M&A Newsletter — November 2025

U.S.-based GE Vernova (NYS: GEV), engaged in power generation, transmission and distribution, reached a definitive agreement to acquire Mexico's Prolec GE, a transformer manufacturer specialized in power transformation and distribution, headquartered in Apodaca, Nuevo León. The transaction amount was USD $5.3 billion.

Mexico's Fresnillo plc (LON: FRES), a precious-metals producer and the world's largest primary silver producer, headquartered in Mexico City, reached a definitive agreement to acquire Canada's Probe Gold Inc. (TSE: PRB), a gold exploration and development company in Quebec. The transaction amount was CAD 744.95 million.

Mexico's Calu Royalty, focused on acquiring royalties and interests in mining projects, reached a definitive agreement to acquire the Mexican company holding the La Gitana and Peña Blanca concessions, gold and silver exploration projects in Oaxaca. The transaction amount was CAD $350,000.

Canada's Kingsmen Resources (TSX: KNG), focused on precious-metals exploration projects in Mexico, reached a definitive agreement to acquire the Mexican Almoloya Gold-Silver project, dedicated to the exploration and consolidation of gold and silver concessions in the Parral mining district. The transaction amount was USD $325,000.

Swedish-Swiss Verisure (STO: VSURE), a leader in 24/7 monitored security and alarm services, reached a definitive agreement to acquire Mexico's ADT México, a provider of alarm systems and professional monitoring services headquartered in Mexico City. The transaction amount was not disclosed.

Germany's Bodo Möller Chemie, specialized in the distribution and formulation of specialty chemicals, reached a definitive agreement to acquire Mexico's Bridge Chemical, a chemicals distributor headquartered in Chihuahua. The transaction amount was not disclosed.

Canada's Mercado Minerals Ltd., focused on silver exploration projects across the Americas, reached a definitive agreement to acquire Mexico's Concordia Silver Company, dedicated to the exploration of silver and other-metal projects in Sinaloa. The transaction amount was not disclosed.

Mexico's Cemex (BMV: CEMEXCPO), a global producer of cement, ready-mix concrete and aggregates, headquartered in San Pedro Garza García, Nuevo León, reached a definitive agreement to acquire U.S.-based Couch Aggregates, a producer of sand, gravel, limestone and crushed concrete. The transaction amount was not disclosed.

Peru's DA Grupo, a gastronomic holding with various restaurant concepts, reached a definitive agreement to acquire Mexico's Gringo Burgers, operator of a burger restaurant based in Saltillo, Coahuila. The transaction amount was not disclosed.

Mexico's mPWR, a provider of mobile-first digital financial and lifestyle services, reached a definitive agreement to acquire Mexico's Kredeo, a fintech specialized in consumer credit, leasing and digital payment solutions, headquartered in Mexico City. The transaction amount was not disclosed.

Canada's Mexican Gold Mining (TSXV: MEX), engaged in gold and copper exploration projects in Mexico, reached a definitive agreement to acquire the Mexican Tatatila project from Chesapeake Gold (TSX: CKG), a Canadian company focused on gold and silver exploration. The transaction amount was not disclosed.

U.S.-based ACS Group, a provider of solutions and equipment for plastics processing and recycling, reached a definitive agreement to acquire Mexico's Pagani, a manufacturer of granulators and washing systems for the plastics industry, headquartered in Mexico City. The transaction amount was not disclosed.

Spain's Grupo Vall Companys, an agri-food group dedicated to producing pork, poultry and other meat products, reached a definitive agreement to acquire a business of Mexico's Sigma Alimentos, a producer of meat products and processed pork, headquartered in Monterrey, Nuevo León. The transaction amount was not disclosed.

International group AMFRESH, dedicated to producing and marketing fresh fruit, reached a definitive agreement to acquire Mexico's TERRAMARA FRESH, an agricultural producer of table grapes, citrus, cherries and blueberries, headquartered in Hermosillo, Sonora. The transaction amount was not disclosed.

Spain's Noelia, an entrepreneur in the entertainment industry who has recently entered the spirits sector, reached a definitive agreement to acquire Mexico's Tequila Rubio, a producer of tequila and spirit wines, headquartered in San Martín Hidalgo, Jalisco. The transaction amount was not disclosed.

Mexico's Plata Card, a fintech focused on credit solutions and digital cards, headquartered in Mexico City, raised a venture-capital round led by U.S.-based Kora Management, with participation from TelevisaUnivision, Spice Expeditions, Hedosophia, Audeo Ventures, Moore Strategic Ventures and other undisclosed investors. The transaction amount was USD $250 million.

