Asia-Pacific M&A By the Numbers: Q1 2025

First quarter M&A activity in Asia-Pacific showed seasonal strength compared to the first quarter 2024. The region saw $113.8B via 2,416 new deals announced, which represented +44% increase in deal values and +12% in deal counts versus the first quarter 2024. Continuing the trend from Q4 2024, Financial led sector performance at $16B followed closely by Utilities at $14.7. Xinneng (Hong Kong) Energy Investment Limited’s acquisition of Chinese utility ENN Energy Holdings was the largest deal of the quarter at $10.1B, contributing a significant portion of the overall Utilities deal value. China also led the country performance with $32.5B announced. Japan ($27.2B), Australia ($18.2B), and India ($15.2B) rounded out the top four.