ARGENTINA Law and Practice Contributed by: Agustin Ferrari, Hernán Alal and Astrid Nottebohm, Naveira, Truffat, Martínez, Ferrari & Mallo Abogados
NTMA Carlos Pellegrini 719 Floor 2 C1008 City of Buenos Aires Argentina Tel: +54 911 5064 4436 Email: aferrari@ntma.com.ar Web: ntma.com.ar
1. Trends 1.1 M&A Market
perceived as a more predictable macroeconomic environment. Looking ahead, further acceleration in activity is expected as macroeconomic normalisation progress - es and as the government’s 2026 privatisation agenda begins to move from policy announcements to con - crete and actionable deal processes. 1.2 Key Trends The Large-Scale Investment Incentive Regime (RIGI) was extended, with the application period now run - ning to 8 July 2027. This extension reflects the gov - ernment’s commitment to attracting large-scale, long- term investments through a package of tax, customs and foreign-exchange benefits. As of today, 12 pro - jects have been approved under the regime, repre - senting committed investments exceeding USD26 bil - lion. Mining accounts for half of the approved pipeline, with energy and infrastructure making up the other principal categories. The government’s privatisation agenda that started in 2024 advanced slowly during 2025, with most processes still in preparatory stages by year-end. However, the administration has signalled that 2026 could mark an inflection point, with several transac - tions expected to reach execution. Key targets include AySA (water and sanitation), Intercargo (airport cargo operations), Belgrano Cargas (freight rail), and the state’s stake in Transener (electricity transmission). If these processes materialise as anticipated, such developments could unlock significant M&A oppor - tunities across regulated infrastructure and energy sectors.
M&A activity in Argentina strengthened further in 2025, consolidating the rebound that began in 2024. The combination of macroeconomic stabilisation, the easing of foreign-exchange constraints and a clearer pro-investment policy direction provided a more sup - portive environment for deal execution. Transactional activity remained strong, surpassing the threshold of 100 M&A deals, which marked the high - est annual deal count in the last five years. Neverthe - less, the year displayed an irregular pattern, largely influenced by political and macroeconomic uncer - tainty surrounding the mid-term electoral cycle. One of the defining features of 2025 was the increase in transaction size. Market data points to a higher deal profile, a trend that suggests a clear reappraisal of Argentine assets, reflecting improved expectations around macro stability, growth prospects and medi - um-term value creation. From a sector perspective, activity remained particu - larly strong in energy and natural resources, which continued to act as a core driver of market value and visibility. Other sectors, including technology, infrastructure and selected industrial segments, also showed renewed transaction momentum, contribut - ing to a broader and more diversified M&A landscape. Notably, local actors emerged as buyers in more than half of transactions during 2025, reflecting increased confidence among Argentine players and their grow - ing appetite for strategic acquisitions in what is now
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