This report, published in association with Marsh, sets out to assess the M&A environment across Latam. It highlights the drivers for deals and the challenges that dealmakers face across the region; identifies the leading sectors and transactions; the rationales behind the largest deals of 2025; as well as exploring what the remainder of 2026 could hold for the market.

Highlights include:

• The value of deals targeting Latam assets in 2025 was US$114.3bn, up 16% on 2024’s US$98.1bn. Latam deal volume decreased by 5% over the same period, to 1,345 deals, in line with the global trend.
• Brazil attracted the largest share of deal activity over the course of the year, both in terms of value and volume. A total of 850 deals valued at US$55.1bn were announced in 2025.
• The energy, mining and utilities (EMU) sector posted the highest deal value across all industries in 2025 (US$42.6bn). Five of the top ten deals of the year took place within the EMU sector, with PE investors particularly active.
• Regional private equity (PE) dealmaking, both buyouts and exits, posted a sharp uptick in value in 2025. A total of US$19.8bn-worth of deals were secured throughout the year – a 106% increase compared to 2024. Deal volume was down 10% over the same time period, with a total of 189 deals recorded.