Asia’s M&A Bucks Volume Slump with Soaring Values in 2025

Jeremy White, partner and global co-chair of Morrison Foerster's M&A practice, recently spoke to IFLR to discuss dealmaking trends in Asia from 2025, alongside some predictions for 2026.

Discussing whether reforms by Japan’s Financial Services Agency and the Tokyo Stock Exchange are generating momentum, Jeremy noted that while the regulatory environment is underpin by guardrails, Japan remains “open for business.” Jeremy noted there is additionally momentum in outbound M&A, “More than half of the deals that I'm working on are outbound M&A, and it's very delightful to see them coming back…while a weak Japanese Yen makes sticker prices cheaper for dollar funds, the key driver is stability, not just foreign exchange rates.” He also noted it is a matter of “when, not if” we see a deal over US$10 billion.

When asked about sectors to watch with rising activity, Jeremy pointed to the Food + Agriculture, and consumer goods industries particularly in China: “"When I look at what would be the obvious turning signal in terms of foreign investment into China, it would be food and beverage and consumer goods. We're not talking about chips and semiconductors; we're talking about chips in terms of French fries".

Jeremy also discussed that momentum in Japan is likely to extend into 2026, with buyers looking at opportunities across various industries sectors: "We have now reached this tipping point where every industry is potentially attractive to foreign private equity.”

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