Latin America M&A Mid-Year 2026 Outlook

Sep 14

15 min read

Updated: Sep 29

By: Alejandro Rosales Mayr

Introduction

Latin America's M&A market is defined by fewer, larger transactions. Regional deal value rose 18.7% to $119.8b in 2025 while transaction count held near a five-year low, and the pattern persisted into 1H 2026: volume fell 30% while value held broadly steady at $49.1b. This is a structural shift, not a temporary anomaly.

Three factors will shape dealmaking through year-end. First, energy and electrification, upstream oil and gas, and critical minerals continue to absorb the largest share of disclosed capital, led by Mexico's large-cap power transactions and USA Rare Earth's acquisition of Serra Verde. Second, global strategics remain the principal buyers of scale assets, with regional operators such as Millicom consolidating telecommunications. Third, the political calendar, including Brazil's October election, Colombia's new policy agenda under de la Espriella, and the durability of Argentina's reform mandate, will set the backdrop for 2H 2026 activity.

For strategic acquirers, competition for scale assets in energy, mining, and infrastructure will remain intense and premium pricing is likely to persist. For financial buyers, currency-driven valuation gaps, particularly in Argentina, continue to create entry points where earn-outs, representations and warranties insurance, and escrows adequately bridge execution and policy risk. Both should expect a selective, concentrated market through the end of 2026.

Macroeconomic Backdrop

Latin America's growth trajectory from 2021 through 2025 tracked the global cycle: an aggressive recovery off pandemic-era lows, a 2022 peak supported by high commodity prices and favorable external financing, and a two-year deceleration as interest rates rose and global demand softened. For 2026, the IMF projects regional GDP growth in the low-2% range, sufficient to sustain deal activity, but not enough to generate broad-based momentum.

Several dynamics warrant continued monitoring: shifts in global trade policy and US–China tensions are reshaping capital flows and buyer risk assessment; growth is uneven, favoring economies with structural tailwinds (nearshoring, energy transition, commodity demand) over those more exposed to external shocks; and Venezuela has shifted from a distant, low-probability scenario to an actively unfolding one following the January 2026 political transition and the subsequent unwinding of sanctions on its oil and minerals sectors. Large oil and gas reserves represent a meaningful near-term opportunity as this normalization proceeds, though its pace and durability, not whether it begins, is now the variable to monitor (see Risks and Headwinds).

1H Update

Latin America's M&A market recorded 1,062 announced and completed transactions in the first half of 2026, down 30% year-over-year, while aggregate deal value held comparatively steady at approximately $49.1b, down only 6%, extending the quality-over-quantity dynamic that defined full-year 2025. Transactions were fewer and larger, concentrated in energy and electrification, upstream oil and gas, critical minerals, and telecommunications. Country coverage and the jurisdictional tagging convention applied to cross-border transactions are set out in Sources & Disclosures, page 12.

Source: TTR Data. 2021-2023 per TTR's originally published series; 2024 onward per TTR's revised series. 2026E value is a run rate (2 × 1H); 2026 transactions are year-to-date.

Brazil remained the region's largest market by both measures, with 593 transactions in 1H 2026, down 35% year-over-year, and value up 3% to approximately $32.6b.[1] Mexico recorded 118 transactions worth approximately $10.9b (down 19% in volume, up 21% in value), and Argentina recorded 101 transactions worth an aggregate $4.7b (down 5% in volume, up 38% in value).[2] Colombia recorded 91 transactions worth $7.2b (down 29% in volume, up 50% in value), and Chile recorded 163 transactions worth $3.6b (down 13% in volume, down 12% in value). Of the five markets covered, only Chile contracted in value.

