Informe Mensual TTR – Mexico 1Q18

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El importe del mercado M&A de México aumenta un 53,05% en el primer trimestre de 2018

  • En los tres primeros meses del año se han registrado 75 transacciones en el país
  • 31 operaciones registradas en el primer trimestre alcanzan un importe de USD 5.954m
  • El sector financiero y de seguros es el más destacado del periodo, con 17 operaciones
  • Transacción destacada: Treofan Group vende tres de sus subsidiarias mexicana

El mercado de M&A en México ha contabilizado en los tres primeros meses del año un total de 75 operaciones, de las cuales 31 suman un importe no confidencial de USD 5.954m, de acuerdo con el informe trimestral de Transactional Track Record (www.TTRecord.com) en colaboración con Merrill Corporation. Estos datos reflejan un aumento del 15,38% en el número de operaciones y del 53,05% en el importe de las mismas con respecto al primer trimestre de 2017.

Según el análisis comparativo de los últimos dos años, el primer trimestre de 2018 ha registrado el crecimiento más significativo tanto en las operaciones registradas, así como en el capital movilizado con respecto a los mismos periodos de 2017 y 2016.

De las operaciones contabilizadas de enero a marzo, 22 son de mercado bajo (importes inferiores a USD 100m), 6 de mercado medio (entre USD 100m y USD 500m) y 3 de mercado alto (superior a USD 500m).

En términos sectoriales, el sector Financiero y de Seguros es el que más transacciones ha contabilizado a lo largo de 2017, con un total de 11 operaciones, seguido por el Inmobiliario, con 9, además de Tecnología y Petróleo y Gas, con 7 operaciones cada uno.

Ámbito Cross-Border

Por lo que respecta al mercado Cross-Border, en lo que va de año las empresas mexicanas han apostado principalmente por invertir en Estados Unidos, con 8 transacciones. Por importe, destaca de nuevo Estados Unidos, con USD 243m.

Por otro lado, Estados Unidos y España son también los países que más han apostado por realizar adquisiciones en México, con 9 y 3 operaciones, respectivamente. Por importe vuelve a destacar Estados Unidos, con USD 1.303,67m.

Private Equity y Venture Capital

En el primer trimestre de 2018 se han producido un total de 7 transacciones de Private Equity valoradas en USD 1.267,93m, las cuales representan una disminución del 13% en el número de operaciones y un aumento del 4.126% en el capital movilizado con respecto al primer trimestre de 2017.

Por su parte, en los tres primeros meses de 2018, México ha registrado 18 operaciones de Venture Capital valoradas en USD 175,58m, lo que representa un aumento del 50% en el número de operaciones y un ascenso del 4.000% en el capital movilizado con respecto al mismo periodo del año pasado.

Transacción Destacada

Para el primer trimestre de 2018, Transactional Track Record ha seleccionado como operación destacada venta de tres subsidiarias mexicanas de Treofan Group, valorada en USD 251m. La operación ha estado asesorada por la parte legal por Creel, García-Cuéllar, Aiza y Enríquez y por Allen & Overy Germany.

Lea más acerca de la transacción.

 

Ranking de asesores financieros y jurídicos

El informe publica los rankings de asesoramiento financiero y jurídico del primer trimestre de 2018 de M&A, Private Equity, Venture Capital y Mercado de Capitales, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas.

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.

Reporte transaccional Febrero 2018 – México

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Fusiones y adquisiciones en México aumentan 52,94% en febrero de 2018

  • En el mes se han registrado 26 transacciones en el país
  • 6 operaciones registradas en febrero alcanzan un importe de USD 122m
  • A lo largo de 2018 se han registrado 53 transacciones y un importe de USD 1.352m
  • Sector Financiero y de Seguros, el más destacado del año, con 9 operaciones cada uno

El mercado de M&A en México ha contabilizado en febrero de 2018 un total de 26 operaciones, de las cuales 6 suman un importe no confidencial de USD 122m, de acuerdo con el informe mensual de Transactional Track Record (www.TTRecord.com). Estos datos reflejan un aumento del 52,94% en el número de operaciones y un alza del 0,91% en el importe de estas con respecto a febrero de 2017.

Por su parte, en los dos primeros meses del año se han producido un total de 53 transacciones, de las cuales 21 registran un importe conjunto de USD 1.352m, lo que implica un aumento del 39,47% en el número de operaciones y del 35,18% en el importe de estas, con respecto al mismo período de 2017.

De las 21 operaciones contabilizadas en 2018 con importe revelado, 18 son de mercado bajo (importes inferiores a USD 100m), y 3 de mercado medio (entre USD 100m y USD 500m).

En términos sectoriales, el sector Financiero y de Seguros e Inmobiliario son los que más transacciones han contabilizado a lo largo del año, con un total de 9 y 7 operaciones respectivamente; seguidos por el sector de Petrolero y Gas, con 6 registros, e Internet, con 5 negocios.

