THAILAND Trends and Developments Contributed by: Nuchaya Timrat, Naris Asavathongkul, Sirapop Amorncheewanun and Tunn Junhasavasdikul, Baker McKenzie
Baker McKenzie 195 One Bangkok Tower 4 30th–33rd Floors, Wireless Road Lumphini, Pathum Wan Bangkok 10330 Thailand
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Overview The momentum in Thailand’s technology M&A market is expected to continue, driven by several key factors. Strategic M&A activity has largely been concentrated in technical infrastructure and application-layer verti- cal Software as a Service (SaaS) platforms. Compa- nies in Thailand’s strong industries – such as food and beverage, manufacturing, healthcare and logis- tics – are actively pursuing technology-focused M&A deals to enhance their operational capabilities through tech integration. What is especially important is that the rise in technology-related M&A is not just a pass- ing phase – it is being driven by deeper, long-term changes. When looking closer at these steady trends, it is clear that Thailand is in a good position for ongo- ing technology M&A activity, thanks to its readiness for digital transformation, its mix of strong industries and its strategic role in the region. AI-related and tech infrastructure continues to be an active M&A target With unprecedented levels of investment pouring into AI assets and the fruits of those investments begin- ning to materialise, fears of the AI bubble bursting have subsided. At the same time, the value propo- sition of AI investments has actively shifted from one of speculation for big returns to one of strategic importance – not surprisingly, the tech M&A market is excited because of that. The likes of Meta, Amazon, Alphabet and Microsoft have announced their inten- tion to spend up to USD320 billion combined on AI technologies and data centre build-outs in 2025, up from USD230 billion capital expenditure last year.
Thailand is no different, with its established indus- trial base providing natural adoption pathways for AI technologies. This has allowed Thailand to mirror global investment patterns: in the first half of 2025, the data centre industry alone attracted USD16 billion from 28 projects, with the Thailand Board of Invest- ment (BOI) having announced in May and June that it approved six more investments in the country worth USD3.6 billion. The inflow of foreign direct investment into homegrown Thai digital infrastructure assets has not been limited to only greenfield developments by major operators: institutional investors have also sig- nalled interest, with Global Infrastructure Partners, the infrastructure investment arm of BlackRock, recent- ly announcing a partnership valued between USD3 billion and USD5 billion with Thai conglomerate CP Group to develop a giga data centre hub in Thailand. Set against this backdrop, the authors expect the more mature and consolidated data centre markets of North America and Europe to drive institutional capital, in the quest for cheaper and faster ways to tap into AI infrastructure assets, and towards smaller and medium-sized data centres in Thailand and the South-East Asia region. Vertical SaaS solutions and digital transformation strategies In parallel, the authors have seen a greater number of software and IT solutions take advantage of these robust digital infrastructure ecosystems and thereby become more attractive targets themselves for major strategic acquirers. Globally, companies such as Mas- tercard, ServiceNow, Accenture and other vertical SaaS solutions are acquiring AI start-ups to embed
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