Australia-Latin America Business Council & Oaklins
LATAM M&A Update
Sydney Sundowner
1
17 March 2026
COVER SLIDE
NAME OF LAY-OUT
Oaklins members & speakers
LATAM Oaklins
Oaklins
OAKLINS
SCOTT�MCINNES
Managing Partner
Oaklins Henslow – Australia
Oaklins APAC VP
�
JOANNA�STONE
Partner
Oaklins DeSilva+Phillips – USA
Oaklins North America VP�
MAURICIO�CONCHA
Director
Oaklins APOYO - Peru
Oaklins LATAM VP
DENIS SALVADOR �MORANTE
Managing Partner
Oaklins Fortezza Partners –
Brazil
MAURICE�MARCHESINI
Partner
Oaklins Olimpia Partners - Brazil
CARLOS
BARONA
Partner
Oaklins Axia - Colombia
2
17 March 2026
ANDREW�WOODMORE
Director
Oaklins Henslow – Australia
CONTACT SLIDE
NAME OF LAY-OUT
Australia – Oaklins Henslow
3
17 March 2026
SCOTT McINNES
Managing Director
Oaklins APAC + Rest of World VP
Scott is a managing director and co–founder of Oaklins Henslow in Australia, with over 25 years’ professional experience across corporate advisory, investment banking and chartered accounting. He currently serves on Oaklins International’s executive committee as vice president for Asia/RoW. Scott has developed strong industry knowledge and transactional experience in the healthcare, food & beverage, TMT and transportation & logistics sectors, having advised on and completed a number of key transactions. Recent notable transactions include advising Glen Cameron Group on its 100% sale to DHL Supply Chain Australia, Alcidion (ASX:ALC) on the acquisitions of Silverlink PCS Software and ExtraMed, and Converge International on its acquisition of HeadUp Labs and the associated investment from the Victorian Business Growth Fund, managed by ROC Partners.��Prior to founding Oaklins Henslow, Scott was the director of growth and acquisition finance for Investec Bank. Before this, he was a director of transaction services at Pitcher Partners (Melbourne) along with spending five years in the UK as an associate director at Smith and Williamson, one of the UK’s leading investment and accounting firms. Scott was previously a non–executive director at Techdrill Civil and Mining Services, and a member of the Institute of Chartered Accountants in Australia.
OAKLINS AUSTRALIA
TITLE ONLY
NAME OF LAY-OUT
United States – Oaklins DeSilva+Phillips
4
17 March 2026
JOANNA STONE
Partner
Oaklins North America VP
Joanna is a partner at Oaklins DeSilva+Phillips in New York and leads the TMT team. She also serves on Oaklins International’s executive committee as vice president of the organization for North America. Notable recent transactions Joanna has worked on include representing Sling on its sale to Toast, advising ShareDo on its sale to Clio, Hay House on its sale to Penguin Random House, Workman Publishing on its sale to Hachette and supporting the acquisition of Netmaster Holdings Limited (CaseLines) by Thomson Reuters Corp.��Joanna has served in executive roles at Reed Elsevier, where she was SVP of global strategy for LexisNexis, and Thomson Reuters, where she was EVP of business development for Thomson Financial Corporate Group and Thomson Learning. She has also worked at Dow Jones, Time Warner and Accenture’s media & entertainment practice. More recently, Joanna was co–founder and CEO of Librify, the exclusive e–book provider for Target, which was sold to Scribd.. Joanna has a BS and MS from MIT and an MBA from Harvard Business School.
