"The proposed merger, announced on Jan. 12 by Sunway president Anuar Taib, will form an entity with a combined market capitalization of $11.7 billion, surpassing current leader Gamuda Berhad, valued at $7.2 billion. If the merger goes through, it will create one of Malaysia's largest property developers as the Southeast Asian country's construction market heats up amid a data center and infrastructure boom."
"Both Sunway and IJM are on Fortune 's Southeast Asia 500 ranking, which lists the region's largest companies by revenue. Sunway, at No. 190, generated $1.7 billion in revenue in 2024; IJM, at No. 228, generated $1.3 billion. A merged Sunway-IJM would have 2024 revenue totaling $3 billion, lifting it to No. 120-overtaking Gamuda. Under the conditional takeover bid, Sunway is proposing to acquire IJM at $0.78 a share-15% higher than its 2025 closing price of $0.68 a share."
"In a stock filing in Bursa Malaysia, the country's stock exchange, Sunway said the merger would "position the enlarged Sunway Group to pursue mega projects such as development of large-scale data centers, industrial facilities and public infrastructure projects." Malaysia is currently undergoing a boom in data center construction, as regional demand for AI and cloud computing services surge."
Sunway announced a $2.7 billion share-and-cash takeover of IJM Corporation on Jan. 12. The deal would create an entity with a combined market capitalization of $11.7 billion, surpassing Gamuda Berhad's $7.2 billion valuation. Combined 2024 revenues would total about $3 billion, lifting the merged group above Gamuda in Fortune's Southeast Asia 500 ranking. Sunway said the enlarged group would pursue mega projects including large-scale data centers, industrial facilities and public infrastructure. The takeover price is $0.78 per IJM share, with shareholders offered 10% cash and 90% newly issued Sunway shares.
Read at Fortune
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