Notable 1H 2026 Transactions (Announced or Closed): Latin America

Country	Target / Asset	Sector	Acquirer	Seller	Value ($)	Quarter
Mexico	Prolec[1]	Energy / Electrification	GE Vernova	Xignux	$5.3b	Q4 '25 (ann.) / Q1 '26 (closed)
Mexico	Iberdrola México[2]	Energy / Electric Utilities	Cox	Iberdrola, S.A.	$4.2b	Q2 '26
Brazil	Serra Verde (Pela Ema rare earth mine, Goiás)	Mining / Critical Minerals	USA Rare Earth	Denham Capital	$2.8b	Q2 '26 (ann.) / Q3 '26 (closed)
Chile	Movistar Chile (100%)	Telecom	Millicom / NJJ Holding JV	Telefónica	EV ~$1.2b[3]	Q1 '26
Brazil	Global Eggs (minority stake)	Agribusiness	Warburg Pincus	Primary investment	$1.0b	Q2 '26
Argentina	Equinor Argentina (100%)	Oil & Gas E&P	Vista Energy	Equinor	$700m	Q2 '26
Colombia	UNE EPM Telecomunicaciones (Tigo Colombia): remaining stake	Telecom	Millicom	Empresas Públicas de Medellín (EPM)	$570m	Q1 '26
Brazil	Linx (100%)	Software & IT	TOTVS	StoneCo	$550m	Q1 '26
Peru	Cementos Pacasmayo (50.01%)	Cement & Construction Materials	Holcim Perú	Grupo Hochschild (Inversiones ASPI)	$550m	Q1 '26
Colombia	Frontera Petroleum International (100%)	Oil & Gas E&P	Parex Resources	Frontera Energy[4]	$500m	Q2 '26
Chile	Baker Comercial (100%)	Real Estate	GSI Capital	Southern Cross	$300m	Q2 '26
Brazil	Tupperware Latin America operations (100%)	Consumer Products	BeFra (Betterware de México)	Party Products LLC	$250m	Q2 '26
Colombia	Colombia Telecomunicaciones (Coltel): 67.5% controlling stake	Telecom	Millicom	Telefónica	$214m	Q1 '26

Key Investment Themes and Risks

Energy and electrification cross-border consolidation is the largest theme by disclosed value: Prolec ($5.3b) and Iberdrola México ($4.2b), the two largest transactions to close in Mexico in 1H 2026, brought roughly $9.5b of cross-border capital into Mexican power assets.
Upstream oil and gas consolidation continued in Argentina and Colombia: Vista Energy's acquisition of Equinor Argentina and Parex Resources' purchase of Frontera Energy's Colombian E&P assets, following Continental Resources' Q4 2025 acquisition of Los Toldos II, point to sustained demand for hard-currency hydrocarbon assets.
Critical minerals is an emerging theme: Serra Verde's Brazilian rare earth deal extends interest beyond conventional energy transition assets, and closed within four months despite stockholder litigation. Closing speed is distinct from asset risk, however: permitting, processing, and offtake constraints still warrant longer diligence (see Transaction-Specific Execution Risk).
Telecom consolidation: Telefónica is retreating as regional operators consolidate. In 1H 2026, it sold Movistar Chile (to a Millicom/NJJ Holding joint venture) and Coltel (to Millicom; see Telefónica case study, page 10), while Millicom also bought out EPM's remaining stake in UNE EPM Telecomunicaciones.
Private equity is outpacing venture capital: in 1H 2026, separate from this report's regional M&A figures, private equity deal value more than doubled (up 102% year-over-year to $10.0b), while venture capital deal count fell 38% and venture capital value rose a more modest 13% to $2.3b.

Macroeconmic and Financing Risks

Currency risk: peso volatility remains material in Argentina, continuing to complicate cross-border pricing; the Colombian peso strengthened in 2025 but remains sensitive to fiscal and oil-price shifts. Chile's peso has weakened in 2026, with the dollar up roughly 7% year-to-date and trading near 945-965 CLP/USD in late September (see Chile country section).
Financing constraints: country risk premia, particularly in Argentina, remain elevated, continuing to limit traditional leveraged structures. The durability of the Milei administration's reform program remains the key variable underlying Argentina's risk premium.

