MEXICO Law and Practice Contributed by: Carlo Cannizzo, Marco Cannizzo, Stefano Amato, Enrique García and Paloma Iglesias, Cannizzo
1. Trends 1.1 M&A Market
2. Overview of Regulatory Field 2.1 Acquiring a Company The main legal mechanisms for acquiring a private company in Mexico are: • the acquisition of shares or corporate interests through the execution of purchase and sale agree - ments; • the assignment of rights agreements or endorse - ments of the securities representing the capital stock of the company to be acquired; • the acquisition of the entity’s assets; and/or • a merger with another entity. The acquisition of publicly traded companies is car - ried out through a takeover or sale bid ( oferta pública de adquisición or OPA). 2.2 Primary Regulators The primary authority responsible for antitrust matters in M&A transactions in Mexico is the National Anti - trust Commission ( Comisión Nacional Antimonopolio or CNA). Pursuant to the 2025 constitutional reform, the CNA replaced the former Federal Economic Competition Commission ( Comisión Federal de Competencia Económica or COFECE), which had jurisdiction over competition matters in all sectors of the economy except telecommunications and broadcasting, as well as the Federal Telecommunications Institute ( Instituto Federal de Telecomunicaciones or IFT), which exer - cised competition and regulatory powers in the tel - ecommunications and broadcasting sectors. Unlike the COFECE and the IFT, which were consti - tutionally autonomous entities, the CNA is integrated within the Executive Branch. In connection with M&A transactions involving publicly traded companies, the responsible authorities, also at the federal level, are the National Banking and Secu - rities Commission ( Comisión Nacional Bancaria y de Valores or CNBV) and the Mexican stock exchanges ( Bolsa Mexicana de Valores or BMV and Bolsa Institu - cional de Valores or BIVA).
According to TTR Annual Data Report 2025, Mexico ranked third in Latin America by M&A transaction vol - ume, behind Brazil and Chile, with 307 deals in 2025, a slight decrease from 2024. Of these, 57 transac - tions were domestic, while 250 involved cross-border components. Despite the contraction in deal volume, total trans - action value increased significantly. The same report established that the aggregate value of transactions in Mexico reached USD32.510 billion, reflecting an 86% year-on-year increase. 1.2 Key Trends M&A activity in Mexico during 2025 reflected a shift towards greater investor selectivity, with fewer trans - actions than the previous year but significantly larg - er deals. While overall deal volume declined, total deal value increased, suggesting a more strategic approach to acquisitions. This increased selectivity may be linked to recent structural changes in the merger control landscape. In a context where more aggressive or consolidating transactions may face closer examination, investors appear to be factoring regulatory exposure more care - fully into their deal strategies. 1.3 Key Industries The leading sectors in the domestic market for M&A transactions during 2025 were Industry-Specific Soft - ware, which recorded 41 transactions, followed by Real Estate with 33 transactions. Travel, Hospitality & Leisure and Internet, Software & IT Services each registered 24 transactions during the year. Transactions relating to Travel, Hospitality & Leisure increased by 14% in comparison to 2024. Additionally, some of the most notable M&A transactions in Mexico during 2025, based on their value, were in the infra - structure, energy, financial services and technology- related sectors.
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