Ámbito Cross-Border

Por lo que respecta al mercado cross-border, en el bimestre las empresas mexicanas han apostado principalmente por invertir en Estados Unidos y Argentina, con 8 y 4 transacciones, respectivamente. Y por importe destaca Estados Unidos de nuevo, con USD 243,10m.

Por otro lado, Estados Unidos, es el país que más ha apostado por realizar adquisiciones en México, con 6 operaciones, seguido de Canadá y España, con 2 transacciones cada uno. Por importe, se destaca en este periodo Canadá, con USD 320m.

Private Equity y Venture Capital

En lo que va de año se han producido un total de 5 transacciones de Private Equity, con una tendencia estable con respecto al mismo periodo de 2017.

Por su parte, en 2018 se han contabilizado 15 operaciones de Venture Capital, con un aumento del 88%, y un capital movilizado de USD 173,60m en 6 transacciones divulgadas, lo cual representa un aumento del 13,43%.

Transacción destacada

Para febrero de 2018, Transactional Track Record ha seleccionado como operación destacada la relacionada con FibraHotel, que ha concluido la adquisición del hotel Fiesta Americana Condesa Cancún. La operación, que ha registrado un importe de USD 154,88m, ha estado asesorada por la parte legal por Nader Hayaux & Goebel Abogados, Pontones & Ledesma y Cannizzo, Ortiz y Asociados.  Lea más acerca de la transacción.

 

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.

 

Monthly report: Latin America- October, 2017

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Number of announced and closed transactions in Latin America fell by 13% in October

  • LatAm Deal volume fell 13% in October 2017
  • Aggregate deal value fell 72% to USD 6.3bn
  • Deal of the Month: Intercorp acquires Seguros Sura and Hipotecaria Sura from Sura Asset                           Management and Grupo Wiese for USD 276.4m

LATIN AMERICA: MARKET INSIGHTS

  • The total number of announced and closed transactions in Latin America fell by 13% in October over the same month last year
  • Aggregate transaction value fell 72% relative to the close of October 2016 to USD 6.3bn, considering 68 deals of disclosed consideration region wide.
  • Total transaction volume YTD is up 2.5%, meanwhile, though aggregate deal value has slipped nearly 26% to 72.7bn in the first 10 months of the year, taking into account 719 announced and closed transactions of disclosed consideration regionally.
TOP SIX MARKETS IN LATIN AMERICA
  1.  Brazil leads deal flow regionally with 855 transactions together worth USD 44.6bn to the close of October, up 4% by volume, down 6% by aggregate value compared to the first 10 months of 2016. There were 378 announced and closed transactions with a disclosed consideration in Brazil contributing to aggregate value in the first 10 months of the year.
  2.  Mexico follows with 237 deals worth a combined USD 14.8bn, down 2% by volume and 18% by aggregate value relative to the same 10-month period in 2016, taking into account 109 deals of disclosed consideration.
  3.  Chile ranks third regionally, its 193 deals YTD together worth USD 6.6bn to the close of October, up 15% by volume and down 47% by aggregate value over the first nine months of 2016, taking into account 83 transactions of disclosed consideration.
  4.  Argentina ranks fourth in Latin America at the close of October with 177 announced and closed deals worth a combined USD 4.6bn, up 8% by volume and down 41% by aggregate value, considering 77 transactions for which a deal value was disclosed.
  5.  Colombia follows with 132 deals in the first 10 months of the year, up 5% over the same period last year. Aggregate deal value fell 83% to just under USD 3bn, taking into account 49 transactions of disclosed consideration.
  6.  Peru rounds out the top six M&A markets in the region, though it continues to slip in both transaction volume and aggregate deal value, 12% relative to the first 10 months of 2016 to 105 deals and 27% to USD 3.6bn respectively, taking into account 49 transactions of disclosed consideration.

CROSS-BORDER DEALS

Bidders based in Latin America made three extra-regional cross-border acquisitions in October, two with targets in North America, and one in the EU.

North American buyers led inbound acquisitions in the region during the month of October, with 18 deals originating from the US and Canada. European acquirers made 13 inbound deals in the region. Asian buyers made three acquisitions in Latin America and one Australian firm invested in the region in October.

DEAL OF THE MONTH

TTR selected the closing of Intercorp Financial Services’ USD 276.4m acquisition of Peruvian insurance and mortgage companies Seguros Sura and Hipotecaria Sura from Colombia’s SURA Asset Management and Grupo Wiese as October’s Deal of the Month.

The closing marks the exit of the Colombian financial services group from these segments in Peru. The buyer was advised by Miranda & Amado Abogados, the target used Intralinks. SURA Asset Management and Grupo Wiese were advised by Rebaza, Alcázar & De Las Casas Abogados Financieros.