Major recent M&A cases
by Japanese companies in Malaysia

There were a total of 17 externally announced M&A deals in Malaysia by Japanese companies in 2023 that we have confirmed. Of these, 14 were investment or acquisition deals (8 were 100% buyouts) and 3 were exit deals, 7 deals in 2024 and 6 deals in 2025.  

M&A deals in 2023

DateIndustryInvester/BuyerTarget Company/SellerScheme
FebHealthtech (medical insurance management services)INFOCOM CORPORATIONHealthMetrics Sdn. Bhd.Capital and business alliance
FebMould manufacturingTOWA CORPORATIONK-Tool Engineering Sdn. Bhd.Business transfer and establishment of new company
MarRefrigerated and frozen warehousing, transportNICHIREI LOGISTICS GROUP INCNL Cold Chain Network（M）Sdn. Bhd.Acquisition of additional 60% of shares and conversion to wholly-owned subsidiary
MarInformation and communication goods retailingNojima APAC LimitedThunder Match Technology Sdn. Bhd.Acquisition of 100% of the shares and conversion into a wholly-owned subsidiary
AprInformation and communications equipment manufacturingSilitech Technology CorporationIwatsu （M） Sdn. Bhd. （Parent company: Iwastu Electric CO., LTD）100% share transfer
AprEvent and content planning and productionNOMURA Co.,Ltd.FrameMotion Studio Sdn. Bhd.Dissolution of capital and business alliance
AprCyber security servicesMITSUI & CO., LTDLGMS Bhd.Acquisition of additional 23% shares
MayTyre wholesaleMITANI CORPORATINHoe Guan Pin KeeShare acquisition (transaction completed on 30 December 2022 in the previous year)
JunElectrical product parts salesRECOMM CO.,LTD.Sin Lian Wah Electric Sdn. Bhd.100% share acquisition/becoming a wholly-owned subsidiary
SepAfforestation businessDAIKEN CORPORATION（Subsidiary：Daiken Sarawak Sdn. Bhd.）WTK Reforestation Sdn. Bhd.100% share acquisition and conversion into a sub-subsidiary
OctSystem developmentLikearisingsun Sdn. Bhd.OK Blockchain Centre Sdn. Bhd.Share transfer and liquidation proceedings
OctMarketing support and IT servicesBridge International INC.TK International Sdn. Bhd.Acquisition of 90% additional shares and conversion to wholly-owned subsidiary
OctPrintingAsahi Printing Co., Ltd.Kinta Press & Packaging (M) Sdn. Bhd.Acquisition of 65% shares/becoming a subsidiary
NovPaper wholesaleJAPAN PULP AND PAPER COMPANY LIMITED　(Subsidiary：Japan Pulp & Paper (M) Sdn Bhd)Mutiara Paper (M) Sdn. Bhd.Acquisition of shares/becoming a subsidiary
NovMedia hardware sales and technical servicesJAPAN PULP AND PAPER COMPANY LIMITED　(Subsidiary：Japan Pulp & Paper (M) Sdn Bhd)Compedo Media Sdn. Bhd.Acquisition of shares/becoming a subsidiary
NovRefrigerant businessIwatani Corporation （Subsidiary：Iwatani Malaysia Sdn. Bhd.）Westtech Chemicals Sdn. Bhd.、ISO Kimia (M） Sdn. Bhd.Acquisition of shares
DecSystem integrationInternet Initiative Japan Inc.PTC Systems Sdn. Bhd.Acquisition of 100% shares/becoming a wholly-owned subsidiary

M&A deals in 2024

DateIndustryInvestor/BuyerTarget Company / SellerStructure
JanITbeBit,Inc.
MarManufacturing (chemical)Nisshin Chemical Co., Ltd.
MarManufacturingToyo Seikan Group HoldingsUSD75M
MarECAnyMind GroupUSD1.5M
AprOtherBushiroad Inc.75% of all shares
SepWholesaleBeauty GarageRM 1 million
OctITTechMatrix Corporation.JPY 5075 million

M&A deals in 2025

DateIndustryInvestor/BuyerTarget Company / SellerStructure
FebFinanceJACCS CO., LTD.49％ of Share (JPY3.5 Billion)
AprLogisticsNICHIREI LOGISTICS GROUP INC
AprWholesaleOZAX CORPORATION
JunConstructionSUMITOMO DENSETSU
JunFoodYoshimura Food Holdings K.K.
JunWholesaleToyota Tsusho CorporationUSD 110 million (approximately JPY 16 billion).

The following chart shows the number of M&As by Japanese companies in Malaysia over the last five years. After the pandemic, the number of deals increased in 2022, but declined in 2023, partly due to the depreciation of the yen, although it still remains at a certain level. Amid the global economic downturn, the number of cross-border M&As is on a downward trend, with only a few cases of Japanese companies acquiring companies for more than 10 billion yen in 2023. The number of M&As between Japanese companies and companies from other countries, not only in Malaysia, is expected to be lower than the previous year.

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