Political Regulatory and Risks

Brazil remains the region's largest and most liquid M&A market, and the only major Latin American economy where domestic buyers rather than cross-border capital dominate deal flow. The country continues to position itself as a global renewable energy leader, with nearly 90% of electricity generated from renewable sources (per Brazil's grid regulator ANEEL, installed renewable capacity reached 84.6% as of January 2026, with actual generation running higher) and continued government-directed investment in the energy transition through the National Energy Transition Policy (PNTE, established August 2024) and the Growth Acceleration Program (New PAC).
Domestic political transitions: electoral uncertainty in Chile and Colombia has moved into implementation risk. Chile inaugurated José Antonio Kast, who took office March 11, 2026, following his December 2025 runoff victory; Colombia inaugurated Abelardo de la Espriella on August 7, 2026. In both cases, the new administrations' early policy direction, not the elections themselves, is now the variable to monitor.
Mexico's USMCA review: an active, unresolved trade-policy risk. The agreement remains in force, but the 2026 review process, continuing debate over automotive rules of origin, and steel-related trade measures add uncertainty for longer-term investment planning.
Venezuela: increasingly relevant to regional investment discussions but still a high-risk, early-stage situation, not a settled reopening story. Political normalization, U.S. sanctions treatment, foreign oil-company participation, creditor negotiations, and oversight of oil proceeds remain fluid. The country's resource base and infrastructure needs are material, but investor conclusions should depend on verifiable legal changes, enforceable contracts, sanctions durability, and transaction-specific protections.

Transaction-Specific Execution Risk

Execution risk in newer sectors: critical-minerals transactions remain exposed to permitting, processing-capacity, and offtake constraints that the region's more established energy and financial-services deal flow does not face, and buyers should underwrite longer diligence and regulatory timelines accordingly.

2H What to Watch

Serra Verde post-closing integration and offtake: following the September 4, 2026 closing, USA Rare Earth's integration of Pela Ema and its offtake arrangements will show whether the asset can scale.
Brazil's general election (first round October 4, 2026; runoff October 25 if required): President Lula's bid for re-election to a second consecutive term (his fourth overall), against opposition led by Flávio Bolsonaro, is Latin America's largest electoral event of 2H 2026. As the region's largest and most liquid M&A market, Brazil's election outcome and subsequent policy direction bear directly on regional dealmaking momentum heading into 2027.
Colombia's new policy direction: President Abelardo de la Espriella, in office since August 7, 2026, has reversed Petro-era hydrocarbon restrictions, reopening oil and gas contracting, reviving fracking, and loosening mining rules for copper, gold, and critical minerals. That agenda has already produced results: in September 2026, Colombia signed bilateral deals with the United States on critical-mineral investment and nuclear energy cooperation. The pace at which this framework converts into investable projects will shape 2H 2026 energy and mining dealmaking.
Further Mexican energy and electrification consolidation: with Prolec and Iberdrola México both closed in 1H 2026, watch for additional buyers entering Mexican power and grid assets during 2H 2026, consistent with the region's nearshoring and energy-transition theses.
Argentina's reform follow-through: Milei enters 2H 2026 with a strengthened congressional mandate from his October 2025 midterm landslide; labor and tax code reforms now moving through Congress will test whether that mandate converts into lasting institutional change. The $3b Vaca Muerta-to-Atlantic pipeline, on track to double the country's oil export capacity on completion late this year, is a second catalyst. 1H 2026's +38% year-over-year deal value growth reflects early investor confidence; both catalysts will determine whether that momentum holds into 2027.

Brazil

1H 2026: 593 transactions, $32.6b (volume down 35%, value up 3% year-over-year).

Brazil's growth is slowing: GDP expanded 1.1% quarter-over-quarter in Q1 2026 and 0.5% in Q2, and the central bank now projects 1.8% growth for the year. Twelve-month consumer price inflation (IPCA) eased to 4.22% in August, allowing the Banco Central do Brasil (BACEN) to bring the benchmark SELIC rate to 13.75% in September, the fifth consecutive quarter-point cut in an easing cycle that began in March 2026 from the 15.00% level held since June 2025 (IBGE; Banco Central do Brasil). Brazil nonetheless remains the region's largest and most liquid M&A market. Recent activity spans critical minerals (Serra Verde, $2.8b), agribusiness (Global Eggs), software (TOTVS's acquisition of Linx), and oil and gas (Prio's purchase of the Peregrino project). For investors, Brazil offers the region's deepest liquidity, with financing costs and export-exposed sectors the principal watch items.

