M&A OUTLOOK 2025

The editor of Latin Counsel, Rodolfo G. Papa, is pleased to present this report, ‘M&A Outlook 2025’, which includes the answers to five ‘macro’ questions (listed below), which have been answered by ten corporate lawyers who can undoubtedly be described as ‘leaders’ in the negotiation and structuring of mergers and acquisitions of companies Companies’, recognised as such, not only in their respective jurisdictions of practice (as "Local Counsels"), but also, at a continental level, focused on sharing a vision of their development prospects for the year 2025.
In this sense, we are very grateful and recognise the authors: Paola Lozano (Skadden, Arps, Slate, Meagher & Flom, New York), Vivian Liberman (BLP, Costa Rica), Estanislao Olmos (Bruchou & Funes de Rioja, Argentina), Paula Vieira de Oliveira (Mattos Filho, Brazil), Claudia Barrero (Philippi, Prietocarrizosa, Ferrero DU & Uría, Colombia), Pablo Iacobelli and Jaime Coutts (Carey, Chile), Iván Delgado (Pérez-Llorca, Spain), Manuel Galicia (Galicia Abogados, Mexico), and Alberto Rebaza (Rebaza, Alcazar & de las Casas, Peru), for their contribution for the third consecutive year.

Below, we share the questions answered by these authors:

1. What main trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?

2. How do you anticipate changes in regulatory frameworks will impact M&A activity in 2025, especially with the evolution of antitrust laws and international trade agreements?

3. Given current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?

4. How will advances in technology and digital transformation drive M&A strategies in 2025, especially in sectors such as healthcare, finance and technology?

5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?

For obvious reasons, and because it is a source of continuous updating and training, we recommend reading this report because, in addition - in this third consecutive year of its preparation - it exhibits, as a distinctive feature, not only the analysis of ‘state-of-the-art’ legal issues related to the conclusion of this type of transaction in the jurisdictions consulted, but also a truly comprehensive approach to certain national ‘macro-economic’ variables ( GDP growth expectations, inflation, interest rates, among others) that are expected to occur during the current year, and which - in reality - are evaluated by the major local and foreign players when it comes to ‘decision making’ for the acquisition of local companies and/or assets.
By way of summary, and based on the responses provided by their authors, we can point out that the Latin American jurisdictions consulted (along with Spain) offer enormous ‘potential’ in certain key sectors of the economy when it comes to structuring an investment (through an M&A transaction), including, among others: mining, oil & gas, renewable energy (lithium and wind farms), retail, banking, fintech , agroindustry, technology, and the establishment of call centres (as described in the Chilean case).
Among the latest generation issues that globally govern the ‘due diligence agenda’ in an M&A operation, and which, based on the responses that make up this report, have been incorporated into transactions involving Latin American targets, we highlight the following: database treatment and protection, cybersecurity policies and procedures, succession liability for non-compliance and/or compliance vulnerabilities (in view of the validity of local laws that have attributed autonomous criminal or administrative-infringement liability to private legal persons for the payment of bribes to local and foreign public officials), with an impact on the successor or acquiring entity (as the case may be), given that due diligence would not exonerate the successor from liability (except as provided by Peruvian law), ESG policies, among others.
On the other hand, we cannot fail to point out that in the past year, 2024, there has been a growing and consolidated trend - in our region - to generate doctrinal, editorial and jurisprudential content linked to the study and research of the law applicable to an M&A contract (or commonly referred to as an ‘SPA’), from the perspective of the ‘local law’ that is applicable.
In this sense, it should be noted that in several Latin American jurisdictions there is a construction of content that clearly - through the contribution of doctrine, academia, and the issuance of arbitral awards - has analysed and qualified certain ‘key’ contractual institutes generated by Common Law, under the prism of ‘Local Law’.
Although the Anglo-Saxon influence on the design and structuring of this type of transaction involving local companies and/or assets is undoubtedly still relevant, not only in terms of ‘best practices’ and ‘recommendations’, but also through the case law handed down by the most prestigious and globally recognised court in the resolution of disputes arising from the execution of an SPA. We are referring to the Chancery Court of the State of Delaware (United States).
It is also relevant that access to commercial arbitration is incorporated into the backbone of provisions in an SPA entered into with Latin American target companies as the mechanism conventionally chosen by the contracting parties for the resolution of disputes resulting from its execution, whether in exclusively domestic transactions or with foreign counterparties.
Certainly, the adoption of arbitration as a tool for conflict resolution in the SPA, and the publicity (over the last 20 years) of several awards whose ratio could be considered, both from a professional and academic point of view, true ‘leading cases’, has had its recognised reception (at a regional level), for example, more specifically, in Colombia.
We are very pleased to say that Latin Counsel continues to position itself as a ‘leading forum’ in the generation of news, information and content related to the conclusion of M&A transactions in Ibero-America.
Among all the actions and activities carried out by the team that makes up this brand, with regard to the treatment and approach to the current affairs of this type of transaction carried out in our region, we can mention the dissemination and publicity of relevant deals concluded in our markets, the dissemination, marketing and face-to-face participation in international events that bring together thousands of lawyers (as was the case recently with the annual meeting of the International Bar Association, held in October last year in Mexico City, and other regional meetings that took place in Latin America), interviews with local lawyers who are leaders in their professional practice (in addition, of course, to the authors of this report), the publication of news and opinions on substantive legal and regulatory issues applicable to this type of transaction, and also the offer of professional training and education alternatives, such as the course ‘Structure of an M&A Deal’, which was launched in 2020 (in the midst of the pandemic) ), and which I had the opportunity to design and teach for the first time in that year, for the benefit of the Latin Counsel networking network.
After 5 years of existence, this course has been taught (in remote format) to more than 400 Latin American lawyers from 13 countries in the region, and at an in-house level, for the benefit of 3 leading international firms in Central America.
In conclusion, and for the third consecutive year, the LATIN COUNSEL team is pleased to share and present the content of this Report, for the benefit of its more than 80,000 subscribers in Latin America, Spain and the United States.

Rodolfo G. Papa (LATIN COUNSEL correspondent in Argentina)

AMÉRICA LATINA (Perspectiva regional) | SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP (NUEVA YORK) | Paola Lozano

The US will continue to be the prevailing destination for LatAm-sourced capital seeking to diversify from LatAm or emerging market risk and LatAm will continue to present attractive opportunities for US-based strategic investors and financial sponsors seeking global expansion and big margins. Therefore we remain optimistic on the level of cross border M&A activity between the US and various countries in the region, both inbound and outbound.

