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M&A in Latin America 2026:

A Guide for US & UK Legal Advisors

Which global firms are winning mandates, which domestic
firms are they hiring, and what are your clients buying?

Executive Summary

q-icon What were the headline numbers for Latin America in 2025?

The 2025 vintage reveals a decisive decoupling between activity and capital deployment. While transaction volume remained statistically stagnant—contracting slightly by 1% to 2,826 deals—aggregate deal value surged by 31% to reach USD 114.8bn.

This figure represents the highest valuation peak of the last four-year cycle, significantly outperforming even 2022 levels despite a lower transaction count. The data confirms a flight to quality: investors have shifted away from high-volume mid-market consolidation toward high-conviction, large-cap acquisitions, driving the average deal ticket up by 32%. For advisors, the implication is clear: the market has traded frequency for magnitude.


2,826
Total Deal Count in 2025
-1%
USD$115bn
Total Value in 2025
+31%
USD$41m
Avg Deal Size in 2025
+32%LP
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Group 1743
 Latam – Total Market 
Key Market Trend: The “Lithium & Copper” Axis

Mining consolidation ignored borders. From Pan American Silver’s regional moves to Rio Tinto’s deepening stakes in Chile and China Nonferrous in Peru, the race for critical minerals drove the highestvalue hard asset deals of the year.

 Latam Cross-Border – Inbound Flow 
US Strategic Play: The Infrastructure Bet

BlackRock’s Global Infrastructure Partners (GIP) agreed to the USD 40bn acquisition of Aligned Data Centers. This single transaction anchors the US digital footprint across Brazil, Chile, Colombia, and Mexico, betting on LatAm as a critical AI processing hub.

 Latam Cross-Border – Inbound Flow 
UK Strategic Play: Fintech Unification

London-based Rapyd completed the acquisition of PayU’s Global Payments Organization. By integrating major payment gateways across Colombia, Argentina, Peru, and Mexico, UK capital has effectively built a unified cross-border payment rail for the region’s digital commerce.

Why This Report Matters?

q-iconWhy should this report
be on my desk?

ico-identifyIdentify new client opportunities.
Uncover the specific US and UK corporates actively acquiring in Latin America right now. We highlight the mid-market buyers often missed by global platforms, providing you with a high-probability target list for your next business development initiative.



ico-benchmarkBenchmark your firm’s LatAm practice against your US/UK peers.
Measure your market standing with precision. We rank the international firms winning the most inbound mandates, allowing you to benchmark your deal volume and value directly against your primary competitors in London and New York.

 


ico-findFind top-tier domestic co-counsel for your next inbound mandate.
Streamline your partner selection process. Our data reveals the local Latin American firms most frequently retained on inbound deals, offering a validated “shortlist” of top-tier domestic counsel to ensure seamless cross-border execution.

Market Overview – Deal Count & Value

q-icon

Which LatAm countries were the
most active M&A markets in 2025?

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Latin America Market Overview – Sector Breakdown

q-iconWhich sectors are driving M&A
activity in Latin America?

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What’s Driving the Deals?

q-iconWhat are the key trends behind
the numbers in Latin America?

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Backbone

The region is witnessing a massive “infrastructure race” driven by the demands of AI and nearshoring. We observed a synchronized rush for physical assets across markets: from BlackRock’s GIP acquiring data centers in Mexico, Brazil, and Chile, to the aggressive consolidation of industrial real estate (FIBRAs) in Mexico and port logistics in Peru. Capital is no longer just chasing software; it is securing the concrete, power, and connectivity required to run the digital economy.

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Simplification

The era of the “strategic alliance” is giving way to the “strategic buyout.” Across the region, major controlling groups moved to dissolve long-standing Joint Ventures to regain agility. From Nutresa’s decoupling in Colombia to América Móvil taking full control of ClaroVTR in Chile, the message is clear: in a highvolatility environment, global operators and local tycoons prefer 100% ownership and streamlined decision-making over shared governance.

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Security

Energy and food security have decoupled the region’s M&A activity from global ESG hesitation. While Brazil and Chile see continued rotation into renewables, the “hard” commodity markets in Argentina (Vaca Muerta shale) and Peru (Copper/Agro-export) attracted significant US and European capital. Foreign strategics are effectively “locking in” their supply chains, acquiring the raw production capacity for everything from lithium batteries to winter produce.

US & UK Global Law Firms: Top Advisors by Deal Volume & Value

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Which US & UK firms lead the market in
deal activity and aggregate value, in 2025*?

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* Methodology:
This ranking captures the firm’s total presence in the region. It includes all mandates where the US/UK firm advised any key party (Buyer, Seller, or Target) on a transaction involving a Latin American asset, regardless of the client’s domicile. For example, if a New York firm advises a Brazilian seller on a divestiture to a German buyer, that transaction is counted here alongside their traditional work advising US clients on inbound acquisitions. These rankings exclusively reflect transaction activity from the 2025 calendar year.

US & UK Law Firm Footprint: Regional Breadth & Coverage

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Which US/UK firms possess the deepest
local capabilities across the region*?

