Colombia Sees Fewer Mergers and Acquisitions but an 82 Percent Increase in Value Reports Aon
The latest report from Aon, in collaboration with TTR Data and Datasite, highlights a mixed landscape for mergers and acquisitions (M&A) in Colombia during the first nine months of 2025. The country saw 183 transactions, a 24% decrease from the same period in 2024. However, the total value of these transactions surged by 82%, reaching approximately USD 5.934 billion. This remarkable growth positions Colombia as the second highest in capital mobilized in Latin America, following Brazil.
Latin America M&A Overview
Across Latin America, a total of 2,118 transactions were recorded, amounting to USD 78.128 billion. While the volume of deals experienced a slight drop of 4%, the overall value increased by 24%.
Regional Rankings
- Brazil: 1,303 transactions valued at USD 37.086 billion
- Chile: 243 transactions
- Mexico: 208 transactions
- Colombia: 183 transactions
- Argentina: 180 transactions
- Peru: 97 transactions
Colombia outperformed both Chile and Mexico in terms of capital, which both registered USD 5.312 billion. The United States led foreign acquisitions in Colombia with 37 transactions.
Sector Performance
The M&A landscape showed a varied performance across different sectors. Notably, the energy and infrastructure sectors provided a significant boost, particularly due to a 183% increase in renewable energy transactions. Carlos Dorado, head of M&A and Transaction Solutions for Hispanic South America at Aon, indicated that only Argentina, Brazil, Mexico, and Colombia reported positive trends in their operational values, reflecting a more selective market focused on high-impact projects.
Key Transactions
The most significant deal during this period involved a USD 1.5 billion investment by Brookfield Renewable Partners and the Qatar Investment Authority (QIA) to expand their stake in Isagen S.A. E.S.P., a leading power generator in Colombia.
Top Performing Sectors
- Specialized Software: 21 transactions (down 34%)
- Renewable Energy: 17 transactions (up 183%)
- Banking and Investment: 15 transactions (down 50%)
- Oil and Gas: 14 transactions (up 250%)
Foreign Investment Insights
In terms of foreign investment, the United States led with 37 transactions valued at USD 262.5 million. Other countries contributing to acquisitions included:
- Spain: USD 455.2 million
- Canada: USD 1.534 billion
- Mexico: USD 32.6 million
- Brazil: USD 164.5 million
Colombian companies also engaged in various international operations, particularly in Mexico (USD 122 million), Argentina (USD 115 million), and Chile (USD 40 million).
Market Trends
According to Pedro da Costa, head of M&A and Transaction Solutions for Latin America at Aon, the regional market continues to display a positive dynamic driven by energy, infrastructure, and technology. Businesses are increasingly focused on larger and more complex transactions, with growing reliance on transactional solutions and consulting services to manage legal and tax risks. Many companies are integrating insurance and risk assessments as essential elements of their acquisition strategies.
