Overview of the Latin American M&A Market
According to the latest report by TTR Data, the transactional market in Latin America recorded 858 mergers and acquisitions (M&A) by April, both announced and closed, totaling $18,589 million. This represents a 10% decrease in the number of transactions and a 20% drop in their value compared to April 2024.
In April alone, there were 191 M&A deals, both announced and closed, totaling $6,675 million.
Country-wise Performance
By the numbers of transactions, Brazil leads the ranking of the most active countries in Latin America with 537 transactions (a 1% decrease) and a 25% drop in capital mobilized ($9,770 million).
Chile follows with 85 transactions (a 33% decrease) and a 70% drop in its value ($1,247 million) compared to April 2024.
Argentina, however, has risen in the ranking with 74 transactions (a 19% increase) and a 105% increase in capital mobilized ($3,114 million), making it, along with Colombia, the only countries with positive results in capital mobilization.
Colombia has climbed one position and recorded 73 transactions (a 32% decrease) with stable capital mobilization ($2,861 million) year-over-year.
Daniel Fajardo, senior counsel at Holland & Knight, stated that “Colombia boasts a robust investment protection regime, offering a stable legal climate and certainty that attracts investors. Moreover, the growing middle class fuels domestic consumption, making it increasingly attractive for foreign investors.”
Fajardo added that “Colombia also has dynamic sectors such as energy, technology, financial services, and tourism, presenting high growth potential and M&A opportunities.”
Mexico, on the other hand, has fallen two places in the ranking with 73 transactions (a 39% decrease) and a 4% drop in capital mobilized ($2,659 million). Peru, meanwhile, has reduced its activity with 42 transactions (a 24% decrease) and a 67% drop in value ($451 million).
Other Movements
By April 2025, there have been a total of 40 private equity deals worth $1,701 million, indicating a downward trend in the number of transactions (-49%) and a 15% decrease in capital mobilized compared to the same period last year.
The venture capital segment has seen 172 deals totaling $1,365 million over the first four months of the year, representing a 30% decrease in transactions and a 21% drop in value year-over-year.
In the assets acquisition segment, 157 deals worth $2,835 million have been registered by April, marking a 9% decrease in transactions and a 22% drop in value compared to the same period in 2024.
Standout Transaction by TTR Data in April
TTR Data highlighted Vista Energy’s acquisition of 100% of Petronas E&P Argentina from Petronas Carigali Canada and Petronas Carigali International E&P, both subsidiaries of Petronas. Vista Energy, based in Mexico City and dedicated to oil and gas exploration and production, made this $1,207 million acquisition through Vista Energy Argentina.
The transaction received legal advice from Bruchou & Funes de Rioja, Clifford Chance, Creel, García-Cuéllar, Aiza y Enríquez, Cleary Gottlieb Steen & Hamilton, Vista Energy Argentina, Marval O’Farrell Mairal, Mayer Brown, and FGB.
Key Questions and Answers
- What is the overall trend in Latin American M&A activity by April 2025? The number of transactions has decreased by 10%, and their total value has dropped by 20% compared to April 2024.
- Which countries are leading in M&A activity, and how have their performances changed?
- Brazil leads with 537 transactions, but its capital mobilized has decreased by 25%
- Chile follows with 85 transactions and a 70% drop in its value
- Argentina has risen to 74 transactions with a significant 105% increase in capital mobilization
- Colombia has climbed one position with 73 transactions and stable capital mobilization
- What factors contribute to Colombia’s attractiveness for foreign investors? Colombia offers a robust investment protection regime, stable legal climate, growing middle class, and dynamic sectors with high growth potential.
- How have other investment segments performed in Latin America?
- Private equity deals have decreased by 49% with a 15% drop in capital mobilized
- Venture capital transactions have dropped by 30% with a 21% decrease in value
- Assets acquisition deals have seen a 9% decrease in transactions and a 22% drop in value
- What is the standout M&A transaction in April, and who advised on it? Vista Energy’s acquisition of 100% of Petronas E&P Argentina was highlighted, advised by Bruchou & Funes de Rioja, Clifford Chance, Creel, García-Cuéllar, Aiza y Enríquez, Cleary Gottlieb Steen & Hamilton, Vista Energy Argentina, Marval O’Farrell Mairal, Mayer Brown, and FGB.