OAKLINS NORTH AMERICA
TITLE ONLY
NAME OF LAY-OUT
Peru – Oaklins APOYO
5
17 March 2026
Mauricio is a director at Oaklins APOYO in Peru. He also serves on Oaklins International’s executive committee as vice president of the organization for Latin America. Mauricio has led and participated in M&A transactions, restructurings and special situations, valuations, fairness opinions, capital raising and debt issues in the United States, Europe and Latin America, covering multiple industries, including financial services, fintech, logistics, industrials and telecommunications. Notable transactions include advising Nets on the sale of a portion of its corporate business and A2A divisions to MasterCard for €2.85 billion (Denmark); Walmart on the sale of its Chilean credit card division to Banco de Credito e Inversiones (Bci) for around US$150 million (Chile); PartnerRe on its sale to EXOR for US$6.9 billion (Bermuda); and the restructuring of San Fernando’s and ETNA’s long–term debt (Peru).��Before joining Oaklins APOYO, Mauricio worked at Credit Suisse in the investment banking division within the group of financial institutions in the London and New York offices as well as in the financial stability division of the Central Reserve Bank of Peru. Mauricio has an MBA from Harvard Business School, a Financial Risk Manager – Global Association of Risk Professionals (GARP) certification and a bachelor’s degree in economics from the Universidad del Pacífico.
OAKLINS LATAM
MAURICIO CONCHA ZEGARRA
Director
Oaklins LATAM VP
TITLE ONLY
NAME OF LAY-OUT
Oaklins LATAM
OAKLINS SOUTH AMERICA
7
Offices
79
Staff
TITLE ONLY
NAME OF LAY-OUT
Market Thematics & Hot Sectors | LatAm
Sectors driving M&A momentum
M&A activity in Latin America is concentrated in sectors linked to digitalization, energy transition and global commodity demand
Technology & Digital Infrastructure – Driven by the expansion of digital infrastructure, B2B SaaS platforms, telecom networks and AI-enabled solutions supporting business digitalization.
Energy, Utilities & Natural Resources – Strong deal activity supported by the energy transition, rising power demand and investment in oil, gas and mining; as well as in industries related to these sectors.
Agribusiness & Food Value Chains – Sustained investor interest driven by export competitiveness, biofuels development and the strategic role of Latin America in global food supply.
LatAm M&A Spotlight – Current Themes and High-Activity Sectors
M&A TRENDS / HOT SECTORS
Market Thematics in LatAm
International Capital Targeting Strategic Assets – Global investors continue to allocate capital to Latin America’s strategic sectors, particularly in energy, mining, infrastructure and scalable regional platforms, attracted by resource availability and long-term demand.
Portfolio Repositioning and Corporate Consolidation – Corporates and private equity funds across the region are divesting non-core assets, consolidating fragmented sectors and repositioning portfolios toward higher-growth and more profitable businesses.
Structural Investment Opportunities in Infrastructure and Digitalization - Persistent infrastructure gaps and accelerating digital adoption are driving investment in logistics, telecom, energy infrastructure and digital financial services.
Macroeconomic and Political Cycles Shaping Investment Timing - Election cycles, fiscal pressures and regulatory changes are influencing transaction timing, creating periods of uncertainty that often generate opportunistic investments and strategic repositioning.
TEXT 3X
NAME OF LAY-OUT
Recent notable cross border transactions
RECENT NOTABLE TRANSACTIONS
8
has been acquired by
M&A SELL-SIDE
Agribusiness
2025
has been acquired by
M&A SELL-SIDE
Household appliances
2025
Deal in partnership with another Oaklins’ member
Advised an
in the potential acquisition of
M&A BUY-SIDE
Infrastructure
Undisclosed Buyer
Airport Division
2025
has acquired by
M&A SELL-SIDE
SaaS Industry
2023
QSR chain in Costa Rica, Panama & Guatemala
Refinancing of existing facilities with a Colombian bank
DEBT ADVISORY
Restaurants & hospitality
2026
Valid payment división Colombia
has been acquired by
M&A SELL-SIDE
TMT
2025
Has been acquaired by
M&A SELL-SIDE
Business Support Services
2022
has been acquired by
M&A SELL-SIDE
Software
2023
Has acquired minority shareholders’ stake in
M&A BUY-SIDE
Fin. services/Private Equity
2024
has sold
to
M&A SELL-SIDE
Fin. services/Private Equity
2024
has been acquired by
M&A SELL-SIDE
Fintech
2025
Payment Division in Colombia
has sold
to
M&A SELL-SIDE
TMT/IT Services
2026
has acquired
M&A BUY-SIDE
Logistics/Real Estate
2025
has been acquired by
M&A SELL-SIDE
TMT/Enterprise SaaS
2025
has been acquired by
M&A SELL-SIDE
Industrial / mining services
2025
has acquired a majority stake in
M&A BUY-SIDE
Agribusiness
2023
Don Fermin
Japanese investors
TRANSACTIONS 10X
NAME OF LAY-OUT
Market Thematics & Hot Sectors - Argentina
Sectors driving M&A momentum
Energy & Natural Resources –Vaca Muerta drives Argentina's shale development, attracting capital and strategic investors in oil, gas, and lithium mining.
