THAILAND Law and Practice Contributed by: Sunyaluck Chaikajornwat, Chumpicha Vivitasevi, Pratumporn Somboonpoonpol and Threenuch Semaming, Weerawong, Chinnavat & Partners Ltd
Weerawong, Chinnavat & Partners Ltd 1 Park Silom Tower
38th–39th Floor Convent Road Silom, Bangrak Bangkok 10500 Thailand
Tel: +662 264 8000 Fax: +662 657 2222 Email: wcpbd@weerawongcp.com Web: www.weerawongcp.com
1. Trends 1.1 M&A Market
with Thailand’s broader digital infrastructure devel - opment. It is anticipated that this trend will continue through 2026 with expansion to related supporting sectors such as rooftop solar and renewable energy. Moreover, rather than pursuing broad-based expan - sion, cross-border investors have focused on scalable platforms and income-generating assets with long- term growth visibility. This shift has been accompa - nied by more disciplined transaction structuring, with investors favouring joint venture arrangements, minor - ity stakes and phased investment models to allocate risk and preserve liquidity. In the real estate and hospitality sectors, joint ven - tures remained particularly prominent, with develop - ers partnering with strategic or foreign investors to support new developments and stabilise operating assets. These structures enabled project sponsors to mitigate development risk while maintaining opera - tional involvement. The TMT sector – particularly digital media, entertain - ment and technology-driven platforms – remained active, supported by demand for scalable digital ecosystems and data-driven business models. Ener - gy transactions, including investments in established renewable energy platforms, also attracted sustained investor interest, particularly where stable cash flows and dividend visibility were present. This aligns with broader Asia-Pacific (APAC) trends, where sector-specific momentum in technology,
In 2025, Thailand’s M&A market remained resilient despite ongoing economic uncertainty, local political influence and more cautious lending by financial insti - tutions. Both domestic and foreign investors contin - ued to pursue strategic transactions, with deal activity concentrated in the industrial, technology, media and telecommunications (TMT), energy and real estate sectors. While overall transaction volumes were variable, deal value was supported by a number of high-value and strategically significant transactions, particularly in capital-intensive and infrastructure-related sectors. Cross-border investment remained an important fea - ture of the market, reflecting Thailand’s continued role as a regional manufacturing, logistics and digital infra - structure hub within Southeast Asia. Overall, M&A activity in 2025 reflected a combination of portfolio rationalisation, capital management and strategic expansion, underscoring the continued role of M&A as a key tool for corporate transformation in Thailand. 1.2 Key Trends Foreign capital deployment has become increasingly selective, with investors concentrating on digital infra - structure and other large-scale, infrastructure-linked sectors. Investment interest from Chinese investors in data centre projects has remained active, consistent
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