Informe Trimestral TTR – Argentina 1Q18

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Actividad en el mercado de Fusiones y Adquisiciones en Argentina aumenta un 14% en el primer trimestre de 2018 

  • En los tres primeros meses del año se han registrado 57 transacciones en el país 
  • 24 operaciones registradas en el primer trimestre alcanzan un importe de USD 1.094m 
  • Sector Financiero y de Seguros es el más destacado del periodo, con 15 operaciones 

 

El mercado de M&A en Argentina ha contabilizado en los tres primeros meses del año un total de 57 operaciones, de las cuales 24 suman un importe no confidencial de USD 1.094m, de acuerdo con el informe trimestral de Transactional Track Record. Estos datos reflejan un aumento del 14% en el número de operaciones y un ascenso del 24,57% en el importe de las mismas, respecto al primer trimestre de 2017.  

De las operaciones contabilizadas de enero a marzo, 19 son de mercado bajo (importes inferiores a USD 100m), y 5 de mercado medio (entre USD 100m y USD 500m). 

En términos sectoriales, el Financiero y de Seguros es el que más transacciones ha contabilizado a lo largo de 2018, con un total de 15 operaciones, seguido por el sector de Distribución y Retail, con 9; Inmobiliario, con 7; y Petróleo y Gas, con 7.  

Ámbito Cross-Border  

Por lo que respecta al mercado Cross-Border, en lo que va de año las empresas argentinas han apostado principalmente por invertir en Brasil, con 3 transacciones en cada país. Por importe, destaca Paraguay, con USD 11,88m.  

Por otro lado, Estados Unidos (6 operaciones), México (4) y Suiza (2) son también los países que más han apostado por realizar adquisiciones en Argentina. Por importe destaca Suiza, con USD 409m. 

Venture Capital  

En el primer trimestre se han producido 9 operaciones de Venture Capital, con un importe revelado de USD 28,49m, las cuales representan un aumento del 80% en el número de operaciones y un crecimiento del 552% en el importe, con respecto al mismo periodo de 2017.  

Transacción Destacada 

Para el primer trimestre de 2018, Transactional Track Record ha seleccionado como operación destacada la realizada por Grupo Financiero Galicia y Banco Galicia, los cuales han vendido el 100% de Compañía Financiera Argentina y de Cobranzas y Servicios a Galeno Capital, filial de Galeno. 

La operación, que ha registrado un importe de USD 52,98m, ha estado asesorada por la parte legal por Estudio Beccar Varela y Salazar Gauna Ricardo, y por la parte financiera por MBA Lazard Argentina y Deloitte Argentina.  

Lea más acerca de la transacción. 

Ranking de asesores financieros y jurídicos 

El informe publica los rankings de asesoramiento financiero y jurídico del mercado M&A argentino durante el primer trimestre de 2018, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas. 

En el ranking argentino de asesores jurídicos en el segmento de Fusiones y Adquisiciones,
Marval O’Farrell & Mairal, y Bruchou, Fernández Madero & Lombardi, han ocupado el primer lugar por número de transacciones y por importe de las mismas, con USD 424m y con 6 operaciones, respectivamente.  

TTR Monthly Report – LatAm February 2018

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LatAm deal volume falls 14% in January to 116 deal

· Aggregate deal value fell 12% to USD 5.7bn

· Deal of the Month: Mosaic acquires 40% of Compañia Minera Miski Mayo for USD 1.4bn

 

The 116 announced and closed deals across Latin America in February together represent a 14% decline in transaction volume and a 12.3% drop in aggregate transaction value over February 2017, according to TTR data.

M&A volume is down 13.8% regionally YTD over the first two months of 2017, meanwhile, with 263 deals registered since the beginning of the year worth USD 11.7bn in aggregate, considering 103 transactions of disclosed consideration across Latin America.

