M&A Newsletter — January 2026

Netherlands-based Heineken N.V. (AMS: HEIA), a multinational brewer dedicated to producing and marketing beer and beverages, reached a definitive agreement to acquire the beverage and retail businesses of Costa Rica's Florida Ice and Farm Company (FIFCO), which include operations in Costa Rica, Guatemala, Mexico, Nicaragua and Panama. The transaction amount was USD $3.2 billion.

Mexico's Fresnillo plc (LON: FRES), a precious-metals mining company primarily dedicated to silver and gold exploration and production, headquartered in Mexico City, reached a definitive agreement to acquire Probe Gold Inc., a Canadian company focused on the exploration and development of gold projects. The transaction amount was CAD $744.95 million.

Mexico's Grupo Carso (BMV: GCARSOA1), an industrial and infrastructure conglomerate with operations in energy, construction and telecommunications, headquartered in Mexico City, reached a definitive agreement to acquire Fieldwood Mexico B.V., the Mexican subsidiary of Russian oil company Lukoil (OTC: LKOH) dedicated to operating the Ichalkil and Pokoch oil fields off the coast of Campeche. The transaction amount was USD $270 million.

Mexico's Betterware de México (NYSE: BWMX), a direct-sales company specialized in home and organization products, headquartered in Jalisco, reached a definitive agreement to acquire the Latin American business of Tupperware Brands Corporation (HAM: TUP), a unit dedicated to marketing household utensils and solutions through a direct-sales model across various markets in the region. The transaction amount was USD $250 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). The transaction amount was USD $50 million.

Scandinavian company Zinzino AB (STO: ZZ B), a direct-sales company specialized in nutritional supplements, wellness and health, reached a definitive agreement to acquire Mexico's Sanki Global, dedicated to marketing food supplements and health products, headquartered in Mexico City. The estimated transaction amount was SEK 85 million.

Canada's Axo Copper Corp. (TSX: AXO), a mining explorer and developer focused on copper and gold projects in Latin America, reached a definitive agreement to acquire Mexico's Sapuchi Minera, holder of the San Antonio gold project in Sonora, previously a subsidiary of Osisko Development Corp. The transaction amount was CAD $11.77 million.

Canada's Sonoro Gold Corp. (TSX: SGO), a mining company focused on the exploration and development of gold projects in Mexico, reached a definitive agreement to acquire 10 mining concessions in Sonora, purchased from two independent individuals, which are contiguous and adjacent to the Cerro Caliche gold project, the company's main asset. The transaction amount was USD $4 million.

Costa Rica's OMNiLabs, a technology and financial holding company owning various assets such as Bankaool, reached a definitive agreement to acquire Mexico's Jüsto, a 100% digital supermarket focused on online grocery sales through a vertically integrated model, headquartered in Mexico City. The transaction was backed by investors such as General Atlantic and FEMSA, and was validated by HSBC to facilitate the reactivation of the business. The transaction amount was not disclosed.

Mexico's Estadio Gana, a digital sports-betting and online-casino platform, reached a definitive agreement to acquire Mobile Streams, dedicated to the global distribution of mobile digital content (games, e-sports, NFTs and data-intelligence services), through a reverse merger under the name Gana Media Group (LON: GANA). The transaction amount was not disclosed.

Brazil's Embraer (BVMF: EMBJ3), dedicated to the design, development and manufacturing of commercial, executive and military aircraft, reached a definitive agreement to acquire Mexico's EZAir Interior, a designer and manufacturer of aircraft interiors headquartered in Chihuahua. The transaction amount was not disclosed.

Mexican firm Kreston FLS, a member of the global Kreston Global network and a provider of consulting, audit, accounting and business advisory services, reached a definitive agreement to acquire fellow Mexican firm FCM Consultores, a practice specialized in comprehensive corporate solutions, headquartered in Querétaro. The transaction amount was not disclosed.

Colombia's Inversiones MCN, dedicated to managing and developing investments and real-estate assets, reached a definitive agreement to acquire Mexico's Pulppo, a proptech dedicated to providing a technology platform for real-estate agencies and agents, headquartered in Mexico City. The transaction amount was not disclosed.

An undisclosed buyer reached a definitive agreement to acquire Servicios Velardeña, the Mexican subsidiary based in Durango of U.S.-based Golden Minerals Ltd. (OTC Pink: AUMN), dedicated to operating polymetallic mining assets. The transaction amount was not disclosed.

Innova Engineered Plastics, a subsidiary of New Vision Industries, a U.S. company dedicated to manufacturing engineered plastic components for industrial applications, reached a definitive agreement to acquire the manufacturing assets of SSK Tech, a company offering plastic injection-molding services, headquartered in Mexicali. The transaction amount was not disclosed.

Mexican fund AVS Capital, a search fund headquartered in Mexico City, reached a definitive agreement to acquire fellow Mexican company Bautech, a leading manufacturer and distributor of construction materials, headquartered in the same city. The transaction amount was not disclosed.

Mexican fund Ascenda Capital Partners, a search fund focused on investments in technology and business-services companies in Latin America, headquartered in Mexico City, reached a definitive agreement to acquire Vialterna, a provider of connectivity, networking and operational-continuity solutions for companies in sectors such as banking, retail and energy, headquartered in the same city. The transaction amount was not disclosed.

Mexico's Refurbi, a startup dedicated to offering sustainable refurbishment and resale of electronic devices, headquartered in Mexico City, closed a venture-capital round of USD $4 million. The round was led by LatinLeap, with participation from Nazca and Epic Angels Network, as well as other investors.

