M&A Newsletter — February 2026

U.S.-based GE Vernova Inc. (NYSE: GEV), a global provider of electrification and energy solutions, reached a definitive agreement to acquire Prolec GE, a Mexican manufacturer of electrical transformers headquartered in Nuevo León. The transaction amount was USD $5.28 billion.

U.S.-based Citigroup Inc. (NYSE: C), a global financial institution specialized in banking and investment services, reached a definitive agreement to sell a 24% stake in Banamex, a commercial and private banking services provider headquartered in Mexico City, to Afore Sura, Blackstone, General Atlantic and other investors. The transaction amount was USD $2.5 billion.

Mexico's Vista Energy (BMV: VISTA), an oil and gas exploration and production company in Latin America, headquartered in Mexico City, reached a definitive agreement to acquire oil and gas assets from Norway's Equinor (OSL: EQNR), an energy company primarily dedicated to oil and gas exploration, production and marketing, in Vaca Muerta, Argentina. The transaction amount was USD $1.1 billion.

Mexico's Nemak (BMV: NEMAKA), a global manufacturer of aluminum components for the automotive industry, reached a definitive agreement to acquire GF Casting Solutions, a Swiss manufacturer of cast components for the automotive, aerospace and commercial-vehicle industries. The transaction amount was USD $336 million.

U.S.-based Cabot Corporation (NYSE: CBT), a global manufacturer of specialty chemicals and performance materials, reached a definitive agreement to acquire Mexico's Mexico Carbon Manufacturing, a carbon-black manufacturer headquartered in Tamaulipas. The transaction amount was USD $70 million.

Mexico's Fomento Económico Mexicano (BMV: FEMSAUBD), a multinational conglomerate focused on retail, beverages and logistics, headquartered in Nuevo León, reached a definitive agreement to acquire Grupo Nós, a Brazilian convenience-store operator. The transaction amount was not disclosed.

Mexico's CEMEX (BMV: CEMEXCPO), a global building-materials and infrastructure-solutions company, headquartered in Nuevo León, reached a definitive agreement to acquire Omega Products International, a U.S. manufacturer of stucco systems, continuous insulation and construction coatings. The transaction amount was not disclosed.

Spanish firm Angie Capital, focused on real-estate assets and logistics infrastructure, reached a definitive agreement to acquire two real-estate assets dedicated to warehousing and logistics operations, located in Guadalajara, Mexico, and Spain. The transaction amount was not disclosed.

Mexico's Grupo Hotelero Santa Fe (BMV: HOTEL), a hotel operator specialized in urban hotels and resorts, headquartered in Mexico City, reached a definitive agreement to acquire The Beach Hotel in Ixtapa-Zihuatanejo, a 70-room hotel located in Guerrero. The transaction amount was not disclosed.

Mexico's Crédito Maestro, a financial institution focused on consumer and payroll loans, headquartered in Mexico City, reached a definitive agreement to acquire Kubo Financiero, a digital platform offering financial products and personal loans, headquartered in the same city. The transaction amount was not disclosed.

Mexican investment firm Silver Blue, an investor focused on renewable-energy and storage projects, headquartered in Nuevo León, reached a definitive agreement to acquire Solage, a financing provider for distributed-energy and storage projects, headquartered in Mexico City. The transaction amount was not disclosed.

Italy's Guala Closures S.p.A. (BIT: GCL), a global manufacturer of closures for bottles and containers, reached a definitive agreement to acquire the screw-cap production business of Vinventions, a manufacturing unit located in Rosarito, Baja California. The transaction amount was not disclosed.

China's Fufeng Group (HKEX: 0546), a global manufacturer of biotechnology and food products, reached a definitive agreement to acquire Viva World Trade, a distributor and importer of alcoholic and non-alcoholic beverages headquartered in Jalisco. The transaction amount was not disclosed.

An undisclosed investor reached a definitive agreement to acquire Goldplay de México, an operator of mining concessions focused on metals exploration in Mexico, headquartered in Sonora. The transaction amount was not disclosed.

U.S.-based Apptronik, a developer of humanoid robots for industrial and logistics applications, closed a Series A venture-capital round of USD $935 million. The round was led by B Capital Group, with participation from AC Ventures, headquartered in Mexico City, as well as other investors.

