A Singapore-based consultant explains, based on experience with more than 40 transactions in Vietnam and Singapore, how mid-sized companies can realistically pursue overseas M&A and the importance of local support.
Although there is a preconception that overseas M&A is only for large companies, the author points out that mid-sized companies can in fact also expand overseas. Kengo Kurosawa (黒沢 健吾), who has experience at a Singapore-based subsidiary, says he has been involved in more than 40 transactions across Vietnam and Singapore.
While arguing that the essence of overseas M&A does not change across countries, he says that working alongside personnel who understand local operations can determine whether a transaction succeeds. Practical expertise that bridges differences in language and systems is important. Kurosawa says it took him a year and a half to relearn local laws, accounting, taxation and business practices and guide transactions to completion.
When pursuing an acquisition or partnership, what the buyer most wants to know is the true intentions of the counterparty’s owner. It is explained that personnel who are closely involved locally can interpret the other party’s real intentions and the realities on the ground, preventing decisions from being forced based only on information presented on the surface. In actual transactions, building a relationship of trust and drawing out the owner’s genuine willingness to sell can strengthen negotiating power and is also said to help reduce unexpected problems.
The importance of overseas data and support structures is also emphasized. Japan M&A Center maintains local subsidiaries in ASEAN countries and is using personnel familiar with local operations and its network as 2026 marks the 10th anniversary of the start of its overseas business. Data and case studies from its overseas and cross-border M&A data book are also provided as reference materials and presented as a means of beginning to build a body of information for decision-making.