Signal One $10.6bn Thai acquisition of Tesco Malaysia makes Thailand the top origin by value

Summary

Measured by deal value rather than count, Thailand is the leading source of cross-border M&A into the six growth markets for 2017 to 2024. The report explains that this position rests almost entirely on one deal. In December 2020, Charoen Pokphand Group acquired Tesco's businesses in Malaysia for $10.6 billion. Excluding that exceptional transaction, Singapore, Japan, the United States and South Korea, the top four by deal count, are also the top four by value. The report also observes that France ranked fifth by capital value despite being only eleventh by number of deals.