Mexico's Kavak, a digital platform focused on buying and selling used cars and associated financial services, headquartered in Mexico City, closed a Series F venture-capital round of USD $300 million. The round was led by Andreessen Horowitz and WCM Investment Management, among other investors.

Mexico's Solvento, an AI-based financial-infrastructure platform to optimize payments and accounts payable in logistics, headquartered in Mexico City, closed a venture-capital round of USD $25 million. The investment was provided by BBVA Spark.

U.S.-based Cicada, a technology platform focused on electronic trading infrastructure for institutional bond markets, closed a Series A venture-capital round of USD $13.5 million. The round was led by Citigroup, with participation from the Mexican fund DILA Capital, headquartered in Mexico City, Kaszek, among other investors.

Argentina's Lebane, a technology platform focused on digital solutions for the management and financing of real-estate and construction projects, closed a venture-capital round of USD $4 million. The round was led by Atlântico Sul Capital Partners and Zacua Ventures, with participation from the Mexican fund Kuiper, headquartered in Mexico City.

Colombia's Quipu, a digital platform focused on AI-optimized SME financing, closed a venture-capital round of USD $1.8 million. The round was led by Impacta VC, with participation from the Mexican fund Addem Capital, headquartered in Mexico City, among other investors.

Mexico's XiliNat, a producer of natural sweeteners developed through fermentation processes from agricultural waste, headquartered in Mexico City, closed a venture-capital round of USD $140 thousand. The round was led by Mexican investor Ander Palafox and other undisclosed investors.

Mexico's WAS Co., a startup focused on developing construction materials from industrial and mining waste, headquartered in Nuevo León, received acceleration financing of USD $75 thousand. The investment was made by the U.S. accelerator Formwork Labs.

Mexico's MUWE, a technology platform focused on digital-payment integration and financial-management solutions for merchants, headquartered in Mexico City, closed a venture-capital round for an undisclosed amount. The round was led by Visor Ventures, also headquartered in Mexico City.

U.K.-based General Tensor Validator, a technology company focused on blockchain consulting and advisory for decentralized projects, closed a venture-capital round for an undisclosed amount. The investment was made by the Mexican fund Lvna Capital, headquartered in Mexico City.

Mexico's El Puerto de Liverpool (BMV: LIVEPOL1), a retail chain specialized in department stores and shopping centers, headquartered in Mexico City, completed a USD $500 million debt refinancing to strengthen its financial structure. The investor was not disclosed.

Mexico's Alpura, a company dedicated to distributing fresh milk and dairy products in Mexico, headquartered in the State of Mexico, obtained debt financing of MXN 417 million to strengthen its liquidity with suppliers. The investor was not disclosed.

Investment firm Linzor Capital Partners, a private-equity firm focused on investments in Latin America, reached a definitive agreement to acquire Numaris, a provider of advanced telematics and IoT solutions for fleet management, headquartered in Mexico City, through a leveraged buyout (LBO). The transaction amount was not disclosed.

Canada's Logistec Corporation, a provider of port and logistics services for industrial cargo, reached a definitive agreement to acquire IPA Terminal, operator of a cargo terminal located in Altamira, Tamaulipas, through a leveraged buyout (LBO) financed by Roynat, Investissement Quebec, Yellow Point Equity Partners, among other investors. The transaction amount was not disclosed.

Investment firm Trompo Capital, a private-equity firm focused on technology investments in Latin America, reached a definitive agreement to acquire Nubarium, a provider of identity-verification services and Know Your Customer (KYC) solutions, headquartered in Mexico City, through a leveraged buyout (LBO). The transaction amount was not disclosed.

Mexico's TV Azteca, a media company primarily dedicated to producing and broadcasting Spanish-language television programming, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code on February 26, 2026.

Grupo Bimbo (MEX: BIMBOA) carried out a placement of short-term notes (certificados bursátiles) for MXN $12,000.00 million on the Mexican Stock Exchange (BMV) through BBVA, HSBC, Santander and Inverlat as placement agents.

