xinhua alt=Populations in both China and Japan are expected to age, driving activity in the life science sector. Photo: Xinhua>

“We expect a meaningful uptick in deal volumes in Asia-Pacific across buyouts, bolt-ons and secondary and continuation vehicles, with improved close rates driven by flexible structures like earnouts,” Pedersen said.

Asian executives saw weak economic growth as the most significant headwind to the deal environment, with half of the respondents citing it as a top threat – compared with the global average of 37 per cent.

Asia-Pacific private equity deal value fell 3.8 per cent to US$107.7 billion in the first three quarters of this year from the same period a year ago, while deal volume slid 5.2 per cent to 1,874 as deal makers assessed the impact of shifting US tariff policy on the region’s export-led businesses.

In China, the region’s largest private equity market, ongoing regulatory and macro uncertainty, coupled with persistent property-sector weakness, was set to depress real-estate deal flow, widen valuation gaps and curb risk appetite, Pedersen said.

Private-equity activity in China had nonetheless shown signs of a rebound, driven by a surge in domestic merger and acquisition (M&A) transactions, multinational companies reshaping their portfolios and private equity funds poised for a wave of exits, said Pedersen, who is also Dechert’s partner for M&A and private equity in Singapore.

“We expect this rebound to broadly continue in 2026,” she said. However, it could be “an uneven and gradual thaw” concentrated in selected verticals such as technology and data, and healthcare, she added.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP’s Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

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The chief executive and founder of Just Eat Takeaway is to step down just weeks after the company was acquired by Prosus, bringing to an end his 25-year career at the head of the food delivery company.

Jitse Groen announced he was stepping down from the Amsterdam-based food delivery group on Wednesday, to be replaced by Prosus’s head of European operations, Roberto Gandolfo.

The surprise move comes despite Groen having initially said he would remain at the company after it was acquired to help smooth the transition. The deal, which closed last month, saw Groen’s group bought by the investment arm of South African group Naspers for €4.1bn.

Groen, who founded Takeaway.com in 2000, expanded the business to become an industry leader before steering the company through a £6.2bn merger with fellow food delivery group, Just Eat, in 2020.

The combined entity became one of Europe’s leading food delivery groups, with operations in 16 countries; however, it struggled in the years following the pandemic, with its stock price plummeting.

The fall was exemplified by the failed acquisition of US-based food ordering platform Grubhub for $7.3bn in 2021, before the group was forced to sell it last November for just $650mn.

The company subsequently delisted from the London Stock Exchange in December, to focus on its Amsterdam listing, as part of a cost-cutting drive.

“I am immensely proud of what our team has built, and I want to extend my deepest gratitude to everyone who has been part of this remarkable journey,” Groen said in a statement.

Groen’s replacement, Gandolfo, was formerly at Brazil’s iFood, which is also owned by Prosus, and will assume his new role on January 1.

Meanwhile, Prosus’s chief executive, Fabricio Bloisi, will replace Gandolfo in his previous role as chair of the Just Eat Takeaway board. 

“JET is a phenomenal business with a strong brand, valued partners and great people across the organisation,” Gandolfo said.

“I’m excited to join at this pivotal moment and to work closely with JET’s leaders to unlock the company’s next chapter of growth through innovation and best-in-class execution,” he added.

By Steve Goldstein

A file photo taken on September 1, 2019 shows Roundup weedkiller on sale that is the subject of thousands of lawsuits in the U.S. Bayer stock rose on Tuesday after the U.S. solicitor general backed the company in an amicus brief to the Supreme Court.

Bayer shares rose as much as 15% on Tuesday after the U.S. solicitor general backed the company’s bid to get the Supreme Court to curtail litigation alleging its Roundup pesticide causes cancer.

Analysts said the move will support the German company’s attempts to resolve litigation around what’s called glyphosate by the end of 2026. Solicitor General D. John Sauer on Monday said the Environmental Protection Agency repeatedly has stated that glyphosate is not likely to be carcinogenic in humans and that the agency has repeatedly approved Roundup labels without cancer warnings.

Bayer welcomed the support in the lawsuit, Monsanto Co. vs. Durnell, and the issue of whether a federal insecticide rule preempts state law. Bayer said “tens of thousands” of cases on Roundup are overwhelmingly based on claims grounded in failure-to-warn theories.

Bayer bought Monsanto in 2018 for $63 billion, and two months later, a California jury ruled in favor of a groundskeeper who contracted non-Hodgkin lymphoma.

In the third quarter Bayer had a provision of EUR6.5 billion to cover remaining and future cases, worth some 6.60 euros per share, according to analysts at Jefferies.

Bayer shares (XE:BAYN) rose over 4 euros to EUR34.75, with the percentage gain its best since Oct. 28, 2008.