Notable Recent Transactions: Brazil

Target / Asset	Sector	Acquirer	Seller	Value ($)	Quarter
Peregrino oil and gas project (60% stake)	Oil & Gas	Prio	Equinor	$3.35b	Q4 '25
Serra Verde (Pela Ema rare earth mine, Goiás)	Mining / Critical Minerals	USA Rare Earth	Denham Capital	$2.8b	Q2 '26 (ann.) / Q3 '26 (closed)
Eldorado Brazil Celulose	Pulp & Paper	J&F Investimentos	Paper Excellence	$2.6b	Q2 '25
Neoenergia (30.29% stake)	Utilities	Iberdrola	PREVI	$2.2b	Q4 '25
Motiva airport platform (20 airports)	Transport Infrastructure	ASUR	Motiva (formerly CCR)	$2.2b	Q4 '25
Kimberly-Clark Brazil JV (51% stake)	Consumer Products	Suzano	Kimberly-Clark	$1.7b	Q2 '25
Global Eggs (minority stake)	Agribusiness	Warburg Pincus	Primary investment	$1.0b	Q2 '26
Linx (100%)	Software & IT	TOTVS	StoneCo	$550m	Q1 '26
Tupperware Latin America operations (100%)	Consumer Products	BeFra (Betterware de México)	Party Products LLC	$250m	Q2 '26

Case Study: Serra Verde and Latin America's First Large-Cap Rare Earth Deal

USA Rare Earth's $2.8b acquisition of Serra Verde's Pela Ema mine in Goiás from Denham Capital, announced in Q2 2026 and closed September 4, 2026, is the region's first large-cap rare earth transaction and the clearest evidence that critical minerals have moved from investment thesis to executed deal flow. The next test is operational: USA Rare Earth's integration of Pela Ema and its offtake arrangements (see 2H 2026: What to Watch).

Mexico

1H 2026: 118 transactions, $10.9b (volume down 19%, value up 21% year-over-year).

Mexico is Latin America's second-largest M&A market by value and the market most directly connected to global supply chain realignment. The nearshoring thesis, the energy transition, and deepening USMCA-linked integration continue to drive deal flow, with the largest recent transactions centered on energy infrastructure and financial services.

The Citigroup sale of Grupo Financiero Banamex to a Mexican buyer group marked the first step in Citi's divestiture, ahead of a planned IPO; the transaction was named Latin America's 2025 "Deal of the Year" (TTR Data). 1H 2026 closings concentrated in two large-cap energy and electrification transactions, Prolec (announced in Q4 2025) and Iberdrola México (see 1H 2026 Update, page 4). For investors, Mexico's 2026 USMCA review process remains a key consideration, adding uncertainty to the agreement's future evolution.

Notable Recent Transactions: Mexico

Target / Asset	Sector	Acquirer	Seller	Value ($)	Quarter
Prolec[1]	Energy / Electrification	GE Vernova	Xignux	$5.3b	Q4 '25 (ann.) / Q1 '26 (closed)
Iberdrola México	Energy / Electric Utilities	Cox	Iberdrola, S.A.	$4.2b	Q2 '26
Grupo Financiero Banamex (25% stake)	Banking & Investment	Fernando Chico Pardo and family	Citigroup	$2.3b	Q3 '25

Case Study: Mexico's Energy and Electrification Wave

Two large-cap transactions that closed in 1H 2026 defined Mexico's energy and electrification consolidation. GE Vernova's acquisition of Prolec from Xignux for $5.3b and Cox's acquisition of Iberdrola México from Iberdrola, S.A. for $4.2b, together representing approximately $9.5b of cross-border capital closed in a single half-year, confirm that global strategics view Mexican grid and power assets as core infrastructure plays underpinning the broader nearshoring thesis rather than opportunistic bets. Prolec was announced on October 21, 2025 and closed on February 2, 2026; it appears in the Mexico table under its announcement quarter and in the 1H 2026 table under its closing quarter, and is counted only once in aggregate figures. Whether additional buyers enter Mexican power and grid assets in 2H 2026 is the key signal for investors to watch.