However, the challenging rethoric and public airing of differences between Mr Trump and the presidents of Mexico, Brazil, Colombia and other countries will likely give pause to some investors in certain industries, especially those that are highly regulated or that are dependent on foreign trade.

Exits by private equity funds and venture capital that have reached the investment and return cycles and by multinationals seeking to focus on their core business will also continue to generate deals.

We are also seeing that sovereign wealth funds and pension funds are willing to deploy capital in the region in 2025, enhancing competition for assets and businesses ripe for sale.

Finally, we believe M&A transactions driven by multilatinas, cash rich family offices and large local conglomerates will continue to contribute to overall M&A activity in the region, both as they diversify their country risk and as they monetize assets for the next generation that is not interested in running the family business in a traditional way.

Not surprisingly, we continue to see healthy global interest in energy and infrastructure assets in LatAm, as well as fintech and some other financial institutions, technology and services.

The Trump administration has been abundantly clear since before the election about its intention to cut back regulatory hurdles to business activity, including as it relates to M&A, antitrust and CFIUS review and enforcement. While cross border LatAm-related M&A activity was not necessarily the intended recipient of most of those changes, we do expect them to have a positive impact on the speed of execution of M&A deals that require filings with those regulators. There is a sense among many in the investment community that transactions will get an important boost from this approach.

However (as recently evidenced by the very serious and quick escalation of a disagreement aired in social media between the President of Colombia, Mr Petro, and Mr Trump, over the manner in which deportations are handled) the fear of a weaponization of tariffs and the use of free trade agreement renegotiation as leverage will likely reduce appetite for many sectors that would otherwise be expected to drive cross border M&A activity between LatAm and the US.

In balance, we are concerned that the politicization of international trade and regulatory oversight in the US, combined with the clash with idiosyncratic leaders in some of the largest markets in LatAm will have a negative effect on cross border deal flow.

Fortunately, there is plenty of activity driven by actors that have risk appetite for the emerging markets and appreciate the opportunities available to those knowledgeable about these markets and in sectors and transactions that are unaffected by these global tensions.

Currency fluctuations that affect the business model and earnings of a target will be closely watched by investors. Buyers will also continue to carefully conduct diligence over quality of earnings of their targets and question growth potential marketed by sellers.
To bridge the pricing gap between sellers and buyers, bankers and attorneys will have to continue to perfect earn outs, price adjustments and other sophisticated mechanisms, including preferred equity and mezzanine securities.

AMÉRICA CENTRAL (Perspectiva regional) | BLP | Vivian Liberman

1. What key trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?

Vivian Liberman (Central America): Growth in sectors such as technology, financial services, energy, and manufacturing is expected to drive M&A activity across Central America. Digitalization, sustainability initiatives, and modernization efforts are creating new investment opportunities, particularly in nearshoring and infrastructure development. The region’s improving economic stability, combined with moderated inflation and lower interest rates, makes it increasingly attractive to foreign investors. Additionally, rising foreign direct investment in manufacturing—especially in industries linked to global supply chains—will likely fuel consolidation and expansion across multiple sectors.

2. How do you foresee changes in regulatory frameworks impacting M&A activity in 2025, especially with evolving antitrust laws and international trade agreements?

Vivian Liberman (Central America): Strengthened antitrust regulations and updated merger control thresholds are expected to shape deal structures, requiring companies to navigate more complex approval processes. Central American nations are also focusing on harmonizing competition policies with international standards, increasing scrutiny on transactions that could impact market concentration. On the trade front, agreements like the commercial association with Ecuador and ongoing discussions around the Trans-Pacific Partnership (CPTPP) are set to open new investment channels and facilitate cross-border M&A activity. Arbitration reforms and modernization efforts in corporate governance laws will further enhance legal certainty, making the region more attractive for foreign investors.

3. Given current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?

Vivian Liberman (Central America): Valuations will be shaped by a mix of macroeconomic factors and industry-specific trends. Economic stability and GDP growth are key drivers, alongside increasing foreign direct investment and regional integration efforts. Companies with strong financial metrics—such as steady cash flow, profitability, and low debt exposure—are expected to command higher valuations. Market positioning and potential synergies will also be crucial in determining deal attractiveness. Additionally, the valuation of intangible assets, including brand equity, intellectual property, and technological capabilities, will play an increasingly important role in pricing negotiations.

4. How will advances in technology and digital transformation drive M&A strategies in 2025, especially in sectors such as healthcare, finance, and technology?

Vivian Liberman (Central America): Digital transformation is a major catalyst for M&A activity across key sectors in Central America. In healthcare, AI-driven diagnostics and telemedicine are prompting companies to seek acquisitions that enhance their digital capabilities. The financial sector is witnessing an unprecedented fintech expansion, compelling traditional institutions to acquire or merge with tech-driven companies to remain competitive.
Meanwhile, technology firms are increasingly pursuing acquisitions to strengthen capabilities in AI, cybersecurity, and automation. Businesses across all industries are recognizing the need for digital integration, leading to strategic transactions focused on innovation and operational efficiency.

5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?

Vivian Liberman (Central America): Interest rate fluctuations and evolving capital market conditions are driving shifts in deal financing. Higher borrowing costs may limit the use of debt financing, pushing companies to explore alternative funding sources such as private equity, venture capital, and structured financing.
Creative deal structures—including earnouts, stock swaps, and joint ventures—are becoming more common as companies aim to mitigate financial risks. Additionally, mid-market transactions are expected to rise, as firms prioritize strategic acquisitions that optimize portfolios without taking on excessive leverage.
Enhanced access to capital markets and regional investment funds will also support deal activity, particularly in high-growth sectors.

