BofA has made mergers and acquisitions a central pillar of its Latin American franchise, a strategy underscored by its recognition as M&A House of the Year. In a period marked by uneven growth, political noise and shifting valuations, the bank paired league-table leadership with complex, high-impact mandates that reshaped corporate strategies across the region.
According to Dealogic data, BofA climbed eight places to top the regional M&A league table by volume in the 12 months to September 30, almost doubling its market share to about 17% after closing 38 transactions. That dominance was matched by breadth: the firm advised on deals spanning energy, infrastructure, financial services, consumer goods, technology and logistics, often involving multi-jurisdictional assets, intricate shareholder structures or sensitive regulatory frameworks.
Among the most prominent transactions was the unwinding of the long-standing cross-shareholding between Colombia’s Grupo Sura and Grupo Argos, a restructuring valued at roughly $2.9 billion. The deal required a carefully engineered exchange of shares through simultaneous spin-offs and absorptions, allowing each group to simplify governance while preserving shareholder economics. It stands as one of the most complex corporate restructurings in the Andean market in recent years.
BofA’s energy credentials were equally visible. In Brazil, it advised PRIO on its approximately $1.9 billion acquisition of Sinochem’s upstream oil assets. In Colombia, the bank acted on Ecopetrol’s $452 million acquisition of Repsol’s stake in the CPO-9 block, strengthening control over a strategic asset while aligning with its energy transition strategy. Elsewhere, BofA advised NG Energy on the $150 million sale of a working interest in the SINU-9 gas block, bringing in a well-capitalized partner to accelerate development of a resource critical to Colombia’s energy security.
Infrastructure and utilities were another core theme. In Mexico, BofA advised Engie on its partnership with Macquarie Asset Management to expand the Mayakan natural gas pipeline under a long-term contract with the Federal Electricity Commission. At the top end of the market, BofA acted as sole financial adviser to Sempra on the sale of a 45% stake in Sempra Infrastructure to a KKR-led consortium, generating $10 billion in cash proceeds and implying an enterprise value of about $31.7 billion.
Consumer, industrial and technology transactions rounded out the year. BofA advised Cemex on the sale of its Guatemalan operations to Holcim for roughly $200 million. In Brazil’s technology sector, the bank advised on Visma’s $320 million acquisition of Conta Azul, reinforcing its position as a key adviser to founders and sponsors. It also acted on transactions for Organización Corona in Colombia, including the repurchase of a minority stake in a core industrial subsidiary and the divestment of non-core joint ventures with Falabella, helping redeploy capital toward priority investments.
Augusto Urmeneta, managing director and president of Latin America at BofA, points to the changing profile of investors active in the region. Strategic and long-term capital, including from Canada and the Middle East, has become increasingly prominent. “They want to make sure that their portfolios are gaining scale and then they come when there is a favorable point in the cycle,” he says.
Despite bouts of political volatility, Urmeneta says investor confidence has remained resilient. “There does not seem to be a theme of anybody being concerned about political turmoil or volatility,” he says. “Just the opposite. People are quite eager to acquire Latin America or to sell selected assets.”
Looking ahead, BofA expects M&A activity in 2026 to remain robust, with continued momentum in oil and gas, mining, financial institutions and infrastructure. The bank’s approach—combining global sector expertise with deep local execution—remains central. “Clients keep on coming to us once they do M&A deals because of the service that we provide,” Urmeneta says. “We believe that the fact that we have been at the top of the league tables in M&A is proof that we provide good services.”