M&A Newsletter — December 2025

Mexico's Grupo Aeroportuario del Pacífico (MEX: GAPB), a leading airport operator in Mexico and the Caribbean, headquartered in Guadalajara, reached a definitive agreement to acquire 25% of Cross Border Xpress, operator of the enclosed pedestrian bridge that connects travelers directly from San Diego to more than 30 destinations within Mexico. The transaction amount was USD $1,900 million.

Mexico's Grupo Aeroportuario del Sureste (MEX: ASURB), a leading airport operator in Mexico, headquartered in Mexico City, reached a definitive agreement to acquire Brazil's Companhia de Participações em Concessões, a subsidiary of Motiva Infraestrutura de Mobilidade (BVMF: MOTV3), engaged in managing and holding stakes in airport concessions and urban-mobility assets in Brazil and Latin America. The transaction amount was USD $933 million.

Canada's Guanajuato Silver Company (TSX: GSVR), an operator of mining assets focused on precious metals, reached a definitive agreement to acquire the Bolañitos Silver and Gold Mine, a mining project in Guanajuato specialized in gold and silver extraction, from Canada's Endeavour Silver Corp. (NYSE: EXK), engaged in silver and gold exploration, development and production. The transaction amount was USD $50 million.

Sweden's Zinzino (STO: ZZ B), a global provider of nutraceutical solutions oriented to health analysis and personalization, reached a definitive agreement to acquire Mexico's Sanki Global, a producer and distributor of nanotechnology-based nutraceutical supplements headquartered in Mexico City. The transaction amount was USD $8 million.

Canada's Vesta Software Group, a Jonas Software subsidiary focused on vertical technology solutions, reached a definitive agreement to acquire Mexico's Apesa Software, a developer of software for financial-sector institutions headquartered in Mexico City. The transaction amount was not disclosed.

U.S.-based Falcon Plastics, a manufacturer of plastic components for industrial, automotive and consumer applications, reached a definitive agreement to acquire the Monterrey, Nuevo León plant and operations of U.S.-based AVID International Molding Solutions, a provider of injection molding and contract manufacturing. The transaction amount was not disclosed.

Canada's Mexican Gold Mining (TSX: MEX), focused on the exploration and development of gold and strategic-mineral projects, reached a definitive agreement to acquire the Tatatila Project, a gold, silver and copper mining project in Veracruz, from Canada's Chesapeake Gold, focused on precious-mineral exploration and development. The transaction amount was not disclosed.

Mexico's Vinte Viviendas Integrales (MEX: VINTE), a sustainable-housing developer with a national presence, reached a definitive agreement to acquire fellow Mexican company Derex Desarrollo Residencial, dedicated to developing residential communities and housing in the country's northwest, headquartered in Sonora. The transaction amount was not disclosed.

France's AU Group, one of the leading global brokers of credit and commercial-risk insurance, reached a definitive agreement to acquire Mexico's GA Risk Capital, a consultancy and brokerage specialized in credit insurance, factoring and financial solutions for institutions and corporates, headquartered in Mexico City. The transaction amount was not disclosed.

Canada's Axo Copper (TSX: AXO), focused on copper and base-metal projects, reached a definitive agreement to acquire Mexico's Sapuchi Minera, an operator of precious-mineral exploration and extraction sites headquartered in Sonora. The transaction amount was not disclosed.

U.S.-based The Estée Lauder Companies (NYS: EL), a global leader in premium beauty and fragrance, reached a definitive agreement to acquire a minority stake in Mexico's Xinu – De las Américas, a maker of fine perfumery, home fragrances and personal-care products headquartered in Mexico City. The transaction amount was not disclosed.

Mexico's Sistema.bio, developer of biodigesters and biogas solutions that turn organic waste into clean energy and biofertilizers, headquartered in Mexico City, closed a venture-capital round of USD $19.25 million. The round was led by EDFI Management Company, with participation from Engie, Equity Group Holdings, Next Bharat Ventures, DILA Capital, among other investors.

U.S.-based MiSalud Health, developer of a health and wellness platform designed to offer convenient access to Latino health professionals, closed a venture-capital round of USD $5.5 million. The round was led by the Mexican funds IGNIA and Amplifica Capital, with participation from Redwood Ventures, Taylor Fresh Foods, Ulu Ventures and other undisclosed investors.

Mexico's Allie Systems, developer of AI solutions for manufacturing-plant automation, headquartered in Mexico City, closed a seed round of USD $5.2 million. The round included participation from BDev Ventures, Spero Ventures, Voyager, among other investors.

