Analysis of the M&A market in Latin America according to the latest data from TTR

The M&A market in Latin America has shown mixed trends, with overall activity declining, but with Mexico and Colombia standing out for their dynamism

The mergers and acquisitions (M&A) market in Latin America has shown a downward trend in the first half of 2024, with a 26% decrease in the number of transactions compared to the same period last year. However, Mexico stands out as the exception, leading activity in the region. Below is a detailed country-by-country analysis highlighting the most active firms and the value of their transactions, based on the latest data published by TTR.

Argentina

DLA Piper Argentina is the leader in the Argentinean M&A market, both in the first half of the year and in the months of July and August. In the first six months, it completed 6 transactions, although with a total value of $7.5 million, the lowest among the top firms. On the other hand, Beccar Varela and Bruchou & Funes de Rioja stand out in terms of value, exceeding $1 billion each. In the July-August period, activity decreased with DLA Piper Argentina maintaining leadership but with a lower volume of transactions.

Chile

Carey leads the Chilean market with the highest number of transactions in the first half of the year (12), reaching a value of $938.43 million. Cuatrecasas Chile showed a notable rise in July-August, occupying the first position with three transactions. However, Portaluppi Guzmán & Bezamilla Abogados led in terms of valuation in this period, evidencing the role of smaller firms in high-value transactions.

Colombia

Colombia is the only country in the region where several firms exceed $1 billion in transaction value. Brigard Urrutia, with 23 transactions in the first half of the year, leads in number, while PPU Colombia stood out in value ($1567.91 million). Martinez Quintero Mendoza Gonzalez Laguado & de la Rosa rose to first place in July-August, with twice as many transactions as the second best firm in that period, confirming the dynamism of the Colombian market.

Mexico

Mexico has been the most active country in the region. Creel García-Cuéllar Aiza y Enríquez dominates the market with 15 transactions in the first half of the year, and 6 additional ones between July and August, reaching a value of $485.03 million. The constancy of this firm, together with Galicia Abogados and Cuatrecasas Mexico, which also remained in the top 5 throughout the year, reflects a consolidated market but with less diversity in the number of transactions than other countries.

Conclusions

The M&A market in Latin America has shown mixed trends, with overall activity declining, but with Mexico and Colombia standing out for their dynamism. Activity in other countries, such as Argentina and Chile, has been more fluctuating, with a notable participation of firms that, while not always leading in number of transactions, do stand out in terms of transaction value. This analysis suggests a gradual recovery and possible stability for next year, with a focus on strategic high-value transactions.