M&A value rises 7.1% to $69.7b in first nine months

By deal direction, target-Singapore activity jumped 31.3% to $29.39b.

Singapore’s mergers and acquisitions (M&A) activity reached $69.73b in the first nine months of 2025, up 7.1% YoY, according to LSEG’s Investment Banking Review.

The increase came despite a 25% slide in deal count to a nine-year low. A total of 14 deals exceeding $1.29b (US$1b) were announced, collectively amounting to $29.65b, with none surpassing $3.87b (US$3b).

By deal direction, target-Singapore activity jumped 31.3% to $29.39b, the strongest amongst the categories. Inbound transactions rose 38.4% to $21.78b, whilst domestic M&A increased 14.4% to $7.61b. Outbound deals slipped 2.6% to $18.05b, a decade low.

In sector rankings, High Technology led with $10.57b in deal value, accounting for 15.2% of the total and marking a 54.1% YoY rise. Real Estate also posted $10.57b, followed by Energy & Power at $8.64b.

Amongst advisers, Morgan Stanley topped the table for M&A involving any Singapore entity, advising on $5.67b in announced deals for an 8.2% market share, LSEG data show.

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