[1] Also listed in the 1H 2026 table under its Q1 2026 closing; counted once in aggregates.

Colombia

1H 2026: 91 transactions, $7.2b (volume down 29%, value up 50% year-over-year).

Colombia's M&A market contracted in 2025: aggregate value fell 18.2% year-over-year and volume fell 7.1%. That weakness reversed in 1H 2026, when value rose 50% to $7.2b even as volume continued to decline. Activity has concentrated in telecommunications consolidation (Millicom's purchase of the remaining UNE EPM stake and of a controlling stake in Coltel), upstream oil and gas (Parex Resources' acquisition of Frontera Petroleum International), and banking (Davivienda's acquisition of Scotiabank Colpatria, the country's largest 2025 transaction). Abelardo de la Espriella took office August 7, 2026, succeeding Gustavo Petro; for investors, the new administration's early policy direction, not the election itself, is now the more consequential variable for the M&A outlook.

Notable Recent Transactions: Colombia

Target / Asset	Sector	Acquirer	Seller	Value ($)	Quarter
Scotiabank Colpatria	Banking & Financial Services	Banco Davivienda	Bank of Nova Scotia	Share exchange[1]	Q1 '25
Three operational toll road concessions: 416 km	Infrastructure / Transport	Actis Long Life Infrastructure Fund 2	Sacyr	$1.6b	Q2 '25
Banistmo (Panamá)	Banking & Investment	Inversiones Cuscatlán Centroamérica	Grupo Cibest	$1.4b	Q4 '25
UNE EPM Telecomunicaciones (Tigo Colombia): remaining stake	Telecom	Millicom	Empresas Públicas de Medellín (EPM)	$570m	Q1 '26
Frontera Petroleum International (100%)	Oil & Gas E&P	Parex Resources	Frontera Energy	$500m	Q2 '26
Colombia Telecomunicaciones (Coltel): 67.5% controlling stake	Telecom	Millicom	Telefónica	$214m[2]	Q1 '26

Case Study: Parex Resources' Entry into Frontera Energy's Colombian E&P Portfolio

Colombia's defining 1H 2026 transaction outside telecommunications was an upstream consolidation: Parex Resources acquired Frontera Petroleum International, Frontera Energy's Colombian exploration and production portfolio, for $500m in Q2 2026. The deal deepens a Canadian operator's position in Colombian oil and gas at a moment when then-candidate de la Espriella had pledged to reopen hydrocarbon contracting, and it signals that international operators are willing to underwrite Colombian reserve risk ahead of, rather than after, confirmation of the new policy framework.

Chile

1H 2026: 163 transactions, $3.6b (volume down 13%, value down 12% year-over-year).

Chile's M&A market remains the most institutionally anchored in the region: stable, predictable, and reliable on contract enforcement, which continues to attract cross-border buyers who prioritize execution certainty over sheer market scale. Recent activity spans telecommunications (Movistar Chile), healthcare (Banmédica), copper mining (Santo Domingo and Sierra Norte), real estate, and aquaculture. A notable domestic exception was CAP's reacquisition of a 49% stake in Aguas CAP, a water-infrastructure asset, from Mitsubishi Corporation. The peso has weakened in 2026, with the dollar up roughly 7% year-to-date and trading near 945-965 CLP/USD in late September after an April low near 880, compressing USD-equivalent asset values and positioning Chilean assets as attractive entry points for buyers with a multi-year horizon.

