2025年夏季巴西并购交易更新报告

Executive SummaryTotal market capitalization of the BrazilianStock Exchange/B3 as of June 30, 2025, was over USD700 bn. There were 387 companies registered.A modest and selected Capital Markets activity registered only 3 follow-ons in 2025 so far,raising BRL 3.5 bn (USD 0.7 bn). Brazil registered no IPOs during the last 30 months.633 M&A transactions were registered in Brazil in thefirst halfof2025, a 6.1% decreasecompared with the same period previous year (674 transactions).•Brazilian investors present in 77.9% of the transactions, and international investors in 22.1%.•Strategic players present in 68.9% of the transactions, and financial sponsors in 31.1%. -5,00010,00015,00020,00025,00030,00035,00040,00045,00050,00020182019202020212022202320242025LatAmUSAEuropeAsiaAfricaMiddle EastM&A Market Overview-World and LatAm Perspective# of TransactionsArgentina7.4%Chile7.3%Colombia7.0%Mexico11.3%Others13.0%M&A LaTam-202540.43739.21935.92343.74242.20738.15836.299YTD June19.649Europe39.1%Asia26.3%Africa0.6%Middle East1.3%M&A Global-2025 M&A Market Overview-BrazilIn the first half of 2025, M&A activity in Brazil registered 633 transactions-a 6.1% decrease when compared with the same period of 2024 (674transactions)•Last Twelve Months saw 1,385 transactions, a marginal decrease of 2.9% when compared with 2024 (1,426 transactions)•Most active sectors include technology (software/ IT), financial services, food & beverages, energy and general services•Sectors to watch: mining (traditional and new materials), energy (renewables/ energy transitions related), environmental management,infrastructure (including concessions/ privatizations), water/ sewage andOverviewSources: Mergermarket, S&P Capital IQ, Mergers and Acquisitions Blog and Kroll analysis73183777583183399514.5%-7.4%7.2%0.2%19.4%201420152016201720182019# of Transactions logistics,1,1001,6271,5431,4001,4261,38510.6%47.9%-5.2%-9.3%1.9%-2.9%20202021202220232024LTMYo-Y Change M&A Market Overview-BrazilNumber of Announced TransactionsSources: Mergermarket, S&P Capital IQ, Mergers and Acquisitions Blog and Kroll analysis11184125116126112114107127114139128798984JaneiroFevereiroMarçoAbrilMaioJunhoJulhoAgostoSetembro20242025Q2: 252 transactionsAvg: 84 transactionsQ1: 381 transactionsAvg: 190 transactions1H 2025: 633 transactions1H 2024: 674 transactions Strategicvs.Financial Buyer # of TransactionsM&A Market Overview-BrazilJanuary-June/2025633Transactions•Leadership (15.3%) in theSoftware/IT sector•Top 3 sectors concentrating36.7% of the operations•Multisectoral andmultiregional activitySoftware/ITFinancial Institutions/ServicesFood & BeveragesEnergyHealthcareLogistics/TransportMedia/ EntertainmentAgribusinessReal EstateLeisure/TourismServices ProvidedIndustrialRetailOthersSource: Mergermarket, S&P Capital IQ, Mergers and Acquisitions Blog and Kroll analysis Sources: Mergermarket, S&P Capital IQ, Mergers and Acquisitions Blog and Kroll analysisNote: All trademarks, trade names or logos referenced herein are the property of their respective owners.Gerdau invests R$ 440mn(USD 66mn) in the acquisition of theGarganta da Jararaca andParanatingaII PCHs in Mato GrossoBTG Pactual buys Julius Baer's Brazilian operations for R$615 mm (USD 102 mi). BTG more than doubles the volumeof assets under management or custody, which will exceedR$ 100 bn (USD 16.7 bi)Vibracompletes the acquisition ofComercEnergia forR$ 7.0 bn (USD 1.2 bn) and consolidates itself as thelargest multi-energy platform in Brazil.Sem Parar, controlled by the American groupCorpay, has justclosed the acquisition of the super app for drivers Gringo. Thetransaction was worth around R$ 1.0 bn (USD 1.7mn)Selected Transactions-BrazilJanuary February Trio buysPayBrokersfor R$ 2.8 million to expand into onlinebetting and gaming.MMG has entered into a Share Purchase AgreementwithAnglo American plc (Anglo American)for their nickelbusiness in Brazil (Nickel Brazil) for anaggregate cashconsideration of up to R$ 2.7 bn (USD 500mn)American company Sherwin-Williams buysSuvinilfor R$6.3 bn (USD 1.1 bn) and strengthens its presence in Brazil.The Cencosud group announces the sale of the BretasSupermercadosoperation in Minas Gerais toSupermercadosBH for R$ 716mn(USD 119mn). The transaction involved 54BretasSupermercadosstores, 8 gas stations and 1 DistributionCenter. Sources: Mergermarket, S&P Capital IQ, Mergers and Acquisitions Blog and Kroll analysisNote: All trademarks, trade names or logos referenced herein are the property of their respective owners.Singapore fund acquires a stake inCimedfor R$ 1.0 bn (USD182.0mn). This transaction becomes the largest privatehealthcare transaction of the decade.ENGIEBrasil(EGIE3) acquired all of the shares issuedby Companhia Energética do Jari (CEJA) andEmpresade Energia CachoeiraCaldeirãoS.A. The total value ofthe transaction is estimated at R$ 2.9 bn (USD 387.0mn).Global Eggs buys American company Hillandale Farmsfor approximately R$ 6.0 bn (USD 1.1 bi), as part of thegroup's interna