In 2025, M&A activity in Brazil registered 1,341 transactions, reflecting a 5.9% decrease compared with the same period of 2024, when 1,426 transactions were recorded. Despite the moderation in deal volume, activity remained concentrated in technology, financial services, energy, food and beverages, and healthcare equipment and services. Looking ahead, increased investor attention is expected in sectors such as mining (including traditional industries and new materials), renewable energy and energy transition–related assets, environmental management, infrastructure as well as water/sewage and logistics.
Capital Markets Overview – 2025
Capital markets activity in Brazil remained modest in 2025, with 10 follow-on offerings raising a total of BRL 15.5 billion (USD 2.9 billion). Despite subdued capital markets activity, equity market performance was strong, with the Ibovespa/B3 Index posting a 34.5% gain in BRL terms during 2025.
The inflation (measured by the Broad Consumer Price Index/ IPCA) accumulated 4.4% over the year, while the Central Bank of Brazil (BACEN) raised the benchmark SELIC rate to 15.0%. During the same period, the Brazilian real appreciated 10.8% against the U.S. dollar, reflecting improved market sentiment and currency strength.