Notable Recent Transactions: Chile

Target / Asset	Sector	Acquirer	Seller	Value ($)	Quarter
Movistar Chile (100%)	Telecom	Millicom / NJJ Holding JV	Telefónica	EV ~$1.2b[3]	Q1 '26
Banmédica: Chile & Colombia (insurance, hospitals)[4]	Healthcare	Patria Investments + Linzor Capital	UnitedHealth Group	~$1.0b	Q4 '25
Santo Domingo and Sierra Norte mining projects	Copper & Cobalt Mining	Orion Resource Partners	Capstone Copper	~$360m	Q4 '25
Baker Comercial (100%)	Real Estate	GSI Capital	Southern Cross	$300m	Q2 '26
Yadran	Aquaculture	Salmones Antártica (Nissui)	Inversiones Yadran, Chile Market, and Inversiones Crucol	$133m	Q4 '25
Aguas CAP: 49% stake (desalination)	Water Infrastructure	CAP	Mitsubishi Corporation	$79.5m	Q2 '25

Case Study: Telefónica's Exit and the Millicom / NJJ Joint Venture

Chile's largest 1H 2026 transaction was a change of ownership rather than a change of market structure: Telefónica sold Movistar Chile in Q1 2026 to a joint venture between Millicom and NJJ Holding at a reported enterprise value of about $1.2b, with $50m paid in cash at closing and up to $150m in earn-outs; the balance of the enterprise value implies roughly $1.0b of net debt and other liabilities assumed by the buyer. The sale ran in parallel with Telefónica's disposal of its Colombian unit to Millicom, making Chile one half of Telefónica's coordinated retreat from Latin American telecom. For investors, the transaction confirms that Chile's institutional stability continues to clear large cross-border deals even in a half-year when aggregate deal value fell 12%.

Argentina

1H 2026: 101 transactions, $4.7b (volume down 5%, value up 38% year-over-year).

Argentina remains a deal-by-deal market: deal volume is smaller than regional peers and currency risk is acute, but selective activity continues where the investment thesis is grounded in hard-currency-linked revenues (hydrocarbons, mining royalties, and export-oriented agriculture) or in digital and software businesses with globally diversified revenue.

The Milei administration's reform program (deregulation, fiscal consolidation, gradual currency normalization) has materially improved, though not fully restored, investor confidence. Recent activity has clustered in upstream oil and gas, led by Vista Energy's acquisition of Equinor Argentina, in the hydroelectric privatizations of Piedra del Águila, Chocón, and Alicurá / Cerros Colorados, and in agricultural chemicals (Profertil). Vaca Muerta shale development remains the most consequential hard-asset theme to watch through 2026.

Notable Recent Transactions: Argentina

Target / Asset	Sector	Acquirer	Seller	Value ($)	Quarter
Equinor Argentina (100%)	Oil & Gas E&P	Vista Energy	Equinor	$700m	Q2 '26
Profertil (agricultural chemicals)	Chemicals	Agro Inversora Argentina	YPF	$635m	Q4 '25
Los Toldos II West Block (90% stake)	Oil & Gas E&P	Continental Resources	Pluspetrol	$300m	Q4 '25
Piedra del Águila Hidroeléctrica	Renewable Energy	Central Puerto	Government of Argentina	$245m	Q4 '25
Chocón Hidroeléctrica	Renewable Energy	BML Inversora	Government of Argentina	$236m	Q4 '25
Alicurá / Cerros Colorados Hidroeléctrica	Renewable Energy	Edison Energía	Government of Argentina	$226m	Q4 '25

Case Study: Argentina's Upstream Oil & Gas Consolidation

Argentina's recent deal activity centered on upstream oil and gas, consistent with the hard-currency-revenue thesis anchoring investor interest in the country. Vista Energy's acquisition of Equinor Argentina for $700m and Continental Resources' acquisition of a 90% stake in the Los Toldos II West Block from Pluspetrol for $300m (announced Q4 2025, excluded from the 1H 2026 table) both target Vaca Muerta shale assets, confirming that international operators view the basin's export economics as durable enough to sustain entry despite currency volatility. These transactions reinforce Vaca Muerta as the region's most consequential hard-asset theme, and Argentina's 1H 2026 value growth of +38% year-over-year signals that confidence is building (see 2H 2026: What to Watch, page 6).

