Indonesia approached Q3 from a position of relative strength, with Q2 GDP up 5.1% year-on-year, supported by domestic demand and targeted policy measures to cushion purchasing power and shore up bank liquidity. By late August, authorities rolled out a $2bn consumer-spending package and additional funding channels for state banks, alongside ongoing trade and investment engagement.

M&A activity eased versus last year but remained orderly. Year-to-date, 62 deals totaled approximately US$3.2bn; Q3 recorded 25 deals worth roughly US$1.3bn, reflecting a slower pace in both volume and value year-over-year. Even with softer activity, announced transactions clustered around familiar investment theses rather than drifting into new territory.

Sectorally, themes were consistent with Indonesia’s medium-term story. Energy transition and critical minerals—especially nickel tied to EV batteries—continued to attract attention, while real-asset platforms in logistics and warehousing stayed relevant as operators aligned capacity with manufacturing and e-commerce demand.

Indonesia’s ten largest disclosed deals in Q3 further illustrate the sectoral concentration of M&A activity. Four of the top ten transactions targeted energy, mining & utilities, collectively worth US$784m, while three deals focused on transportation assets, totaling US$467m. The remaining top deals were in technology, media & telecoms (TMT) and construction, though these sectors represented smaller aggregate values.

Disclosed deals during the quarter underline that mix: United Tractors’ US$540m acquisition of Arafura Surya Alam, Astra International’s US$278m purchase of Mega Manunggal Property (warehousing), and Ecopro’s US$142m investment for a 20% stake in Bahodopi Nickel Smelting Indonesia. Together, they illustrate how energy/infra-adjacencies and industrial real estate remain the center of gravity for dealmaking.

During the previous quarter, Indonesia’s M&A activity was led by the energy, mining & utilities sector, which accounted for the highest number of deals (six) and the largest aggregate deal value (US$784m). Transportation, TMT, financial services, and industrials & chemicals (I&C) also saw notable activity, with transportation ranking second in total value at US$467m. On the buy-side, Indonesian bidders were the most active, responsible for eight deals and over US$1bn in total value. Regional interest was also evident, with Japan, Malaysia, Singapore, and South Korea each participating in multiple transactions.

For a comprehensive look across APAC markets, including Greater China, Japan, South Korea, Southeast Asia, India, and Australia & New Zealand, download the full Deal Drivers: APAC Q3 2025 report.