South & Southeast Asia M&A Report

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.

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.

Notable Transactions

• Indian REIT Data Infrastructure Trust (BSE:543225) acquired telecommunications company Elevar Digitel Infrastructure Private Limited from NYSE-listed American Tower Corporation for US$2.395 billion. (September)
• Mumbai-headquartered financial services company IDFC First Bank Limited (BSE:539437) acquired the non-banking finance investment company IDFC Limited (NSEI:IDFC) for US$2.24 billion. (September)
• Singapore investment holding company Sight Investment Company Pte. Limited acquired Indonesian healthcare company PT Siloam International Hospitals Tbk (IDX:SILO) from PT Megapratama Karya Persada, Cayman Islands company Prime Health Company Limited and other public shareholders for approximately US$1.1 billion. (September)
• Gujarati electricity producer Adani Power Limited (NSEI:ADANIPOWER) completed the acquisition of Gurugram-based coal thermal power plant Lanco Amarkantak Power Limited for US$467.69 million. (September)
• Philippine power plant developer Meralco PowerGen Corporation acquired an 11.60% stake in solar farm company SP New Energy Corporation (PSE:SPNEC) from Solar Philippines Power Project Holdings, Inc. for US$129.07 million. (September)
• Mumbai-based apparel retailer Aditya Birla Fashion and Retail Limited (NSEI:ABFRL) acquired the remaining 47.99% stake in Delhi-based TCNS Clothing Co. Limited (NSEI:TCNSBRANDS) for US$171.59 million. (September)
• Vietnamese food and beverage manufacturer Masan Group Corporation (HOSE:MSN) acquired an additional 7.10% stake in food retailer VinCommerce General Commercial Services Joint Stock Company from SK South East Asia Investment, the strategic investment holding company of South Korea's SK Group, for US$200 million. (September)
• New York private equity and venture capital firm Investcorp Holdings B.S.C. acquired NSEIT Ltd. From the National Stock Exchange of India Limited for US$114.04 million. (September)
• Indonesian toll road operator PT Margautama Nusantara, PT Metro Pacific Tollways Indonesia and Singapore investment vehicle Warrington Investment Pte. Ltd acquired a 28.5% stake in PT Jasamarga Transjawa Tol from PT Jasa Marga (Persero) Tbk (IDX:JSMR) for US$788.33 million. (September)
• Delhi-based Mankind Pharma Limited (NSEI:MANKIND) acquired Mumbai pharmaceutical company Bharat Serums and Vaccines Limited from Boston private equity investor Advent International for US$1.57 million, making the company its wholly owned subsidiary. (October)
• Indian port infrastructure company Adani Ports and Special Economic Zone Limited (NSEI:ADANIPORTS) acquired a 95% stake in Gopalpur Ports Limited from Orissa Stevedores Limited and Sp Port Maintenance Private Limited for US$153.83 million. (October)
• An undisclosed buyer acquired an unknown minority stake in Indian online food delivery platform Swiggy Limited (NSEI:SWIGGY) from Beijing-based Cayman Islands company Meituan (SEHK:3690) for US$210 million. (October)
• Indonesian nickel mining company PT GAG Nikel acquired a 30% stake in nonferrous base metal manufacturer PT Jiu Long Metal Industry from Singapore investment entity Newton International Investment Pte.Ltd for US$102.5 million. (October)
• Thai investment advisor Sunrise Equity Company Limited acquired a 7.18% stake in Siam City Cement Public Company Limited (SET:SCCC) for US$101.31 million. (October)
• Indian company JSW Port Logistics Private Limited acquired a 70.37% stake in marine and port service provider Navkar Corporation Limited (NSEI:NAVKARCORP) from Sidhhartha Corporation Pvt. Ltd. and others for US$140.54 million. (October)
• Indian media and entertainment company Network18 Media & Investments Limited (NSEI:NETWORK18) acquired the remaining 48.83% stake in TV18 Broadcast Limited (NSEI:TV18BRDCST) for US$500.11 million. (October)
• Indonesian real estate development company PT Bumi Serpong Damai Tbk (IDX:BSDE) acquired a 91.99% stake in PT Bumi Serpong Damai Tbk (IDX:BSDE) from Top Global Limited for US$206.81 million. (October)