ARGENTINA | BRUCHOU & FUNES DE RIOJA | Estanislao Olmos



1. What main trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?

Estanislao Olmos (Argentina): With the new government in Argentina having successfully brought under control the previously uncontrollable inflation inherited from the previous administration and starting to relax local exchange regulations, there has been a boom in M&A activity. Some of these transactions consisted of delayed exit plans for global players (e.g. Clorox and Procter & Gamble); others are in line with the country’s new economic trend.
The main focus remains on the oil, gas and energy sectors. This trend is likely to continue as the country’s major players consolidate their positions and strengthen strategic alliances to develop the infrastructure needed to evacuate oil and gas production from Vaca Muerta. They also seek to capitalise on the by-products value chain.
For example, a new joint venture, VMOS, has been set up, made up of YPF, PAE, Pluspetrol, Vista, Pampa Energía, Shell and Chevron. VMOS will lead an investment of almost 3 billion dollars in an oil pipeline project that includes the construction of a loading and unloading terminal with interconnected monobuoys (floating offshore platforms that connect oil pipelines to onshore storage tanks) and several auxiliary plants. This project aims to triple Argentina’s oil production to 1.5 million barrels per day.
Furthermore, under the benefits of the recently established RIGI framework, significant investments are expected in the mining sector (mainly in copper and lithium projects), the consolidation of renewable energy players and large investments in midstream capacity. An example in the mining sector is the formation of a joint venture between Lundin and BHP to acquire a copper, silver and gold project on the border between Argentina and Chile, in a deal valued at approximately $3.25 billion.

2. How do you foresee changes in regulatory frameworks impacting M&A activity in 2025, especially with the evolution of antitrust laws and international trade agreements?

Estanislao Olmos (Argentina): The most noteworthy regulatory development for 2025 is the RIGI framework (for Incentive Regime for Large Investments, a regime of incentives for large-scale investment projects in certain specific sectors) together with the ongoing efforts of the Central Bank of Argentina to ease the strict exchange regulations. In addition, the Executive has announced that it will present a proposal to the National Congress to comprehensively reform the tax system.
In terms of competition, it remains to be seen whether the merger control system will finally move towards a pre-transaction analysis model. Argentina also seems interested in advancing free trade agreements with key countries and large trading blocs, with discussions with the United States possibly starting under the Trump administration.
Another area of opportunity lies in the possible privatisation of public companies. The government has already awarded the stake in IMPSA to a US fund backed mainly by ARC Energy, and companies such as Metrogas and Transener could follow suit soon.

3. Given current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?

Estanislao Olmos (Argentina): The negative effects of high inflation and strict exchange regulations, combined with the discouraging economic outlook for Argentina, seem to be a thing of the past. Large companies from different economic sectors have significant investment projects in the pipeline, which will probably generate an upward trend in valuations.
Argentine companies listed on the stock exchange, which had reached historically low prices, are experiencing significant increases in their valuations. For example, YPF’s market capitalisation has tripled since 10 December, when President Milei took office.
Given that 2025 is a mid-term election year, these will probably serve as a referendum to assess whether the efforts to control inflation, despite their severe economic impact, are working. If successful, Milei plans to present a second wave of deregulation initiatives to Congress.

4. How will advances in technology and the digital transformation drive mergers and acquisitions strategies in 2025, especially in sectors such as healthcare, finance and technology?

Estanislao Olmos (Argentina): Technology continues to significantly drive the advancement of non-bank players in the fintech sector. Traditional banks are striving to remain competitive by offering better products and services. At the same time, the process of consolidation in the banking sector, a trend that began years ago, persists. Notable recent examples include the acquisition of HSBC Argentina by Banco Galicia and the purchase of Itaú by Banco Macro.

5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?

Estanislao Olmos (Argentina): In Argentina, M&A transactions are rarely leveraged, and acquisition financing is infrequent. Therefore, interest rates mainly influence valuations rather than the structuring of transactions.
Recent transactions involving the use of shares as currency represent an innovative trend in the local market. For example, Banco Galicia and its parent company, Grupo Financiero Galicia (GFG), acquired HSBC Argentina. GFG, which is listed on the stock exchange, financed a significant part of the purchase price by delivering its own ADRs. Similarly, the shareholders of Columbus recently agreed to merge with Banco Valores, a listed bank, in exchange for shares.
Looking ahead, with numerous large-scale investment projects underway in Argentina, project finance is expected to gain relevance, along with acquisition finance.

BRASIL | MATTOS FILHO | Paula Vieira de Oliveira



1. What key trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?
 
Paula Vieira (Brazil): In Brazil, 2025 begins with somewhat positive expectations for the M&A sector, driven by significant transactions announced in late 2024, which inevitably lead to increased activity at the start of the year. In 2024, there was an increase in the total value of deals and a decrease in deal volume (number of deals), which may suggest that the long wait time for transactions to happen, given the lower activity since 2022, might be coming to an end. It is possible that misalignments in price expectations will play a less significant role, and that the pressure for companies to remain competitive and to gain scale will continue to drive strategic M&A transactions. 
 While there is little hope that the economic and political factors currently influencing the slower pace of M&A transactions will change significantly in 2025, even with all the uncertainty caused by potential US-led global economic rearrangements, there is also no clear indication that they will become worse. Brazil’s strong infrastructure and energy industries played a significant role in M&A activity in 2024 and will continue to do so in 2025. Domestic M&A transactions, including large and even not so large share deals, have helped local companies remain competitive and achieve strategic positioning. In addition, Brazil’s large market and digitalization profile have resulted in a still thriving M&A market for technology, IT, internet, software companies and fintechs. Brazil’s positioning as an attractive ground for the construction and operations of data centers is also a game changer, as these assets attract significant investment, require a complex infrastructure, regulatory and contractual network and become sought-after targets for M&A activities. 
 In terms of geographic activity, one notable trend in 2024, which may continue in 2025, is the international expansion of Brazilian private equity funds, as shown by TTR research. Unlike in previous years, the focus has shifted to geographical diversification, and local Brazilian investors have been relying on Brazilian PE houses to drive this diversification. 
 In terms of inbound investment, it remained fairly steady in 2024 compared to previous years, and there are no strong reasons to believe that the factors driving the 2024 scenario will change significantly in 2025, for better or worse. Brazil remains a large, strategic and relatively safe market, with resilient political institutions, but the strength of the US economy and ongoing concerns about Brazil’s fiscal policy might mean that Brazil will continue to fly, to a certain extent, slightly below the radar of foreign investors. Investors from the middle east are a exception, since their presence in Brazil and the region has increased significantly each year.  

2. How do you foresee changes in regulatory frameworks impacting M&A activity in 2025, especially with evolving antitrust laws and international trade agreements?
 