Technology, Media & Telecommunications - Growth in Argentine software, telecom infrastructure, and AI platforms fuels deal momentum with global buyers.
Financial Services Consolidation - Fintech, banking, and payment platforms drive mergers to enhance technology capabilities and expand customer reach.
Food, Agro and Industrial Sectors - Agricultural exports and industrial infrastructure benefit from vertical integration and investments amid economic reopening.
Argentina M&A Spotlight – Current Themes and High-Activity Sectors
M&A TRENDS / HOT SECTORS
Market Thematics in Argentina
Macroeconomic Stabilization Impact - Efforts to control inflation and restore fiscal discipline have boosted investor confidence in Argentina's M&A market.
Foreign Exchange Liberalization - Liberalized FX regimes improve capital flows, reduce execution risks, and enhance cross-border investment appeal.
Corporate Portfolio Reshuffling - MNCs divest non-core assets creating acquisition opportunities for local and regional investors with strategic focus.
Strategic Sector Investments - Long-term investments in energy, mining, and infrastructure are supported by reforms and public-private partnerships.
TEXT 3X
NAME OF LAY-OUT
Chile – Oaklins LarrainVial
10
17 March 2026
OAKLINS LATAM
Raimundo is a Partner at LarrainVial (Oaklins Chile), with over 20 years of experience advising leading corporates, financial institutions and investors on M&A and capital markets transactions across Latin America.
He is a recognized advisor in the seafood sector, having led more than 30 transactions in the salmon farming industry, including the landmark USD 300 million strategic investment by Cargill and Mitsui in MultiX.
Raimundo has also executed over 20 ECM transactions, including two of the largest equity offerings in Chile in recent years—each of approximately USD 1 billion—for Banco de Chile and Banco Santander.
He currently leads LarrainVial’s Technology M&A practice in Chile, advising on strategic transactions across the software and broader tech ecosystem, including five transactions completed in 2025. His additional sector expertise includes animal protein and mining, alongside a strong track record in equity and debt capital markets.
Raimundo holds a degree in Industrial Engineering from Pontificia Universidad Católica de Chile and an MBA from the Haas School of Business at the University of California, Berkeley.
RAIMUNDO SILVA
Partner
TITLE ONLY
NAME OF LAY-OUT
Market Thematics & Hot Sectors - Chile
Sectors driving M&A momentum
Mining and Natural Resources– Global demand for lithium and copper driving cross-border consolidation and strategic acquisitions.
Chile M&A Spotlight – Current Themes and High-Activity Sectors
M&A TRENDS / HOT SECTORS
Market Thematics in Chile
Energy transition attracting infrastructure capital
Mining capex cycle supporting services consolidation
Infrastructure & real estate assets favored by long-term investors
Chile as a platform for Andean regional expansion
�Technology – CRM, HRM, proptech, among others
Healthcare– Consolidation among clinics, pharma and specialized providers driven y scale, efficiency and growing deman for healthcare services
Renewable Energy– Solar and wind boom fueling infrastructure M&A as Chile leads LATAM’s clean energy transition.
