M&A Newsletter — December 2023

U.K.-based Fresnillo (LON: FRES) reached a definitive agreement to acquire a portfolio of mining concessions based in Chihuahua, Mexico, owned by Coeur Mining (NYS: CDE), for approximately USD $25.00 million.

Mexico's Sistemas Casa, a developer of customs and international trade software based in Mexico City, was acquired by WiseTech Global (ASX: WTC) for an undisclosed amount.

Mexico's Silkimya, a provider of engineering and construction services for storage-silo support based in Altamira, Tamaulipas, was acquired by IQE Group for an undisclosed amount.

Mexico's GenuX, a company dedicated to the development of renewable energy projects in Mexico and other Latin American countries, was formed as a joint venture between Exus Management Partners and Glencore.

A stake in Mexico's MR Presta, a developer of an end-to-end (E2E) credit platform for SMEs based in San Pedro Garza García, Nuevo León, was acquired by an undisclosed investor for an undisclosed amount.

UniTeller Financial Services (a subsidiary of Grupo Financiero Banorte), an international payment-processing company, reached a definitive agreement to acquire all shares representing the capital stock of More Payment Evolution.

U.K.-based The Body Shop (a subsidiary of Brazil's Natura), a cosmetics, skincare and fragrance company based in London, was acquired by Aurelius Group for USD $254.32 million.

U.S.-based M8 Pharmaceuticals, a pharmaceutical company engaged in licensing, marketing and distribution activities for pharmaceutical products in Mexico and Brazil, was acquired by Switzerland-based pharmaceutical company Acino for an undisclosed amount.

Mexico's LIV Capital Acquisition II (NAS: LIVB), a Mexico City-based SPAC, reached a definitive agreement to cancel its merger with Covalto (formerly Credijusto), and with it the fintech's plans to carry out an initial public offering (IPO) on the NASDAQ.

Mexico's Pacífico Aquaculture, a striped bass producer based in Baja California, closed a development-capital financing round for an undisclosed amount with Butterfly Equity, Equilibrium Capital and other investors. To support the transaction, Peritus Capital provided a credit facility for an undisclosed amount.

Mexico's Prima, a B2B (business-to-business) brokerage-software developer based in Mexico City, closed a financing round for an undisclosed amount with BoxGroup.

Mexico's Zubale, a business-management software developer based in Mexico City, closed a financing round of USD $25.00 million led by QED Investors. NFX, Transform Capital, Kevin Efrusy and other undisclosed investors also participated in this round.

Mexico's Meddi, a healthcare-software developer based in Zapopan, Jalisco, closed a seed financing round of USD $1.70 million led by Medical Device Resources LTD. Capem, Enlaces and other undisclosed individual investors also participated in this round.

Mexico's Mozper, a youth payment-card developer based in Mexico City, closed a financing round of USD $825,000.00 with undisclosed investors.

Mexico's Serviap Global, a professional employer organization operator based in Tlalnepantla de Baz, Estado de México, closed a financing round for an undisclosed amount with Capital Factory.

Mexico's Construex, a SaaS construction-marketplace operator based in Mexico City, closed a seed financing round of USD $4.60 million led by Zacua Ventures and Fifth Wall. ABSeed Ventures and Terracotta Ventures also participated in this round.

Mexico's Galactic Holdings, a digital-finance platform developer based in Mexico City, closed a financing round of USD $6.25 million led by Galaxy Interactive and Dragonfly. SHK and other undisclosed investors also participated in this round.

U.S.-based Ridepanda, an operator of an online electric-vehicle marketplace based in San Francisco, California, closed a seed funding round of USD $7.50 million led by Yamaha Motor Ventures and Blackhorn Ventures. Porsche Ventures, Proeza Ventures and Oyster Ventures, among others, also participated in this round.

U.S.-based Trendio, a developer of an artificial intelligence (AI)-optimized video platform based in Washington, closed a seed funding round of USD $4.62 million led by Madrona Venture Group. Kima Ventures, Angel Ventures México and 10X Capital, among others, also participated in this round.

