M&A Newsletter — February 2024

Mexico's Protexa, a real-estate services provider for the industrial and energy sectors based in Monterrey, Nuevo León, was acquired by France's La Boîte Immo for an undisclosed amount.

Casablanca de Cabo, an operator of a beachfront hotel based in Los Cabos, Baja California Sur, was acquired by U.S.-based Cabo Platinum for an undisclosed amount.

A portfolio of two power plants based in Baja California Sur and Campeche, respectively, was acquired by the Comisión Federal de Electricidad (CFE) for an undisclosed amount.

Devoteam México (a subsidiary of Devoteam (CHIX: DVTp)), an information-technology (IT) consulting-services provider based in Mexico City, was acquired by Spain's Hiberus Tecnología for an undisclosed amount.

A portfolio of six shallow-water fields located in the Gulf of Mexico was acquired by U.S.-based W&T Offshore (NYS: WTI) for USD $72.00 million.

Spain's Amarrita Food, a gluten-free bakery producer based in Córdoba, was acquired by Mexico's Grupo Bimbo for an undisclosed amount.

An industrial property based in Monterrey, Nuevo León, was acquired by Mexico's Fibra Terrafina, a real-estate investment trust based in Mexico City, for USD $54.00 million.

Fuerza Eólica San Matías, a 30.6 MW wind farm based in Baja California owned by Sinia Renovables, the renewable-energy and sustainability division of Banco Sabadell, was acquired by Fibra Orión for USD $30.00 million.

A 50% stake in the Meliá Puerto Vallarta hotel, owned by Spain's Meliá Hotels International, was acquired by Mexico's Gaalata for USD $30.00 million.

A plot of land located in Monterrey, Nuevo León, identified as Puerta de Hierro, was acquired by Fibra Storage (MEX: STORAGE) for MXN $44.00 million.

Flash Mobile Latam, a telecommunications-services provider, was acquired by Mexico's Diri Móvil for an undisclosed amount.

U.S.-based CG Railway (owned by Genesee & Wyoming Inc.), a provider of transportation services between Mexico and the United States, was acquired by Mexico's Grupo México Transportes (MEX: GMXT) for an undisclosed amount.

Cubico Sustainable Investments, a leading multinational in renewable-energy supply, signed a strategic alliance with Sowitec Group, a company dedicated to the development and management of wind, photovoltaic, and transmission-line projects, with the goal of expanding its investment portfolio in Mexico.

Mexico's BZero, a financial company focused on debt-restructuring services based in Mexico City, closed an angel funding round of USD $880,000.00 with undisclosed investors.

SAM Latinoamérica, an extended-warranty and assistance-plan provider based in Mexico City, closed a growth-equity funding round for an undisclosed amount with Antares Equity Partners.

Mexico's Fertilidad Integral, a developer of a fertility-clinic platform based in Mexico City, closed a funding round of USD $742,262.00 with undisclosed investors.

Mexico's Inverkids, a developer of a financial-education platform for children and young adults based in Monterrey, Nuevo León, closed a funding round for an undisclosed amount with FERTER.

Mexico's MiEmpeño, a developer of an online pawn-lending platform based in Mexico City, closed a funding round for an undisclosed amount with Kuiper.

Mexico's Porth, a developer of a supply-chain technology platform based in Guadalajara, Jalisco, is in the process of closing a seed funding round for USD $150,000.00 with Hatcher+ and Plug and Play Tech Center, reaching a pre-money valuation of USD $4.85 million.

Mexico's Fincadi, a developer of a livestock-trading platform based in Monterrey, Nuevo León, closed a funding round for an undisclosed amount with Hakuhodo DY Ventures.

Mexico's AORA México, an operator of a sustainable makeup brand based in Mexico City, closed a seed funding round for USD $900,000.00 through a combination of debt and SAFE notes with undisclosed investors. Of the total, USD $125,000,00 was provided through the issuance of debt.

Mexico's Strade World, an operator of a luxury-goods e-commerce platform focused on athletic footwear based in Monterrey, Nuevo León, is in the process of closing a funding round for USD $2.00 million.

Israel's Bluewhite, a developer of artificial intelligence solutions for the agricultural sector based in Tel-Aviv, closed a funding round for USD $39.00 million led by Insight Partners. Entrée Capital, Peregrine Ventures, Jesselson Capital, and others also participated.

U.S.-based Felix, a developer of a chat-based money-transfer platform designed to facilitate international transactions based in San Francisco, California, closed a funding round for USD $19.13 million led by Switch Ventures. Wollef and nine other investors also participated in this round.

Israel's The Mediterranean Food Lab, a manufacturer of flavorings made from plants and seeds based in Tel-Aviv, closed a funding round for USD $17.00 million led by Gullspang Re:food. Axel Johnson, Arancia, and PeakBridge also participated in this round.

U.S.-based Cultivo, a developer of a Fintech platform focused on accelerating large-scale environmental investment, based in California, closed a funding round of USD $14.00 million led by Peña Verde SAB. Octopus Energy Generation and other undisclosed investors also participated in this round.