TEXT 3X
NAME OF LAY-OUT
Recent notable cross border transactions
RECENT NOTABLE TRANSACTIONS
PERU�JAN 2026
NORWAY�DEC 2025
UNITED STATES�DEC 2025
PERU�JUN 2025
FRANCE�DEC 2025
UK�OCT 2025
SPAIN�JUN 2025
UNITED STATES�MAY 2025
12
17 March 2026
Acquired a 25% stake by
M&A SELL-SIDE
SEAFOOD
TRANSACTIONS 10X
NAME OF LAY-OUT
Colombia – Oaklins Axia
13
17 March 2026
CARLOS BARONA
Partner
Carlos is a partner and co–founder of Axia, Oaklins’ member firm in Colombia. With over 30 years of investment banking experience in Latin America and Europe, he has worked on financing and M&A transactions across a wide spectrum of industries, with an aggregate value exceeding US$150 billion. His key areas of expertise are in consumer & retail, financial services and energy.
Before returning to Colombia, Carlos worked for 12 years with Citigroup London and was a director in the credit markets group, responsible for debt origination and structuring for European clients. He focused on acquisition financings, restructurings and other types of structured transactions. Carlos received his master’s degree (Maîtrise en Administration et Gestion, summa cum laude) from the Université Catholique de Louvain in Belgium and his Bachelor of Science degree from Babson College, Massachusetts, USA.
OAKLINS LATAM
TITLE ONLY
NAME OF LAY-OUT
Market Thematics & Hot Sectors – Colombia
Sectors driving M&A momentum
Energy – the need for reliable power is driving investment across generation, infrastructure and complementary technologies
LATAM M&A Spotlight – Current Themes and High-Activity Sectors
M&A TRENDS / HOT SECTORS
Market Thematics in Colombia
Election cycle – uncertainty around the upcoming presidential election is driving opportunistic investments
Fiscal pressure – higher government spending fueling strong domestic demand and increasing the fiscal deficit
Higher labor costs driving inflation – rising wages pressuring margins, accelerating price increases and corporate efficiency measures
Software / SaaS – accessible B2B SaaS solutions accelerating digital adoption across businesses, creating attractive recurring-revenue platforms for investors
TEXT 3X
NAME OF LAY-OUT
Recent notable cross border transactions – Colombia
RECENT NOTABLE TRANSACTIONS
CENTRAL AMERICA� JAN 2026
LUXEMBOURG�JAN 2024
NICARAGUA�DEC 2024
GERMANY�DEC 2022
BRAZIL�MAY 2025
UNITED STATES�OCT 2022
GUATEMALA�NOV 2021
UNITED STATES�JAN 2021
15
17 March 2026
Canadian Pension Fund
refinancing of existing facilities with a Colombian bank
Restaurants & Hospitality
DEBT ADVISORY
QSR chain in Costa Rica, Panama & Guatemala
TRANSACTIONS 10X
NAME OF LAY-OUT
Market Thematics & Hot Sectors - Mexico
Sectors driving M&A momentum
Consumer Goods – Regional consolidation as players seek scale amid margin pressure and shifting consumer demand.
MEXICO M&A Spotlight – Current Themes and High-Activity Sectors
M&A TRENDS / HOT SECTORS
Market Thematics in Mexico
Ecommerce market accelerating acquisitions to merge physical and digital retail.
PE-backed consolidation as players divest non-core assets and double down on high-growth categories.
Shift from hypergrowth to profitability driving M&A among Mexico's 1,000+ fintechs.
Digital payment volumes thriving, with neobanks rapidly onboarding the unbanked.
Technology, Media and Telecoms – Digital infrastructure and AI-driven software fueling cross-border acquisition activity.
TEXT 3X
NAME OF LAY-OUT
Recent notable cross border transactions
RECENT NOTABLE TRANSACTIONS
MEXICO-SPAIN� 2023
MEXICO-SWEDEN�2020
17
17 March 2026
Mexican enterprise software provider for workforce management and business process automation.
Cross-border transaction with our Oaklins partners in Spain.
Global industrial machinery manufacturer focused on cutting tools and precision engineering solutions.
Cross-border transaction with our Oaklins partners in Sweden
MEXICO�2018
Mexican corn milling and food ingredients company serving industrial and consumer markets.