-Steve Goldstein

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Until now, the internet has provided a two-way messaging system: users query search engines to find web pages, products and services. Producers send paid ads to reach users. Data trails left by consumers power online targeted advertising that generates revenue that supports many online business models. Google Search, the dominant general search engine, epitomises this strong link between the two messaging channels.

Artificial intelligence services are altering this web navigation system. AI answers to complex queries are derived from original content, doing the work of consulting webpages and saving users time and effort. But this is disadvantageous for online service providers because it re-directs user attention away from original content and from revenue-generating advertising.

AI ‘answer engines’ also complement general search engines. AI is better at answering complex questions that search cannot answer. Search engine providers have started switching between search and answer on the same page, depending on the query. Search engines thrive on data-driven network effects that result in winner-takes-all monopolistic markets, such as Google Search. AI models do not exhibit network effects, though harvesting user data and leveraging search engine data in AI opens that possibility. 

AI-induced competition in search supports the efforts of policymakers to weaken Google Search’s monopolistic position, notably by obliging Google to share data with competitors. These remedies have so far not yielded tangible results. Competition policymakers may need to rethink their approaches to Google’s dominant position in search and advertising markets in the face of AI pressure.

Rolling up our sleeves with local organizations

So far this year, hundreds of thousands of our team members have volunteered alongside community organizations, with many more events planned throughout December. Year-round, employees come together through a wide variety of opportunities, from stocking food banks and mentoring students to cleaning beaches and building homes. During the holidays, Amazon volunteers are helping to prepare food for people in need, making holiday cards for senior citizens and service members, sorting gifts for toy drives, and so much more.

• EBRD issues green loan to NLB Banka Sarajevo
• Funds provided under the Western Balkans Green Economy Financing Facility
• On-lending supported by the European Union in the form of technical cooperation and incentive grants

The European Bank for Reconstruction and Development (EBRD) is providing a €2 million loan to NLB Banka Sarajevo for on-lending in support of green investment in Bosnia and Herzegovina – the first time that the latter has received green financing from the EBRD.

The loan is being issued under the third phase of the EBRD’s flagship Western Balkans Green Economy Financing Facility (GEFF).* The proceeds will support NLB Banka’s evolving sustainability commitments by enabling it to finance gender-responsive green investment projects carried out by the residential sector (individual residents, housing collectives and housing management companies, service providers, producers and vendors of green technologies and materials, and construction companies) and the public sector.

The loan will be accompanied by grant incentives funded by the European Union (EU), with households able to access grants of up to 20 per cent of their loan amounts on successful completion of their green investments.

Stela Melnic, the EBRD’s Head of Bosnia and Herzegovina, said: “We’re proud to support NLB Banka Sarajevo with green financing that helps Bosnia and Herzegovina move towards a cleaner, more sustainable future. This initiative will fund projects that make homes and public buildings more energy efficient and environmentally friendly. Through the Western Balkans GEFF III REpower Programme, we’re working with local partners to bring real benefits to communities and promote growth that is inclusive and climate-resilient.”

Lidija Žigić, the CEO of NLB Banka Sarajevo, said: “Partnering with the EBRD on our green financing facility marks a decisive step in accelerating NLB Banka’s sustainability agenda in Bosnia and Herzegovina. This financing will strengthen our role in driving the country’s green transition by enabling households, housing collectives, construction companies and public institutions to invest in energy-efficient and renewable technologies. We see this cooperation as an investment in a future that is cleaner, more resilient and economically competitive. Together, we are empowering communities to reduce energy consumption, lower costs and contribute to a greener Western Balkans.”

Berin Lakomica, the CMO of NLB Banka Sarajevo, added: “The GEFF III REpower Programme brings tangible value to our clients by making green investments more accessible and more affordable. Through attractive financing conditions and EU-backed incentives of up to 20 per cent, households can modernise their buildings, improve energy efficiency and adopt renewable technologies with a significantly reduced financial burden. Demand within the residential segment is already strong, especially among individuals. With this programme, we are broadening the market for green technologies and supporting customers on their path towards smarter, more sustainable living.”

NLB Banka Sarajevo is a universal commercial bank that serves retail, SME, corporate and public-sector clients in the Federation of Bosnia and Herzegovina and the Brčko District through its network of 34 business units.

The EBRD has invested more than €3.4 billion in 254 projects in Bosnia and Herzegovina since it began operating there in 1996. The Bank’s strategic priorities in the country are to promote the green economy, support the competitive development of the private sector and foster regional integration.

* The GEFF programme is co-funded by the EU, Austria, Japan and Denmark, and by Austria and Switzerland through the EBRD’s High-Impact Partnership on Climate Action (HIPCA).

HIPCA is supported by Austria, Canada, Finland, Germany, the Netherlands, South Korea, Spain, Switzerland, TaiwanICDF, the United Kingdom and the United States of America.