• Dutch investment holding company Naspers Ventures BV acquired an 8.4% stake in Indian residential mortgage company Vastu Housing Finance Corporation Limited for approximately US$100 million. (October)
• Siam City Cement Public Company Limited (SET:SCCC) acquired a 55.01% stake in Thai coal manufacturer Lanna Resources Public Company Limited (SET:LANNA) from Thai NVDR Co., Ltd. and UBS AG, London Branch for US$166.75 million. (October)
• Hong Kong alternative investment management firm PAG acquired Indian plastics producer Manjushree Technopack Limited from American venture capital and private equity firm Advent International, L.P. for US$1.06 billion. (November)
• Indian E-Services company BLS E-Services Limited (NSEI:BLSE) completed the acquisition of 57% stake in Mumbai-based specialised finance company Aadifidelis Solutions Private Limited for US$142 million. (November)
• Indian petroleum company Reliance Industries Limited (NSEI:RELIANCE) acquired a 13.01% stake in Indian entertainment network Viacom 18 Media Private Limited from Delaware company Paramount Global (NasdaqGS:PARA) for US$488.78 million. (November)
• Malaysian hospital owner and operator Pantai Holdings Sdn Bhd acquired Island Hospital Sdn. Bhd. from Singapore-based Comprehensive Care Pte Ltd and shareholder Wee Keng Hong Mark for US$945.95 million. (November)
• Singapore company and controlling shareholder Zezz FundQ Pte. Ltd. acquired the remaining 25.93% stake in SGX-listed Malaysian SaaS company Silverlake Axis Ltd. (SGX:5CP) for US$230.91 million. (November)
• Uttar Pradesh real estate development company Bhutani Group acquired Logix City Centre from Hong Kong alternative investment firm PAG and others for US$114.04. (November)
• India Resurgence Fund, L.P., managed by India Resurgence Asset Management Business Private Limited and Piramal Enterprises Limited, Investment Arm, acquired an unknown stake in Mumbai-based specialty chemicals company Anthea Aromatics Pvt. Ltd for US$125 million. (November)
• Denmark company Carlsberg Breweries A/S acquired the remaining 33.33% stake in Carlsberg South Asia Pte. Ltd. from CSAPL (Singapore) Holdings Pte. Ltd, and in a related transaction acquired a 9.94% stake in Gorkha Brewery Private Limited. The combined deal value for these two transactions is US$744 million. (November)
• Indian IT company Coforge Limited (NSEI:COFORGE) acquired a 32.77% stake in Hyderabad-based software testing service provider Cigniti Technologies Limited (BSE:534758) for US$145.69 million, and a further 4.7% stake in the company for US$21.49 million, from individual shareholders. (November)
• Hong Kong alternative investment firm PAG acquired a 97% stake in Bengaluru-based plastics company Manjushree Technopack Limited from Boston private equity and venture capital firm Advent International, L.P. for US$999.54 million. Advent, which invested in Manjushree in 2018, had been exploring an exit through an initial public offering after the company filed a US$362 million IPO application with SEBI in August 2023. (November)
• Indian investment bank Mirae Asset Capital Markets (India) Private Limited acquired Mumbai-based online security broker Sharekhan Ltd. from BNP Paribas SA (ENXTPA:BNP) and others for US$330.4 million. (November)
• Indian mining company The Sandur Manganese & Iron Ores Limited (BSE:504918) acquired Arjas Steel Pvt Ltd for US$228.07 million. (November)
• Malaysian company YTL Cement Berhad acquired the entirety of the issued share capital of Singapore investment holding company NSL Ltd. (SGX:N02) for approximately US$175.4 million. (November)
• Massachusetts construction and engineering company Dacon Corporation and its Philippine subsidiaries DMCI Holdings, Inc. (PSE:DMC) and Semirara Mining and Power Corporation (PSE:SCC) acquired Cemex Asian South East Corporation from Spanish cement and concrete producer CEMEX Espana, S.A. for US$305.6 million. (December)
• Indian cement manufacturer UltraTech Cement Limited (NSEI:ULTRACEMCO) acquired 21.98%, 6.44% and 4.30% stakes in The India Cements Limited (NSEI:INDIACEM) from EWS Finance Investments Ltd for US$375.26 million, US$92.93 million and US$62.02 million respectively. (December)
