1. Summary (Overview of M&A Activities Involving Japanese Companies)
In March 2025, Japanese companies were involved in 19 M&A transactions across the Asia-Pacific (APAC) region. The breakdown by transaction type is as follows:
- Acquisitions: 7
- Investments: 5
- Divestitures: 4
- Partial Transfers: 0
- Others: 3
By country, the most active markets were Singapore, South Korea, India, and Thailand, each with 3 deals. This reflects a balanced geographic spread of Japanese corporate activity across East and Southeast Asia.
A major transaction was announced by Nagase & Co., Ltd., which agreed to acquire the high-purity semiconductor chemicals business of SACHEM, Inc. (USA) for approximately USD 101 million (JPY 15 billion). The deal includes five subsidiaries and the joint venture SN Tech, co-founded with Nagase ChemteX. This acquisition aligns with Nagase’s mid-term strategy “ACE 2.0,” which prioritizes the semiconductor sector as a key growth area. By integrating SACHEM’s advanced chemical technologies and global customer base, Nagase aims to strengthen its position as a materials supplier in the expanding semiconductor market.
2. Notable Case Studies and Perspectives
1) Japan–Korea Collaboration in Advanced Technologies
On March 18, Sumitomo Chemical acquired HUCOM Wireless, a South Korean wireless communication module startup, through its local subsidiary Dongwoo Fine-Chem. The acquisition provides Sumitomo with HUCOM’s advanced design capabilities and customer network, accelerating the development of film antennas for Beyond 5G and IoT applications. The high-performance antenna market is expected to reach JPY 100 billion by the early 2030s. This deal exemplifies a new model of Japan–Korea industrial collaboration, combining Japanese materials expertise with Korean device innovation.
2) Public–Private Partnership to Support Japanese Expansion in Southeast Asia
Development Bank of Japan (DBJ) and Thailand’s CP Group jointly launched the En Growth Fund II, a JPY 18 billion investment vehicle to support Japanese companies expanding into Asia. Managed in partnership with Mercuria Investment, the fund focuses on minority structured equity investments (15–49%) to support innovation, M&A, and spin-offs. This initiative reflects DBJ’s mission to provide growth capital in underserved areas and offers Japanese firms a strategic foothold in Southeast Asia through collaboration with a major regional conglomerate.
3. List of Cases Involving Japanese Companies
The report includes a detailed list of 19 transactions categorized by date, type, country, and industry. Selected examples include:
- Aska Pharmaceutical Holdings acquired a stake in Philippine drugmaker MedChoice Pharma
- Toyo Seikan Group sold its Myanmar beverage can business to Otsuka Pharmaceutical
- H-One divested its Indian subsidiary to Belrise Industries
- Jigsaw Holdings invested in Singaporean doctor platform Docquity
- ASNOVA acquired Singaporean rental firm Qool Enviro
- INCJ sold its stake in Malaysian telecom infrastructure firm edotco Group
- SBS Holdings acquired Indonesian logistics firm PT TANGGUH JAYA PRATAMA
- Optimus Group acquired Australian auto dealership McCarroll Motors Mudgee
- UT Group sold its Vietnamese subsidiary Green Speed
- Marubeni made a follow-on investment in Singaporean fintech firm ZMA
- MOL and IHI considered investing in a green ammonia project in India
- DaikyoNishikawa fully acquired Thai auto parts maker DMS Tech
- Utok invested in Indian construction firm Delta Global Allied
- Fuji Nihon Seito converted Thai food JV Thai Wah Fuji Nihon into an equity-method affiliate
Note: In this article, “APAC” refers to countries and regions in East Asia, South Asia, Southeast Asia (including ASEAN and others), and Oceania. The list of transactions is based on observed data.