Chile's Cenit, developer of a real-time tax-management mobile app for small and medium-sized businesses, closed a venture-capital round of USD $1.8 million. The round was led by the Mexican fund Hi Ventures, with participation from undisclosed investors.

Mexico's Bioplaster Research, dedicated to developing bioplastics and advanced materials from sargassum, headquartered in Mexico City, closed a pre-seed round of USD $655 thousand. The round included participation from Grid Exponential, Pravin Rodrigues, Anna Raptis, Hans-Christian Lauer, Gabriel Mondragón, Epic Angels Network, among other investors.

Colombia's Mic&Pose, developer of AI-driven communication-training tools, closed a venture-capital round of USD $100 thousand. The investment was provided by Colaborativo and Cube Ventures.

dromos.io, developer of a personal-productivity app guided by content creators, joined the Creators Ventures accelerator program as part of its inaugural cohort, the only participating app from Latin America.

FIBRA Prologis (MEX: FIBRAPL14), a leading real-estate investment trust in the acquisition and management of industrial properties in Mexico, headquartered in Mexico City, completed the issuance and placement in international markets of 10-year senior unsecured notes for a total of USD $500 million, the proceeds of which will be used for general corporate purposes, including repaying bank loans, revolving lines and secured debt nearing maturity.

Mexico's ProximityParks, a developer and operator of industrial parks for last-mile logistics, headquartered in Nuevo León, obtained a MXN $1,200 million sustainable loan from BBVA México, intended to strengthen its capacity to expand and maintain eight of its industrial parks under sustainability criteria.

Mexico's Aviva, an AI-driven fintech focused on offering unsecured loans and inclusive financial services to underserved communities in Mexico, headquartered in Mexico City, obtained a USD $50 million credit line from Community Investment Management to drive the expansion of its credit-origination operations in the country.

U.S.-based Vensure Employer Services, a manager of comprehensive HR, payroll, benefits and compliance solutions, reached a definitive agreement to acquire Mexico's Creai, a provider of AI consulting and development services aimed at optimizing business operations, headquartered in Mexico City, through a leveraged buyout (LBO) financed by Summit Partners and Stone Point Capital. The transaction amount was not disclosed.

U.K.-based Inspired Education Holdings, a global group of premium private schools, reached a definitive agreement to acquire Mexico's Picacho McGregor School, a high-performance multicultural school in San José del Cabo, Baja California Sur, through a leveraged buyout (LBO) financed by TA Associates Management, Warburg Pincus, GIC Private and Stonepeak Partners. The transaction amount was not disclosed.

Mexico's Esentia Energy Development (MEX: ESENTIA), a developer, owner and operator of natural-gas infrastructure in Mexico, headquartered in Mexico City, carried out its Initial Public Offering (IPO) on the Mexican Stock Exchange, placing 224 million shares at MXN $45 per share, raising MXN $10,080 million.

Mexico's Grupo Aeroméxico (MEX: AEROMEX), a leader in passenger and cargo air transport in Mexico and the Americas, headquartered in Mexico City, carried out its Initial Public Offering (IPO) on the New York Stock Exchange under the ticker AERO, placing 11,727,325 ADS at USD $19 per share, raising USD $222.82 million.

Japan's SPK (TKS: 7466), a global auto-parts distributor with a presence in Asia and North America, invested an undisclosed amount of growth capital in Mexico's Baleros Internacionales, a distributor of auto parts and automotive components for repair shops and mechanics, headquartered in Mexico City, aiming to expand its presence in the Mexican market.

Mexico's ITC-CDMO, a developer of advanced therapies and biotechnological therapeutic platforms, was spun off from the Instituto de Terapias Celulares, an organization dedicated to the development, research and production of advanced therapies and regenerative medicine, headquartered in Guadalajara, as part of a corporate reorganization.

BANOBRAS (MEX: BANOB) carried out a placement of long-term notes (certificados bursátiles) for MXN $18,000.00 million on the Mexican Stock Exchange (BMV) through Banorte, HSBC, Monex, Santander and Inverlat as placement agents.

América Móvil (MEX: AMXB) carried out the second reopening of its second and third issuances of Foreign Credit Notes, placing an additional MXN $10,000 million of peso-denominated bonds governed by the law of the State of New York. Of this amount, MXN $2,240.52 million were placed abroad and MXN $7,759.48 million in the Mexican market, keeping the same terms as the original issuances.