TRANSACTIONS 10X
NAME OF LAY-OUT
Brazil – Oaklins Olimpia Partners
18
17 March 2026
MAURICE MARCHESINI
Partner
Maurice is a partner at Oaklins Olimpia Partners in Brazil and is currently based in Los Angeles. With over 30 years of experience in banking, he specializes in mergers and acquisitions, corporate divestitures, capital raising, recapitalizations and other corporate finance transactions. Throughout his career, Maurice has led several transactions across multiple industries, including healthcare, industrials, transportation, energy and telecommunications. He has particular expertise in financial services, having advised financial institutions in the US, Europe, Asia and Latin America. Notable transactions include the largest bank merger in Brazil to form Itau Unibanco Holding, the divestitures of CIT Group’s subsidiaries in Mexico and Brazil and the acquisition of Citigroup’s consumer business and commercial banking operations in Central America.��Prior to joining Oaklins Olimpia Partners in 2019, Maurice was a senior banker and head of investment banking for Latin America at Deutsche Bank in New York. Before joining Deutsche, Maurice was co–head of the Los Angeles office at UBS and head of the western region financial services advisory at Morgan Stanley. Earlier in his career, Maurice was chairman of the Latin America division and head of Latin America investment banking at Merrill Lynch. Maurice received his MBA and BA in Finance from Case Western Reserve University, Weatherhead School of Management and Cleveland State University, respectively.
OAKLINS LATAM
TITLE ONLY
NAME OF LAY-OUT
Brazil – Oaklins Fortezza Partners
19
17 March 2026
DENIS SALVADOR MORANTE
Managing Partner
Oaklins Quality & Integration VP
Denis is a founding partner and currently the managing partner at Oaklins Fortezza Partners in Brazil. He also serves on Oaklins International’s executive committee as vice president of quality & integration, contributing to the development and implementation of international best practices across the organization. Denis has extensive M&A experience, having been involved in transactions in Brazil, both domestic and cross–border, since 1997. He has led transactions in several sectors, such as industrials, healthcare, technology, energy, outsourced services, retail, marketing and distribution. Some notable transactions include the sale of OL Papéis to Bracell, a subsidiary of the RGE Group in Singapore; the sale of Nadir Figueiredo, the largest Brazilian glass tableware producer, to HIG Capital; the sale of Boris Berenstein, an image diagnostics clinic, to DASA; the capital raise for GranCurso Online from BTG; and the sale of Taler Wealth Management to Galapagos Capital.��Prior to establishing Oaklins Fortezza Partners, Denis worked at Andersen Global Corporate Finance Group from 1997 to 2001, then at Credit Suisse Hedging–Griffo (formerly Hedging–Griffo) from 2003 to 2018, having led the middle–market M&A group for 14 years. He has a business degree from the University of São Paulo (USP) and an MBA from The Wharton School, University of Pennsylvania.
