M&A Newsletter — March 2023

The operations of the Cristal brand, owned by Mexico's Bepensa Bebidas, a bottled mineral-water producer for the beverage industry based in Mérida, Yucatán, were acquired by an undisclosed investor for an undisclosed amount.

A portfolio comprising one stream and three silver royalties based in Morelos, Mexico, and Ontario, Canada, owned by Canada's Alamos Gold (TSE: AGI), was acquired by Metalla Royalty & Streaming (TSX: MTA) for USD $5.00 million.

Germany's SoWiTec Group, a company focused on the development of wind, photovoltaic and transmission-line projects, reached a definitive agreement to acquire three solar development projects totaling 570 MW based in Mexico for an undisclosed amount.

Mexico's Aguascalien3D, a virtual-, augmented- and extended-reality (VR, AR and XR, respectively) and 3D content developer based in Aguascalientes, was acquired by GamesPad for an undisclosed amount.

Mexico's Plerk, operator of an employee-benefits management platform designed to book and manage business travel based in Zapopan, Jalisco, reached a definitive agreement to merge with Minu for an undisclosed amount.

Mexico's Qualianz, a cold- and dry-storage services and logistics provider based in Ciudad Apodaca, Nuevo León, was acquired by Emergent Cold (a subsidiary of Lineage Logistics Holdings) for an undisclosed amount.

Spain's Banco Santander (BME: SAN) is in discussions to acquire an approximately 4% stake in Mexico's Grupo Financiero Santander México (MEX: BSMXB) through a private placement.

Spain's Duro Felguera (MAD: MDF), a company focused on the execution of turnkey projects for the energy, industrial and oil-and-gas sectors based in Gijón, reached a definitive agreement to be acquired by Mota-Engil (LIS: EGL) and Prodi Group for EUR €90.00 million.

U.S.-based Artesia Daily Press News, a media publishing services company based in New Mexico, was acquired by El Rito Media for an undisclosed amount.

A portfolio of 1,388 mobile telephony towers based in the Dominican Republic owned by Claro Dominicana was acquired by Sitios Latinoamérica for an undisclosed amount.

U.S.-based ExxonMobil reached an agreement with Mexico Pacific for the acquisition of two million tonnes per year (MTPA) of liquefied natural gas (LNG) from the Saguaro Energía export facility based in Puerto Libertad, Sonora.

A 3.76% stake in Netherlands-based beverage company Heineken Holding NV owned by Mexico's Fomento Económico Mexicano (MEX: FEMSA) was acquired by businessman Bill Gates for EUR €883.00 million.

Mexico's MIDAS, operator of a financial advisory platform focused on investment management based in Mexico City, closed a financing round for an undisclosed amount with G2 Momentum Capital.

Mexico's BeeCuick, a B2B logistics-services provider focused on supply fulfillment for micro and small restaurants based in Cancún, Quintana Roo, joined the second cohort of local accelerator program Techstars and received funding of USD $20,000.00.

Mexico's BuildPeer, operator of a digital platform designed to improve the visibility and control of construction projects based in San Pedro Garza García, Nuevo León, closed a financing round of USD $300,000.00 with undisclosed investors.

Mexico's Somos, operator of a precision wellness platform focused on delivering personalized dietary supplements and vitamins based in Mexico City, closed a financing round for an undisclosed amount with Full Circle Africa.

Mexico's KredFeed, developer of an online technology platform designed to help SMEs settle their accounts receivable, based in Guadalajara, Jalisco, joined Techstars and received funding of MXN $120,000.00.

Mexico's Mienvío, developer of a multi-carrier shipping platform designed to manage logistics operations, based in Monterrey, Nuevo León, closed a funding round for an undisclosed amount with Polígono Capital.

U.S.-based Vaas, operator of a cross-border platform aimed at supporting the emerging private-debt market, based in California, closed a seed funding round of USD $5.00 million led by Andreessen Horowitz. Also participating in this round were Clocktower Technology Ventures, Nazca, Sebastián Mejía, Manolo Atala and Maya Capital, among others.

Peru's MegaBite, developer of a digital platform for restaurants designed to personalize online food orders in Latin America, based in Lima, closed a seed funding round of USD $4.50 million led by Brazil Venture Capital, 99 Startups and Alaya Capital. Also participating in this round were SNR, McK Hospitality, Saxe Capital, Amarena and Carao Ventures, among others.

U.S.-based QUASH, developer of a behavioral lending platform designed to determine creditworthiness using behavioral data, based in Florida, closed a funding round of USD $3.70 million led by HTwenty, G2 Momentum Capital and Q Capital. Also participating in this round were Barak Kaufman and Alex Porto.

Mexico's Minu, operator of an on-demand salary and employee-benefits platform, closed a funding round of USD $30.00 million comprising USD $20.00 million in debt with Accial Capital and USD $10.00 million with Coppel Ventures, Besant Capital and Enea Capital, among others. Also participating in this round were QED Investors, Salkantay Ventures and FinTech Collective.

Mexico's Cosmocel, a manufacturer and distributor of specialty chemicals targeting the horticultural, ornamental, fruit and grain markets, based in San Nicolás de los Garza, Nuevo León, was acquired by Rovensa via its financial sponsors Partners Group and Bridgepoint Advisers, through an LBO for USD $700.00 million.

