M&A value down 9% to $90.1b in 2025

Target deal value rises as overall volumes decline.

Mergers & acquisitions (M&A) transactions involving Singapore totalled $90.1b (US$70.4b) in 2025, a 9.1% decline in deal value from the prior year, according to LSEG Data & Analytics’ Singapore Investment Banking Review. The number of announced deals also fell 22.1% to a decade low.

Target Singapore M&A rose 8.4% to $34.4b (US$26.9b), supported by inbound activity, which increased 16.0% to $24.6b (US$19.2b)

Singapore-generated investment banking fees rose 28.9% year-on-year (YoY) to $1.11b (US$864.6m) in 2025, marking the highest annual total since 2021. Advisory fees from completed  M&A transactions increased 55.3% to $339.3m (US$265.1m), although syndicated lending fees declined 24.1% to $298.8m (US$233.4m).

ECM proceeds reached $9.47b (US$7.4b) in 2025, more than doubling from 2024 and recording the strongest annual outcome since 2021. A total of 38 IPOs raised $3.20b (US$2.5b), with real estate issuers accounting for 42.7% of proceeds, followed by high technology at 33.2%.

DCM activity generated $52.9b (US$41.3b) in bond issuance, up 30.5% YoY, with financial institutions accounting for 64.8% of issuance volumes. DBS Group Holdings led league tables across fees, ECM and DCM, earning $93.3m (US$72.9m) in fees and capturing an 8.4% wallet share.

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