Oil, Energy, Mining: The Largest M&A Transactions in Brazil in 2025

(Estadão) The M&A market moved more than US$ 58 billion last year, representing a 26.5% increase compared to 2024

Driven by large-scale transactions in the energy and natural resources sector, Brazil’s mergers and acquisitions market moved more than US$ 58 billion in 2025. According to a survey by Seneca Evercore, based on MergerMarket data, the volume represents a 26.5% increase compared to 2024 (US$ 45 billion), despite a 3% decline in the total number of transactions.

“The total value is higher because the largest transactions took place in infrastructure-related sectors, where capital costs and required investments are higher,” says Cleveland Prates, professor of economics at FGV-Law and of regulation at the Fundação Instituto de Pesquisas Econômicas (Fipe). Evolution of the mergers and acquisitions market in Brazil.

In total, 843 M&A transactions took place in the country in 2025. The energy and natural resources sector (such as oil, mining, and pulp and paper) accounted for more than 50% of the total value transacted (over US$ 30 billion).

In 2020, these transactions represented less than 10% of total volume. Since 2021, however, the segment has been gaining ground, with transaction volume reaching the highest level in the past 15 years.

“One of the factors explaining this movement is the more resilient nature of the sector, which is less exposed to domestic market fluctuations and to the country’s political and economic uncertainties,” says Daniel Wainstein, co-founder of Seneca Evercore. “High interest rates have had a significant impact on company valuations.”

The largest transactions of the year

Sector concentration is reflected in the largest deals of the year. Seven of the ten largest transactions carried out in Brazil in 2025 were in the energy and natural resources segment, including the largest deal of the year, the Peregrino Offshore Field.

In May, Brazilian oil company Prio acquired 60% of the operations of the offshore oil field located in the Campos Basin, off the coast of the state of Rio de Janeiro.

The transaction, estimated at US$ 3.3 billion (approximately R$ 17.8 billion), was signed with Norwegian company Equinor. Prio’s reference shareholder is businessman Nelson Tanure, and the company is valued at just over R$ 37 billion.

“Equinor is divesting from assets they have already extensively explored in order to invest in other fields in Brazil. This is normal in this market,” says Prates.

The acquisition of the Peregrino field, however, was not the only major transaction of the year. The second position in the ranking is occupied by the deal involving Serena Energia, which underwent a public tender offer (OPA) and a reorganization of its shareholder structure.

With the divestment of part of Tarpon’s stake and the offer led by a fund vehicle linked to Actis (together with GIC), the transaction amounted to approximately US$ 2.8 billion and resulted in the company’s delisting.

The third-largest deal was J&F’s acquisition of Eldorado Brasil, after nearly a decade of dispute with Paper Excellence, for US$ 2.7 billion.

Also noteworthy are the merger between Marfrig and BRF, which created one of the world’s largest food companies in a transaction exceeding US$ 2.25 billion, and Iberdrola’s acquisition of Previ’s 30% stake in Neoenergia, in a US$ 2.2 billion deal that increased the company’s ownership in the electric utility to over 80%.

Momentum in 2026 and new promising areas

With expectations of lower interest rates, experts view the M&A market with optimism and project a more active 2026. The scenario, however, still carries risks, such as fiscal uncertainties and the impact of the electoral period on investors.

“The expectation of a Selic rate cut has once again fueled appetite for M&A,” comments Wainstein of Seneca Evercore. “However, populist rhetoric and high government spending could restrain this scenario.”

The executive also points to improvements in diplomatic relations between Brazil and the United States as a catalyst for the market. “The U.S. has always been the country’s largest investor and source of capital, but initiatives had stalled. Over the past six months, improved relations have made them look at Brazil with less bias,” he says.

Wainstein’s outlook is that, with lower interest rates and increased international capital inflows, new sectors will gain prominence. “We should see a more intense year, with more transactions in technology, financial services, fintechs, and asset managers,” he notes.

On the other hand, Cleveland Prates believes that the transactions expected to take place in 2026 go beyond dynamics specific to the year itself.

“You rarely prospect, decide, and acquire within the same year. What will happen in 2026 was already planned in 2025,” he says. “The opportunities and challenges arising from the Brazilian economy this year should begin to consolidate from 2027 or 2028.”

Published on 01/15/2026 and available at: https://www.estadao.com.br/economia/negocios/maiores-operacoes-fusao-aquisicao-brasil-2025/