Paula Vieira (Brazil): Over the past couple of years, the Brazilian antitrust authority (CADE) has undergone procedural updates and issued new guidelines that are viewed as positive and can contribute to a more predictable and well-structured merger review. Also, the authority has been making efforts to ensure expedite review of the processes, especially for less complex transactions.
On the data privacy front, the ANPD (Data Privacy National Agency) has become more active in enforcing data protection laws. The tax reform in Brazil was approved and infra-regulation is being enacted, clarifying the practical implementation of the reform, which is expected to simplify and provide more certainty to the tax system in Brazil.
Overall, we see recent regulatory changes as positive and contributive to a stronger M&A market. Finally, the greater political stability compared to previous years could directly impact the appetite for M&A in the country. 
 
3. Given current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?
 
Paula Vieira (Brazil): The sustained high interest rates, both at a local level and in the US, a devalued Brazilian real and slightly higher inflation, which are expected to persist into 2025, could influence the valuation of Brazilian companies by making foreign investment into Brazil less attractive and US denominated debt less available and more expensive to Brazilian targets, potentially slowing down the economy and decreasing profit prospects for the year.
Additionally, the domestic political scenario, particularly concerning fiscal and economic reforms, could increase uncertainty and risks for doing business in Brazil, which may be a concern for international investors. On the other hand, the valuation of the US dollar and the value of commodities could positively impact the oil & gas, mining, and agriculturalindustries.
 
4. How will advances in technology and digital transformation drive M&A strategies in 2025, especially in sectors such as healthcare, finance and technology?

Paula Vieira (Brazil): In recent years, technology and digital transformation have been at the forefront of M&As, and 2025 will be no different. Despite a smaller number of deals, health tech and fintech companies remain prime targets for venture capital and private equity. As seen in 2024, technology-driven deals are becoming more and more common. In Brazil, for instance, the majority of M&A transactions in 2024 were related to the technology sector. 
 In this context, international private equity and venture capital firms are expected to favor low-risk scenarios and invest in technology-driven companies in emerging markets like Brazil, which are poised for growth in the coming years due to technological advancements. 
Furthermore, the adoption of AI is driving digital transformation and is set to be one of the key trends in M&As for 2025.
In the financial sector, AI presents both benefits and challenges as companies explore ways to maximize its growth potential.
On the positive side, AI will create new opportunities for M&A activities. AI-powered analytical tools can assist companies in identifying potential targets, conducting due diligence, and managing complex business timelines, thereby increasing the frequency and pace of M&A activities.
 
5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?
 
Paula Vieira (Brazil): With the increase in interest rates and the appreciation of the US dollar, traditional financing by companies becomes more expensive, which automatically decreases investors’ appetite or, in an optimistic scenario, drives them to seek alternative financing options.
 Among these alternatives, there is a search for more balanced and alternative debt structures, with greater equity and equity-conversion features and lower reliance on debt, which reduces financial risk and the total cost of the transaction. Additionally, exploring more flexible alternatives, such as strategic partnerships, joint ventures, and collaborative business models, becomes more attractive.
 In addition, as above mentioned, many public-company M&A transactions have been structured as share deals, some of them contemplating a cash portion.
 Finally, the search for angel investors and venture capital is also expected to rise as more startups and innovative companies establish themselves in the country. 
 
CHILE | CAREY | Pablo Iacobelli and Jaime Coutts



1. What main trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?

Pablo Iacobelli and Jaime Coutts (Chile): During 2025, the recovery of M&A activity in Chile should continue, so we anticipate a very good year, with a focus on medium-sized transactions and some signs of recovery in the capital market as well.
Although the Chilean economy’s growth projections for 2025 are modest, and the global geopolitical situation is worrying, confidence in Chile as an attractive place to invest and the resilience of the Chilean economy remain key factors in anticipating interesting levels of foreign investment.
The sectors or industries that could see the greatest activity could be, among others, mining, energy, agribusiness, infrastructure, data centres, logistics and transport.

2. How do you expect changes in regulatory frameworks to impact M&A activity in 2025, especially with the evolution of antitrust laws and international trade agreements?

Pablo Iacobelli and Jaime Coutts (Chile): Chile is very active in terms of relevant regulatory reforms in different areas, which will undoubtedly impact M&A activity in different ways.
For example, during 2024 a new cybersecurity law was enacted that imposes obligations in this area on a large group of companies, which may impact the due diligence processes that will have to incorporate reviews to this effect, if applicable.
Likewise, a new data protection law was also recently enacted. Although this law establishes deadlines for its full implementation, we should start to see a trend, especially among sophisticated global buyers, towards carrying out more in-depth reviews in this area to pave the way for the new requirements that this law will impose.
Similarly, in Chile we are also seeing a lot of new regulation in labour and tax matters that could also impact M&A processes. On the other hand, we do not anticipate any significant changes in antitrust or international trade agreements.

3. Given current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?

Pablo Iacobelli and Jaime Coutts (Chile): We believe that the local market has stabilised and valuations should continue to recover, influenced, moreover, by a growing weakening of the local currency that should attract more foreign investment and activate M&A processes.

4. How will advances in technology and digital transformation drive mergers and acquisitions strategies in 2025, especially in sectors such as healthcare, finance and technology?

Pablo Iacobelli and Jaime Coutts (Chile): A very powerful effect that we have noticed in Chile is the exponential growth of investments in data centres, which we believe is a trend that is here to stay, especially considering the current hyper-digitisation at the Chilean and global level.
In this sense, we believe that the phenomenon will continue - and even grow - in 2025, both with international players who will come to set up directly with operations in Chile from scratch, as well as investors who will look for investment opportunities in this industry through M&A transactions.
Likewise, we also anticipate for 2025 an interesting appetite for investment in the healthcare sector related to care and treatment for the elderly (as an effect of the ageing population and the sustained growth in life expectancy), as well as in the software industry that allows companies to automate and digitise processes that bring efficiencies to their operations.

5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?

Pablo Iacobelli and Jaime Coutts (Chile): The Chilean Central Bank has promoted a fall in interest rates, but at a slower pace than projected, influenced in part by inflation, which has also failed to fall to expected levels. This slight drop in interest rates, together with greater political stability (especially with the conclusion of the constituent processes of the last 5 years), have had a positive effect on the local financial market, which has become more open to those seeking financing.
Therefore, we believe that in 2025 access to financing will be greater, and that debtors will be able to opt for better conditions than in 2024.
As for the debt capital market, in general, the outlook in Chile for 2025 is good, with a possible reactivation of debt issues thanks to economic stabilisation and a possible partial reduction in interest rates, as mentioned above.
Likewise, sustainable issues are expected to continue to increase, driven by demand from investors focused on ESG criteria.
Finally, we do not expect major changes for Chile’s equity capital market in 2025, where more than 5 years have already passed since the last IPO in our country.