Mexico's Petróleos Mexicanos (MEX: PEMEX), a company engaged in the exploration of crude oil and natural gas, based in Mexico City, closed a debt financing round in the form of a loan of USD $1,000.00 million with The Goldman Sachs Group and JP Morgan Chase.

Mexico's Dentegra (a subsidiary of Delta Dental), operator of an insurance brokerage agency providing dental and vision insurance based in Mexico City, was acquired by Auna through its financial sponsor Enfoca, via an LBO for an undisclosed amount.

Almacenadora Afirme (MEX: AFIRALM) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $3,113.19 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

GM Financial de México (MEX: GMFIN) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $2593.39 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) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $736.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Ford Credit de México (MEX: FORD) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $1,050.00 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa and Casa de Bolsa Banorte.

Navistar Financial (MEX: NAVISTS) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $395.00 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) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $1,535.50 million on the Bolsa Mexicana de Valores (BMV) through Scotia Inverlat Casa de Bolsa.

Cetelem (MEX: CETELEM) carried out the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $1,007.38 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Volkswagen Leasing (MEX: VWLEASE) completed the placement of market securities (certificados bursátiles) in the amount of MXN $700.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Almacenadora Mercader (MEX: ALMER) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $193.98 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Banorte, Actinver Casa de Bolsa and Intercam Casa de Bolsa.

Arrendadora Afirme (MEX: AFIRMAR) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $488.94 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Factoring Corporativo (MEX: FACTOR) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $152.50 million on the Bolsa Mexicana de Valores (BMV) through Vector Casa de Bolsa.

ION Financiera (MEX: ION) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $130.77 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Base.

Start Banregio (MEX: START) completed the placement of short-term market securities (certificados bursátiles de corto plazo) in the amount of MXN $390.00 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 de corto plazo) in the amount of MXN $700.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa, Casa de Bolsa Banorte and Intercam Casa de Bolsa.

BBVA México (MEX: BBVAMX) completed the placement of bank market securities (certificados bursátiles bancarios — CBs) in the amount of MXN $14,810.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa BBVA México.

Promotora Empresarial del Norte (MEX: GHEMA) completed the placement of long-term market securities (certificados bursátiles) for MXN $300.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Sofoplus (MEX: SFPLUS) completed the placement of short-term market securities (certificados bursátiles) for MXN $25.00 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Ve por Más.

Arrendadora Actinver (MEX: ARREACT) completed the placement of short-term market securities (certificados bursátiles) for MXN $120.00 million on the Bolsa Mexicana de Valores (BMV) through Actinver Casa de Bolsa.

Banco Mercantil del Norte (MEX: BANORTE) completed the placement of bank market securities (certificados bursátiles bancarios) for MXN $10,761.48 million on the Bolsa Mexicana de Valores (BMV) through Casa de Bolsa Banorte.

Fondo Especial para Financiamientos Agropecuarios (BIVA: FEFA) completed the placement of short-term fiduciary market securities (certificados bursátiles fiduciarios) for MXN $1,128.15 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa.

Arago Gestión (BIVA: AIONPI) completed the placement of non-amortizable fiduciary investment-project securities (CerPis) for USD $300.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Banorte.

Administradora Osiyo (BIVA: OSIYOPI) completed the placement of fiduciary investment-project securities (CerPis) under the subscription-rights mechanism for USD $20.00 million on the Bolsa Institucional de Valores (BIVA) through Casa de Bolsa Finamex.

Mexico's El Crisol, a laboratory-materials and equipment distributor based in Mexico City, inaugurated a Distribution Center in Pedro Escobedo, Querétaro, with an investment exceeding MXN $320.00 million.

U.K.-based Unilever, a multinational consumer-goods company, announced an investment of USD $400.00 million over the next three years for the construction of a new manufacturing plant based in Salinas Victoria, Nuevo León.

Argentina's Ternium, a producer of rolled and coated steel, rebar and pipe, announced an investment of USD $2,200.00 million for the construction of an electric arc furnace (EAF) steelmill and a direct reduction iron (DRI) module in the USMCA region.

U.S.-based TOCA Football formed a partnership with Mexico's Ventura Entertainment to launch TOCA Social Soccer in Mexico, an immersive venue for dining, drinking and enjoying interactive soccer games. The project consists of the opening of 20 locations over the next 10 years with an investment in excess of USD $100.00 million.

Mexico's Wolstrat, a real-estate company based in Querétaro, announced the construction of a mixed-use real-estate project comprising four residential towers and a retail plaza located in El Marqués, Querétaro, with an initial investment in excess of MXN $500.00 million.

Mexico's multinational Fomento Económico Mexicano (MEX: FEMSA) announced its plans to invest USD $1,500.00 million in Mexico in 2023 and to continue opening between 800 and one thousand OXXO stores annually.

The International Finance Corporation (IFC), an institution belonging to the World Bank Group that seeks to promote economic development through support for the private sector, announced an investment of USD $600.00 million in Mexico between 2022 and 2023 to drive the country's development.