OAKLINS LATAM
TITLE ONLY
NAME OF LAY-OUT
Market Thematics & Hot Sectors – Brazil
Converging sectors driving M&A momentum
Technology and Digital Infrastructure – Shift from venture growth to scaled consolidation in B2B SaaS and AI-enabling infrastructure to drive operational efficiency
Agribusiness and Bioenergy – Momentum is fueled by industrializing the supply chain through Biofuels (mainly corn ethanol) to meet global decarbonization demands
Energy and Utilities – Decentralized solar & data center power. Liquid deal flow in renewable platforms and regulated assets, offering inflation-protected returns
Financial Services – Domestic consolidation among mid-tier players. Large incumbents acquiring specialized capabilities in tokenization and cross-border payments
Brazil M&A Spotlight – Current Themes and High-Activity Sectors
M&A TRENDS / HOT SECTORS
Market Thematics in Brazil
Tax Reform Driving Strategic Repositioning
Election Cycle and Political Risk Pricing
Private Credit Filling the Structural Gap
PE Harvest Cycle from 2018–2021 Vintage Portfolios
Megadeals & Cross-Border Strategic Entry
M&A Volume 2025
~US$50Bn
+18% vs 2024 – deal count recovery
Brazil’s Interbank Rate
14.9%
Structural pressure , compresses PE returns, boosts strategic buyers
FX / Cross - Border
BRL Weak
Attractive entry, foreign buyers at structural discount
Tax Reform (2026 – 2033)
VAT – Track Transition
Triggering pre-reform portfolio reorganization
TEXT 3X
NAME OF LAY-OUT
Recent notable cross border transactions
RECENT NOTABLE TRANSACTIONS
BRAZIL� MAY 2025
17 March 2026
BRAZIL� NOV 2025
M&A SELL SIDE
Fintech
Sale to
Payment Division in Colombia
BRAZIL� JUL 2023
M&A BUY SIDE
Agribusiness
Acquisition of a majority stake in
BRAZIL� FEB 2023
M&A SELL SIDE
Software
Sale of 100% to
M&A BUY SIDE
Infrastructure
Advised in the potential acquisition of Motiva’s Airport Division (Acquired by ASUR)
Airport Division
Undisclosed Buyer
US$2.2 billion
In partnership with Valo Columbus
ARGENTINA
COLOMBIA
In partnership with Axia
FRANCE
In partnership with Oaklins France
CANADA
In partnership with Oaklins Canada
TRANSACTIONS 10X
NAME OF LAY-OUT
Market Thematics & Hot Sectors - Peru
Sectors driving M&A momentum
Mining and Mining Services – Driven by strong global demand for copper and gold. Peru’s resource base continues to attract international strategic and financial investors.
Peru M&A Spotlight – Current Themes and High-Activity Sectors
M&A TRENDS / HOT SECTORS
Market Thematics in Peru
International capital targeting strategic assets – global investors increasingly pursuing opportunities in mining, energy and infrastructure
Infrastructure gap driving long-term investment – structural deficits creating sustained opportunities in logistics, telecom and energy
Local conglomerates reshaping portfolios – consolidation, divestment of non-core assets and selective regional expansion
Private equity becoming more selective – focus shifting toward infrastructure, energy and scalable regional platforms
Energy – Strategic sector with increasing investor interest, driven by energy transition, power demand growth and opportunities for large-scale transactions.
Agribusiness / Agro-exports – Growing interest from global players seeking diversification and exposure to complementary harvest cycles.
Infrastructure & Telecommunications – Investment thesis supported by structural infrastructure gaps and the need to expand digital connectivity.
TEXT 3X
NAME OF LAY-OUT
Recent notable and cross border transactions – Peru
RECENT NOTABLE TRANSACTIONS
� DEC 2025
�DEC 2025
�OCT 2025
�JAN 2023
�SEPT 2025
�SEPT 2023
�DEC 2024
�APR 2025
23
17 March 2026
Industrial Machinery & Components
Construction & Engineering services
has acquired
Japanese investors
TRANSACTIONS 10X
NAME OF LAY-OUT
Australia – Oaklins Henslow
24
17 March 2026
Andrew is a director at Oaklins Henslow in Australia. He has over 20 years’ experience in investment banking, management consulting and business. Andrew has broad industry experience in metals & mining, oil & gas, power and infrastructure, technology, biotech, financial services, consumer & retail and general industrials. Some of his most recent client transactions include Avenue Bank, Payright, Up (Ferocia Pty Ltd), Deliverit and Tolmar.��Prior to joining the firm, Andrew was an investment banker with Nomura and Lehman Brothers. Before this, he founded a successful technology firm and started his career as a management consultant with Booz Allen. Andrew has a BCom (Hons) from the University of Western Australia, an MA from the University of Oxford and is a fellow of the Australian Institute of Company Directors.
ANDREW WOODMORE
Director
OAKLINS AUSTRALIA
TITLE ONLY
NAME OF LAY-OUT
Australia-Latin America Business Council & Oaklins
LATAM M&A Update
Sydney Sundowner
25
17 March 2026
COVER SLIDE
NAME OF LAY-OUT
NAME OF LAY-OUT