COLOMBIA | PHILIPPI PRIETOCARRIZOSA FERRERO DU & URÍA | Claudia Barrero



1. What main trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?

Claudia Barrero (Colombia): Following the global trend during 2024, the volume of transactions in Colombia decreased, but their total amount increased. Locally, around three quarters of the transactions were cross-border, mainly with countries in North America and the European Union.
By 2025, and considering a decrease in inflation and interest rates, we believe that mergers and acquisitions activity can be boosted worldwide, generating an impact in Latin America and Colombia.
Notwithstanding the above, mergers and acquisitions in Colombia will continue to be impacted by regulatory uncertainties, exchange rate fluctuations, geopolitical events, regional conflicts and local political instabilities.
During 2025, we anticipate that the highest number of transactions could occur in the internet, software and technology services; fintech; financial services; real estate and renewable energy sectors.

2. How do you expect changes in regulatory frameworks to impact M&A activity in 2025, especially with the evolution of antitrust laws and international trade agreements?

Claudia Barrero (Colombia): In recent years, there has been a tendency for competition authorities to scrutinise more closely the mergers and acquisitions transactions that require their approval. This has ultimately led to an extension of the time needed to close a transaction.
In Colombia, although there have been no changes in the antitrust laws that may affect mergers and acquisitions in 2025, the regulatory threshold for reporting a merger to the Superintendency of Industry and Commerce is very low (approximately USD $19,100,000) compared to the threshold applicable in other countries, so a considerable number of transactions must be approved by this regulatory body, lengthening the time it takes to close a transaction.
In terms of international trade agreements, there have been no significant changes in Colombia either. This is without prejudice to the interpretative note to the Free Trade Agreement between Colombia and the United States, which clarifies the protection commitments assumed by each State in the face of ambiguities that may arise within the framework of the Treaty, limiting the scope of the issues that can be challenged by an investor in the framework of an investment arbitration, which we believe will generate more complex negotiations in relation to the indemnity regime, in particular in highly regulated sectors such as healthcare, electricity and financial services, for example.
Finally, uncertainty in the face of material regulatory changes in highly active sectors such as electricity and healthcare may impact the number of transactions expected by 2025.

3. Given current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?

Claudia Barrero (Colombia): In the case of Colombia, the factor that will most influence valuations will be exchange rate volatility and regulatory uncertainty in previously very active sectors.

4. How will advances in technology and digital transformation drive M&A strategies in 2025, especially in sectors such as healthcare, finance and technology?

Claudia Barrero (Colombia): Advances in technology and digital transformation will undoubtedly have an impact on mergers and acquisitions strategies. New technological tools help to understand markets and assets better and faster, enabling more effective decision-making. New technologies optimise company research, due diligence and value definition.
Likewise, these technologies have been gradually implemented by external advisors for the development of processes such as legal due diligence.
Considering that clients are demanding increasingly accurate and efficient processes in ever shorter transaction times, these technological advances allow advisors to deliver better results in less time, based on the automation of document review. In any case, the implementation of these technologies is a gradual process with much still to be explored and exploited.

5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?

Claudia Barrero (Colombia): With interest rates trending down worldwide, Colombia included, we foresee an increase in the number of funded transactions due to a potential improvement in the conditions granted by commercial banks for the subscription of financing agreements. Additionally, private credit funds will continue to be an important financing instrument, considering the high amounts of cash reserves or liquid assets available in the private equity sector.
As for the current conditions of the Colombian capital market, 2024 saw a moderate reactivation of the sector, with 33 offers authorised by the regulatory body. During 2025, we expect these conditions to continue, and the government is expected to issue adjustments to capital market regulations, seeking greater liquidity, accessibility and promotion; as well as greater progress in the integration of the stock exchanges of Colombia, Chile and Peru.
In terms of transaction structure, we expect an increase in asset transactions over share transactions.

ESPAÑA | PÉREZ-LLORCA | Iván Delgado



1. What key trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?

Iván Delgado (Spain): In 2025 we anticipate an increase in the energy and infrastructure sector. In Spain, the renewable energy sector is driven by decarbonisation goals, with several deals led by funds, generally sovereign or infrastructure funds. We also see good prospects in the technology, healthcare and real estate sectors. Other sectors of interest could be defence and transport.
In addition, companies that lead in sustainability and adopt ESG criteria could earn higher ratings, reflecting a premium for their commitment to responsible practices.
Geographically, we expect sustained growth in Southern Europe, with Spain and Portugal as strategic markets, and consolidation in emerging markets in Latin America, especially in Mexico, where we began to operate in 2024.

2. How do you foresee changes in regulatory frameworks impacting M&A activity in 2025, especially with evolving antitrust laws and international trade agreements?

Iván Delgado (Spain): Changes in regulatory frameworks will have a significant impact on mergers and acquisitions, especially due to evolving antitrust laws and international trade agreements. Increased supervision by European authorities will require more detailed analysis of market structures and rigorous compliance preparation.
In addition, potential protectionist measures that could be taken by a new Trump administration, such as the re-imposition of tariffs and the revision of trade agreements, will add complexity to cross-border transactions.
As noted in our response to the previous question, companies will need to adapt their strategies to manage regulatory risk and respond to increasing demands for sustainability and ESG factors, which are key to attracting investors and ensuring successful transactions.

3. Given current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?

Iván Delgado (Spain): Company valuations in M&A transactions in 2025 will be significantly influenced by a number of economic and geopolitical factors. Stabilising interest rates and moderating inflation could create an environment that is more conducive for investment. However, lingering geopolitical uncertainty, especially over conflicts in Ukraine and the Middle East, will continue to affect risk perceptions in global markets, which could lead to increased caution among investors.
Improvements in financing, the availability of liquidity by funds and large companies, the need for Private Equities to shift the direction of portfolios in order to return funds to their investors, mean that transactions are expected to take off in 2025.

4. How will advances in technology and digital transformation drive M&A strategies in 2025, especially in sectors such as healthcare, finance and technology?

