Mitsubishi’s $1 bn deal signals Japan’s growing appetite for global M&A

(Yonhap)

Japan’s Mitsubishi Corp. announced it will acquire the salmon farming unit of Grieg Seafood via its wholly owned subsidiary for approximately $1 billion, a move that will make it the world’s second-largest salmon producer.

The deal reflects a broader shift among Japanese companies, which are becoming increasingly active in global mergers and acquisitions after years of caution. According to data from LSEG released on Sunday, Japan’s share of the global M&A market rose to 5.13 percent in the first half of 2025, up from 2.53 percent in the same period in 2021. In contrast, South Korea’s share slipped slightly from 1.38 percent to 1.27 percent.

While Japan’s M&A activity has nearly doubled over the past four years, Korea’s has declined. Korean-led deals fell from $20 billion in the first half of 2021 to just $6 billion in the same period this year.

Japanese firms are selling off non-core assets and ramping up acquisitions in search of new growth engines, supported by a government drive to improve corporate value and capital efficiency. While private equity-led activity has surged, corporate-led M&A has also gained ground – Japan’s share of global corporate-led deals rose from 2.19 percent to 3.7 percent.

Major Japanese-led deals in 2025 include SoftBank Group’s $6.5 billion purchase of U.S. chip designer Ampere Computing. For their part, however, Korean firms are holding back. “With high interest rates, tariff risks, and weak demand in sectors such as petrochemicals, construction, and EVs, Korean companies had little choice but to stay cautious,” Boston Consulting Group Managing Director & Partner Cho Jung-min said.