M&A Overview in Brazil

The Brazilian M&A market experienced a significant shift in the first half of 2026: fewer transactions, but larger deals.

According to data compiled by TTR Data, the period recorded 593 transactions, with BRL 166.8 billion in capital deployed. Although the number of transactions declined by more than 35% compared to the same period of the previous year, the total value increased by more than 3%.

This trend indicates a more selective market, in which investors and strategic buyers are increasingly prioritising assets with scale, greater cash generation capacity, clearer investment theses and more consistent governance structures.

In practice, this scenario also increases the importance of the legal structuring of transactions. Larger, more sophisticated and competitive deals require more thorough due diligence processes, clearer agreements and mechanisms capable of anticipating risks, preserving value and reducing potential contingencies.

Among the aspects gaining importance in this environment are price adjustments, more robust representations and warranties, conditions precedent, gap risk, regulatory and antitrust approvals, and post-closing governance.

We have prepared an overview of the semester’s key data and its practical implications for those structuring M&A transactions in Brazil.