 

Top Six M&A Markets in Latin America

Brazil accounted for 119 of the 263 deals recorded across the region in the first two months of the year, a 20% decline relative to the transaction volume in the region’s largest market between January and February 2017. Aggregate deal value fell 69% to USD 3.9bn, meanwhile, taking into account 39 deals of disclosed consideration.

Mexico’s 53 deals YTD represent a 39% jump in volume over the same two months last year, while aggregate deal value increased 35% to USD 1.35bn, taking into account 21 deals of disclosed consideration.

Argentina ranks third in Latin America by transaction volume at the close of February with 42 announced and closed deals YTD, a 75% increase in volume over the same two months last year. The 18 transactions of disclosed consideration registered in Argentina YTD are together worth just over USD 1bn, a 155% jump in aggregate value over the January-to-February period in 2017.

Colombia ranks fourth by volume at the close of February with 25 transactions, deal flow increasing 19% over the first two months of 2017. The seven transactions of disclosed consideration registered in Colombia YTD are together worth USD 258m, representing a 77% jump in aggregate value over the same two-month period of 2017.

Peru ranks fourth regionally at the close of February, tied with Chile by volume, but surpassing its southern neighbor by aggregate value. The 20 deals registered in Peru YTD represent a 23% decline in volume. Aggregate value surged 1,399% meanwhile, to USD 3.4bn, buoyed by Mosaic’s early February acquisition of Compañia Minera Miski Mayo, among 12 transactions of disclosed consideration.

Chile fell to the bottom of the top six regional ranking by the end of February, its 20 deals representing a 55% drop in volume, notwithstanding a 40% increase in aggregate value to USD 209m relative to the first two months of 2017, considering nine transactions of disclosed consideration.

Cross-Border Deals

Bidders based in Latin America made seven extra-regional acquisitions in February, five targeting companies in North America and two with targets in the EU.

North American buyers led the bidding for Latin American targets with 16 inbound deals regionally in February, followed by bidders from the EU with 13, from Asia with two and one acquisition by an Australian firm.

Deal of the Quarter

TTR selected The Mosaic Company’s USD 1.4bn acquisition of a 40% stake in Compañia Minera Miski Mayo as Deal of the Month in February. The Peru-based target mines potassium, phosphate, kaolin and potash in the region of Piura. Estudio Muñiz represented the target in the deal, which represents 41% of Peru’s aggregate transaction value YTD.

LatAm Report January 2018

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LatAm deal volume falls 26.5% in January

  • Aggregate deal value fell 33.8% to USD 5.3bn
  • Deal of the Month: Grupo Enfoca acquires 100% of Grupo Ucal-Toulouse for USD 296m

The 125 announced and closed deals across Latin America in January together represent a 26.5% decline in transaction volume and a 33.8% drop in aggregate transaction value over January 2017, according to TTR data.

Top Six M&A Markets in Latin America

Brazil accounted for nearly half the 125 deals recorded across the region in January. Transaction volume fell 28%, however, its 56 deals together worth USD 2.2bn, 67% below the aggregate deal value in the country in January 2017, considering 23 deals of disclosed consideration.

Mexico’s 25 deals in January together represent a 19% bump in volume over the same month last year. Aggregate value surged 80% in Mexico in January to USD 1.6bn, taking into account 15 deals of disclosed consideration.

Argentina ranks third in Latin America by transaction volume at the close of January with 20 announced and closed deals, a 33% increase in volume. The 10 transactions of disclosed consideration are together worth 699m, a 126% jump in aggregate value over January 2017.

Chile ranks fourth by volume in January, its deal flow dropping 30% over the same month last year. Its nine transactions of disclosed consideration contributed to a 535% jump in aggregate value over the same month in 2017 to USD 209m, meanwhile.

Peru jumped to fifth place by volume with nine deals in January. Peru’s deal flow continues to slide, however, 47% relative to January 2017. Aggregate deal value is up 777% to USD 910m compared to the same month last year, however, taking into account seven transactions of disclosed consideration.

