M&A activity continues as Thai dealmakers navigate complex global uncertainties, says KPMG Deal Advisory team

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• Thailand's M&A market demonstrates increased sophistication, more widespread use of earn-out mechanisms, and complex deal structures, to mitigate the current risk and uncertainty.
• Companies are now sending more time on pre-deal strategic alignment, with robust joint business planning emerging as the critical success factor for deal completion.
• An impressive 84% of respondents plan to pursue at least one additional acquisition in Thailand over the next five years, with one-third planning at least four transactions.

Bangkok, Thailand, 25 June 2025 – KPMG in Thailand releases the report “Doing deals in Thailand 2025”, a comprehensive survey of companies engaged in M&A activity in Thailand. The findings in this report show that Thailand's M&A landscape has evolved into a more sophisticated and strategic environment, positioning Thailand for continued growth despite global economic uncertainties. Dealmakers have successfully adapted with more sophisticated structures to manage risks and get deals over the line, while maintaining strong appetite for transactions.

The report "Doing Deals in Thailand 2025" represents the second edition, following KPMG's inaugural 2019 survey, designed to track evolving trends as Thailand's economy continues to develop. The publication captures dealmakers' perspectives on opportunities, challenges, and strategic approaches in executing M&A investments during the post-pandemic period. This study included respondents from business development, finance and accounting, investment analysis, strategy, and executive roles across a range of industries.

The major findings indicate that Thailand has a strong deal environment despite increased complexities and uncertainties. Deals are taking longer to complete as investors conduct more comprehensive analysis. Nearly half of transactions now extend beyond one year compared to 38% in 2019, reflecting additional pre-deal analysis on overall strategic alignment, business planning and due diligence being performed.

The survey also reveals that the pursuit of new markets drives two-thirds of acquisitions in Thailand, with only 18% seeking greater market share and 16% pursuing vertical integration via supplier or customer acquisitions. There is no doubt that financial, tax and legal are the most common types of due diligence performed. However, due diligence focus has expanded to include commercial, operational, HR, and IT assessments, while ESG considerations are becoming more prominent with 73% of respondents rating environmental and social factors as of medium to high importance.

In terms of deal funding, the findings show that existing cash reserves remain the most common source, reflecting cautious post-pandemic approaches while signaling substantial capacity for increased activity. The growing presence of private credit funds entering the regional market will add available capital, creating opportunities for more deals, and more complex investment structures across multiple sectors.

According to the survey result, Thai businesses are well-positioned to take advantage of ongoing M&A opportunities, with the support of business restructuring initiatives, strategic partnerships, and a more reasonable valuation environment following market stabilization. Despite facing increased competition from Indonesia, Vietnam, and Malaysia as regional investment destinations, Thailand 's established infrastructure, strategic ASEAN location, and reliable workforce continue attracting significant investor interest across sectors including manufacturing, IT, healthcare, consumer, and sustainability-focused businesses that offer strong growth potential.

To read or download the full publication of Doing Deals in Thailand 2025, please visit
https://kpmg.com/th/en/home/insights/2025/06/doing-deals-in-thailand-2025.html

This publication is an in-depth survey and interview of the M&A landscape in Thailand. Executives and M&A specialists across all industries were surveyed and interviewed. KPMG in Thailand’s senior Deal Advisory experts also share their perspectives on the M&A market and its outlook.

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Sasiphim Koodisthalert
Email: sasiphim@kpmg.co.th