Sources & Disclosures

Sources are listed below. Figures that could not be independently verified are flagged where they appear.

Coverage scope: the country snapshots cover the five markets that account for the substantial majority of disclosed 1H 2026 regional deal value. Peru appears in the 1H 2026 table without a separate snapshot, and Central America and the Caribbean, both core Frontera markets, are not covered separately in this edition. Cross-border transactions are listed under the country of the principal counterparty rather than the target's domicile, which is why Banistmo (Panamá) appears in the Colombia table.

Country versus regional totals: country values sum to approximately $59.0b and counts to 1,066, against regional totals of $49.1b and 1,062. The gaps are definitional: country figures include private equity, venture capital, and asset acquisitions, while the regional total captures M&A only, and a cross-border transaction counted once regionally can appear in two country tables.

TTR Data: Annual Report 2025 (Latin America and country editions); Monthly Report, Mexico, Feb. 2026; Quarterly Report, Latin America, Q1 2026; quarterly blog reports, 1T26 and 2T26. Regional 1H 2026 totals and Brazil's 1H 2026 count are confirmed against TTR's primary reports.
Market data and research: Kroll, Brazil Transactions Insights (2025 full-year; Summer 2026); ISI Markets, “Brazil Emerges as a Global M&A Hotspot Amid the Return of Billion-Dollar Deals,” May 2026; Mergermarket; PitchBook Data; EMIS Insights; LAVCA; Latamlist; La Tercera; PPU Legal.
Company filings and press releases: GE Vernova (Form 8-K, Jan. 28 and Apr. 22, 2026; prospectus supplement, Feb. 2, 2026); Cox (Apr. 24, 2026); USA Rare Earth (merger agreement, proxy statement, stockholder litigation); Millicom (SEC Form 6-K); Telefónica; NJJ Holding; StoneCo; TOTVS; Betterware de México; Vista Energy; Continental Resources; Parex Resources; Davivienda; Scotiabank; Central Puerto; BML Inversora; Edison Energía.
Macroeconomic data: Instituto Brasileiro de Geografia e Estatística (IBGE); Banco Central do Brasil; International Monetary Fund (IMF).

[1] Share exchange: Scotiabank received approximately 20% of Davivienda in consideration for its Colombian, Costa Rican and Panamanian operations; no cash value disclosed.

[2] Tender price per Millicom's Form 6-K (February 2026). The roughly $400m headline at announcement was subject to net debt, working capital and FX adjustments.

[3] Reported enterprise value. Millicom's Form 6-K (February 2026) shows $50m in cash at closing plus earn-outs of up to $150m for 100% of Telefónica Móviles Chile.

[4] Combined transaction covering Chile and Colombia; listed once, under Chile. UnitedHealth Group confirmed as seller by Chilean press coverage.

This document was produced in September 2026 by Frontera Capital Advisors, LLC ("Frontera"), with contributions from Alejandro Rosales Mayr and Yamir Hickey Morales, and is prepared for general informational purposes only and may not be reproduced or redistributed without Frontera's prior written consent.

Information is drawn from third-party sources believed reliable but not independently verified by Frontera, which makes no representation as to their accuracy or completeness. This report contains forward-looking statements subject to known and unknown risks, and actual results may differ materially. Frontera undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Nothing herein constitutes legal, tax, accounting, or investment advice, or an offer or solicitation to buy or sell any security or pursue any investment strategy; recipients should seek independent professional advice before acting on it. Companies referenced in this report may or may not be clients of Frontera, and their inclusion does not imply an endorsement or business relationship. In particular, Frontera Energy and its Colombian subsidiaries, referenced in the transaction tables, are unrelated third parties with no affiliation with Frontera Capital Advisors, LLC. This report is intended for sophisticated recipients only and may not be distributed in any jurisdiction where such distribution would be unlawful.