Uruguay's Prometeo, a developer of a banking platform offering access to payments and relevant information, based in Montevideo, closed a funding round of USD $13.00 million with PayPal Ventures, Magma Partners, Cometa VC and three other investors.

Singapore's DroobiSmit, a manufacturer of diabetes technology targeting the Middle East and South Asia, closed a funding round for an estimated USD $5.00 million with Barzan, Qatar Science & Technology Park, Doha Tech Angels and other undisclosed investors.

Colombia's Quipu, a developer of a digital platform aimed at microbusinesses in Latin America for business growth, based in Bogotá, closed a seed funding round of USD $3.50 million led by Grupo Bancolombia. Flori Ventures, Caffeinated Capital, Vertical Partners, G2 Momentum Capital and IDB Lab also participated in this round.

El Salvador's Spot, a developer of a video-analytics platform designed to make cloud programming accessible and straightforward, based in San Salvador, closed a funding round of USD $2.00 million with FEMSA Ventures, Bridge Latam and Daedalus Angels. Kuiper Ventures and Kaski Capital also participated in this round.

Spain's Leemons, an operator of a platform designed to transform the teaching and learning process, closed a funding round of EUR €1.50 million with Binomial Investments, Stella Maris Partners and Swanlaab Venture Factory. Ship2B Ventures and other undisclosed investors also participated in this round.

Colombia's Wihom, a developer of an automated-operations platform designed to assist small merchants with reconciliations and commission calculations, based in Bogotá, closed a seed funding round of USD $700,000.00 with Avalancha Ventures. The Ark Fund, 500 Startups LatAm and other undisclosed investors also participated in this round.

Uruguay's Eyecue, a developer of a social-media analytics platform for videos and images, based in Montevideo, closed a funding round for an undisclosed amount with Colectivo Jaguara.

Brazil's Nexti Talent, a developer of a recruitment-process automation platform based in São Paulo, closed a funding round for an undisclosed amount with Colectivo Jaguara.

Mexico's Wortev, a venture capital fund based in Mexico City, plans to close a financing round of approximately MXN $50.00 million in 2024. The proceeds would be used to expand its presence in the country and actively support Mexican companies.

Mexico's Finsa, a company dedicated to the development and management of industrial parks in Mexico based in Guadalupe, Nuevo León, completed the closing of the FINSA V Investment Fund at USD $340.00 million.

Mexico's Gasoducto de Zapotlanejo, a natural-gas transportation-services provider for its clients in Jalisco based in Torreón, closed a debt-refinancing round for an undisclosed amount.

A majority stake in Mexico's Baja Aqua Farms, an operator of a tuna company based in Ensenada, Baja California, was acquired by Cultiba Aqua (a subsidiary of Organización Cultiba), Continental Grain Company, Equity Group Investments and Castle Harlan, through an LBO for an undisclosed amount.

Mexico's Palmex Alimentos, a snack manufacturer for consumer-packaged-goods companies based in Santa Catarina, Nuevo León, closed a debt-financing round of USD $355.00 million with an undisclosed investor.

BBVA México, a private financial institution based in Mexico City, closed a subordinated debt-financing round of USD $900.00 million with an undisclosed investor.

Renantis México, a pipeline-development company based in Mexico City, was acquired by Cubico Sustainable Investments, through its financial sponsors Public Sector Pension Investment Board and Ontario Teachers' Pension Plan, through an LBO for an undisclosed amount.

Colombia's Vitalis Group, a manufacturer and distributor of injectable generic medicines in Colombia and Mexico based in Bogotá, was acquired by Laboratorios Sanfer through its financial sponsors General Atlantic and Caisse de dépôt et placement du Québec, through an LBO for an undisclosed amount.

Banco Inmobiliario Mexicano (BIM), a bank specializing in Mexico's real-estate sector led by Rodrigo Padilla, announced its plan to disburse MXN $14,200.00 million in loans to finance the construction of 15,000 housing units across the country.

The Secretaría de Hacienda y Crédito Público (SHCP) closed a debt-refinancing round in the form of Cetes and Bondes F with 2024 maturities totaling MXN $110,000.00 million, as part of the Government's strategy to improve the maturity structure of federal debt, reduce liquidity pressures, and ensure the proper functioning of the market.

Almacenadora Afirme (MEX: AFIRALM) carried out the issuance of short-term market securities for MXN $3,457.82 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 $1,599.84 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 $218.22 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Factoring Corporativo (MEX: FACTOR) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $180.87 million on the Bolsa Mexicana de Valores (BMV) through Vector 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 $893.75 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Toyota Financial Services México (MEX: TOYOTA) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $975.00 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 issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $3,124.17 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 issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $3,300.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

NR Finance México (MEX: NRF) completed the issuance of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $662.49 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Start Banregio (MEX: START) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $866.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Navistar Financial (MEX: NAVISTS) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $433.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Banco de México, acting as trustee of the trust Fondo de Garantía y Fomento para la Agricultura, Ganadería y Avicultura (FIRA) (MEX: FONDO), carried out the placement of short-term fiduciary market securities (certificados bursátiles fiduciarios) in the amount of MXN $1,076.26 million on the Bolsa Mexicana de Valores (BMV) through broker-dealers BBVA México, Scotia Inverlat and Actinver.