Canada's Solfium, a developer of rooftop solar energy systems based in Montreal, closed a funding round of EUR €3.00 million led by Savia Ventures, Redwood Ventures and Propulia Capital, reaching a pre-money valuation of EUR €17.00 million. Ralicap Ventures and Katapult Group also participated in this round.

Peru's Chazki, a developer of first- and last-mile logistics services platform based in Lima, closed a funding round for an undisclosed amount with Living On The Edge Capital.

Argentina's Einsted, a triple-impact company and developer of electrochemical technology based in Buenos Aires, closed a funding round for an undisclosed amount with Rumbo Ventures.

Spain's Polaroo, a developer of a digital payments platform designed to consolidate and manage direct-debit expenses based in Barcelona, closed a funding round for an undisclosed amount with IGNIA Partners.

U.S.-based Tram, a developer of an artificial intelligence platform for carbon-footprint monitoring based in Boston, Massachusetts, closed a funding round for an undisclosed amount with Rumbo Ventures.

Israel's Uplifted, a developer of a video advertising platform based in Tel Aviv, closed a funding round for an undisclosed amount with IGNIA Partners.

Argentina's NXTP, a Buenos Aires-based venture-capital fund, announced the close of NXTP III, its third and largest fund raised, for USD $98.00 million. The proceeds will be used to invest in early-stage startups in Mexico and Latin America.

International company inDrive, operator of a mobility and urban-services platform, launched its new corporate venture capital division, through which it seeks to invest up to USD $100.00 million in local startups with global expansion potential and social impact.

Mexico's Suministro de Especialidades, an engineering-materials distributor serving various markets based in Mexico City, was acquired by Formerra, through its financial sponsor H.I.G. Capital, via an LBO for an undisclosed amount.

Mexico's Pabis Retail, a developer of a business-intelligence platform for retail companies based in Mexico City, was acquired by TeamCore, through its financial sponsors SVB Capital and Accel-KKR, via an LBO for an undisclosed amount.

Mexico's Flink, a developer of an investment platform based in Mexico City, was acquired by Webull, through its financial sponsors Coatue Management and General Atlantic, via an LBO for an undisclosed amount.

Mexico's Cemex (MEX: CEMEX), a multinational company engaged in the construction industry based in San Pedro Garza García, Nuevo León, launched its factoring program to support its carrier suppliers for MXN $2,000.00 million.

Almacenadora Afirme (MEX: AFIRALM) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $2,086.10 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Arrendadora Afirme (MEX: AFIRMAR) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $1,122.59 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Factoraje Afirme (MEX: AFIRFAC) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $89.15 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Fideicomisos Instituidos en Relación con la Agricultura (FIRA) (MEX: FONDO) completed the issuance of short-term fiduciary market securities (certificados bursátiles fiduciarios de corto plazo) in the amount of MXN $1,470.14 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México, Scotia Inverlat Casa de Bolsa and Actinver Casa de Bolsa.

Arrendadora Actinver (MEX: ARREACT) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $792.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Fortaleza Materiales (MEX: FORTALE) completed the placement of long-term market securities (certificados bursátiles) in the amount of MXN $2,000.00 million on the Bolsa Mexicana de Valores (BMV) through Inbursa Casa de Bolsa and Casa de Bolsa Ve Por Más.

BBVA México (MEX: BBVAMX) completed the placement of bank market securities (certificados bursátiles bancarios) in the amount of MXN $13,500.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Start Banregio (MEX: START) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $473.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Financiera Bepensa (MEX: FINBE) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $900.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa, Casa de Bolsa Banorte and Intercam Casa de Bolsa.

Ford Credit de México (MEX: FORD) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $1,940.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

Toyota Financial Services México (MEX: TOYOTA) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $805.36 million and long-term market securities in the amount of MXN $2,000.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Navistar Financial (MEX: NAVISTS) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $600.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

GM Financial de México (MEX: GMFIN) completed the placement of short-term market securities (certificados bursátiles) in the amount of MXN $3,200.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

Volkswagen Leasing (MEX: VWLEASE) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $3,749.11 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Paccar Financial México (MEX: PCARFM) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $1,834.70 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Fondo Especial para Financiamientos Agropecuarios (MEX: FEFA) completed the placement of fiduciary market securities (certificados bursátiles fiduciarios) in the amount of MXN $4,881.66 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México, Casa de Bolsa Santander and Scotia Inverlat Casa de Bolsa.

