Asia M&A Outlook 2025

Asia M&A Outlook 2025

Executive Summary

The Asia-Pacific M&A market enters 2025 with strong momentum. Total deal value reached $680 billion in 2024, a 22% increase year-over-year, and we project continued growth to $780–820 billion in 2025.

Key Findings

• Cross-border transactions accounted for 45% of total deal value, up from 38% in 2023
• Technology and healthcare remain the dominant sectors, representing 52% of deal volume
• Private equity dry powder targeting Asia reached a record $420 billion
• Average deal size increased 18% to $285 million

Regional Analysis

Southeast Asia

The fastest-growing region for M&A activity, with deal value up 34% year-over-year. Indonesia and Vietnam are emerging as the most active markets.

East Asia

Japan continues to be the largest single-country market, while South Korea saw significant growth in outbound activity.

South Asia

India's M&A market is maturing rapidly, with increasingly sophisticated deal structures and growing international participation.

Oceania

Australia remains a gateway market for Asian investors, with stable activity levels and strong institutional frameworks.

Sector Outlook

Each sector chapter provides detailed analysis including deal flow trends, valuation multiples, regulatory considerations, and the competitive landscape for advisory services.

Methodology

This report is based on proprietary deal data from ACFI's network of certified firms, supplemented by public sources and expert interviews with senior practitioners across the region.