Mexico's Enerlink, a startup dedicated to offering technology solutions for energy efficiency and electricity-consumption management, headquartered in Mexico City, closed a venture-capital round of USD $3.1 million. The round was led by Kayyak Ventures, with participation from the Mexican fund Dalus Capital and other investors.

Mexico's Soy Más, a digital platform focused on the integral well-being of people over 50, headquartered in Mexico City, closed a seed round of USD $3 million. The round was led by Afore Profuturo and Angel Ventures México, with participation from JC Capital Partners and other undisclosed investors.

Mexico's Supervisor AI, a technology startup focused on developing AI solutions for automated process supervision and analysis, headquartered in Monterrey, closed a pre-seed round of USD $1 million. The round was led by WeBoost VC, with participation from the Mexican funds 99 Startups, Semilla Ventures and Angel Hub Ventures, as well as other investors.

Mend, a financial-services provider focused on financing medical procedures through installment payments, headquartered in Mexico City, received venture-capital financing from Semilla Ventures, a fund focused on pre-seed and seed-stage technology startups in Latin America, headquartered in Guadalajara. The transaction amount was not disclosed.

Mexico's Tubacero, a manufacturer of steel pipe for industries such as oil, energy, mining and construction, headquartered in Monterrey, received growth capital from Indigo Capital, a U.S. investment fund focused on growth capital and private equity. The transaction amount was not disclosed.

Mexico's Handle, a startup dedicated to developing enterprise application software to optimize management and productivity processes, headquartered in Mexico City, closed a venture-capital round. The round was led by the Mexican fund Dalus Capital. The transaction amount was not disclosed.

Mexican real-estate trust FIBRA Prologis (BMV: FIBRAPL 14), one of the leading owners and operators of Class A industrial real estate in Mexico, headquartered in Mexico City, reached a definitive agreement for the issuance and placement of USD $500 million in 12-year Senior Unsecured Notes in international markets, aimed primarily at institutional investors, bearing a 5.625% coupon and maturing in 2038.

U.S. investment fund Indigo Capital, focused on growth capital and private equity, reached a definitive agreement to acquire Mexico's Postermedia, an out-of-home advertising company that designs, installs and manages street furniture and advertising spaces, headquartered in Mexico City, through a leveraged buyout (LBO). The transaction amount was not disclosed.

Mexico's Antony Morato Mexico, a designer and retailer of contemporary men's clothing and accessories, headquartered in Mexico City, was formed as a joint venture between Mexico's Línea Magna, dedicated to the retail and sale of fashion apparel and accessories, headquartered in Mexico City, and the Italian company Antony Morato.

Arca Continental (MEX: ACBE) carried out a placement of long-term notes (certificados bursátiles) for MXN $9,500.00 million on the Mexican Stock Exchange (BMV) through BBVA, HSBC, Santander and Inverlat as placement agents.

Afirme Almacenadora (MEX: AFIRALM) carried out a placement of short-term notes (certificados bursátiles) for MXN $5,167.17 million on the Mexican Stock Exchange (BMV) through Casa de Bolsa Base as placement agent.

Start Banregio (MEX: START) carried out a placement of short-term notes (certificados bursátiles) for MXN $2,550.00 million on the Mexican Stock Exchange (BMV) through Actinver as placement agent.

CFE (MEX: CFE) carried out a placement of short-term notes (certificados bursátiles) for MXN $2,257.00 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 $2,189.24 million on the Mexican Stock Exchange (BMV) through Inverlat and Banorte as placement agents.

América Móvil (MEX: AMXB) carried out a placement of short-term notes (certificados bursátiles) for MXN $1,794.08 million on the Mexican Stock Exchange (BMV) through BBVA as placement agent.

Volkswagen Leasing (MEX: VWLEASE) carried out a placement of short-term notes (certificados bursátiles) for MXN $1,450.00 million on the Mexican Stock Exchange (BMV) through BBVA and Inverlat as placement agents.

Ford Credit (MEX: FORD) carried out a placement of short-term notes (certificados bursátiles) for MXN $1,200.00 million on the Mexican Stock Exchange (BMV) through Inverlat and Banorte as placement agents.

NR Finance (MEX: NRF) carried out a placement of short-term notes (certificados bursátiles) for MXN $933.00 million on the Mexican Stock Exchange (BMV) through BBVA as placement agent.

Actinver (MEX: ARREACT) carried out a placement of short-term notes (certificados bursátiles) for MXN $590.08 million on the Mexican Stock Exchange (BMV) through Actinver as placement agent.

Financiera Bepensa (MEX: FINBE) carried out a placement of short-term notes (certificados bursátiles) for MXN $500.00 million on the Mexican Stock Exchange (BMV) through Actinver and Banorte as placement agents.

Genomma Lab (MEX: LAB) carried out a placement of short-term notes (certificados bursátiles) for MXN $427.00 million on the Mexican Stock Exchange (BMV) through Banorte, Inverlat and Valores Mexicanos as placement agents.

Montepío Luz Saviñón (MEX: MONTPIO) carried out a placement of short-term notes (certificados bursátiles) for MXN $200.00 million on the Mexican Stock Exchange (BMV) through Actinver and Banorte as placement agents.

Factoring Corporativo (MEX: FACTOR) carried out a placement of short-term notes (certificados bursátiles) for MXN $200.00 million on the Mexican Stock Exchange (BMV) through GBM and Banorte as placement agents.

Grupo Minsa (MEX: MINSA) carried out a placement of short-term notes (certificados bursátiles) for MXN $150.00 million on the Mexican Stock Exchange (BMV) through Actinver and Banorte as placement agents.

Almacenadora Mercader (MEX: ALMER) carried out a placement of short-term notes (certificados bursátiles) for MXN $150.00 million on the Mexican Stock Exchange (BMV) through Actinver and Banorte as placement agents.