MEXICO – LATIN AMERICA’S second-biggest economy after Brazil, with an annual output of $875 billion – suffered a drop in GDP of 6.5% last year, its worst recession since 1932. This led to a sharp decline in M&A and IPO activity, although the debt capital markets held up. This year, the economy is rebounding strongly (the IMF estimates that it will grow by 4.5%) and investment banks report a robust pipeline of deals.
Two of the biggest M&A deals announced worldwide this year involve Mexican companies: América Móvil’s acquisition of Telmex International and Carso Global Telecom (with a combined value of $23 billion excluding debt), and Heineken’s $7.34
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