M&A Trends in Thailand | Q1/2026

Q1 2026 Thailand M&A activity saw an increase in both deal volume and value, before a weakening of sentiment through Q2 as a result of the conflict in the Middle East. Compared with the previous quarter, total deal volume increased from 54 to 57 transactions, while aggregate deal value rose from USD 1.3 billion to USD 7.9 billion driven by a small number of large cap transactions rather than a general uplift in valuations across the market. The quarter comprised 14 inbound, 9 outbound, 31 domestic and 3 unclassified deals1, representing 15.3%, 50.7%, 24.0% and 10.1% of total deal value, respectively.

The sector with the greatest deal activity and value was Telco, Media & Technology, with 13 deals representing USD 5.9 billion or 74.0% of total deal value. The largest deal in this quarter was the sale of a 25.0% stake in True Corporation Public Company Limited (“True”), a Thailand-based integrated telecommunications company in January, valued at USD 3.9 billion, by Telenor ASA to Arise Digital Technology Company Limited, which is owned by Charoen Pokphand Group Company Limited (“CP”)’s Chearavanont family. The second largest deal followed one month later, involving the acquisition of a 10.0% stake in True by UBS AG, CPB Equity Company Limited, and Sribathana Company Limited. The buyers acquired from CP stakes of 4.49%, 0.21% and 0.01%, respectively, with the remaining 5.3% expected to be sold to UBS AG in a second tranche, subject to the completion of administrative matters. The total consideration is USD 1.6 billion. The transactions reflect a consolidation of ownership within the broader Chearavanont family ecosystem, followed by a selective stake placement to institutional investors, enabling capital recycling while maintaining long term control, and signaling strong investor confidence in Thailand’s telecommunications sector.

In this quarter, KPMG provided financial due diligence services to SG Growth Capital Pte. Ltd., Asia Partners, SMDV, and CMLIM Capital in connection with their investment in Amity Solutions Company Limited, a leading software and AI technology group founded in Thailand, during its Series D funding round of USD 100 million.

Thailand’s economy expanded in Q1 2026, supported by both demand‑ and supply‑side momentum, although growth moderated toward quarter‑end as external shocks emerged. According to the Bank of Thailand (BoT), GDP growth was underpinned by rising merchandise exports (excluding gold) alongside higher manufacturing production, increased government expenditure, and improving private consumption and investment earlier in the quarter. However, economic activity began to soften in March as the effects of the Iran conflict weighed on tourist arrivals and exports, which decreased 8.7% and increased 3.3%, respectively, from the previous quarter. On price stability, headline inflation remained negative for most of the quarter, reflecting the normalization of high electricity prices in the previous period, but moved closer to zero at -0.08% toward the end of the quarter as energy prices rose amid the conflict in the Middle East. Nevertheless, core inflation stayed positive at 0.57%, indicating limited cost pass‑through to consumer prices.

SCB EIC revised its 2026 GDP growth forecast down from 1.8% to 1.4% as the conflict in the Middle East dampens global demand, lifts energy and transport costs, and disrupts tourism and trade. Within Thailand, tailwinds supporting deal flow include the timely formation of the new government, investment and exports in the electronics and digital sectors, and the temporary reduction of US tariffs on Thai products. Nevertheless, global instability and its effects on Thailand’s already soft economy may result in a wait-and-see approach from investors, particularly foreign, which could affect inbound deal flow. Looking ahead, developments related to the conflict in the Middle East, which underpin energy prices, the cost pass-through to consumers, effective government stimulus measures, and changes in US trade policy will be key considerations for deal activity and the broader Thai economy.

• Aggregate deal values include only transactions with disclosed consideration. Deal values are available for approximately 25-35% of announced transactions, while certain private transactions are not publicly announced and therefore excluded from the dataset.
• Deals are included where a stake of 30% or more has been acquired in the target. If the stake acquired is less than 30% then the deal is included if the value is equal to or exceeds the equivalent of USD 100 million.
• Deals are included in their respective industry sector based on the industry of the target’s business.
• Deal value represents the publicly disclosed equity consideration for the acquired stake.
• All deals included have been announced but may not necessarily have closed.
• Activities excluded from the data include restructurings where ultimate shareholders’ interests are not affected.
• Deal classification as inbound, outbound or domestic is based on the domicile of the target and acquirer. Transactions involving foreign targets and foreign acquirers, where only the seller is Thai, are classified as n/a and excluded from this categorization.

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