SAKLY (MEX: SAKLY) carried out a placement of long-term notes (certificados bursátiles) for MXN $5,000.00 million on the Mexican Stock Exchange (BMV) through HSBC and Santander as placement agents.

Afirme Almacenadora (MEX: AFIRALM) carried out a placement of short-term notes (certificados bursátiles) for MXN $4,522.70 million on the Mexican Stock Exchange (BMV) through Casa de Bolsa Base as placement agent.

Volkswagen Leasing (MEX: VWLEASE) carried out a placement of short-term notes (certificados bursátiles) for MXN $3,138.95 million on the Mexican Stock Exchange (BMV) through BBVA and Inverlat as placement agents.

Toyota Financial Services (MEX: TOYOTA) carried out a placement of short-term notes for MXN $964.33 million and long-term notes for MXN $2,000.00 million (certificados bursátiles) on the Mexican Stock Exchange (BMV) through BBVA and Inverlat as placement agents.

NR Finance (MEX: NRF) carried out a placement of short-term notes (certificados bursátiles) for MXN $2,139.20 million on the Mexican Stock Exchange (BMV) through BBVA as placement agent.

Ford Credit (MEX: FORD) carried out a placement of short-term notes for MXN $1,422.00 million and long-term notes for MXN $750.00 million (certificados bursátiles) on the Mexican Stock Exchange (BMV) through Inverlat and Banorte as placement agents.

CFE (MEX: CFE) carried out a placement of short-term notes (certificados bursátiles) for MXN $2,000.00 million on the Mexican Stock Exchange (BMV) through Banorte, BBVA and Inverlat as placement agents.

GM Financial (MEX: GMFIN) carried out a placement of short-term notes (certificados bursátiles) for MXN $1,921.07 million on the Mexican Stock Exchange (BMV) through Inverlat and Banorte as placement agents.

Start Banregio (MEX: START) carried out a placement of short-term notes (certificados bursátiles) for MXN $1,664.00 million on the Mexican Stock Exchange (BMV) through Actinver Casa de Bolsa as placement agent.

Montepío Luz Saviñón (MEX: MONTPIO) carried out a placement of long-term notes (certificados bursátiles) for MXN $489.83 million on the Mexican Stock Exchange (BMV) through Actinver Casa de Bolsa and Banorte as placement agents.

Actinver (MEX: ARREACT) carried out a placement of short-term notes (certificados bursátiles) for MXN $480.09 million on the Mexican Stock Exchange (BMV) through Actinver Casa de Bolsa as placement agent.

Financiera Bepensa (MEX: FINBE) carried out a placement of short-term notes (certificados bursátiles) for MXN $412.18 million on the Mexican Stock Exchange (BMV) through Actinver Casa de Bolsa and Banorte as placement agents.

FIRA (MEX: FONDO) carried out a placement of short-term notes (certificados bursátiles) for MXN $300.00 million on the Mexican Stock Exchange (BMV) through BBVA, Inverlat and Actinver Casa de Bolsa as placement agents.

Genomma Lab (MEX: LAB) carried out a placement of short-term notes (certificados bursátiles) for MXN $182.11 million on the Mexican Stock Exchange (BMV) through Actinver Casa de Bolsa and BBVA as placement agents.

Corporativo GBM (MEX: GBM) carried out a placement of short-term notes (certificados bursátiles) for MXN $100.00 million on the Mexican Stock Exchange (BMV) through GBM Casa de Bolsa as placement agent.

Comercializadora Círculo CCK (MEX: CIRCLEK) carried out a placement of long-term notes (certificados bursátiles) for MXN $100.00 million on the Mexican Stock Exchange (BMV) through Actinver Casa de Bolsa as placement agent.

Engen Capital (MEX: ENGEN) carried out a placement of short-term notes (certificados bursátiles) for MXN $84.84 million on the Mexican Stock Exchange (BMV) through Banorte and Actinver Casa de Bolsa as placement agents.

Almacenadora Mercader (MEX: ALMER) carried out a placement of short-term notes (certificados bursátiles) for MXN $77.10 million on the Mexican Stock Exchange (BMV) through Actinver Casa de Bolsa and Banorte as placement agents.

Mercader Financial (MEX: MERCFIN) carried out a placement of short-term notes (certificados bursátiles) for MXN $62.60 million on the Mexican Stock Exchange (BMV) through Banorte as placement agent.

Grupo Minsa (MEX: MINSA) carried out a placement of short-term notes (certificados bursátiles) for MXN $40.02 million on the Mexican Stock Exchange (BMV) through Actinver Casa de Bolsa and Banorte as placement agents.