Iván Delgado (Spain): Technological developments pose new challenges that require innovative approaches to structure cross-border transactions and optimise business growth in a highly competitive environment. Artificial Intelligence will transform the way M&A transactions are managed from due diligence to post-acquisition integration.
In healthcare, optimising data analytics will enable personalised treatments and services, while compliance with privacy and sensitive data protection regulations will be crucial to ensure consumer confidence. The adoption of artificial intelligence-based tools will improve operational efficiency, making companies more attractive to potential acquisitions. In the financial sector, process automation through AI and blockchain will not only increase efficiency and security, but also facilitate predictive analytics to identify market opportunities and risks.
Regulatory compliance will be essential, especially with regard to licensing and the regulation of new technologies. In the technology sector, innovations in cybersecurity and data management will protect digital assets, while the expansion of AI and machine learning-based solutions will drive growth. Strategies for managing intellectual property and ensuring regulatory compatibility will be critical to the success of transactions in this dynamic environment.

5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?

Iván Delgado (Spain): We expect a more diversified financing environment this year, with significant changes in financing options and M&A deal structures, driven by capital market conditions and interest rate fluctuations. According to the OECD, the Spanish economy will grow in 2025 by up to 2.3%, providing a relatively stable framework for transactions.
However, interest rates could remain high by historical standards, making traditional financing more expensive and favouring the use of alternative sources such as private debt, mezzanine financing or convertible bonds, which can be adapted to the specific needs of each transaction.
This trend will also promote more flexible and innovative deal structures, including price adjustment clauses and earn-out mechanisms, which are particularly useful tools in sectors such as technology and healthcare for mitigating risks and aligning interests between parties.
The ability to design creative financial structures will be essential to facilitate deal completion in a still uncertain economic environment.

MÉXICO | GALICIA ABOGADOS | Manuel Galicia



1. What key trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?

Manuel Galicia (Mexico): The Mexican Central Bank lowered rates at the end of 2024, which is expected to create opportunities for refinancing and acquisition finance, as well as better valuation opportunities. Private equity financing and fintech activity will continue to be strong. The expectation is a focus on investments and financing in the middle market, which will offer higher margins. Banks might start to consider arbitration in their financings, especially with sovereign and quasi-sovereign clients.
Despite the challenges, both local and international business activity continues, particularly in sectors such as manufacturing, energy, infrastructure, hospitality, agroindustry, technology, and financial services. As the country moves forward with renewed energy, infrastructure, hospitality, agroindustry, technology, and financial services, we remain optimistic about the opportunities that lie ahead.
Above all, we must learn to collaborate more closely with the government, seek creative partnership models, and strengthen our risk management capabilities.

2. How do you foresee changes in regulatory frameworks impacting M&A activity in 2025, especially with evolving antitrust laws and international trade agreements?

Manuel Galicia (Mexico): Despite the change assigning to the Ministry of Economy the responsibilities of resolving antitrust matters, to the extent that the underlying legal framework remains the same, there are no grounds today to expect major changes from a regulatory perspective in the antitrust arena. This may be different in those regulated activities where the government may have some direct interest in maintaining some control, which may impact the timing and outcome of some of the resolutions related thereto.
In connection with trade activity, businesses should anticipate stricter enforcement of regional value content requirements and prepare for tariffs targeting Chinese-origin components with the potential for tariffs of over 100%.
Moreover, the Trump administration has vowed to take a stringent approach to Chinese investments in Mexico as an alleged circumvention of U.S. tariffs on Chinese imports.
Although Mexico has denied the existence of such investments in the automotive sector. President Sheinbaum recently announced the creation of a CFIUS-like mechanism to review foreign investments into Mexico, presumably aimed at disincentivizing future Chinese investments.
Regarding international trade agreements, the most relevant aspect is the coming USMCA review. While some comments have been made by the president elect Donald Trump about putting pressure in the review process (wrongly called renegotiation) due to immigration and drug trafficking to obtain greater concessions or commitments across the treaty, we believe the efforts and commitments will come down to harder regulations and commitments in specific strategic sectors (automobiles, steel, microchips, technology, etc.), while most of the USMCA text will remain the same.
Particular to M&A activity in 2025, the trade war with China will continue to position Mexico as the place to be for manufacturing, production and even harvesting, even with stricter trade rules. Nearshoring is still and will continue to be the mechanism for productive entities to relocate to Mexico in order to have access to the North American and other regions with which Mexico has trade agreements in place. We foresee a greater use of the other agreements such as CPTPP, Pacific Alliance and the EUFTA.
From a regulatory framework, stricter reviews to secure compliance with rules of origin, increase in tariffs, import and export permits or quotas, and more rigorous trade requirements will likely become regular players in the trade relationship with the US, as long as the new administration considers Mexico has the correct control systems in place. Acquiring established businesses that already comply with complex regulations could offer a faster and less risky alternative to establish or grow their presence in Mexico.
Also, the new Foreign Trade Rules were issued in the last days of the year, creating a more complex regulatory framework, by amending specific operations carried out by the manufacturing entities, certified companies, and supply chains. In this context, M&A strategies must be proactive, compliance-driven, and aligned with emerging regulatory demands.

3. Given current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?

Manuel Galicia (Mexico):
- Avoiding US (Trump) tariffs
- US relaxing antitrust barriers
- US relaxing "woke" activism"
- Mexico experiencing institutional and rule-of-law deterioration
- Availability of R&W insurance
- Fx volatility
- Cost of Doing Business in Mx (unsecurity, court unpredictability, etc.)

4. How will advances in technology and digital transformation drive M&A strategies in 2025, especially in sectors such as healthcare, finance and technology?

