Data from the first two months of 2026 reveal the state of the mergers and acquisitions market in Latin America and offer a useful insight into the capital dynamics that remain active in the region in the second half of the year. According to the TTR Data and Datasite report, between January and February, 280 transactions were recorded for an aggregate amount of 14,384 million dollars, representing a 43% drop in the number of transactions compared to the same period in 2025, but a 59% increase in mobilized capital. The pattern is clear: there are fewer operations but they are larger in size, a sign of consolidation rather than market expansion.
In February alone, 115 mergers and acquisitions were completed for 9,354 million dollars, concentrating most of the bimonthly activity in that second month and suggesting that the start in January was more cautious, consistent with the global commercial uncertainty context that characterized the beginning of the year.
Brazil maintains its regional leadership with 144 transactions and 6,944 million dollars mobilized, although it recorded a 52% drop in the number of operations. The data confirms that Brazil continues to be the deepest transactional market in the region, even in a quarter of lower volume.
Chile rises in position with 55 operations and 1,664 million dollars, a 59% growth in capital compared to the previous year. Argentina reached third place for the first time this year with 43 transactions and 1,998 million dollars, an increase of 39% in mobilized capital.
The most striking data from the report for Mexico is not the number of operations but the magnitude of the capital. With 37 transactions, Mexico dropped two positions to fourth place in the regional ranking. However, mobilized capital grew 626% to 4,702 million dollars, the largest percentage jump among all countries in the region. This indicates that although fewer deals were closed, those that occurred were of a significantly larger scale, probably concentrated in strategic sectors where institutional investors and private equity continue to see opportunity despite macroeconomic uncertainty.
Colombia recorded 22 transactions with mobilized capital of 4,384 million dollars, an increase of 178%. Peru was the most extreme case: 15 operations but with a 2,413% growth in capital to 3,200 million, a sign of one or more unusually large transactions that distorted the average for the period.
In the private equity segment, 27 transactions were recorded for 4,578 million dollars, with a 3,494% increase in capital compared to the same period in 2025. Venture capital, on the other hand, showed the opposite behavior: 37 operations for 652 million dollars, with a 64% drop in the number of transactions although with a 14% increase in capital, suggesting that the startup ecosystem in the region is receiving larger tickets but in fewer companies.
On the cross-border front, Latin American companies completed 14 transactions in Europe and 6 in North America during February, while capital from North America and Europe led acquisitions in the region with 45 and 44 operations respectively.
From next+'s perspective, the trend these data illustrate for the rest of 2026 is consistent with the macroeconomic environment that Latin America faces today. Fewer but larger operations reflect a market where liquidity is concentrated in assets with clear and defensible investment theses, while smaller deals face greater scrutiny and longer closing times. For Mexico in particular, the 626% jump in mobilized capital with fewer transactions describes a market where institutional appetite remains high but selective, exactly the expected behavior in a year marked by uncertainty about the T-MEC, pressure on domestic private investment, and elections on the horizon. Companies seeking capital or strategic partners in this environment need stronger theses and clearer deal structures than in previous years to activate investment decisions that now take longer to close.