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* Methodology (Footprint vs. Deal Count & Value):
Unlike the Deal Count & Value ranking (Page 9), this metric measures geographic breadth. We rank firms by “Nº of Countries Advised” (unique markets unlocked), distinct from their “Total Appearances” (cumulative jurisdictional touchpoints). These rankings exclusively reflect transaction activity from the 2025 calendar year.

Example Scenario:
Deal 1 (Multi-jurisdictional): A firm advises on a deal involving assets in Brazil, Chile, and Mexico.
• Page 9 (Deal Count): +1 Credit.
• Total Appearances: +3 Credits (1 for each country).
• Nº of Countries Advised: +3 Credits (3 new markets unlocked).

Deal 2 (Single Market): The same firm advises on a second deal exclusively in Brazil.
• Page 9 (Deal Count): Increases (+1).
• Total Appearances: Increases (+1) (reflecting more work in Brazil).
• Nº of Countries Advised: NO CHANGE (The Brazilian market was already unlocked).

Buyer-Origin Ranking 2025

q-iconWhich foreign countries are
buying Latin American targets?

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The United States remains the undisputed hegemon, deploying its massive $21bn volume to secure the region’s physical backbone—specifically Data Centers (BlackRock/GIP) and Energy (Vaca Muerta).
Beneath this, a sharp strategic divergence emerges between the European powers. Spain (#2 in volume and value) is executing a “Utility Roll-up,” aggressively acquiring regulated, inflation-linked assets like water and toll roads across the Andes. In contrast, the UK (#3 in volume but with a lower average ticket) prioritizes strategic IP and supply chain integration over physical infrastructure. British capital is targeting critical high-tech nodes, exemplified by acquisitions in global fintech (Rapyd) and mining engineering, rather than competing for heavy real assets.

Top 10 US/UK Buyers in LatAm

q-iconWhich specific US & UK companies were the
most active buyers in Latin America?

Most Active US & UK Buyers in LatAM (Deal Count)
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Most Active US & UK Buyers in LatAM (Aggregated Value)
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The investment strategy of US and UK companies shows a distinct divergence between volume and value. While transaction volume is distributed across digital services and light industry, capital allocation remains heavily concentrated in real assets. GE Vernova’s USD 5.3bn deployment in energy dominates the landscape, demonstrating that US strategics prioritize critical infrastructure over other sectors. With Rio Tinto and Sherwin-Williams directing billions into raw materials, secure physical assets undeniably command the region’s highest valuation premium. These rankings exclusively reflect transaction activity from the 2025 calendar year.

What are my US & UK Clients Buying?

q-iconWhich sectors are US & UK
buyers investing in?

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*Methodology (US & UK Acquirers):
Data reflects all M&A, Private Equity, and Venture Capital transactions involving a Latin American target that were announced between January 1 and December 31, 2025 (whether currently pending or successfully completed), specifically executed by a Buyer based in the United States or the United Kingdom. As with the broader market overview, this criteria strictly excludes joint ventures and stand-alone asset acquisitions (unless acquiring a complete business unit).

International Legal Advisors: Inbound Buy-Side Rankings

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Which international firms are the primary
gateways for foreign investment entering the region*?

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* Methodology (Inbound Buy-Side):
This ranking tracks international firms (US, UK, Canada, Iberia, etc.) that advised a Foreign Buyer (based outside LatAm) on the acquisition of a LatAm Target in 2025. Unlike the Total Market ranking, this strictly excludes sell-side mandates. Example: If a Canadian firm advises a Toronto-based mining company on acquiring a Peruvian asset, it receives credit here. If they advised the Peruvian seller, they would NOT be included. These rankings exclusively reflect transaction activity from the 2025 calendar year.

Top Domestic Co-Counsel: The Inbound Shortlist

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Which Domestic LatAm firms are
advising on the most inbound deals?

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These rankings exclusively reflect transaction activity from the 2025 calendar year.

How do the “Big 6” Markets Compare for Inbound Deals?

q-iconWhat do I need to know about
the top LatAm markets?

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About TTR Data

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What makes
TTR Data different?

TTR Data is the definitive financial and business intelligence platform for the Latin American and Iberian markets.

While standard global platforms focus exclusively on headline mega-deals, TTR Data’s specialized regional research network captures up to 3-4x more mid-market transaction volume. We provide real-time, deal-level intelligence on M&A, Private Equity, and Venture Capital, empowering the world's leading cross-border legal advisors and investors to track competitor mandates, benchmark market share, and originate new mandates with unmatched precision.

Conclusion & Contact

q-iconHow can I get this data
for my practice?

The TTR Data platform gives you live, deal-level intelligence on every transaction as it happens.

While this report provides a strategic snapshot of the last year, the market never stands still. Leading US and UK firms use our terminal to track competitor mandates, identify emerging buyers, and spot new deal opportunities in real-time. Don’t rely on quarterly hindsight—get daily foresight.

Unlock free access to the full report

To access the complete LatAm M&A 2026 Report — including rankings, sector insights, and cross-border deal data — please complete the form below.