Factoring Corporativo (MEX: FACTOR) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $145.80 million on the Bolsa Mexicana de Valores (BMV) through Vector Casa de Bolsa.

Mercader Financial (MEX: MERCFIN) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $56.35 million on the Bolsa Mexicana de Valores (BMV) through Intercam Casa de Bolsa and Casa de Bolsa Banorte.

Genomma Lab Internacional (MEX: LAB) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $500.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Actinver Casa de Bolsa.

América Móvil (MEX: AMX) completed the placement of market securities (certificados bursátiles) in the amount of MXN $3,150.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Inbursa Casa de Bolsa.

Consorcio Ara (MEX: ARA) completed the placement of long-term market securities (certificados bursátiles de largo plazo) in the amount of MXN $1,200.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa and GBM Casa de Bolsa.

Banca Afirme (MEX: BAFIRME) completed the placement of subordinated capital notes in the amount of MXN $1,200.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA.

Almacenadora Financial (MEX: ALMER) completed the placement of short-term market securities in the amount of MXN $130.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa, Casa de Bolsa Banorte and Intercam Casa de Bolsa.

NR Finance México (MEX: NRF) completed the placement of short-term market securities in the amount of MXN $67.43 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

CYDSA (MEX: CYDSASA) completed the placement of long-term market securities in the amount of MXN $850.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Santander.

Fibra Uno Administración (MEX: FUNO) completed the placement of trust market securities in the amount of MXN $1,500.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Inventa Leasing (MEX: INVTACB) completed the placement of trust market securities in the amount of MXN $300.00 million on the Bolsa Mexicana de Valores (BMV) through Punto Casa de Bolsa.

Fibra Educa (MEX: EDUCA) completed the placement of long-term trust market securities in the amount of MXN $2,520.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Santander and HSBC Casa de Bolsa.

Daimler México (MEX: DAIMLER) completed the placement of long-term market securities in the amount of MXN $2,360.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Manhattan Venture Partners (BIVA: MVPV) carried out the placement of fiduciary stock-market certificates in the amount of MXN $478.90 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa BBVA México.

Fideicomiso Hipotecario (BIVA: FHIPO) carried out the placement of short-term fiduciary debt securities in the amount of MXN $100.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Banorte.

Fimubac Servicios Financieros (BIVA: FIMUBCB) carried out the placement of fiduciary stock-market certificates in the amount of MXN $420.00 million on the Bolsa Institucional de Valores (BIVA) through Bursamétrica Casa de Bolsa, Casa de Bolsa Banorte and CI Casa de Bolsa.

Grupo Elektra (BIVA: ELEKTRA) carried out the placement of stock-market certificates in the amount of MXN $1,500.00 million on the Bolsa Institucional de Valores (BIVA) through Actinver Casa de Bolsa, Punto Casa de Bolsa and Intercam Casa de Bolsa.

Grupo Traxión (BIVA: TRAXION) carried out the placement of short-term stock-market certificates in the amount of MXN $100.00 million on the Bolsa Institucional de Valores (BIVA) through Actinver Casa de Bolsa.

Vinte Viviendas Integrales (BIVA: VINTE) carried out the placement of long-term stock-market certificates in the amount of MXN $1,500.00 million on the Bolsa Institucional de Valores (BIVA) through Actinver Casa de Bolsa and Casa de Bolsa Santander.

Ireland's Smurfit Kappa (LON: SKG), a Dublin-based paper and cardboard packaging company, announced an investment of MXN $14.00 million in its plant based in Mexicali, Baja California.

Mexico's Fibra Uno (MEX: FUNO11), operator of a Mexico City-based real estate investment trust, postponed the initial public offering of Fibra Next on the Bolsa Mexicana de Valores (BMV).

Mexico's Arago Acquisition, operator of a Mexico City-based SPAC, withdrew its initial public offering of securities on the NASDAQ, through which it sought to raise USD $75.00 million.