April 2026 | Top M&A Deals in ASEAN

Thailand’s CP Axtra has agreed to acquire 100% of Malaysia’s TFP Retail (The Food Purveyor) for MYR 1.7bn (USD 420.9mn) from Navis Capital, Foodshop Capstone, and minority shareholders. The deal, executed through its subsidiary Lotuss Stores Malaysia, is expected to close by Q4 2026, subject to regulatory approvals. The acquisition will strengthen CP Axtra’s retail presence in Malaysia, expanding its network to over 120 outlets and adding TFP’s portfolio of premium supermarket brands, supporting its regional growth strategy.

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