M&A Outlook for the Americas — 2026 Edition

Latin Counsel is pleased to present its annual M&A 2026 – The Americas report, conceived as a regional outlook that brings together perspectives from the leading markets across the region and offers an integrated view of the transactional landscape in the current environment.

This edition is not merely a review of trends, but a forward-looking exercise: an analysis of how regulatory frameworks, financing conditions, sector dynamics and investor appetite are expected to evolve across jurisdictions. From the regional overview to the country-by-country assessments, the report seeks to anticipate the factors shaping the M&A agenda in 2026.

The broader Americas perspective is led by Paola Lozano, partner at Skadden, Arps, Slate, Meagher & Flom LLP (New York), who provides the cross-border strategic framework linking the United States and Latin America and contextualizes capital flows in an environment marked by increasing geopolitical and regulatory complexity.

Contributing firms include Bruchou & Funes de Rioja (Argentina), Mattos Filho (Brazil), BLP (Central America), Carey (Chile), Philippi Prietocarrizosa Ferrero DU & Uría (Colombia), Pérez Bustamante & Ponce (Ecuador), Pérez-Llorca (Spain), Galicia Abogados (Mexico), Berkemeyer (Paraguay), Rebaza, Alcázar & De Las Casas (Peru), Guzmán Ariza (Dominican Republic) and D’Empaire (Venezuela).

The result is a comparative assessment of the M&A landscape in 2026, identifying common patterns, structural differences and emerging opportunities. As every year, Latin Counsel aims to provide a reliable reference tool for investors, advisers and companies operating across the region who seek a clearer understanding of how transactions may evolve in each market and across the Americas as a whole.

THE AMERICAS (Regional Perspective) | SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP (NEW YORK) | Paola Lozano

M&A across the Americas in 2026 has once again proven to be resilient and marked by deep contrasts along jurisdictions, sectors and market participants. Interest-rate stabilization has improved visibility across several markets, yet investors remain highly selective, pricing regulatory risk, political cycles and currency exposure with greater precision than in prior years.

The United States continues to be the prevailing destination for Latin America–sourced capital seeking diversification from regional or emerging-market risk. At the same time, Latin America remains attractive to U.S.-based strategics and financial sponsors pursuing global expansion and margin opportunities. As a result, cross-border M&A between the U.S. and the region—both inbound and outbound—should remain active.

However, the increasingly politicized environment around trade and foreign policy introduces friction. Public tensions between the Trump administration and leaders in Mexico, Brazil, Colombia and elsewhere, together with the possibility of tariff escalation or trade agreement renegotiation, may temper appetite in highly regulated or trade-dependent sectors.

While the impactful events in Venezuela open a market lost to many for decades and may also encourage more market friendly behaviors in other governments around the region. Also, the U.S. administration’s stated intent to streamline regulatory review—particularly in antitrust and CFIUS processes—could accelerate execution timelines for deals requiring U.S. filings.

Energy and natural resources continue to anchor regional activity—from oil and gas in Argentina and Venezuela, to mining in Chile and Peru, renewables in Brazil and Chile, and agribusiness platforms in Paraguay and Ecuador.

Infrastructure, logistics and digital infrastructure—often linked to nearshoring dynamics—remain core themes, particularly in Mexico, Central America and the Andean region.

Technology is now structural rather than thematic. Fintech consolidation, payments infrastructure, cybersecurity and AI-enabled platforms are driving transactions across Brazil, Mexico, Colombia and Paraguay.

Healthcare digitalization and specialized services continue to attract capital, while export-oriented and hard-currency-generating businesses command valuation premiums throughout the region.

Private equity exits, venture capital portfolio rotations, and multinational carve-outs are expected to continue generating deal flow. Sovereign wealth funds, pension funds, multilatinas, cash-rich family offices and large local conglomerates remain active participants—deploying capital, diversifying risk, and monetizing legacy assets.

The pipeline for transactions has strengthened, highly reliant on these immediately available liquidity Regulation is increasingly central to execution.

Merger control regimes across the region are maturing, competition scrutiny is expanding into digital ecosystems, and ESG, compliance and data governance are embedded in valuation and diligence.

Currency fluctuations and quality-of-earnings analysis remain focal points for buyers. Financing is evolving accordingly. Private credit is playing a larger role, particularly where traditional bank leverage is constrained.

Earn-outs, price adjustments, preferred equity, mezzanine instruments and minority or staged investments have become standard tools to bridge valuation gaps and allocate risk in an environment still shaped by geopolitical and electoral uncertainty.

In balance, while politicization of trade and regulatory oversight may create headwinds in certain corridors, ample capital with emerging-market risk appetite remains in play. For investors able to navigate regulatory complexity and macro volatility, 2026 continues to offer meaningful cross-border opportunity across the Americas.

We have already seen healthier activity across the region compared to the same period last year and are confident that execution of these transactions will be smoother despite remaining macro challenges.

We are pleased to count on a distinguished group of leading firms and practitioners who have contributed to this Latin Counsel M&A report, providing technical insight and direct knowledge of their respective markets:

Argentina: Estanislao Olmos – Bruchou & Funes de Rioja.
Brazil: Paula Vieira de Oliveira, Manoela Bruno Morales Naquis, Daniel Fermann – Mattos Filho.
Central America (regional perspective): Vivian Liberman – BLP.
Chile: Pablo Iacobelli, Sebastian Melero – Carey.
Colombia: Claudia Barrero – Philippi Prietocarrizosa Ferrero DU & Uría.
Dominican Republic: Fabio J. Guzmán Saladín, Lourdes Medina Romero – Guzmán Ariza.
Ecuador: Diego Pérez, Juan Manuel Marchán – Pérez Bustamante & Ponce.
Mexico: Manuel Galicia – Galicia Abogados.
Paraguay: Antonio Villa Berkemeyer, Hugo Alexander Berkemeyer – Berkemeyer.
Peru: Alberto Rebaza, Rafael Lulli – Rebaza, Alcázar & De Las Casas.
Spain: Iván Delgado – Pérez-Llorca.
Venezuela: Fulvio Italiani – D’Empaire.

The participation of these firms and professionals, based on five common questions addressed to all jurisdictions, allows us to offer a comparative, technical and up-to-date view of the M&A market in each country and across the region as a whole:

1. What main trends do you anticipate will shape the M&A landscape in 2026, especially regarding the most resilient industries and geographic activity in your region?

2. How do you anticipate changes in regulatory frameworks—specifically the impact of new trade tariffs and the evolution of antitrust laws—will affect cross-border M&A activity in 2026?

3. Given the economic conditions projected for 2026, what factors (such as interest rate stabilization or ESG compliance) do you expect to most influence company valuations?

4. How will the standardization of AI and digital transformation continue to drive M&A strategies in 2026, especially in sectors such as healthcare, finance, and technology?

5. What changes do you foresee in financing options and deal structures for 2026, particularly regarding the role of private credit and the use of earn-outs to bridge valuation gaps?


ARGENTINA | BRUCHOU & FUNES DE RIOJA | Estanislao Olmos