Deal Drivers: APAC provides an in-depth review of M&A activity in 2025.

Corporate blockbuster deals defy lagging volume

In H1 2025, APAC’s M&A market recorded a total of 5,020 deals, a small 6.3% decrease compared to the same period last year. However, what it lost in volume it more than made up for in aggregate value, which surged by 89.5% year-on-year to US$612bn, highlighting a clear appetite from corporate acquirers for blockbuster transactions.

Going for gold

Japan led the region with 1,613 transaction announcements in H1 as its corporate governance reforms continue to spur high deal volume. Japanese targets also constituted some of the biggest plays of Q2, topping the tables in sectors including consumer, industrials & chemicals, pharma, medical and biotech, and technology, media and telecoms. However, from a bidder perspective, China commanded total deal value in H1, registering an impressive US$224.9bn, a figure that was heavily inflated by a series of large, state-directed capital infusions into its banking system during Q1.

Buyout value surges, in spite of slump in volume

Private equity (PE) buyouts in APAC followed the same path as the region’s M&A market, with a clear divergence between softening volume and buoyant value. Sponsors announced 1,086 deals in APAC worth a total of US$86.3bn, a 40.1% value surge year-on-year despite the 18.9% decline in volume. This strong deployment, however, belies a difficult reality. Asia-focused fundraising slumped to a multi-year low in H1, which may temper future PE activity.

Published in association with Datasite. The report is also available on datasite.com.