巴西并购交易更新报告- 2025 年冬季
Insights W I N T E R2 0 2 5 Learn more Executive Summary 1,426 M&A transactions were registered in Brazil in 2024, a 1.9% increase in comparison withprevious year. •Brazilian investors present in 82.3% of the transactions, and foreign ones in 17.7%.•Strategic players present in 63.5% of the transactions, and financial sponsors in 36.5%. A modest Capital Markets activity registered 10 follow-ons in 2024, raising BRL 25.9 billion(USD 4.7 billion). Emphasis on the SABESP operation, which handled BRL 14.8 billion (USD 2.4billion). For the third consecutive year, there were no IPOs. Total market capitalization of the Brazilian Stock Exchange/B3 as of December 30, 2024, was overUSD 660 billion. There were 439 companies registered. M&A Market Overview Overview In 2024, volume in Brazil M&A activity increased to 1,426 total transactions - a 1.9% increase when compared with 2023. Most active sectors includetechnology (software/IT), financial / insurance, energy, healthcare and food & beverages. M&A Market Overview, Continued Number of Announced Transactions (Jan-Dec) M&A Market Overview, Continued Number of Announced Transactions Selected Transactions In May 2024, Ultrapar increased its stake in Hidrovias do Brasilto 21.87% by purchasing the shares of funds from PátriaInvestimentos and Sommerville Investments. In May 2024, Brazilian oil companies Enauta(BVMF:ENAT3) and 3R Petroleum (BVMF:RRRP3) havesigned a merger agreement. In August 2024, the furniture and decoration retailer Mobly(BVMF:MOBLY3) purchased control of Tok&Stok. Thetransaction was carried out through an exchange of shares inwhich Mobly acquired the stake owned by the funds managedby SPX. In May 2024, AES Corporation [NYSE:AES] has agreed to sell its47.3% equity stake in AES Brasil to Auren Energia forapproximately USD 640 million. In August 2024, Bradesco purchased 50% of Banco JohnDeere to advance in the agribusiness sector. Bradesco wantsto take advantage of distribution channels, as the agriculturalmachinery manufacturer has a very strong relationship networkwith producers throughout Brazil. In December 2024, Simpar increased its stake in Automobacquiring additional 16.53% for BRL 226 million (approx.USD 37.6 million). In August 2024, Grupo Bimbo [BMV:BIMBOA] has agreed toacquire Wickbold, a Brazil-based bread and bakery productsmaker. The operation includes the Wickbold and Seven Boysbrands. In June 2024, Amil Participações and Dasa [BVMF:DASA3], havereached an agreement to create a 50/50 joint venture namedImpar Serviços Hospitalares that will manage certain hospitals andoncology-related assets. Selected Transactions (contd.) In October 2024, Wilson Sons (WSON33) sold thecontrol to SAS Shipping Agencies Services Sàrl, a whollyowned subsidiary of MSC (Mediterranean ShippingCompany). The contract contains the sale of the entire56.47% for BRL 4.3 billion (approx. USD 725 million). In September 2024, Santos Brasil, owner of the largestcontainer terminal in Brazil, announced its sale to the FrenchCMA CGM. The disclosed value of the operation is BRL 6.3billion (approximately USD 1.0 billion). In November 2024, CSN sold approx. 10% of its share in CSNMineração to Itochu. CSN now holds a stake equivalent to 80% inthe company, while the Japanese conglomerate accumulated now20%. In May 2024, Mills announced an agreement to purchase JMEmpilhadeiras for BRL 279.5 million (approximately USD 47million). JM Empilhadeiras is one of the largest forklift rentalcompanies and currently has a fleet of more than 1,900 piecesof equipment. In March 2024, Positivo Tecnologia (POSI3) announcedthe purchase of Algar Telecom for BRL 235 million(approximately USD 39 million). In November 2024, Globo Comunicação e Participações S.A.purchased control of Eletromidia (Out Of Home/ OOH media).Globo already had 27% of Eletromidia and now owns 74% ofthe company. In February 2024, the Brazilian group SEB, completed theacquisition of 100% of Maple Bear operations. In April 2024, Casa dos Ventos signed aninvestment agreement with Banco Itaú. Thetransaction involves an investment, from Banco Itau,of BRL 600 million (approx. USD 100 million). Selected Transactions (contd.) In March 2024, Inspira, a Brazilian for-profit education company,has secured a BRL 1bn (USD 201 million) investment from Advent.Through the investment, Advent has secured co-control of Inspiratogether with BTG Pactual. In November 2024, Jusbrasil, a legal intelligence platform,received an investment of US$ 86 million in a series D roundled by Warburg Pincus. In November 2024, Vinci Partners bought 67% of Bloomin’Brands operations in Brazil for equivalent to USD 243 million –with an option to acquire remaining stake in 2028. In January 2024, Santander completed the purchase of ToroInvestimentos and owning now 100% of the brokerage firm. Torohas 1.3 million customers and BRL 16.0 billion in assets undermanagement. In November 2023 REAG Alpha fund acquired 33.21% ofGetninjas (NINJ3).
