Webinar: Discover What’s Next in Asia Pacific M&A –
Key takeaways

Across the region, deals are taking longer to close, with more detailed due diligence and deferred pricing or earn-out structures becoming more common. 

• India: India remains a standout with strong outbound and inbound M&A (and active capital markets. Private capital continues to be a key source of inbound deals. In terms of sectors, infrastructure and energy remains hot, with deals such as JSW's acquisition of O2 Power  from Temasek and EQT Infrastructure at the start of the year. Other sectors that remain active include consumer, healthcare and financial services. 
• Japan: Japan continues to show a healthy mix of inbound, outbound and domestic M&A. Landmark deals such as EQT’s proposed take-private of Fujitec and Toyota Fudosan’s US$33 billion buy-out offer for Toyota Industries reflect renewed confidence. Structural reforms and persistently low interest rates are sustaining activity, while Japan’s cash-rich corporates are pursuing outbound investment — most notably SoftBank’s investment in OpenAI. 
• Australia: Market conditions remain uneven but active in specific sectors. Financial services, digital infrastructure, mining and commercial property continue to attract investors, although board caution and increased regulatory scrutiny are extending execution timelines. Competitive tension remains high where quality assets are scarce. 
• China & Hong Kong: Hong Kong’s IPO market has rebounded sharply, creating fresh exit routes and investor confidence. Domestic and outbound M&A in China are also rising, particularly in AI, healthcare and renewables. Growing participation from Middle East and Southeast Asian investors is broadening the buyer pool. 
• Indonesia: Deal activity has held up despite slower economic growth and political uncertainty. Policy adjustments and increased social spending have renewed momentum. Activity is concentrated in financial services, consumer and healthcare sectors, alongside strong interest in data centres and critical minerals. 
• Thailand: Economic growth has been modest, yet foreign investment has doubled compared to 2024. Government incentives for data centre and EV-related projects are driving demand for land, power and infrastructure. 
• Wider SEA: Mid-sized deals in Singapore, Vietnam and the Philippines are increasing, with strong interest from Japanese, European and Middle East investors. 

• Across the region, regulators are influencing both structure and timing. The trend across the region is clear: greater transparency and accountability, but longer lead times and more complexity in execution. 
• For example, from next year, Australia moves to a mandatory merger clearance regime which will likely have an impact on deal timing. 
• Other developments, such as the crackdown on nominee structures in Thailand will also need to watched closely. 

• Traditional competitive auctions are becoming less common. Many begin as sale processes but evolve into exclusive or bilateral negotiations.  
• Sellers are also adopting staged bidding — releasing information in phases and seeking valuation confirmations to minimise last-minute price reductions. 
• We are seeing more flexibility in the process with sellers entertaining different structures to the base case put forward to allow for different investment models, for example, convertible/hybrid instruments, a partial stake vs 100% acquisition, introduction of different consideration structures  
• Vendor due diligence reports are continuing to be used to streamline deal timelines and sellers are also tightly controlling timing of information flow to help create competitive tension 

• Warranty & indemnity (W&I) insurance has moved beyond private-equity transactions to become more widely used across a range of transactions, including where there are corporate/strategic sellers or buyers, and also on partial or minority investments.  
• Successful use depends on early coordination between vendors, buyers and insurers, and on comprehensive due diligence aligned with insurer expectations.  
• Common gaps in coverage remain around known risks, employment and certain tax exposures, cyber security and ABC risks. Recourse for these matters remain a key negotiation point on deals  
• The W&I market continues to be competitive with new products emerging. It remains to be seen whether contingent-risk insurance — covering specific litigation or regulatory exposures — will emerge as the next frontier. 

• Asia Pacific remains an attractive investment destination despite more complex execution. 
• Regulatory approvals and geopolitical sensitivities require early planning and engagement. 
• Flexible structuring, a clear view on value and being targeted in seeking risk protection, including through effective use of W&I insurance, are tools to help gain a competitive edge in bidding processes.