Southeast Asia Business Deals: Week Commencing April 27th

Southeast Asia Business Deals: Week Commencing April 27th

Headline: Significant Mergers and Acquisitions Transform Southeast Asia's Business Landscape

In recent times, Southeast Asia has witnessed a flurry of mergers and acquisitions (M&A) activities, with Singapore, India, Indonesia, Pakistan, and Malaysia leading the charge. Notable deals include cross-border and regional transactions, particularly involving Singaporean firms.

Singapore M&A Deals

In Singapore, notable large M&A deals of the past include Shining Prospect Pte Ltd's acquisition of Rio Tinto PLC for $14.3 billion (2008), Petrol Complex Pte Ltd's acquisition of Essar Oil Ltd for $12.9 billion (2015), and Nesta Investment Holdings Ltd's acquisition of Global Logistic Properties Ltd for $11.6 billion (2017).

More recent data up to mid-2025 shows a decline in deal value in Southeast Asia, but private equity activity remains active in sectors such as financial services, technology, and healthcare. In Q2 2025, $1 billion was deployed across 22 PE-backed deals in Southeast Asia, with Singapore and Vietnam accounting for the majority of deal value and volume. However, no mega M&A deals comparable to prior years were reported in this period [1][2].

India, Indonesia, Malaysia, and Pakistan M&A Deals

Malaysia and Indonesia are increasingly important in Southeast Asia's digital infrastructure sector, with ongoing investments in data center expansion reflecting strategic digital growth. However, no headline M&A deals with disclosed multi-billion values were highlighted in the current information [4].

For India and Pakistan, no specific recent large M&A deals were found in the 2024-2025 timeframe from the current data. The largest Indian-related deal noted was the 2015 acquisition of Essar Oil by a Singapore firm [3].

Notable M&A Deals in Singapore

• Rowsley Ltd. issued S$100 million of 6.5% fixed-rate secured notes due in 2018, with Allen & Gledhill, Clifford Chance, and Rajah & Tann advising on the deal [5].
• Far East Orchard Limited established its S$1 billion multi-currency medium-term note programme, with WongPartnership as legal advisors [6].
• Perennial Real Estate Holdings Limited and PTPL issued S$100 million in aggregate principal amount of 4.25% notes, with WongPartnership as legal advisors [7].
• UOL Group Limited received GBP100 million dual currency facilities from United Overseas Bank, with Allen & Gledhill as legal advisors [8].
• OUE Limited issued S$300 million 3.8 percent notes with Allen & Gledhill as legal advisors [9].
• WongPartnership advised on the grant of loan for construction costs of a mixed development site to NorthGem Development Pte. Ltd. and FC NorthGem Trustee Pte. Ltd. (trustee manager) for S$1.15 billion ($870 million) [10].
• Olam International Limited issued A$150 million of 4.875% fixed-rate senior unsecured notes as series 8 of its US$5 billion EuroMTN Programme, with WongPartners as legal advisors [11].
• Keppel REIT issued S$50 million of 3.15% notes due in 2022, with WongPartnership as legal advisors [12].
• United Envirotech Ltd. updated and upsized its programme originally established on 13 June 2013, with WongPartnership as legal advisors [13].
• American Express made an investment in One Mobikwik Systems Private Limited, but the value of the deal was not disclosed [14].
• Apollo Global Management partially exited from Dish TV India Limited for $42.2 million [15].

Notable M&A Deals in India

• Khaitan & Co advised on the slump sale of food ingredients business of KS, RE, and AI to IMCD India Private Limited [16].
• Khaitan & Co represented Emperador, Inc in its acquisition of 100% stake in Whyte & Mackay from United Spirits Limited for $729 million [17].
• Skadden, Arps, Slate, Meagher & Flom represented PT Bumi Serpong Damai in its offering of aggregate principal amount of 6.75% Senior Notes worth $225 million [18].
• Khaitan & Co also advised Works Applications on its primary and secondary investment for approximately 52.40% share capital of IVTL Infoview Technologies Private Limited [19].

Notable M&A Deals in Indonesia

• The deal involves ATC Telecom Tower Corporation Private Limited acquiring telecommunications tower and passive facilities in the states of Meghalaya, Mizoram, and Chhattisgarh from KEC International for INR 8.1 billion ($128 million) [20].
• In Indonesia, PT Dian Swastatika Sentosa Tbk (DSS) sold its 67% stake in PT Golden Energy Mines Tbk to United Fiber System Limited for S$1.88 billion ($1.45 billion) [21].

Notable M&A Deals in Malaysia

• No headline M&A deals with disclosed multi-billion values were highlighted in the current information [4]. However, there was a recent M&A growth initiative by HWG Sababa in 2025, aiming at technical and geographical expansion, but the details of values or cross-border nature were not specified [5].

Notable M&A Deals in Pakistan

• In Pakistan, no deals or legal representation were mentioned in the provided paragraph [22]. Latham & Watkins represented the Government of Pakistan in the divestment of 41.5 percent stake in Habib Bank Limited for $1 billion [23].

Sources: [1] Wikipedia - Economy of Singapore M&A data (up to 2017 notable deals & historical record) [2] EY Southeast Asia Private Equity Pulse Q2 2025 report [4] ARC Group - Southeast Asia digital infrastructure investment, 2025 [5] HWG Sababa 2025 growth & M&A announcement [16] Khaitan & Co press release - Slump Sale of Food Ingredients Business of KS, RE, and AI to IMCD India Private Limited [17] Khaitan & Co press release - Khaitan & Co advises Emperador, Inc in its acquisition of 100% stake in Whyte & Mackay from United Spirits Limited [18] Skadden, Arps, Slate, Meagher & Flom press release - PT Bumi Serpong Damai announces offering of aggregate principal amount of 6.75% Senior Notes [19] Khaitan & Co press release - Khaitan & Co advises Works Applications on its primary and secondary investment for IVTL Infoview Technologies Private Limited [20] Press release - ATC Telecom Tower Corporation Private Limited acquires telecommunications tower and passive facilities in India [21] Press release - PT Dian Swastatika Sentosa Tbk sells 67% stake in PT Golden Energy Mines Tbk to United Fiber System Limited [22] No specific deals or legal representation mentioned in the provided paragraph [23] Latham & Watkins press release - Latham & Watkins advises Government of Pakistan on the divestment of 41.5 percent stake in Habib Bank Limited for $1 billion

1. In the finance industry, investing in Singapore's business landscape could offer potential returns, considering the significant M&A deals such as Rowsley Ltd.'s acquisition of notes, Far East Orchard Limited's establishment of a multi-currency note program, and OUE Limited's issuance of notes – all advising on by prominent law firms like Allen & Gledhall, WongPartnership, and Rajah & Tann.
2. India's business landscape also presents opportunities for investing, as demonstrated by notable M&A deals like Emperador, Inc's acquisition of a stake in Whyte & Mackay from United Spirits Limited and PT Bumi Serpong Damai's offering of Senior Notes, both advised on by credible law firms like Skadden, Arps, Slate, Meagher & Flom and Khaitan & Co.

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