Mergers and acquisitions (M&A) refers to the broad category of corporate transactions in which ownership of companies, business units, or their assets are transferred or consolidated. A merger combines two companies into a single entity, while an acquisition involves one company purchasing another. From a private markets perspective, trade sales to strategic acquirers represent one of the most common and often most lucrative exit routes.
In Southeast Asia and Australia, cross-border M&A activity is particularly active, with Japanese, Korean, and Chinese corporations actively acquiring regional businesses for market access, talent, and technology. Private equity-backed M&A ('sponsor-to-sponsor' deals) has also grown, as maturing businesses change hands between successive fund owners at each stage of their development.