24 Asian Legal Business | September 2024 in from local and international sources in the first half of the year. Indonesia aims to dominate the nickel market – as the holder of the world’s largest nickel reserves – looking to build an international electric vehicle supply chain and become one of the top three battery producers by 2027. Transport and telecommunications was the second largest sector in terms of dealmaking this year, with over $5.7 billion in deals completed so far, as the country looks to invest heavily in infrastructure for its rapidly urbanizing population. In July, Metro Pacific Tollways Corp and Singapore sovereign wealth fund GIC announced a 35 percent acquisition worth $1 billion in a unit of Indonesian tollroad operator PT Jasa Marga. Earlier in the year, APG Asset Management invested in a $2.75 billion Indonesia toll road investment platform, along with the Indonesia Investment Authority and Abu Dhabi Investment Authority. Investors, while optimistic about Indonesia’s growth trajectory, raise concerns about slow regulatory process and bureaucratic red tape and say a stronger incentive program will further enhance the country’s attractiveness as an investment destination. Resilient Japan While the Bank of Japan recently shocked the world by increasing interest rates, recent government and market initiatives aimed at enhancing corporate governance and capital allocation in Japan have spurred a wave of M&A and private equity activity in the country. These reforms, which encourage companies to adopt a more transparent and shareholderfriendly approach, have created a favourable environment for dealmaking. Japan has seen 2,321 M&A deals in the year as of August 22, well on track to meet last year’s number of 4015, with a healthy number of outbound, inbound and domestic deals, a JP Morgan report said. Large Japanese drugmakers have been on an overseas acquisition spree of late as they look to replenish their drug portfolios, amid a shrinking domestic economy. Otsuka Pharmaceutical signed a $1.1 billion agreement to acquire Boston-based Jnana Therapeutics while Ono Pharma announced the acquisition of U.S.-based cancer drugmaker Deciphera for $2.4 billion, in the past two months. Outside of pharma, Japan Tobacco will acquire Vector Group, the fourth-largest tobacco company in the United States, for $2.4 billion. Japanese homebuilder Sekisui House purchased Denver-based MDC Holdings for $4.9 billion. Japan has emerged as the latest hotspot for private equity investment as geopolitical risks and • Orrick, Herrington & Sutcliffe • Paul Hastings • PwC Legal Japan • Ropes & Gray • Simmons & Simmons • Squire Gaikokuho Kyodo Jigyo Horitsu Jimusho Malaysia TIER 1 • Christopher & Lee Ong • Rahmat Lim & Partners • Shearn Delamore & Co • Skrine • Wong & Partners (member firm of Baker McKenzie) TIER 2 • Abdullah Chan & Co • Adnan Sundra & Low • Kadir Andri & Partners • Lee Hishammuddin Allen & Gledhill • Mah-Kamariyah & Philip Koh • Mohamed Ridza & Co • Zaid Ibrahim & Co (in association with KPMG Law) • Zain & Co NOTABLE FIRMS • Albar & Partners • Azmi & Associates • Cheang &Ariff • Chooi & Company • D&P Law Group • Donovan & Ho • Foong & Partners • Gan, Lee & Tan • Halim Hong & Quek • Jeff Leong, Poon & Wong • LAW Partnership • Lim Jo Yan & Co • MahWengKwai & Associates • Naqiz & Partners • Peter Ling & van Geyzel • Raja, Darryl & Loh • Ramesh Dipendra Jeremiah Law • Tay & Partners • Wong Beh & Toh • Zul Rafique & Partners Philippines TIER 1 • ACCRALAW • Picazo Buyco Tan Fider & Santos • Quisumbing Torres (member firm of Baker McKenzie) • Romulo Mabanta Buenaventura Sayoc & De Los Angeles • SyCip Salazar Hernandez & Gatmaitan • Villaraza & Angangco (V&A Law) TIER 2 • Castillo Laman Tan Pantaleon & San Jose • Cruz Marcelo & Tenefrancia • Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) • Martinez Vergara Gonzalez & Sociedad • PJS Law NOTABLE FIRMS • DivinaLaw • Gorriceta, Africa, Cauton & Saavedra • Gulapa & Lim (Gulapa Law) • Insights Philippines Legal Advisors (a member firm of KPMG Law network) • Kua Sy & Yeung Law Offices (SKY Law) • Platon Martinez Flores San Pedro & Leaño • Quiason Makalintal • Sarmiento Loriega Law Firm • Serrano Law • Siguion Reyna, Montecillo & Ongsiako Singapore Domestic TIER 1 • Allen & Gledhill • Morgan Lewis Stamford • Rajah & Tann Singapore • WongPartnership TIER 2 • Drew & Napier • TSMP Law Corporation TIER 3 • Baker McKenzie Wong & Leow • Bird & Bird ATMD • CNPLaw • Dentons Rodyk • Duane Morris & Selvam • Harry Elias Partnership • RHTLaw • Shook Lin & Bok NOTABLE FIRMS • Asia Practice • Atlas Asia Law Corporation • Avant Law • Bih Li & Lee • CHP Law • Eng & Co • JurisAsia • Oon & Bazul • Prolegis • Quahe Woo & Palmer • RPC Premier Law • Rubicon Law • Virtus Law (Member of the Stephenson Harwood (Singapore) Alliance) • Withers KhattarWong Asia M&A Rankings 2024
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