Colombia fell to sixth among the top regional M&A markets in January with just eight deals announced or closed during the month, a 38% decline over the same month last year. Aggregate deal value grew 889%, however, with four transactions of disclosed consideration totaling USD 183m.

 

Cross-Border Deals

Bidders based in Latin America made seven extra-regional acquisitions in January, four targeting companies in North America, and three with targets in the EU.

North American buyers tied bidders from the EU with 14 inbound acquisitions from each region in the first month of the year, alongside four transactions led by investors based in Asia.

 

Deal of the Quarter 

TTR selected Grupo Enfoca’s USD 296m acquisition of Grupo Ucal-Toulouse from Summa Asesores Financieros, Faro Capital SAFI and a group of shareholder’s together holding 60% of the target’s equity, as Deal of the Month in January.  The Lima-based fund manager was represented by Rebaza, Alcázar & De Las Casas Abogados Financieros while the acquired university was advised by Philippi, Prietocarrizosa, Ferrero DU & Uría Perú.

Quarterly Report of M&A market: Argentina – 4T 2017

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Informe anual y trimestral sobre el mercado transaccional argentino 

Actividad en el mercado M&A de Argentina
aumenta un 5% en 2017

  • En 2017 se han registrado 217 transacciones en el país 
  • En el cuarto trimestre de 2017 se han contabilizado 49 operaciones por USD 1.509m 
    • Sector Inmobiliario y Financiero y de Seguros, los más destacados del año, con 35 operaciones 

Mercado de Fusiones y Adquisiciones de Argentina

El mercado transaccional argentino cierra el cuarto trimestre de 2017 con un total de 49 operaciones, de las cuales 24 tienen un importe no confidencial que suman aproximadamente USD 1.509m, según el más reciente informe de Transactional Track Record (www.TTRecord.com). Estas cifran suponen bajas del 14,04% en el número de operaciones y del 87,06% en el importe de las mismas, respecto al mismo periodo de 2016.

Por su parte, de enero a diciembre de 2017 se han producido un total de 217 transacciones, de las cuales 97 registran un importe conjunto de USD 5.272m, lo que implica un aumento del 5,34% en el número de operaciones y un descenso del 70% en el importe de las mismas, respecto al mismo periodo del año anterior. 

De las operaciones contabilizadas a lo largo del año, 86 son de mercado bajo (importes inferiores a USD 100m), 9 de mercado medio (entre USD 100m y USD 500m) y 2 de mercado alto (superior a USD 500m).  

En términos sectoriales, el sector Inmobiliario y el Financiero y de Seguros son los que más transacciones han contabilizado en el transcurso de 2017, con un total de 35 operaciones cada uno, seguido por el de Petróleo y Gas, con 28, e Internet, con 18 operaciones. 

Ámbito Cross-Border

Por lo que respecta al mercado Cross-Border, en lo que va de año las empresas argentinas han apostado principalmente por invertir en Brasil y Chile, con 6 operaciones en cada país Por importe, destaca Uruguay, con inversiones por USD 443,04m. 

Por otro lado, Estados Unidos (18 operaciones) y Brasil (9) son también los países que más han apostado por realizar adquisiciones en Argentina. Por importe destaca China, con USD 983m. 

Private Equity y Venture Capital

En el transcurso de 2017 se han producido 6 transacciones de Private Equity, con un importe revelado de USD 190,14m, lo cual representa un descenso del 25% en el número de operaciones y un aumento del 85% en el importe de las mismas con respecto al periodo enero-diciembre de 2016.  

Por su parte, en los doce meses de 2017, Argentina ha registrado 21 operaciones de Venture Capital, con un importe revelado de USD 136,05m, lo cual representa un aumento del 11% en el número de operaciones y un descenso del 12% en el importe, respecto al mismo periodo del año anterior.  

Transacción destacada

Para el cuarto trimestre de 2017, Transactional Track Record ha seleccionado como operación destacada la adquisición de Palr, Armetal Autopartes and FANACIF por parte de Fras-le.  