Financiera Bepensa (MEX: FINBE) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $800.00 million on the Bolsa Mexicana de Valores (BMV) through broker-dealers Actinver, Banorte and Intercam.

América Móvil (MEX: AMX) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $1,298.11 million and foreign credit instruments in the amount of MXN $20,000.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Ford Credit de México (MEX: FORD) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $1,600.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

Grupo Minsa (MEX: MINSA) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $182.68 million on the Bolsa Mexicana de Valores (BMV) through broker-dealers Actinver, Banorte and Intercam.

Paccar Financial México (MEX: PCARFM) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $870.70 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Grupo Carso (MEX: GCARSO) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $1,800.00 million on the Bolsa Mexicana de Valores (BMV) through Inbursa Casa de Bolsa.

Sofoplus (MEX: SFPLUS) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $145.00 million on the Bolsa Mexicana de Valores (BMV) through brokerage firms Ve por Más, Vector and Intercam.

Compañía Minera Autlán (MEX: AUTLAN) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $93.68 million on the Bolsa Mexicana de Valores (BMV) through brokerage firms Actinver and Intercam.

Arca Continental (MEX: AC) carried out the placement of long-term market securities (certificados bursátiles) in the amount of MXN $6,050.00 million on the Bolsa Mexicana de Valores (BMV) through brokerage firms HSBC, Santander and Scotia Inverlat.

Almacenadora Mercader (MEX: ALMER) carried out the placement of short-term market securities (certificados bursátiles) in the amount of MXN $150.00 million on the Bolsa Mexicana de Valores (BMV) through brokerage firms Actinver, Banorte and Intercam.

The federal government estimates delivering MXN $17,489.24 million for fertilizers to small-scale producers in 2024. The aim is for the resources to be allocated to the cultivation of staple foods such as corn, beans, rice and other crops of social or economic impact in the region.

The Secretaría de Infraestructura, Comunicaciones y Transportes (SICT) requested MXN $97.93 million from the Ministry of Finance for pre-investment studies at the Aeropuerto Internacional de la Ciudad de México between 2024 and 2026, which would allow the AICM to carry out timely planning of major corrective maintenance needs, as well as the replacement or expansion of infrastructure to meet service demand.

The Asociación Mexicana de Energía (AME) estimates that, for Mexico to be able to meet its energy needs and address the growth in the country's electricity demand driven by nearshoring, it will be necessary to invest approximately USD $120,000.00 million over the next 15 years, approximately USD $8,000.00 million annually.

The Asociación Mexicana de la Industria Automotriz (AMIA) announced that during the first 11 months of 2023, more than 1.73 million sport utility vehicles (SUVs) were produced in Mexico, representing a 13.40% increase compared to the same period in 2022.

A federal judge in Mexico City admitted for proceedings an Involuntary Bankruptcy (Concurso Mercantil Involuntario) claim against the Monterrey-based company Internacional de Inversiones (IDEI), one of Mexico's largest real estate developers. IDEI carried out the development of Torre KOI, the second tallest tower in Monterrey and in the country.

The Consejo Regulador del Tequila (CRT) announced that, following eight consecutive years of growth, tequila exports recorded a decline. From January through November 2023, exports totaled 374.40 million liters, representing a 3.50% decrease compared to the same period in 2022.

The Instituto Federal de Telecomunicaciones (IFT) awarded a concession to Tren Maya to operate and use a radio-spectrum band for public mobile service for a period of 30 years, through which it is intended to provide safety and roadside assistance along the railway network that will cross Chiapas, Tabasco, Campeche, Yucatán and Quintana Roo.

Ternium and Forza Steel, two steel companies based in Nuevo León, will invest more than USD $240.00 million in two projects based at the Port of Brownsville, Texas. Ternium will allocate USD $180.00 million for a marine terminal and Forza Steel USD $60.00 million for a galvanized steel pipe manufacturing plant.

Ternium and Forza Steel, two steel companies based in Nuevo León, will invest more than USD $240.00 million in two projects based at the Port of Brownsville, Texas. Ternium will allocate USD $180.00 million for a marine terminal and Forza Steel USD $60.00 million for a galvanized steel pipe manufacturing plant.

Mexico's Finsus, a digital Sofipo (savings and loan institution) based in Mexico City, launched its Sin Fronteras debit card, through which it aims to reach individuals in communities of fewer than 15,000 inhabitants who are considered financially excluded.

The Secretaría de Hacienda placed a bond of EUR €2,000.00 million linked to the Sustainable Development Goals (SDGs). Of the total amount, 68% was allocated to investors applying Environmental, Social and Governance (ESG) criteria.

Mexico's Grupo La Comer (MEX: LACOMER) opened its 16th store in the Estado de México, located in the Bosque Real development, with an investment of MXN $900.00 million.

Mexico's Tiendas Tres B, the operator of a grocery-store chain based in Mexico City, filed its application to list on the NYSE under the ticker TBBB, through which it expects to raise USD $300.00 million.