Becoming tomorrow’s market leaders with Transformational M&A

Pornpun Wesaratchawet
Strategy, Risk & Transactions Partner
Deloitte Thailand

Khongkiat Jatupornpakdee
Strategy, Risk & Transactions Partner
Deloitte Thailand

In an era of geopolitical volatility, shifting trade dynamics and rapid technological disruption, the traditional model of slow, organic growth is no longer sufficient. Deloitte’s latest research finds that companies treating mergers and acquisitions (M&A) as a continuous strategic capability rather than a series of isolated deals are now outperforming their peers. These “growth transformers” deploy what Deloitte calls “Transformational M&A”: a deliberate, interconnected mix of acquisitions, divestments, partnerships and collaborations, all reinforced by digital and cultural transformation. Taken together, these moves enable organizations to adapt faster, scale more effectively and fundamentally reinvent their business for the future.

By contrast, firms relying solely on incremental change, minor operational improvements or occasional product updates, are increasingly at risk of falling behind. They face mounting pressures: rapidly evolving consumer expectations, the rise of AI and digital-native competitors, regulatory uncertainty and intensifying global competition. In such an environment, the cost of inaction can exceed the risk of bold strategic moves. And that’s why Transformational M&A is essential as it allows companies to transform and transact with speed, scale and precision.

The power of this approach is clear with tangible results of value creation. The analysis of more than 2,000 deals between 2015 and 2024 shows that companies embracing Transformational M&A delivered average shareholder returns of 464%, more than twice the S&P 1200 average of 157%. Beyond financial returns, these “growth transformers” gain strategic advantages through rapid access to new technologies, accelerated entry into emerging markets, and greater resilience against disruption. For many, M&A becomes less about adding capabilities and more about reinventing their competitive identity.

At this point, an important question must be raised: How can business leaders embed Transformational M&A into their organization’s DNA? Fortunately, the path to successful transformation doesn’t reply on luck. It’s a repeatable set of six leading practices that provide the foundations of superior shareholder returns.

1. Make Transformational M&A a leadership mandate: True transformation starts at the top. Growth-focused companies treat M&A as a long-term strategic mandate rather than a one-off transaction. Executives set the vision, communicate the rationale, and guide the organization through complex change.
2. Always-on portfolio management: Instead of waiting for the “right” moment, leading firms continuously evaluate and rebalance their portfolios—i.e., acquiring, divesting, or forming alliances to strengthen growth prospects, enhance resilience, and improve value creation. 
3. Transform as you transact: High performers blur the line between deal-making and integration. They embed transformation (whether its’s digital upgrades, cultural alignment, or new business model) from day one. This parallel approach accelerates synergy capture and reduces post-deal friction. 
4. Put AI and technology at the core: Technology has shifted from back-office enabler to strategic value generator. Many deals now focus on securing digital capabilities, data assets, automation potential, and platform-based business models that can unlock entirely new revenue streams. 
5. Leverage collaboration and ecosystems: Rather than building everything in-house, growth transformers partner widely with startups, private equity, technology providers, and even cross-industry players to co-develop solutions and enter new markets at speed. 
6. Build a future-ready workforce: Transformation is ultimately a people journey. Leading organizations invest heavily in digital skills, continuous learning, and agile ways of working. They align culture and capabilities with their strategic ambitions to ensure the workforce can deliver sustained growth. 

While the report draws on global data, its implications are particularly acute for companies in Southeast Asia, including Thailand. The region is being reshaped by rapid technological change, shifting consumer expectations, regulatory tightening, and rising economic nationalism. In this environment, relying on legacy business models or pursuing only incremental growth is increasingly risky.

For Thai firms across energy, retail, telecom, manufacturing, and services, the message is clear: strategic M&A, digital-first planning, and organizational adaptability are no longer optional. They are competitive necessities. Companies that embrace these shifts can leapfrog rivals, unlock new regional markets, and accelerate their transition toward more sustainable and future-ready business models.

Concrete examples are already emerging. Energy players exploring the renewables value chain, retailers pushing toward full omnichannel integration, and traditional manufacturers moving into IoT, automation, and smart production all stand to benefit from a deliberate, transformation-led approach. The companies that succeed will be those that combine bold strategic moves with the operational discipline to execute them at scale.

In this regard, Thai business leaders are being urged to think bigger and act bolder. Growth can no longer be viewed as a steady, linear climb; it must be treated as a dynamic, continuous journey. Making transformational M&A a core pillar of strategic planning, not merely a tool for expansion but a catalyst for reinvention, is rapidly becoming a competitive necessity. Waiting on the sidelines is no longer an option. Thai companies that aspire not only to survive but to lead will need to act decisively, invest strategically, and build the capabilities to transform at pace. 

Source: https://www.deloitte.com/global/en/offices/apac/perspectives/asia-pacific-the-growth-transformers-playbook.html