M&A in Southeast Asia - 2025 Q4

(Originally published on January 5, 2026)

Q4 has seen eleven deals announced, including the big formal announcement of the creation of NewCo, the JV between Eni and PETRONAS. Of these eleven deals, seven were in Indonesia, two in Malaysia, and one in Thailand, with the NewCo deal seeing the combination of assets in Malaysia and Indonesia. A transaction value was only announced for three of these deals, with the value of those three transactions being US $231 million.

The final deal count for 2025 is 31 deals with a total deal value of US $1,368 million (from the 11 deals with a visible value). By comparison, 2024 saw only 10 transactions with a total deal value of US $1,913 million (from five deals with a visible value).