Coca-Cola FEMSA (MEX: KOF) carried out a placement of long-term notes (certificados bursátiles) for MXN $10,000.00 million on the Mexican Stock Exchange (BMV) through Santander and HSBC as placement agents.

Sigma (MEX: SIGMAFA) carried out a placement of long-term notes (certificados bursátiles) for MXN $10,000.00 million on the Mexican Stock Exchange (BMV) through BBVA, Santander and Inverlat as placement agents.

Arca Continental (MEX: AC) 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.

CEMEX (MEX: CEMEX) carried out a placement of long-term notes (certificados bursátiles) for MXN $5,500.00 million on the Mexican Stock Exchange (BMV) through Banorte, BBVA and Inverlat as placement agents.

Afirme Almacenadora (MEX: AFIRALM) carried out a placement of short-term notes (certificados bursátiles) for MXN $5,047.21 million on the Mexican Stock Exchange (BMV) through Casa de Bolsa Base as placement agent.

GM Financial (MEX: GMFIN) carried out a placement of short-term notes (certificados bursátiles) for MXN $3,990.56 million 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 $3,245.00 million on the Mexican Stock Exchange (BMV) through Banorte, BBVA and Inverlat as placement agents.

América Móvil (MEX: AMXB) carried out a placement of short-term notes (certificados bursátiles) for MXN $2,915.77 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 $2,240.90 million on the Mexican Stock Exchange (BMV) through BBVA and Inverlat as placement agents.

Start Banregio (MEX: START) carried out a placement of short-term notes (certificados bursátiles) for MXN $1,839.00 million on the Mexican Stock Exchange (BMV) through Actinver as placement agent.

Banco Santander México (MEX: BSMX) carried out a placement of short-term notes (certificados bursátiles) for MXN $1,800.00 million on the Mexican Stock Exchange (BMV) through Casa de Bolsa Santander as placement agent.

NR Finance (MEX: NRF) carried out a placement of short-term notes (certificados bursátiles) for MXN $1,246.61 million on the Mexican Stock Exchange (BMV) through BBVA as placement agent.

Ford Credit (MEX: FORD) carried out a placement of short-term notes (certificados bursátiles) for MXN $890.00 million on the Mexican Stock Exchange (BMV) through Inverlat and Banorte as placement agents.

Financiera Bepensa (MEX: FINBE) carried out a placement of short-term notes (certificados bursátiles) for MXN $700.00 million on the Mexican Stock Exchange (BMV) through Actinver and Banorte as placement agents.

Portafolio de Negocios (MEX: PDN) carried out a placement of short-term notes (certificados bursátiles) for MXN $300.00 million on the Mexican Stock Exchange (BMV) through Banorte as placement agent.

Montepío Luz Saviñón (MEX: MONTPIO) carried out a placement of short-term notes (certificados bursátiles) for MXN $300.00 million on the Mexican Stock Exchange (BMV) through Actinver and Banorte as placement agents.

Sofo Plus (MEX: SFPLUS) carried out a placement of short-term notes (certificados bursátiles) for MXN $230.00 million on the Mexican Stock Exchange (BMV) through Banorte Ve por Más and Kapital México as placement agents.

Grupo Hyc (MEX: HYCSA) carried out a placement of long-term notes (certificados bursátiles) for MXN $200.00 million on the Mexican Stock Exchange (BMV) through Actinver and Banorte as placement agents.

Paccar Financial (MEX: PCARFM) carried out a placement of short-term notes (certificados bursátiles) for MXN $200.00 million on the Mexican Stock Exchange (BMV) through Inverlat as placement agent.

Genomma Lab International (MEX: LABB) carried out a placement of short-term notes (certificados bursátiles) for MXN $150.00 million on the Mexican Stock Exchange (BMV) through Actinver and BBVA as placement agents.

Mercader Financial (MEX: MERCFIN) carried out a placement of short-term notes (certificados bursátiles) for MXN $133.93 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 $109.75 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 $74.72 million on the Mexican Stock Exchange (BMV) through Actinver and Banorte as placement agents.

BBVA (MEX: BACOMER) carried out a placement of short-term notes (certificados bursátiles) for MXN $10.00 million on the Mexican Stock Exchange (BMV) through BBVA as placement agent.