U.S.-based Fruitist, a fresh-fruit producer offering healthy snack alternatives through an integrated global supply chain, received a growth-capital injection from JP Morgan Asset Management, WP Global Partners, Avenue Capital Group, Aliment Capital, Steve Kaplan, 888 Midas, Bridgewater Associates, responsAbility Investments and KuE Capital. The transaction amount was USD $150 million.

Mexico's Eden (Healthcare Technology Systems), specialized in medical technology and AI applied to radiology, headquartered in Mexico City, raised a Series A round led by Sierra Ventures, Liquid 2 Ventures and Mexican businessman Daniel Servitje, with participation from Khosla Ventures, Hummingbird Ventures, Kaszek, Meridian Ventures, Alt Capital, Endeavor Catalyst, Dalus Capital, Ali Capital, 0BS (Mexico), Y Combinator and Ms2 Capital. The transaction amount was USD $22 million.

Remitee, a fintech specialized in cross-border payments and embedded remittances via API payment infrastructure, received a venture-capital round from Krealo, the corporate venture-capital arm of Credicorp. The transaction amount was USD $20 million.

U.S.-based Ridepanda, a micromobility platform offering electric bikes and scooters as an employee benefit, raised a financing round through a combination of debt and equity, with participation from Yamaha Motor Ventures, BLS Bikeleasing Service and the Mexican fund Proeza Ventures. The transaction amount was USD $12.6 million.

BIOSORRA, a climate-tech company focused on producing BioCarbon from agricultural waste for carbon removal and soil regeneration, raised a Pre-Series round from atmosfair and Fondo Nimbus. The transaction amount was USD $3.5 million.

Brazil's Lumx, a payments-infrastructure fintech offering stablecoin APIs for banks, fintechs and companies, raised a seed round from CMT Digital and Indicator Capital. The transaction amount was USD $3.4 million.

Mexico's Sarelly, a beauty brand focused on skincare and makeup products, headquartered in Mexico City, raised a venture-capital round led by Wollef, with participation from Morgan Creek Capital Management, Sandbox Studios, Hyve Ventures and Semilla Ventures. The transaction amount was USD $3.3 million.

Mexico's Ginia, specialized in technology solutions for human-talent management and development, headquartered in Mexico City, raised a seed round led by Wollef, with participation from NFX and Latitud. The transaction amount was USD $1.7 million.

Chile's Magnar, a legaltech offering an AI SaaS platform to automate legal tasks, raised a venture-capital round from Punto Cero Ventures. The transaction amount was USD $300,000.

Mexico's Alma Tierra, a regenerative-agriculture project specialized in growing and marketing organic vegetables, raised a venture-capital round from Addem Capital. The transaction amount was not disclosed.

Mexico's Caliza, specialized in photovoltaic solar projects, battery storage systems (BESS) and EV-charging stations for the commercial and industrial sector, raised a venture-capital round from Addem Capital. The transaction amount was not disclosed.

Mexico's R2, a fintech developing a revenue-based embedded-credit platform for small and medium-sized businesses, headquartered in Mexico City, received a strategic investment from Ant International. The transaction amount was not disclosed.

Mexico's Global Trading, a commodities-trading services operator for the animal-nutrition and feed industry, headquartered in Mexico City, received venture-capital financing from Addem Capital. The transaction amount was not disclosed.

Mexico's Time To Hire, developer of an AI-driven candidate recruitment and matching platform, headquartered in Mexico City, received venture-capital financing from Everywhere Ventures. The transaction amount was not disclosed.

Mexico's Bright Exchange, developer of a financing platform for solar and energy-storage systems, headquartered in Mexico City, received structured financing equivalent to a leveraged buyout (LBO) backed by an undisclosed investor. The transaction amount was USD $15 million.

Mexico's Mend, operator of a financing platform for elective medical procedures, headquartered in Mexico City, received debt financing of MXN $50 million from an undisclosed investor.

Mexico's CIBanco, a multiple-banking institution offering financial products and services, wealth management and investments, headquartered in Mexico City, filed for bankruptcy.

Mexico's Circle Energy and Development and Solventa Energía, both focused on developing and implementing renewable-energy solutions and headquartered in Mexico City, reached a definitive agreement to form Square Energy as a joint venture dedicated to providing renewable-energy project development services aimed at industrial and large-scale markets.