The 'Doing Deals in Thailand' survey was first launched in 2019 to capture dealmakers' perspectives on the opportunities and challenges in executing M&A investments in Thailand, along with views on future market outlook. Following the global disruption caused by the Covid-19 pandemic from 2020 onwards, this 2025 edition provides a timely assessment of the M&A landscape as markets adapt to new economic models, geopolitical complexities, and transformed business practices.
This publication reflects current dealmaker sentiment and provides insights into the present deal environment in Thailand, changes since the pre-pandemic period, and market expectations for the future. The survey reveals increased complexity and uncertainty affecting businesses and governments, which is impacting M&A transactions in Thailand through extended transaction completion timelines, expanded pre-deal analysis and due diligence processes, and enhanced focus on strategic alignment and business planning.
Despite these challenges, business leaders have adapted their approaches to continue executing M&A and investment strategies. Growth remains a top priority on the boardroom agenda, with M&A serving as the key channel for achieving expansion objectives. Therefore, the outlook for deals in Thailand remains positive.
Highlights of this publication include:
More sophisticated deal-making environment
M&A activity remains strong with more sophisticated transaction mechanisms such as earn-outs and deferred consideration, despite extended 6-12 month completion timelines.
Increased importance of business strategy and pre-deal analysis
Organizations prioritize comprehensive pre-deal analysis and enhanced strategic alignment to systematically mitigate accounting, regulatory, and business planning risks.
Positive M&A sentiment for Thailand
Investors plan additional Thai acquisitions within five years, with one-third targeting multiple strategic transactions in this period.
This publication incorporates insights from KPMG in Thailand's Deal Advisory experts and client experiences from M&A transactions. The integrated Deal Advisory practice has expanded with specialist teams supporting growth strategy development and incorporating data analytics to identify value creation opportunities. The enhanced due diligence methodology, Diligence+, integrates value creation with risk mitigation while incorporating ESG, commercial, HR, and operational perspectives alongside financial, tax, and legal expertise. Corporate finance services remain active in buy-side, sell-side, and fund-raising mandates, while turnaround and restructuring teams support distressed clients through business stabilization and financing solutions.
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