Malaysian construction giant Sunway has announced a $2.7 billion share-and-cash takeover of competitor IJM Corporation, which would bring together two of Malaysia’s largest property developers.
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.
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.”
