Asia-Pacific M&A by the Numbers: Q4'2025

Fourth quarter M&A activity in Asia-Pacific recorded $156.9B in announced deals across 2,448 transactions. Financials led sector performance at $34.0B, followed by Industrials at $28.1B and Real Estate at $21.2B. The largest deal of the quarter was the $7.8B acquisition of Qube Holdings Limited (Australia) by Macquarie Asset Management, contributing to the Industrials total. By geography, China topped the list with $35.4B in announced deals, followed by Japan at $23.4B and Australia at $23.1B. South Korea ($19.8B) and Hong Kong ($18.7B) completed the top five markets.