ECUADOR Law and Practice Contributed by: María Celeste Alvarado, Jorge Sicouret Zea, Ángel Gaibor and Octavio Rosselli, Coronel & Pérez
Coronel & Pérez 9 de Octubre y Malecón Edificio La Previsora, Piso 24 Guayaquil Ecuador Av de los Shyris No N35-174 y Suecia Edificio Renazzo Plaza Quito Ecuador Tel: +593 4 3519 900 Email: marosemena@coronelyperez.com Web: www.coronelyperez.com
1. Trends 1.1 M&A Market
2. Overview of Regulatory Field 2.1 Acquiring a Company
In 2025, Ecuador’s M&A market presented a similar volume of transactions as in 2024. The Superintend - ence of Economic Competition authorised major transactions across the food, telecoms, insurance, steel and hydrocarbon sectors. 1.2 Key Trends During 2025, M&A transactions showed no major changes in their tendency towards non-listed compa - nies. The Superintendence of Economic Competition applied deeper scrutiny to notified concentrations, prompting earlier antitrust planning in deal structuring. Despite political and institutional turbulence, investor interest persisted, driven by consolidation in strate - gic sectors such as food, telecoms, insurance and manufacturing. 1.3 Key Industries In 2025, M&A transactions were concentrated in food and beverages, telecoms, insurance, manufacturing, hydrocarbons and healthcare. Notable transactions included acquisitions of Delcampo, Jabonería Wilson, Industria Harinera, OTECEL, HDI Seguros and Primax local operations.
Almost all companies involved in M&A transactions in 2025 were not listed. In that regard, as long as the transaction does not exceed the thresholds set forth in 2.4 Antitrust Regulations , it could be implement - ed through confidential share purchase agreements, subject only to the ex post facto formal review of the Superintendence of Companies, Securities and Insur - ance. If any of the parties involved in an M&A transaction are listed and the threshold set forth in 4.2 Material Shareholding Disclosure Threshold is exceeded, the acquisition must be made through a tender offer sub - ject to the prior non-objection of the Superintendence of Economic Competition and approval by the Super - intendence of Companies, Securities and Insurance. 2.2 Primary Regulators The primary regulators for M&A in Ecuador are: • the Superintendence of Companies, Securities and Insurance with respect to corporate and securities issues; • the Superintendence of Economic Competition with respect to antitrust regulations; and • the Banking Superintendence with respect to M&A involving local financial institutions
435 CHAMBERS.COM
Powered by FlippingBook