Manuel Galicia (Mexico): Changes should be expected from several fronts:
- On one side, technology, innovation and digital transformation is becoming more and more the core of many businesses. More and more companies are transforming their business and monetization model, products & services and operational model to such an extent, that they seem unrelated to the market they apparently used to belong. Those companies grow faster, and are becoming more and more the companies that appear in M&As. Whenever buying or selling a transformed or transforming company, several factors are core; digital transformation is a lengthy and complex process, with significant risks that, if unattended, could become severe blows to a transaction and its value.
- A second front comes from technology innovation or technology-driven startups. Companies are born technological, instead of transforming themselves.
These ideas, if properly driven, can become multimillion unicorns, that are either bought or they themselves to buy other companies very fast to consolidate and grow. These companies, either when they buy, sell or merge, have different needs than those above, as they need to be pragmatic, fast, and, unless the fund or investor is cautious and orthodox, tend to tolerate higher levels of risk.
- A third front, perhaps more common, belongs to all the corporations that are not in an intense technological transformation or innovation, but do engage in acquiring and improving their technology, to increase their efficiency, scalability, productivity, or other measurements. Artificial Intelligence, for example, is being acquired or developed by most companies with the expectation of improving their day-to-day operation, and not necessarily to drastically transform their business model. Companies in this process would naturally expect their sale value to increase, while acquirers and mergers expect to see data that evidences the value of such technological investment to be true, relevant and significant. Proper evaluation and diligence is core.
- As a fourth front, comes cybersecurity. With more technological adaptation, come more risks, as criminals become aware that potential profits are just some clicks away from finding a company that was not diligent enough to implement proper security measures. In an M&A, the value of a transaction can plumet if the target company is found to be compromised. Even worse, finalizing the transaction without realizing the target was compromised may cause a lot of economic, reputational, operational, legal and litigious trouble. Additionally, some reports have found that hackers were hired by unethical buyers to artificially lower the target’s value through orchestrated cybersecurity incidents. Strategy needs to adapt and prevent these scenarios.
From the four fronts described above, some sectors are naturally more inclined to be more technology intensive, such as the health, finance, commerce, media & entertainment, communications & transport, among others. M&A transactions should expect those sectors to include increasing levels of technology interactions, as described above.
Finally, the M&A process itself is not alien to the technological advances and innovations, not limited to AI. Technology can smooth, streamline and make the different steps, like the due diligence and reports, easier to manage to all the people and entities involved. Processes that could take lengthy manual review can be now assisted by technology- which despite not being risk-free or bullet-proof, and requires human oversight and verification, still lends a tool for efficiency.
The healthcare sector has always been a leader in the development and implementation of new technologies and digitalization processes.
In the healthcare services sector, we have seen a trend in recent years of acquisitions of specialized service providers by large consortiums or investment funds; this is because the market is highly fragmented. Mexican healthcare services providers have evolved from small specialty clinics set up by individuals into small and mid-size providers. The incorporation of large consortiums or investment funds in the market has implied the incorporation of new technologies and digitalization processes for these providers.
Moreover, in line with the abovementioned, we have seen that mid-size hospitals are implementing new technologies especially in areas of RX, clinical laboratories, and others. Historically, the pharma and medical device sectors have been active in the acquisition of small and mid-size companies that have developed highly specialize technology, as well as in the development of alliances with universities for the development of new technologies. We do not consider these types of activities to change.
Consequently, it is expected that investment decisions will be based on (i) the degree of incorporation of information technologies and digitalization process and (ii) on the development of new technologies that can give a competitive advantage over competitors.

5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?

Manuel Galicia (Mexico): Syndicated loans will be a significant financing option for large transactions as they will offer better terms and economics. Some banks are considering the use of arbitration to resolve controversies recommends that companies continue monitoring with an eye towards tariffs, supply chain snares, and shifting geopolitical dynamics. Please see answer 1 above.

PERU | REBAZA, ALCÁZAR & DE LAS CASAS | Alberto Rebaza



1. What main trends do you anticipate will shape the M&A landscape in 2025, especially in terms of industry focus and geographic activity?

Alberto Rebaza (Peru): Despite a drop in the number of transactions in 2024, a recovery is expected, driven by lower interest rates, stabilising inflation and a more stable economic environment. In addition, the World Bank has projected average economic growth of 2.5% for the next two years, based on more favourable mining export prices, as well as a fiscal boost associated with growth in public investment. All this adds up to a possible recovery in the number of M&A transactions in 2025.
The sectors that will be trending in 2025 are technology, mining, renewable energy and healthcare. These sectors have shown resilience and growth potential, attracting both local and international investors.
- Technology: Technology continues to be a key sector, especially in Peru, where the majority of technology start-ups are concentrated. Innovation in fintech, edtech and healthtech is attracting both local and international investors.
- Energy: With a growing focus on sustainability, investments in solar and wind energy are booming. Regions such as Ica, Piura and Arequipa are particularly attractive due to their favourable climatic conditions. Despite the trend towards renewable energy, the existing interest in traditional energy companies (oil, hydro, etc.) should not be ruled out.
- Mining: Mining continues to be a pillar of the Peruvian economy. The regions of Cajamarca and Arequipa continue to be centres of mining activity, with renewed interest in minerals such as copper and lithium.
- Health: The demand for quality health services is driving investment in hospital infrastructure and medical technology. Lima and other large cities are seeing an increase in the construction of private clinics and hospitals. The clinic sector increased its income by 9.2% in 2024.
- Agribusiness: Investments in agricultural companies in Peru are expected to be made by international funds (mainly from the United States and Europe) that will enter via equity directly or under joint ventures seeking synergies with other interested players to finance these companies. Companies that adopt ESG standards and AgTech technologies such as IoT sensors, drones and blockchain for crop traceability will be attractive targets. Geographically, M&A activity is expected to be concentrated in regions such as Ica, Piura and La Libertad, due to their high productivity in crops in high international demand such as blueberries, avocados and grapes.
Finally, strategic acquisitions of start-ups by international companies will also be a trend. This approach allows global investors to enter fragmented markets efficiently, mitigating operational risks.

2. How do you foresee changes in regulatory frameworks impacting M&A activity in 2025, especially with the evolution of antitrust laws and international trade agreements?

Alberto Rebaza (Peru): After almost five years of the law on corporate mergers in Peru being in force, investors have already internalised the possibility of requiring authorisation from INDECOPI before the closing of an M&A transaction. In this sense, although in 2020 it was expected that the control of business concentrations in Peru would have a dissuasive impact on investments in Peruvian companies or assets, this has changed.
On the other hand, with the progress of treaties such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Peru will be more integrated into key markets in Asia and Oceania. In addition, the entry into force of additional trade agreements with Europe and North America will facilitate the expansion of local companies into international markets.
In line with global trends, Peru could adopt stricter regulations related to sustainable practices and governance. Acquired companies will need to demonstrate a commitment to ESG standards to be attractive in the M&A market. This is because due diligence processes are expected to include much more rigorous sustainability and environmental compliance assessments, which could prolong negotiation times and increase transaction costs, but in turn will generate greater guarantees of long-term stability. Those acquired companies that can anticipate and plan robustly to adapt to the regulatory demands of the market will be best positioned to take advantage of market opportunities.

3. Given the current economic conditions, what factors do you expect to influence company valuations in M&A transactions in 2025?