• Malaysian property investment and property management company IOI Mall Damansara Sdn Bhd acquired Tropicana Gardens Mall from Tropicana Indah Sdn Bhd for US$153.15 million. (December)
• Indonesian nickel ore mining and processing company PT Trimegah Bangun Persada Tbk (IDX:NCKL) acquired a 10% stake in PT Obi Nickel Cobalt from shareholder Li Yuen for US$128.01 million. (December)
• Malaysian Public Bank Berhad (KLSE:PBBANK)acquired a 44.15% stake in property and casualty insurer LPI Capital Bhd (KLSE:LPI) from Consolidated Teh Holdings Sdn Berhad and Estate of the Late Tan Sri Dato' Sri Dr. Teh Hong Piow for US$388.24 million. (December)
• French integrated energy company TotalEnergies SE (ENXTPA:TTE) acquired a 50% stake in Malaysian oil and gas producer SapuraOMV Upstream Sdn. Bhd. from Austrian OMV Aktiengesellschaft (WBAG:OMV) for US$903 million, and TotalEnergies Holdings S.A.S. acquired the remaining 50% stake for US$570.83 million. (December)
• Bermuda-domiciled and Singapore-based company OKH Global Ltd. (SGX:S3N) announced its proposed acquisition of the entire issued share capital of Singapore company Chip Eng Seng Construction Pte.Ltd. for an acquisition consideration of up to approximately US$89 million. (December)
• Singapore health care services company TalkMed Group Limited (SGX:5G3) announced the proposed acquisition of all the issued and paid-up shares in TalkMed by TW Troy Limited by way of a scheme of arrangement at US$0.345 in cash per scheme share. (December)
• Cayman Islands-domiciled and Singapore-based company G.H.Y Culture & Media Holding Co., Limited (SGX:XJB) announced a proposed acquisition of 95% of the issued share capital of Orita Sinclair School of Design and Music Pte. Ltd. for a purchase consideration of US$2.28 billion. (December)
• Indian oil and gas company Reliance Industries Limited (NSEI:RELIANCE) acquired Navi Mumbai IIA Private Limited for US$185.65 million. (December)
• Indian gaming and sports media platform Nazara Technologies Limited (NSEI:NAZARA) acquired an additional 19.35% stake in Absolute Sports Private Limited from Porush Jain and Srinivas Cuddapah for US$173.86 million. (January)
• Indian automotive component manufacturer Minda Corporation Limited (NSEI:MINDACORP) acquired a 49% stake in Delhi-based Flash Electronics (India) Pvt. Ltd. For US$156.46 million. (January)
• Indian steel manufacturer Jsquare Electrical Steel Nashik Private Limited acquired Thyssenkrupp Electrical Steel (India) Private Limited for US$462.01 million. (January)
• Japanese financial services provider AEON Financial Service Co. Ltd. (TSE:8570) acquired Vietnamese specialised finance company Post and Telecommunication Finance Company Limited from Vietnamese Southeast Asia Commercial Joint Stock Bank (HOSE:SSB) for US $169.06 million. (February)
• Indian food manufacturing company Agro Tech Foods Limited (BSE:500215) acquired Del Monte Foods India Private Ltd. from British Virgin Islands domiciled and SGX-listed Del Monte Pacific Limited (SGX:D03), Bharti Enterprises Limited, Bharti (RBM) Holdings Private Limited, Bharti (RM) Holdings Private Limited, Bharti (SBM) Holdings Private Limited, Bharti (Satya) Trustees Private Limited and Bharti Enterprises Limited for US$163.21 million. (February)
• Mumbai-based Equirus Capital Private Limited acquired Bengaluru-based Credence Family Office LLP from TIW Private Equity for US$114.04 million. (February)
• American infrastructure investor Global Infrastructure Management, LLC, Employees Provident Fund of Malaysia, Abu Dhabi Investment Authority and Khazanah Nasional Berhad, as part of a consortium, completed the acquisition of Malaysia Airports Holdings Berhad (KLSE:AIRPORT) for US$3.62 billion. (February)
• Fairfax India Holdings Corporation, through its wholly-owned subsidiary, completed the acquisition of an 10% equity interest in Bangalore International Airport Limited (BIAL) from German private equity and venture capital firm Siemens Project Ventures GmbH, part of Siemens Financial Services for, in aggregate, US$255 million. As a result of the closing of the transaction, Fairfax India’s aggregate share ownership in BIAL increased to 74.0%. (February)

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