[Logistics] APAC Cross-Border M&A Involving Japanese Companies: Review 2025 and Insight for 2026

In 2025, Japanese companies executed 17 cross-border M&A transactions in the logistics sector across the Asia–Pacific region. Activity was concentrated in Thailand, China, Indonesia, and Vietnam, and reflected a broader restructuring of logistics networks across ASEAN. The year demonstrated a clear focus on strengthening forwarding capabilities, modernising warehouse operations, expanding cold‑chain infrastructure, and repositioning regional logistics portfolios in response to shifting manufacturing patterns and rising e‑commerce–driven distribution requirements. Collectively, these developments underscored how logistics has become a strategic enabler of supply‑chain resilience and commercial expansion for Japanese corporates across APAC.

Thailand: Strengthening Networks Through Forwarding Expansion and Local Subsidiary Integration

Thailand was one of the most active markets, with multiple transactions aimed at consolidating local operations and enhancing forwarding capacity. Nippon Steel Logistics integrated two Thai subsidiaries to streamline governance, improve operational efficiency, and reinforce its ability to support expanding logistics demand from the manufacturing sector. The consolidation reflects a strategic response to increased industrial production in Thailand and the growing need for unified oversight across domestic and cross‑border logistics flows.

Fukuyama Transporting expanded its Southeast Asian forwarding capabilities through the acquisition of Renown Transport, which operates air and ocean freight services in Thailand. Bangkok’s position as a regional transport hub remains highly strategic for Japanese manufacturers operating multi‑country networks across ASEAN, and the acquisition strengthened coverage in an area where multimodal connectivity is essential.

China: Reallocation and Streamlining Amid Intensifying Local Competition

China saw several transactions involving divestitures and organisational restructuring. Sanritsu divested its Shanghai-based freight‑forwarding subsidiary to a local operator, responding to increasingly intense price competition and the growing dominance of domestic logistics firms. Although China continues to represent a large and critical market, the competitive environment has compelled many Japanese logistics companies to selectively streamline or refocus operations. As a result, “withdrawal” and “reinvestment” frequently coexist within the same corporate portfolios, as firms take differentiated approaches to various logistics functions.

Indonesia: Enhancing Transportation Capacity Through Local Acquisition

In Indonesia, SBS Holdings acquired PT TANGGUH JAYA PERKASA to strengthen its local transportation network. Indonesia continues to face structural logistics challenges, including inefficient inter‑city distribution, complex last‑mile operations, and rapidly increasing parcel volumes driven by e‑commerce adoption. Acquiring local operators remains one of the fastest ways for Japanese companies to secure driver supply, warehouse access, and region‑specific route coverage in a market where logistics performance is heavily dependent on geographic nuances.

Vietnam: Expansion of Cold‑Chain Capabilities and Higher-Quality Logistics Infrastructure

Vietnam saw continued momentum in cold‑chain expansion and high‑quality warehousing. Kawanishi Warehouse acquired a 51% stake in TPL, a Vietnamese cold‑storage operator, reinforcing its presence in temperature‑controlled logistics. Demand for cold‑chain services has accelerated sharply due to the growth of the food service sector, packaged foods, and e‑commerce. Additionally, export‑oriented manufacturing has increased expectations for warehouse quality and workflow sophistication. While Vietnam’s logistics market is expanding rapidly in volume, the “quality gap” remains wide, presenting significant entry opportunities for Japanese companies with operational expertise.

Other ASEAN Markets

Complementary investment activity also took place in Malaysia and the Philippines, where transportation‑related restructuring and selective investment were observed. Across the region, logistics operators undertook base consolidation, divestitures, and capability enhancements, reinforcing the idea that 2025 represented an early stage in a broader regional restructuring cycle.

Notable Transactions

Nippon Steel Logistics (Thailand): Integrated two Thai subsidiaries to consolidate governance and strengthen its logistics platform in ASEAN.
Fukuyama Transporting (Thailand): Acquired Renown Transport, expanding air and ocean forwarding capabilities.
Kawanishi Warehouse (Vietnam): Acquired a 51% stake in TPL to reinforce cold‑chain logistics.
SBS Holdings (Indonesia): Acquired PT TANGGUH JAYA PERKASA to strengthen transportation and delivery capacity.
Sanritsu (China): Divested its Shanghai freight‑forwarding subsidiary to a local operator, adjusting its China logistics portfolio.

Syntax Partners, Inc.