Alberto Rebaza (Peru): The persistence of restrictive monetary policies by central banks such as the Federal Reserve and the European Central Bank will impact the cost of global financing. This will directly influence the valuations of companies in Peru, as buyers will have less financial leeway and will seek to adjust prices.
The economic slowdown in large economies such as China and Europe will affect the demand for raw materials and goods exported by Peru, such as minerals and agricultural products. This can put downward pressure on sectors dependent on exports.
Although inflation in Peru has stabilised, any devaluation of the sol against the dollar could increase operating costs and reduce profits in local currency. Exporting companies with dollar-based revenues will be more resilient and have better valuations. Companies in sectors such as mining and agro-industry could maintain high valuations, while companies dependent on the domestic market could face adjustments.
Global pressure to meet sustainability targets will boost the valuation of companies that integrate ESG standards into their operations. Sectors such as renewable energy, responsible mining and sustainable agribusiness will benefit.
Economic Growth and Stability: With the World Bank projecting growth of 3.1% for the Peruvian economy at the end of 2024, it is expected that improved business confidence and a more stable macroeconomic environment will have a positive impact on valuations. Political and economic stability is crucial to fostering an environment conducive to M&A, as investors seek to minimise risk.
Monetary Conditions and Interest Rates: The recent reduction in interest rates by the Central Bank will facilitate access to financing, which may increase M&A activity. Companies will be more willing to make acquisitions if capital costs are low, which could result in higher valuations due to increased competition for attractive assets.
Strategic Sectors: The sectors that are showing the greatest dynamism, such as mining, infrastructure and energy, will play an important role in valuations. Companies within these sectors may see increases in their valuations due to sustained demand and significant projects in development, such as the Peripheral Road Ring and the Port of Chancay.
Political and electoral factors: As the 2026 presidential elections approach, it is anticipated that political uncertainty could affect valuations. Historically, pre-election periods generate caution among investors, which could lead to a slowdown in transactions from the second half of 2025. In this sense, we can anticipate that investors will seek to anticipate these political uncertainties, causing an increase in M&A activity.

How will advances in technology and digital transformation drive mergers and acquisitions strategies in 2025, especially in sectors such as healthcare, finance and technology?

Alberto Rebaza (Peru):
Healthcare: Investment will focus on companies offering innovative solutions to improve access to and quality of services, such as telemedicine platforms, remote patient monitoring applications and AI-based hospital management systems.
An article by the Bankinter Foundation highlights how artificial intelligence (AI) has evolved and been integrated into multiple sectors, including healthcare. Generative AI and multimodality are transforming patient care through personalisation and predictive analytics. According to a Deloitte report, 60% of healthcare institutions in Latin America are investing in AI technologies to improve operational efficiency and patient care.
Acquisitions that promote the interoperability of clinical data will be essential to improve the efficiency of regional healthcare systems, in line with emerging regulations on data protection and portability.
Finance and banking: Financial inclusion and the optimisation of electronic payments are areas of great interest. The optimisation of electronic payments is another key factor driving M&A in the financial sector. Companies are looking to acquire technologies that improve the efficiency of payment processes, including blockchain-based solutions that offer faster and more secure transactions. Regulatory developments, such as the Markets in Cryptoassets (MiCA) framework implemented by the European Union, are creating a more favourable environment for cryptocurrencies and blockchain technology.
This not only increases investor confidence, but also facilitates mergers between companies operating within this new regulatory framework.
In 2024, Peru’s Superintendency of the Securities Market (SMV) began to explore a regulatory framework inspired by MiCA, focused on regulating cryptocurrencies and digital assets. This makes it easier for local blockchain companies to operate with greater confidence and for M&A transactions with international players.
On the other hand, companies in Peru could integrate stablecoins such as USDC or central bank digital currencies (CBDC) into their payment platforms. This not only reduces transactional costs, but also improves security against fraud in electronic transactions, aligning with international standards, making them more attractive to investors looking for sophisticated companies with technological advances.
Technology sector: In 2025, advances in cybersecurity, cloud services and artificial intelligence will be the main drivers of M&A in the Peruvian technology sector. From a strategic perspective, these acquisitions (vertical and horizontal) will enable companies to strengthen their capabilities, remain competitive and address the challenges of digital transformation in a constantly evolving market.
With the increase in cyber-attacks in the region, companies in Peru are prioritising the acquisition of advanced cybersecurity solutions to protect their operations and sensitive data. Local corporations such as banks or large retailers could acquire start-ups that develop real-time monitoring and protection systems, such as those offering artificial intelligence-based tools to detect and mitigate threats.

5. What changes do you foresee in financing options and deal structures by 2025, especially in light of fluctuations in interest rates and capital market conditions?

Alberto Rebaza (Peru): In 2025, fluctuations in interest rates and capital market conditions will influence financing options and deal structures in M&A transactions in Peru. As interest rates fall, leveraged buyouts (LBOs) and hybrid debt and equity structures are expected to become more common.


INDEX OF AUTHORS AND FIRMS
(In alphabetical order - following their Spanish version - according to jurisdiction and/or region)

INTRODUCTION & EDITING | RODOLFO G. PAPA | LATIN COUNSEL | rodolfo.papa@latincounsel.com

LATIN AMERICA | (Perspectiva regional) | PAOLA LOZANO | SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP (NUEVA YORK) | paola.lozano@skadden.com

CENTRAL AMERICA (Perspectiva regional) | VIVIAN LIBERMAN | BLP | vliberman@blplegal.com

ARGENTINA | ESTANISLAO OLMOS | BRUCHOU & FUNES DE RIOJA | estanislao.olmos@bruchoufunes.com

BRAZIL | PAULA VIEIRA DE OLIVEIRA | MATTOS FILHO | pvieira@mattosfilho.com.br

CHILE | PABLO IACOBELLI y JAIME COUTTS| CAREY | piacobelli@carey.cl; jcoutts@carey.cl

COLOMBIA | CLAUDIA BARRERO | PHILIPPI PRIETOCARRIZOSA FERRERO DU & URÍA | claudia.barrero@ppulegal.com

SPAIN | IVÁN DELGADO | PÉREZ-LLORCA | idelgado@perezllorca.com

MEXICO | MANUEL GALICIA | GALICIA ABOGADOS | mgalicia@galicia.com.mx

PERU | ALBERTO REBAZA | REBAZA, ALCAZAR & DE LAS CASAS | alberto.rebaza@rebaza-alcazar.com