1. Summary (Overview of M&A Activities Involving Japanese Companies)
In April 2025, Japanese companies were involved in 39 M&A transactions across the Asia-Pacific (APAC) region. The breakdown by transaction type is as follows:
- Acquisitions: 11
- Investments: 7
- Divestitures: 9
- Partial Transfers: 1
- Others: 11
By country, China recorded the highest number of deals (7), including 3 acquisitions and 4 divestitures. This reflects both expansion and strategic withdrawal trends in the region.
A major transaction was announced by SBI Holdings on April 17, involving the additional acquisition of shares in Kyobo Life Insurance, South Korea’s third-largest life insurer. This increased SBI’s stake from 9.3% to 20.4%, making it the largest shareholder excluding the founding family. SBI has maintained a strategic partnership with Kyobo since acquiring an initial stake in 2007, collaborating in areas such as digital finance. This move strengthens SBI’s insurance business and deepens its regional presence.
Additionally, on April 28, SBI Holdings decided to transfer part of the shares of its Korean subsidiary, SBI Savings Bank, to Kyobo Life Insurance, further solidifying the relationship between the two groups.
2. Notable Case Studies and Perspectives
1) Strategic Investment for GX Promotion and Energy Solutions
Sojitz Corporation announced an investment in IOC GPS Renewables Pvt. Ltd. (IGRPL), a joint venture between India’s state-owned oil company IOCL and GPS Renewables. IGRPL aims to build 30 biomethane plants across India by FY2026–2027, producing and selling 160,000 tons annually using agricultural waste. The total project cost exceeds USD 400 million. Sojitz’s investment supports India’s energy self-sufficiency and environmental goals, aligning with its medium-term strategy to promote green transformation (GX) and carbon neutrality.
2) Strategic Retreat from China Amid Automotive Sector Shifts
Japanese automotive parts suppliers are reassessing their presence in China due to declining market share of Japanese automakers and rising competition from Chinese EV manufacturers.
- Kurabo Industries sold its Chinese subsidiary to a local firm.
- Maruichi Steel Tube divested its stake in a Chinese JV to a Taiwanese partner.
- Ahresty Corporation transferred its Guangzhou subsidiary to a local company.
These moves reflect a broader shift away from dependence on Japanese automakers and a response to intensifying price competition and structural changes in the Chinese automotive market.
3. List of Cases Involving Japanese Companies
The report includes a comprehensive list of 39 transactions categorized by date, type, country, and industry. Selected examples include:
- Yamaha Motor acquired Australian aluminum boat maker Telwater
- NYK Line invested in Taiwanese offshore wind firm 國際海洋
- Fukuyama Transporting acquired Thai logistics firm Renown Transport
- LINE Yahoo converted LINE Bank Taiwan into a subsidiary
- NTT East Japan invested in Indonesian telecom infrastructure firm
- Seiko Epson invested in Korean industrial inkjet equipment developer Gosan Tech
- Kawanishi Warehouse acquired Vietnamese cold storage firm TPL
- Sumitomo Corporation sold its stake in Indian truck maker SML Isuzu
- Kokuyo acquired Indian office furniture company HNI Office India
- AnyMind Group acquired Vietnamese social commerce firm Vibula Group
- Ozax acquired Malaysian wholesale kitchen equipment firm FKF Hotel & Restaurant Supplies
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.