Signal Malaysia has 49.2% of deals and Indonesia 47.3% of deal value among the six

Summary

M&A activity among the six Southeast Asian growth markets is concentrated in two countries, each leading on a different measure. From 2017 to 2024, Malaysia accounted for 49.2 percent of all deals, nearly half the total. Indonesia, the largest economy, took 47.3 percent of total deal value, partly because of the $18 billion Gojek and Tokopedia merger in 2021. Vietnam was third on both count and value with 13.3 and 9.4 percent, and the Philippines fourth with 12.5 and 6.3 percent. Lao PDR and Cambodia recorded very little activity, each contributing 1.0 percent or less of deal value.