La operación, valorada en USD 28,12m, ha estado asesorada en la parte legal por Hughes & Hughes Abogados; Allende & Brea Abogados; TozziniFreire Advogados y Randon. 

Ranking de asesores financieros y jurídicos

El informe cuatrimestral de Transactional Track Record publica los rankings de asesoramiento financiero y jurídico del mercado M&A colombiano durante el cuarto trimestre de 2017, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas. 

 

 

 

 

 

 

Monthly report of M&A market: Latin America- Nov, 2017

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Total number of transactions fell by 23% in Latin America

  • LatAm Deal volume fell 23% in November 2017
  • Aggregate deal value fell 51% to USD 7.4bn
  • Deal of the Month: IEnova acquires a 50% stake in Ductos y Energéticos del Norte from Pemex Transformación Industrial

Scope of the Latin American market

  • The total number of announced and closed transactions in Latin America fell by 23% in November over the same month in 2016, according to TTR data.
  • Aggregate transaction value fell 51% relative to November 2016 to USD 7.4bn, considering 65 deals of disclosed consideration region wide.
  • Total transaction volume YTD is up nearly 4%, meanwhile to 1,887 deals, though aggregate value has slipped 23% to 88.3bn in the first 11 months of the year, taking into account 810 announced and closed transactions of disclosed consideration across Latin America.

TOP SIX M&A MARKETS IN LATIN AMERICA

  • Brazil leads deal flow regionally with 974 transactions together worth USD 53.2bn to the close of November, up 6% by volume and 6% by aggregate value compared to the first 11 months of 2016. There were 426 announced and closed transactions with a disclosed consideration in Brazil contributing to aggregate value in the first 11 months of the year.
  • Mexico follows with 265 deals worth a combined USD 17bn, down 2% by volume and down 40% by aggregate value relative to the same 11-month period in 2016, taking into account 125 deals of disclosed consideration.
  • Chile ranks third regionally, its 217 deals YTD together worth USD 8.6bn to the close of November, up 17% by volume and down 36% by aggregate value over the first 11 months of 2016, taking into account 91 transactions of disclosed consideration.
  • Argentina ranks fourth in Latin America with 199 announced and closed deals worth a combined USD 5.3bn, up 10% by volume and down 68% by aggregate value, considering 87 transactions for which a deal value was disclosed to the end of November.
  • Colombia follows in fifth place regionally with 149 deals in the first 11 months of the year, up 3% over the same period last year. Aggregate deal value fell 81% to USD 3.6bn, taking into account 56 transactions of disclosed consideration.
  • Peru rounds out the top six M&A markets in the region, its transaction volume down 14% to 114 deals, its aggregate deal value up 9% to USD 5.8bn relative to the first 11 months of 2016, taking into account 54 transactions of disclosed consideration.

CROSS-BORDER DEALS

Bidders based in Latin America made four extra-regional cross-border acquisitions in November, one targeting a company in North America, and three with targets in the EU.

North American buyers led inbound acquisitions in the region during the month of November, with 21 deals originating from the US and Canada. EU-based acquirers made 10 inbound deals in the region, while a sole Australian buyers made an acquisitions in Latin in November.

DEAL OF THE MONTH

TTR selected the IEnova’s USD 231m acquisition of a 50% stake in Ductos y Energéticos del Norte from Pemex Transformación Industrial as Deal of the Month in November. The Mexico City-based pipeline operator was advised by Mijares, Angoitia, Cortés y Fuentes, while the state-held oil company subsidiary used DLA Piper Gallástegui y Lozano Mexico as legal advisor and BBVA Bancomer as financial advisor.

INTERVIEW WITH ROBERTO MACLEAN

Roberto MacLean, partner at the law firm Miranda & Amado Abogados

“I consider that in Peru the restrictions for financial assistance could be deleted under some conditions, protecting minorities against conflicts of interests that may appear between the interests of the purchased shareholder and minorities. This situation It’s better than restrict it completely.”

Read the full interview.