South & Southeast Asia M&A Report – Q1 2026

In India, M&A activity accelerated meaningfully from Q3 2025 and carried into early 2026, led by domestic consolidation, financial services, energy transition and technology. Deal volumes were high, with fewer mega‑deals than in recent years but a deep mid‑market pipeline. In the ASEAN countries, activity was selective rather than broad‑based, with capital concentrated in digital infrastructure, healthcare, energy and industrials. Private equity remained the dominant buyer class, and as sellers accepted lower prices than found in peak markets, buyers tended to seek majority stakes instead of smaller minority positions. As demonstrated in the notable transactions section below, Singapore, Indonesia and Vietnam were the most active markets.

From September 2025 through February 2026, the six months with which this report is concerned, India saw just over 500 M&A deals to completion, with an aggregate reported value of US$30.8 billion. The ASEAN countries of Indonesia, Malaysia, Philippines, Thailand and Vietnam closed a further 375 transactions, for a reported grand total of US$13.6 billion.

The combination of strategic geography and political neutrality continues to reinforce the region’s appeal as a focal point for cross‑border deals, as demonstrated in this report. Of particular interest to us in this edition are those that include Bermuda and Cayman Islands entities, such as Bermuda company Independent Sugar Corporation Ltd.’s acquisition of Indian glass bottle manufacturer Hindusthan National Glass & Industries Limited (BSE:515145) for US$522 million in September, Indian pharmaceutical company Torrent Pharmaceuticals Limited (BSE:500420) acquiring a 46.39% stake in J. B. Chemicals & Pharmaceuticals Limited (BSE:506943) from Cayman Islands entity KKR Asian Fund III for US$1.4 billion in January, and Cayman funds Blackstone Capital Partners Asia II L.P. and Blackstone Capital Partners (cym) IX Aiv – F L.P. acquiring a 65.02% stake in Indian residential mortgage finance company Aadhar Housing Finance Limited (NSEI:AADHARHFC) for US$1.39 billion in February.

The region saw no megadeals (over US$10 billion), but a number of high‑value transactions warrant mention. The largest of these was the acquisition by French energy management and industrial automation company Schneider Electric S.E. (ENXTPA:SU) of the remaining 35% stake in Indian subsidiary Schneider Electric India Pvt. Ltd. from Singapore private equity and venture capital firm Temasek Holdings (Private) Limited for US$6.3 billion in December. Another French acquisition of note was completed by the technology consulting firm Capgemini SE (ENXTPA:CAP), which acquired Indian business process management (BPM) company WNS (Holdings) Limited (NYSE:WNS) for US$4 billion in October, after which the target company delisted from the New York Stock Exchange. Also of note by virtue of deal size was the acquisition by Indian financial services companies Bajaj Finserv Ltd. (NSEI:BAJAJFINSV), Bajaj Holdings & Investment Limited (BSE:500490) and Jamnalal Sons Private Limited of an additional 23% stake in Bajaj Allianz General Insurance Company Limited and Bajaj Allianz Life Insurance Company Limited from German multi-line insurer Allianz SE (XTRA:ALV) for US$2.4 billion in January.

Deal making was notably diversified across a broad range of sectors over the period, with technology, real estate development/investment, and consumer goods and services leading the way.