1. Summary (Overview of M&A Activities Involving Japanese Companies)
In January 2025, Japanese companies were involved in 23 M&A transactions across the Asia-Pacific (APAC) region. The breakdown by transaction type is as follows:
- Acquisitions: 3
- Investments: 14
- Divestitures: 4
- Partial Transfers: 1
- Others: 1
By country, Singapore recorded the highest number of deals (6), followed by Indonesia (3), indicating continued Japanese interest in Southeast Asia’s dynamic markets.
A major transaction was announced by Sojitz Corporation, which agreed to acquire Capella Capital Partnership and its asset-holding companies from Lendlease Corporation Ltd, one of Australia’s largest infrastructure developers. The deal, valued at approximately ¥47 billion (AUD 470 million), is expected to be completed by June 2025, pending regulatory approvals. This acquisition strengthens Sojitz’s capabilities in energy and social infrastructure development and marks a strategic shift toward a business model that integrates project formation and asset management.
Capella has led large-scale infrastructure projects such as hospitals, highways, light rail, and subways, with over ¥3.4 trillion (AUD 34 billion) in project orders since its founding in 2009. As of December 2024, it was managing more than 10 active infrastructure projects across Australia.
2. Notable Case Studies and Perspectives
Prominent Divestiture Case: Strategic Capital Reallocation by ORIX
In January, divestitures outnumbered acquisitions (excluding minority investments), highlighting a trend of strategic portfolio realignment.
ORIX Corporation announced the sale of its entire stake in Greenko Energy Holdings, a major Indian renewable energy company, to AM Green Power B.V., a wholly owned subsidiary of AM Green B.V., founded by Greenko’s original founders. Simultaneously, ORIX invested in convertible bonds issued by AM Green (Luxembourg) S.à.r.l., the parent company of AMG.
Greenko operates solar, wind, and hydro power projects in India with a total capacity of 7.3 GW, and is developing large-scale pumped storage facilities. ORIX initially invested in Greenko in March 2021 and supported its growth. This divestment is part of a capital recycling strategy, allowing ORIX to reallocate funds toward next-generation energy sectors aligned with global decarbonization trends.
Such strategic exits and reinvestments reflect how Japanese companies are adapting their M&A and overseas investment strategies in response to global economic, industrial, and geopolitical shifts.
3. List of Cases Involving Japanese Companies
The report includes a detailed list of 23 transactions categorized by date, type, country, and industry. Selected examples include:
- INCJ divested its stake in Singaporean aquaculture tech firm UMITRON
- Sumitomo Metal Mining acquired full ownership of Philippine nickel producer Coral Bay Nickel
- Itochu Corporation formed a capital alliance with immersive exhibition firm NEON Group in Singapore
- Denka invested in Singaporean wearable health tech startup Aevice Health
- ORIX sold its stake in Indian renewable energy firm Greenko
- CROOZ sold its Korean e-commerce subsidiary SHOPLIST
- Neo Career divested its Singaporean recruitment subsidiary Reeracoen Group
- TIS formed a strategic alliance with Vietnamese IT services firm NTQ
- Soliton Systems sold its Chinese subsidiary in the telecom SI business
- ZUU invested in Singaporean gamified learning platform Digital Entertainment Asset
- Organo Corporation transferred part of its Indonesian subsidiary’s shares to a JV partner
- Sojitz acquired Australian infrastructure developer Capella Capital Partnership
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.