Mar 2025
We are pleased to provide this twice-annual report summarising notable mergers and acquisitions activity in South and Southeast Asia, highlighting transactions over US$100 million in aggregate value. This edition features deal making in the region over the six month period of September 2024 to February 2025.
Conyers offers extensive expertise in this area, having advised on a number of the cross-border M&A transactions involving Bermuda, BVI and Cayman Islands entities during the period under review, from initial structuring, due diligence to deal completion, in addition to advising on and corporate governance considerations.
M&A activity is on the rise in these dynamic markets, and 2024 was a robust transactional year for the Indian and ASEAN economies. India bounced back from a slow 2023 with a 43.2% increase in deal values, buoyed by both domestic and cross-border deals. In ASEAN, deal values increased less dramatically, but steadily, at 3%. The combined deal value for M&A activity in India and across the 11 ASEAN member states for the year is approximately US$900 billion.
From September 2024 through February 2025, the six months with which this report is concerned, India saw 442 M&A deals to completion, with an aggregate reported value of US$15.59 billion.
The ASEAN countries of Indonesia, Malaysia, Philippines, Thailand and Vietnam closed a further 346 transactions, for a reported grand total of US12.68 billion.
The region’s strategic location and status as a politically neutral ground for partnership and collaboration make it a highly attractive locus for cross-border deals. While domestic deal-making has undeniably been robust over the past six months, several of the deals highlighted below reflect the flow of foreign direct investment into the region.
A notable example is New York private equity and venture capital firm Investcorp Holdings’ acquisition of NSEIT Ltd. from the National Stock Exchange of India Limited for US$119.83 million. NSEIT Ltd. is a strategic IT partner to the world’s third largest stock exchange and works with 6 of the top 10 insurance companies in India. Further illustrations of international investor confidence include Dutch investment holding company Naspers Ventures BV’s acquisition of an 8.4% stake in Indian residential mortgage company Vastu Housing Finance Corporation Limited for approximately US$100 million, and the acquisition of Malaysian oil and gas producer SapuraOMV Upstream Sdn. Bhd. by the French integrated energy company TotalEnergies SE and its subsidiary TotalEnergies Holdings S.A.S. for a combined deal value of US$1.43 billion. Look for deals involving international buyers and sellers tagged with the 
symbol throughout this report.
While the region did not see any megadeals (i.e. mergers in excess of US$10 billion) in the period under review, several high-value transactions are worth noting. In February, a cross-border consortium including the Employees Provident Fund of Malaysia completed the acquisition of Malaysia Airports Holdings Berhad (KLSE:AIRPORT) for US$3.62 billion, marking the largest deal of the period. In September, Indian REIT Data Infrastructure Trust’s (BSE:543225) acquisition of telecommunications company Elevar Digitel Infrastructure Private Limited from NYSE-listed American Tower Corporation closed at US$2.395 billion. In the same month, IDFC First Bank Limited (BSE:539437) acquired IDFC Limited for US$2.24 billion, and Singapore investment holding company Sight Investment Company Pte. Limited secured Indonesian healthcare company PT Siloam International Hospitals Tbk (IDX:SILO) for just over US$1.1 billion. Finally, Hong Kong alternative investment management firm PAG’s November acquisition of Indian plastics producer Manjushree Technopack Limited rounds out the billion-plus club with a closing value of US$1.06 billion.
Deal making was notably diversified across a broad range of sectors over the period, with technology, consumer goods and services, and industrials leading the way.
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