M&A in Southeast Asia - 2025 Q3

(Originally published on October 2, 2025)

After a bumper Q2, this quarter has been quieter in Southeast Asia but we have still seen some interesting and important moves, with five deals announced in the quarter. Of these, two were in Indonesia, two in Thailand, and one in the MTJDA. A transaction value was only announced for four of these deals, with the value of those two transactions being US $554.7 million.

The running deal count for 2025 is 18 deals with a total deal value of US $1,136 million. By comparison, by Q3 of 2024 we had seen 8 transactions and a total deal value of US $1,868 million, with the TotalEnergies acquisition of both OMV's and Sapura Energy's shares of SapuraOMV dominating.